Protector Forsikring (PROT) Q3 2024 earnings summary

Executive summary

• Q3 profit reached NOK 581m, a turnaround from NOK -11m in Q3 2023, with strong results in the UK, Norway, and Sweden, while Denmark was impacted by large property claims.

• Gross premiums written grew 22% to NOK 1,664m in Q3 (15% in local currencies), with a renewal rate of 93%, affected by a large UK client lapse.

• Combined ratio improved to 83.2% in Q3, with YTD at 89.5%, reflecting strong underwriting and disciplined growth.

• Quality leader position confirmed in 4 of 5 countries; first client confirmed in France for 2025, marking a key milestone for market entry.

• No dividend declared for Q3, with capital retained to support growth, especially in France.

Financial highlights

• Q3 total investment return was NOK 299m (2.3%), with YTD return at NOK 1,155m (5.4%).

• Q3 net loss ratio at 73.6%, gross loss ratio at 71.5%; Q3 cost ratio at 9.6%.

• Large losses in Q3 totaled NOK 215m (7.1% of premiums), mainly in Denmark's property segment.

• Run-off gains mainly in Norway and Sweden, offset by losses in the UK and Denmark.

• SCR ratio improved to 194%, indicating strong solvency.

Outlook and guidance

• Profitable growth remains a priority, with disciplined underwriting and focus on cost and quality leadership.

• Increased probability of growth in France, with first client risk incepting January 2025.

• Pricing actions generally in line with or slightly above claims inflation; repricing in the Nordics expected to be 5–10% in 2025, lower than 2024.

• No immediate plans for further geographical expansion; focus remains on existing and new French market.

• No dividend planned to support expansion and capital needs.