The 2017 period was marked by a small number of substantial claims. However, the cost of these claims was partly offset by the positive contribution from commercial operations, which continued to produce a surplus.
The technical result for the half year showed a negative outcome of $22 mill and an overall combined ratio of 111%.
Stole Hansen, Skuld president and CEO, said: "Skuld's diversification strategy continues to benefit members by reducing volatility, as Skuld's commercial activities provided a combined ratio of 94%.
“Skuld is committed to maintaining high levels of support and service to members and achieving the right balance between premium levels, sustainable growth and financial strength. The volatile claims environment emphasises the importance of a sustainable premium rate to achieve a balanced result," he said.
Net investment income for the period ended at $30 mill, driven by strong equity markets and lower interest rates. Further volatility was expected but the long-term conservative investment strategy placed Skuld in a good position to absorb changes in the financial markets, the company said.
The positive bottom line result boosted contingency reserves to $402 mill.
Skuld remained in a strong financial condition as recently confirmed with an 'A' (stable outlook) Standard and Poor's rating.
Hansen added: "Skuld will continue to reward members for their loyalty when the financial results allow for a distribution. For our mutual members, we will, as announced in 2016, show our commitment to them by offering a credit of 2.5 % on the individual member's premium for the 2017 policy year.
“The credit has been approved by Skuld's Annual General Meeting and will be deducted from the November premium instalment. We are pleased that the strong financial performance last year enables us to give something back to our mutual membership. We look forward to continuing to deliver to our members, clients and brokers the service and competence they can rely on," he concluded.