Skuld is pleased to announce a financial result of USD 32 million for the year ended 20 February 2023 with a positive technical result of USD 15 million. The combined ratio improved year-on-year to 97%. The technical result improved with USD 45 million compared with the previous year. A strong 2022/23 renewal with portfolio growth both in mutual and commercial lines of business contributed to a growth in gross earned premiums and calls of USD 54 million. This was partly offset by an increase in reinsurance premiums of USD 27 million and net premium ended at USD 392 million, compared with USD 365 million in 2021/22. Net claims incurred ended at USD 287 million, compared with USD 318 million in 2021/22. In general, 2022/23 was a benign claims year with a reduction of large claims compared with the recent historical average. Covid-19 related claims were significantly reduced, partly offset by a couple of larger hull war claims in connection with the war in Ukraine. Also, this year claims costs have been significantly influenced by pool claims from other members of the International Group of P&I Clubs (IG) mainly driven by development on earlier years. Skuld reported no new pool claims this year. After a period of non-sustainable rates in the mutual book of business, there was a gradual improvement in the technical result during 2022/23. With expectation of inflation increases and an uncertain claims environment, Skuld continues the work on improving the performance of the mutual portfolio through improved rates for the 2023 policy year. Volatility and fluctuations in the financial markets led to a challenging year for the investment portfolio, due to rising bond yields, a strengthening of the USD and weakening equity markets. With a positive contribution from the sale of Asta, net investment income ended at USD 4.7 million, compared with USD 2 million last year.  This equates to a net investment return on financial assets of 0.3%. Skuld’s financial and solvenc