Protector Forsikring (PROT) Investor presentation summary

Financial performance and growth

• Achieved gross written premiums of NOK 12.3bn in 2024, reflecting 18% growth (15% in local currencies), with the UK contributing 82% of Q4 growth.

• Combined ratio for 2024 was 88.1%, with a net profit of NOK 1.5bn and return on equity at 31.6%.

• Investment return for 2024 was 4.9%, with a bond portfolio yield of 5.2% and equity share at 16.2%.

• Eligible solvency capital reached NOK 8.1bn, covering 193% of the solvency capital requirement.

• Dividend of NOK 329.7m (NOK 4.00 per share) to be paid in February 2025.

Business model and market position

• Operates in six European markets, focusing on property and casualty insurance for large and medium-sized companies and the public sector.

• Maintains a top-three position in brokered P&C insurance in the Nordics and public sector UK, with cost and quality leadership as strategic pillars.

• Broker distribution is the sole channel, with high broker satisfaction and a 99% renewal rate in 2024.

• Cost ratio improved to 10.6% in 2024, driven by volume growth and operational efficiency.

Risk management and capital structure

• Strong reinsurance program with maximum retention of NOK/SEK/DKK 100m or GBP/EUR 10m, and over 99% of reinsurance placed with A- or better rated reinsurers.

• Investment portfolio is heavily weighted towards low-risk bonds, with prudent reserving practices and disciplined risk management.

• Solvency II ratio consistently above 190% since 2021, with quarterly assessments of capital position versus capital need.

• Issuer credit rating of bbb+ (Good) with a positive outlook from AM Best.