Skuld ended the first nine months of the 2016/17 reporting year (as at 20 November) with a positive bottom-line result of 16 mill. $.
Ståle Hansen, Skuld president and CEO, said: »Strong financial markets contributed to a positive income on investments. Skuld experienced a few la[ds_preview]rge claims earlier in the year which has caused a small loss on the technical result. However, it was an improvement compared with the technical result at half year. The positive contribution to the contingency reserve brings the reserve‘s total to 364 mill. $.
Net investment income ended at 20 mill. $, mainly driven by strong equity markets, but shows a deterioration compared with the six-month result. Expectations for higher interest rates have had a negative impact on the USD-denominated part of the fixed income portfolio.
Skuld has announced its commitment to continue the Members‘ Credit scheme for next year and this will be decided in conjunction with the year-end closing.
Hansen added: »Skuld continues to pursue its diversification strategy and has acquired the SMA/Gerling Norway team and its portfolio of marine hull business.« SMA/Gerling Norway will continue under the name Skuld Marine Agency (SMA) and the portfolio will begin to attach from 1 January 2017. The acquisition gives Skuld access to SMA/Gerling Norway‘s hull & machinery book of business, which covers around 6.000 vessels paying some 40 mill. $ in premium.
