Protector Forsikring (PROT) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered a combined ratio of 85.9%, profit of NOK 740m, and EPS of 9.0, with gross premiums written at NOK 5,271m, up 19% in local currencies year-over-year.

• Total investment return reached NOK 577m (2.3%), and the Board declared a dividend of NOK 247m (NOK 3.00 per share).

• Successfully placed a NOK 800m Tier 2 bond and signed an agreement to transfer the Danish workers' comp portfolio, reducing non-core exposure.

• Focused on profitable growth, leveraging data and AI tools to enhance efficiency and data-driven culture.

Financial highlights

• Gross premiums written increased 19% year-over-year to NOK 5,271m; renewal rate at 96%.

• Profit for the period was NOK 740m, up from NOK 456m in Q1 2024; EPS rose to 9.0 from 5.5.

• Combined ratio improved to 85.9% from 91.2% year-over-year; loss ratio net of reinsurance at 75.4%.

• Investment return of NOK 577m (2.3%), with equities contributing NOK 323m (8.0%) and bonds NOK 267m (1.3%).

• Dividend of NOK 247m (NOK 3.00 per share) to be paid in May.

Outlook and guidance

• Target remains a combined ratio below 91%, with the existing portfolio showing improvement over 2024.

• Underlying profitability expected to remain strong with continued price adjustments to offset claims inflation.

• Claims development and capital market volatility remain key risks for 2025.

• Portfolio transfer for Danish workers' compensation expected to complete and be booked in Q3 2025.

• Further efficiency gains anticipated through ongoing investment in data and technology.