Underwriting contributed just $2m of the $20m surplus for the half year so it was a relatively marginal technical result, with the combined ratio of 99% just the right side of break-even.
But there was a surprisingly strong investment gain of $18.2m, with the bottom line result reduced by a $200,000 tax bill.
The half-year result lifts Skuld’s free reserve to a record $354m after a run of positive year-on-year results.
“We
