Protector Forsikring (PROT) investor relations material

Executive summary

• Combined ratio improved to 84.9% in Q1 2026, reflecting strong underwriting performance and a focus on profitability over growth since 2021.

• Gross premiums written reached NOK 6,339m, up 21% in local currencies year-over-year, with France and Norway driving most of the growth.

• Profit for the period was NOK 165m, down from NOK 748m in Q1 2025, mainly due to negative investment returns despite strong insurance operations.

• Dividend of NOK 659m (NOK 8 per share) approved for distribution, reflecting strong capital position.

• First broker satisfaction survey in France showed strong early results and a leading market position.

Financial highlights

• Gross premiums written increased by NOK 1,068m (20% in NOK, 21% in LCY) compared to Q1 2025.

• Combined ratio at 84.9%, improved from 85.9% in Q1 2025.

• Insurance service result rose to NOK 559m from NOK 458m in Q1 2025.

• Net income from investments was negative at NOK -282m, mainly from equity losses.

• Cost ratio stable at 10.2%, with reductions mainly due to share price and bonus plan effects.

Outlook and guidance

• Renewal rate remains high at 93%, supported by price increases to counter claims inflation.

• Underlying profitability expected to remain strong with continued underwriting discipline and focus on cost and quality leadership.

• More uncertainty on inflation going forward, especially impacting motor profitability.

• No major new market entries expected within the next year.

• Continued investment in data, AI, and technology to drive scalability and efficiency.