Protector Forsikring (PROT) Investor presentation summary

Strategic highlights and business overview

• Focus on cost and quality leadership, profitable growth, and maintaining a top 3 position in target markets.

• Operates in Norway, Sweden, Denmark, Finland, the UK, and France, serving large and medium-sized companies and the public sector.

• Listed on the Oslo Stock Exchange with a diversified ownership structure and an A- (Excellent) rating from A.M. Best.

• Successfully placed a new Solvency II compliant Tier 2 bond of NOK 500m.

• Portfolio transfer agreement for Danish workers' compensation portfolio pending regulatory approval.

Financial performance Q3 & Q1–Q3 2025

• Q3 combined ratio at 83.1%, Q1–Q3 at 84.6%, reflecting strong underwriting performance.

• Q3 gross written premium (GWP) of NOK 1,676m, Q1–Q3 GWP of NOK 11,165m, with 3% and 14% local currency growth respectively.

• Q3 profit of NOK 459m and EPS of 5.6; Q1–Q3 profit of NOK 1,916m and EPS of 23.2.

• Board approved a dividend of NOK 247m (NOK 3.00 per share).

• Total investment return of NOK 105m in Q3 and NOK 1,108m YTD.

Claims and loss development

• Q3 loss ratio net of reinsurance at 72.2%, with large losses of NOK 205m (5.8%) and run-off gains of NOK 91m (2.6%).

• Q3 positively influenced by lower-than-expected large losses in property.

• Natural damage compensation in Norway due to extreme weather estimated at NOK 1.8bn, with the company compensating its share.

• Best estimate reserving practice aims for run-off neutrality over time.

• Gains on property and general liability observed across all countries.