Scandinavian marine insurer Skuld reported a 95 percent combined ratio at half year, marking a return to profit after the 111 percent it reported this time last year.

Growth in its P&I book and a low number of reported claims from members saw the insurer’s half year profit climb 75 percent to $14m, up from the $8m reported in H1 2017.

Skuld’s written premium decreased slightly to 191.8m compared to the 194.1m reported in the same period last year. The Oslo-based mutual said the drop was due to de-selection and rates suffering in the face of a challenging market.

Net investment income for the period was $4.6m, a fraction of the $30.3m reported in 2017. The marine insurer said it was a positive return on investment in spite of the difficult conditions created by rising interest rates and some geopolitical instability.

Ståle Hansen, Skuld president and CEO, said: “We are very pleased with this result, particularly given the challenging environment in which we are operating. In a market with these pressures, it is crucial for Skuld to continue its diversification strategy and our strong focus on maintaining a sustainable balance between financial strength, risk and growth.”

Hansen added: “This is key to reduce volatility for our members and to create the strong foundation we aim for, thereby remaining a stable and robust partner for our members also in the future.”