Protector Forsikring (PROT) Q3 2025 earnings summary

Executive summary

• Q3 profit was NOK 459m, with EPS of NOK 5.6 and a combined ratio of 83.1%; Q1–Q3 profit reached NOK 1,916m.

• Q3 GWP was NOK 1,676m, up 3% in local currencies; Q1–Q3 GWP reached NOK 11,165m, up 14% in local currencies and 16% in NOK.

• Underwriting discipline supported strong profitability despite weak Q3 volume and poor investment results in absolute terms.

• A dividend of NOK 247m, or NOK 3.00 per share, was declared.

Financial highlights

• Q3 profit was NOK 459m, down from NOK 581m; Q1–Q3 profit was NOK 1,916m, up from NOK 1,291m.

• Q3 EPS was NOK 5.6 versus 7.1; Q1–Q3 EPS was NOK 23.2 versus 15.7.

• Q3 insurance service result was NOK 598m versus NOK 504m; Q1–Q3 result was NOK 1,571m versus NOK 902m.

• Net investment income was NOK 117m in Q3 versus NOK 534m; Q1–Q3 investment income was NOK 1,336m versus NOK 1,155m.

• Q3 investment return was 0.4%; bond yields were 5.0% before risk costs, while equity and derivative results were negative.

Outlook and guidance

• Normalized large-loss level remains around 7%; quarterly results are volatile given the small number of large claims.

• UK commercial new business is expected to trend toward a 91% combined ratio over time; targets have been below 91%.

• French January 2026 tenders represent ~€460m, with plans to quote 70–75%; further tenders, especially motor, are expected in Q4.

• Danish workers’ compensation portfolio transfer with DARAG Deutschland AG is pending approval and expected to close in Q4 2025.