Things are fundamentally going well for both UFDS and the safety of the Danish shipping industry, chairman of the Accident Insurance Association for Danish Shipping, Lars Henneberg, said at yesterday's general assembly.
Yesterday, Thursday 24 April, this year's general assembly was held at the Danish Shipowners’ Accident Insurance Association with the participation of well-known and new faces alike both in person at Danish Shipping and online, with digital attendance from several places abroad.
Initially, Chairman Lars Henneberg welcomed both new board members and delegates who have joined since the last general assembly. His title is now chairperson on the basis of a new amendment to the articles of association on gender-neutral designations for management and the board.
2024 was the year when UFDS got a new CEO in the shape of Christina Bustrup, while Anne Nørklit Lønborg is the newest member of the board. Jakob Munch will continue as CFO of the company, now forming the Executive Board together with Christina Bustrup.
Along with Anne Nørklit Lønborg, Head of Procurement Martin Ørbæk Nielsen from Esvagt A/S, Steven Sandorff, who is a former seafarer and now Senior Advisor at Dampskibsselskabet NORDEN A/S, Hans Thorsen, serving as Managing Director, Global Operations at Uni-Tankers A/S, and Tina Kaaber, who is Head of Insurance & Risk Management for Svitzer A/S, are also new members of the Assembly of Delegates.
In his report on behalf of the Board of Directors, Lars Henneberg started by noting that 2024 was progressing satisfactorily for UFDS, with a continued positive financial development in the form of a profit for the year of just over DKK +37 million and an equity that has increased to just under DKK 240 million.
»UFDS is in a good place financially – as well we should be a mutual insurance company. As most people have probably noticed, we operate in a very volatile geopolitical environment, which also affects the working environment that our members' employees have to navigate in,« he said.
To this end, Lars Henneberg praised the shipping companies for taking the task of protecting their seafarers seriously, thus ensuring continued progress on registered injuries. The number of reported claims is thus stable compared to 2023, but based on an increasing number of hiring days, the development is positive.
»The shipping companies have been good at avoiding risks on behalf of their employees, including by not sailing through the Suez Canal and the Red Sea. And a safe shipping industry is a winning situation for all parties, so we are very happy about that,« he said.
On this basis, the 2024 UFDS Annual Report was unanimously approved by the assembly.
UFDS is in a good place
Satisfactory premium level
Based not least on the good development in the number of injuries in relation to hiring days, UFDS can, as previously announced, maintain the premium of DKK 22.00 per sailing day/day of service per employee.
The premium covers both injuries, operations and – as something new – also a narrow profit margin, which Lars Henneberg described as satisfactory, as UFDS has an ambition to continue to build up capital.
Also satisfactory is UFDS' solvency coverage, which with the increased equity is now 222 percent. This is appropriate for a company like UFDS engaged in long-term obligations of both 30 and 40 years, Lars Henneberg further noted.
In relation to the balance sheet for 2024, Lars Henneberg highlighted how both receivables and liabilities have decreased significantly compared to 2023, while provisions are largely unchanged.
When it comes to the expectations for 2025, UFDS operates with an expected result of around DKK 17 million, which is, however, characterized by great uncertainty, Lars Henneberg emphasized. The result thus depends on the development of claims as well as developments in the financial markets and on other factors.
Finally, Dorte Rolff, Stefan D. Buch, Vivi Dreyer Rindebæk and Søren Enemark were re-elected to the Board of Directors, while Anne H. Steffensen was re-elected as Deputy Chairperson.
