Oslo based protection and indemnity insurer Skuld has reported a $15m loss for the policy year to 20 February 2022, compared with a $25m profit in the previous year, as investment returns could not cover its underwriting deficit.

Skuld’s underwriting activities registered a $30m loss in the 2021/2022 period. Its combined ratio — which reflects the balance of premium income and claims costs — was 107%, an improvement on the 108% reported in the previous term.

In its 2020/2021 financial return, the protection and indemnity mutual leaned on a healthy investment income return of 9.8%