Gard has reported its best underwriting performance in 15 years after a fall in major claims.

The Norwegian marine insurer said its combined ratio, which reflects pure underwriting performance, was 81% in 2022, resulting in a $149.8m technical profit — a 15-year high.

Its bottom-line post-tax profit was $1.7m.

Gard, a mutual P&I insurer and a commercial marine insurer, said it has been hit by losses on its investment activities.