Skuld is pleased to announce a financial result of USD 126 million for the year ended 20 February 2024, with a positive technical result of USD 60 million. The technical result improved by USD 45 million, resulting in a net combined ratio of 86%. Driven by a strong renewal with increased rates and new vessels entering Skuld during the year, significant premium growth was seen in both mutual and commercial lines of business, contributing to gross earned premiums and calls at USD 527 million. Ståle Hansen, Skuld president and CEO , said: "Despite a dramatic year with significant geopolitical challenges and financial volatility impacting international shipping and trade, I am pleased to report that Skuld has delivered an historically strong result. This demonstrates our ability to deliver top-line growth and a solid bottom line, allowing us to balance both a return to members and to retain sufficient capital for volatility and our growth ambitions ahead." The financial year was characterised by a benign claims environment within P&I, particularly the mutual line of business. The physical damage line of business was affected negatively by increased competition and a heavier claims environment. Net claims incurred ended at USD 278 million, compared with USD 287 million in 2022/23. The international group (IG) pool cost affected the total claims cost with USD 24 million, a reduction of USD 5 million from 2022/23. Skuld reported no new pool claims this year. The gradual improvement of the technical result in the mutual book of business continued in 2023/24. Based on the strong contributions this year, a premium credit (members' credit) of USD 10 million will be returned to Skuld's mutual members for the policy year 2023. High treasury yields and expectations towards more AI-driven technology caused strong positive contributions from fixed income and equities. Total investment income, including fair value changes through other comprehensive income (OCI), ended at USD 75