Protector Forsikring (PROT) investor relations material

Executive summary

• Q3 profit was NOK 853m vs NOK 468m YoY, with an 82.7% combined ratio, EPS of NOK 10.2 and GWP growth of 41% in local currencies.

• Q1–Q3 profit was NOK 1,773m vs NOK 1,941m; combined ratio was 83.0%, EPS NOK 21.0 and GWP NOK 12,649m.

• Results and underwriting trends remain volatile across quarters; year-to-date trends provide a better view.

• 2026 priorities include profitable growth, challenging established processes and using technology to create value; 2027 targets will be set earlier than usual.

Financial highlights

• Q3 insurance revenue was NOK 3,864m vs NOK 3,529m YoY; insurance service result was NOK 670m vs NOK 598m.

• Q1–Q3 insurance revenue was NOK 11,258m vs NOK 10,197m; insurance service result rose to NOK 1,912m.

• Q3 profit before tax was NOK 1,120m vs NOK 640m; Q1–Q3 profit before tax was NOK 2,402m vs NOK 2,541m.

• Total investment return was NOK 514m in Q3 and NOK 649m for Q1–Q3, down from NOK 1,108m YTD; the Q3 return included NOK 231m negative interest-rate swap impact.

• Investment running yield rose from 5.2% to 5.7%; Q3 bond portfolio yield was 5.7% before cost of risk.

Outlook and guidance

• Underlying profitability remains good; disciplined underwriting is expected to support a strong insurance service result.

• U.K. combined ratio is underwritten below 91% over time, but convergence is expected to take longer than 2027.

• U.K. commercial real estate quoting is expected to rise materially in Q4, though soft-market wins are uncertain; property price decreases are expected to affect results through 2027.

• Spain is expected to begin quoting commercial motor in 2027; Germany and Poland remain at data-gathering stages.

• French quoting is expected to be slightly higher than last year, with uncertain volumes; U.K. local-authority opportunities are expected to increase from 1 April 2028.