Global marine insurance provider Skuld has today revealed “strong” financial results for 2016 including a bottom line of US$51 million (£39.6 million).
The company announced a total combined ratio of 98% and gross earned premium of $403 million (£313.5 million) for the financial year ending February 20, 2017.
The results, which come as Skuld reaches its 120th anniversary, are the 14th consecutive year that it has reported a positive underwriting result.
Despite experiencing “a few large claims,” the frequency of regular claims remained low which contributed positively to annual results, the company said in a release. Reported pool claims from the international group of P&I Clubs were also low, which Skuld said reflected a generally small level of large claims over the year.
Ståle Hansen, Skuld president and CEO, said the firm had demonstrated its casualty response service and core competence in servicing members and clients in difficult situations over the year.
“Financial strength is vital but what certainly stands out as Skuld’s competitive advantage is the strength of the service we provide,” he said.
The results are accounted for before the deduction of members’ premium credit, totalling $5 million (£3.8 million), which will be returned to Skuld’s mutual members in 2017.
“This shows that Skuld is in a financially healthy state and reflects that we are here for our members,” Hansen said. “Stability and strength are vital in challenging times and more than anything we demonstrate that by always working to keep our price level competitive.”
On top of strong underwriting results, the insurer also reported a 3.4% return on investments. The total transfer to Skuld’s contingency reserves will be $46 million (£35.7 million), bringing the reserves to a record high of $394 million (£306.4 million).
Hansen added: “We are optimistic for the 2017/18 policy year and look forward to providing our members and clients with service and competence they can rely on.”
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