Protector Forsikring (PROT) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered a combined ratio of 83.1% and EPS of 5.6, with profit for the period at NOK 459m and strong insurance service results; Q1–Q3 profit totaled NOK 1,916m, up from NOK 1,291m year-over-year.

• Gross written premium (GWP) for Q3 was NOK 1,676m, with 3% growth in local currencies; YTD GWP reached NOK 11,165m, up 14% LCY.

• Investment results were modest in Q3, with NOK 105m–117m return, and solvency position remains very strong.

• Dividend of NOK 247m (NOK 3.00 per share) declared based on robust financials.

• Continued focus on leveraging AI and data as strategic assets, with company-wide initiatives and leadership development centered on AI.

Financial highlights

• Q3 profit was NOK 459m, down from NOK 581m in Q3 2024; YTD profit at NOK 1,916m.

• Q3 EPS at 5.6 (vs. 7.1 last year); YTD EPS at 23.2 (up from 15.7).

• Combined ratio improved to 83.1% in Q3 (83.2% last year); YTD combined ratio at 84.6% (89.5%).

• Q3 volume was the smallest in percentage terms, at 12% of total annual volume.

• Cost ratio increased by over a percentage point, mainly due to bonus schemes and reclassification of French expenses; Q3 cost ratio at 10.9%.

Outlook and guidance

• Significant opportunities for future growth, especially in the UK commercial real estate and French markets, with French tenders for January 2026 representing a market opportunity of ~€460m.

• Portfolio transfer for Danish workers' compensation is pending regulatory approval, with completion expected in Q4 2025.

• Growth journey expected to continue over time, despite Q3 volatility; leadership development and company-wide workshops planned to align on 2030 vision and AI utilization.

• Claims development and capital market volatility are key risks for 2025; technology investments are both a risk and opportunity.