Protector Forsikring (PROT) Q2 2025 earnings summary

Executive summary

• Q2 2025 combined ratio improved to 84.9%, reflecting strong underwriting and profitability.

• Gross written premium grew 19% year-over-year in Q2 (16% in local currencies), driven by all major markets, especially the UK and Sweden.

• Profit for Q2 reached NOK 716m, with EPS at NOK 8.7; H1 profit was NOK 1,457m, EPS at NOK 17.7.

• AM Best upgraded credit rating to A- (Excellent) with a stable outlook, expanding access to new business.

• Board declared a dividend of NOK 165m (NOK 2.00 per share) based on strong financials.

Financial highlights

• Q2 gross written premium: NOK 4,218m (up 19%); H1: NOK 9,489m (up 19%).

• Q2 profit: NOK 716m (Q2 2024: NOK 254m); H1 profit: NOK 1,457m (H1 2024: NOK 710m).

• Q2 EPS: NOK 8.7 (Q2 2024: NOK 3.1); H1 EPS: NOK 17.7 (H1 2024: NOK 8.7).

• Assets under management at Q2-end: NOK 26,956m, up 9% sequentially.

• Q2 investment return: NOK 642m (2.4%), with equities up 6.5% and bonds up 1.8%.

Outlook and guidance

• Underlying profitability expected to remain strong with continued underwriting discipline.

• Focus on cost and quality leadership, profitable growth, and maintaining top-three market position.

• Ongoing actions to improve motor portfolio profitability and address underperforming segments.

• Most French market growth anticipated around January 1, with some commercial opportunities before then.

• Board believes the company is well positioned to meet future competition.