Norwegian marine insurance group Skuld announced an $11m profit for its latest financial year, logging a positive technical underwriting result for the 16th consecutive year.
Premiums from all of its business lines for the financial year ending 20 February 2019 totalled $402m.
Although profit is down on the $58m that Skuld earned in the previous year, it exceeded expectations amid a backdrop of lower protection-and-indemnity premiums, falling investment income and increased claims.
