Ship insurer Skuld closed the financial year with a significantly better financial result. Both the insurance result and the investment portfolio contributed to this.
Skuld’s earnings for the past financial year, which ended in February 2026, totaled $103 million. Compared to 2025, this is a significant increase: Skuld closed the previous financial year with a result of $21 million.
Skuld achieved a strong renewal rate and premium growth in both the Mutual and Commercial business. Gross earned premiums thus reached $615 million. Here too, Skuld achieved a year-on-year increase of $37 million.
Claims development returned to a more normal level in the /26 financial year in both the Mutual and Commercial lines – as well as for claims reported via the pooling system of the International Group of P&I Clubs; according to Skuld, this contributed to a reduction in claims costs of $74 million compared to the previous year. Skuld reported one new pool claim in the year under review.
Continued premium growth and a stabilized claims environment led to an underwriting result of $20 million with a net combined ratio of 96%.
“Skuld’s financial position remains robust,” the insurer announced. “Reserves for contingent liabilities amount to $659 million, well in excess of all regulatory solvency requirements. Despite market volatility, global equities, fixed income and currency positions all made positive contributions, resulting in an investment portfolio return of 8.7%.”
The company continues to focus on sustainability as part of its corporate strategy. The priorities in the ESG area (environmental, social, governance) are “continuously developed”, it says. Skuld invests time and expertise in new fuels, technologies and their operational impact, acting as a reliable partner to the maritime community.
“Skuld has recorded the second strongest result in its 129-year history – a reflection of the high quality of our members and customers,” said President and CEO Ståle Hansen. “The solid underwriting result underscores our disciplined underwriting and prudent risk selection.”
Hansen called the commitment to sustainability “unwavering”: Skuld supports shipping companies in navigating the “increasingly complex paths” of decarbonization. “In times of geopolitical uncertainty, diversification is not just a strategy, but a key source of resilience,” said the CEO. “Skuld continues to protect people, the environment and assets while delivering consistent performance and excellent service; this year’s strong results are largely due to the dedicated efforts of our teams across all locations.”
