Protector Forsikring (PROT) Investor presentation summary

Strategic positioning and growth

• Achieved organic growth from zero to over NOK 10bn in gross premiums since 2004, expanding across Norway, Sweden, Denmark, Finland, the UK, and soon France.

• Focuses on cost and quality leadership, targeting top 3 positions in entered segments through broker-only distribution and competitive pricing.

• Maintains a disciplined risk appetite, emphasizing profitable growth and cost efficiency as core strategic pillars.

• Performance culture and in-house IT development drive cost ratios significantly below industry peers.

Financial performance and targets

• Q2 2024 combined ratio at 94.5%, H1 at 92.9%, with gross premiums written of NOK 3,551m (Q2) and NOK 7,981m (H1).

• Solvency capital ratio remains strong at 191% for both Q2 and H1 2024.

• Long-term targets include a net combined ratio of 90–92%, ROE above 20%, and solvency capital ratio above 150%.

• Dividend of NOK 165m (NOK 2 per share) distributed.

Underwriting, claims, and risk management

• Q2 net loss ratio at 83.9%, with large losses totaling NOK 358m (12.5%), mainly from property claims in Denmark and the UK.

• Run-off gains at 2.1% in Q2, with volatility in reserves and large losses expected.

• Maintains a flexible shareholder distribution policy, prioritizing profitable insurance growth and quarterly capital assessments.

• Investment portfolio is heavily weighted towards bonds, prioritizing solvency and risk control.