Protector Forsikring (PROT) investor relations material

Executive summary

• Q2 2026 delivered a combined ratio of 81.5%, EPS of NOK 9.0, and profit for the period at NOK 755m.

• H1 2026 combined ratio was 83.2% and EPS reached NOK 10.8, with profit at NOK 920m.

• Gross written premium (GWP) for Q2 was NOK 4,142m, up 6% in local currencies; H1 GWP was NOK 10,481m, up 15% in local currencies.

• AM Best affirmed the A- (Excellent) credit rating with a stable outlook.

• Dividend of NOK 247m (NOK 3.0 per share) declared.

Financial highlights

• Q2 profit was NOK 755m, up from NOK 725m in Q2 2025; H1 profit was NOK 920m, down from NOK 1,473m in H1 2025.

• Q2 investment return was NOK 497m (1.9%), with equities contributing NOK 143m (3.8%) and bonds NOK 355m (1.6%).

• Q2 loss ratio net of reinsurance was 70.3%, with large losses at 4.6% and run-off gains at 4.0%.

• Combined ratio improved to 81.5% in Q2 from 84.9% in Q2 2025.

• Cost base stable, with slight reduction after normalizing for long-term bonus plan.

Outlook and guidance

• Long-term target remains below 91% combined ratio for all clients.

• Underlying profitability expected to remain strong with continued underwriting discipline.

• Expect volatility in quarterly results due to inflation, reserving uncertainty, and capital market risks.

• U.K. and Sweden markets expected to remain soft; growth opportunities in commercial and real estate segments.

• New market entry likely in Spain or Poland, with ongoing research in other countries.