Protector Forsikring (PROT) Investor presentation summary

Strategic positioning and business model

• Focus on cost and quality leadership, profitable growth, and achieving a top 3 position in all entered segments.

• Operates in six countries, offering property and casualty insurance to large and medium-sized companies and the public sector.

• Broker-only distribution model with strong relationships and high broker satisfaction.

• Organic growth from inception in 2004 to NOK 14.1bn gross written premium in 2025.

• Maintains a disciplined risk and capital management culture, emphasizing solvency and profitability.

Financial performance and key metrics

• Combined ratio improved to 81.5% in Q2 2026 and 83.2% for H1 2026, reflecting strong underwriting and cost control.

• H1 2026 gross written premium reached NOK 10.5bn, up 15% in local currencies.

• Q2 2026 profit was NOK 755m, with earnings per share at NOK 9.0.

• Return on equity reached 42% in 2025, with net profit of NOK 2.6bn.

• Solvency II ratio at 221% as of June 2026, well above the 150% target.

Risk management and capital structure

• Comprehensive risk framework covers insurance, investment, operational, liquidity, and strategic risks.

• Investment portfolio of NOK 26.1bn at end 2025, with 83% in bonds and 17% in equities.

• Strong reinsurance program with A- or better rated reinsurers and increased retention for long-term value.

• Eligible solvency capital of NOK 10.3bn at end 2025, supporting robust capital adequacy.

• Quarterly capital assessments guide dividend policy, with excess capital returned to shareholders above a 200% solvency margin.