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Investor Relations14 Oct 2025
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Protector Forsikring (PROT) investor relations material
Protector Forsikring Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary11 Jul, 2025
Executive summary
Q2 2025 combined ratio improved to 84.9%, reflecting strong underwriting and profitability.
Gross written premium grew 19% year-over-year in Q2 (16% in local currencies), driven by all major markets, especially the UK and Sweden.
Profit for Q2 reached NOK 716m, with EPS at NOK 8.7; H1 profit was NOK 1,457m, EPS at NOK 17.7.
AM Best upgraded credit rating to A- (Excellent) with a stable outlook, expanding access to new business.
Board declared a dividend of NOK 165m (NOK 2.00 per share) based on strong financials.
Financial highlights
Q2 gross written premium: NOK 4,218m (up 19%); H1: NOK 9,489m (up 19%).
Q2 profit: NOK 716m (Q2 2024: NOK 254m); H1 profit: NOK 1,457m (H1 2024: NOK 710m).
Q2 EPS: NOK 8.7 (Q2 2024: NOK 3.1); H1 EPS: NOK 17.7 (H1 2024: NOK 8.7).
Assets under management at Q2-end: NOK 26,956m, up 9% sequentially.
Q2 investment return: NOK 642m (2.4%), with equities up 6.5% and bonds up 1.8%.
Outlook and guidance
Underlying profitability expected to remain strong with continued underwriting discipline.
Focus on cost and quality leadership, profitable growth, and maintaining top-three market position.
Ongoing actions to improve motor portfolio profitability and address underperforming segments.
Most French market growth anticipated around January 1, with some commercial opportunities before then.
Board believes the company is well positioned to meet future competition.
Explain the drivers behind UK's GWP growth.
How does Protector ensure run-off neutrality?
What is driving the increase in SCR?
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Next Protector Forsikring earnings date
Q3 202524 Oct, 2025
Next Protector Forsikring earnings date
Q3 202524 Oct, 2025
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Frequently asked questions
The low-cost insurance alternative
Protector Forsikring is a young and fast-growing niche insurance provider. They focus on property and casualty insurance for large and medium-sized businesses in Norway, Sweden, Denmark, Finland, and the U.K. Since their establishment in 2004, their core business has been to have the lowest possible cost ratio. The low prices allow them to sell insurance at more attractive prices than competitors.
The idea of Protector emerged from seeing big insurance players being fat and lazy, and sprawling in many segments. The company has grown fast and profitably since its inception in 2004. They entered the Swedish market in 2011 and the Danish one year after. And in 2016, they entered Finland and the UK. Protector sees most of its future growth coming from markets outside of Norway. Some of Protector’s competitors include Gjensidige, Sampo, and Tryg.
Weathering headwinds
The last few years have been a bumpy ride. The Norwegian insurer has faced several challenges, like increasing price pressure, poor underwriting discipline in Norway and Denmark, higher-than-expected claims inflation in the motor segment, and two edge cases on the risk side. However, Protector has weathered these headwinds by raising prices, adopting a better underwriting discipline, and focusing more on cost management and capital allocation, which has really turned the company around.
The company is considered the leading insurance advisor within municipal insurance and insures over 600 municipalities and counties in the Scandinavian market. The customer base consists of, among others, the leading actor in the Nordics within parcel- and logistics services and numerous healthcare providers.
In-house IT systems
Since its inception, Protector has built all its IT systems in-house, contributing to them being a low-cost operator today - with a cost ratio of 1 percent, compared to the industry average of 3.2 percent.
Roughly 15 percent of the AUM consists of equity investments - currently around 20 businesses. The equity portfolio has historically returned over 19 percent per annum.
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