Skuld posts 9% increase in gross earned premium for 2024/25 reporting year

By Rebecca Delaney

May 9 - (The Insurer) - Skuld reported gross earned premium of $578 million for the 12 months ended February 20, 2025, marking a year-on-year increase of 10%.

Skuld said on Friday that the increase was supported by premium growth in both mutual and commercial business, as well as a strong renewal.

For the latter, The Insurer reported in February that Skuld's portfolio of entered mutual protection and indemnity (P&I) gross tonnage expanded by 6% for the 2025/26 policy year.

Skuld also posted a positive financial result of $21 million, a decline from $126 million in the prior-year period.

It noted that the financial year 2024/25 was impacted by a more challenging claims environment, which was particularly accelerated in the second half of the year.

The final month saw an "unusually high" number of claims reported, especially within the P&I class.

Skuld disclosed that claims above $1 million on its own book increased in frequency, with the cost of claims shared by the International Group of P&I Clubs having a "significant" impact.

Global equities and fixed income both contributed positively to the investment portfolio, with a total investment income of $96 million and portfolio return of 7.3%.

Skuld’s contingency reserves currently stand at $562 million, which it said leaves it well-capitalised and equipped for future growth.

"Despite the challenging geopolitical landscape and this year’s larger claims environment, I am pleased to report that Skuld is financially robust with a strong balance sheet, a testament to our commitment to excellence," said Ståle Hansen, president and CEO of Skuld.