Protector Forsikring (PROT) Investor presentation summary

Strategic focus and market positioning

• Pursues cost and quality leadership to achieve profitable growth and a top 3 market position.

• Operates exclusively through broker distribution in public sector, commercial, and affinity segments.

• Expanding presence in Norway, Sweden, Denmark, Finland, the UK, and soon France.

• Prioritizes markets based on size, data availability, broking dynamics, and market situation.

• Implements a focused approach in each market until critical mass is reached.

Growth and expansion

• Achieved organic growth from NOK 0 to over NOK 10bn in gross premiums since 2004.

• Expansion strategy includes entering new markets with proven business models.

• Future growth expected primarily from markets outside Norway.

• France identified as a highly attractive new market compared to other European options.

• Maintains a disciplined approach to risk and capital management over 20 years.

Financial performance and profitability

• Combined ratio improved from 103.8% in 2013 to 85.1% in 2023, reflecting increased profitability.

• Premium increases, portfolio de-risking, and stronger underwriting discipline drive results.

• Long-term combined ratio target set at 90-92%.

• Return on equity (ROE) target is at least 20%.

• Strong investment returns contribute to overall profitability.