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, up 1% (3% in local currencies); YTD GWP reached NOK 11,165m, up 14% LCY.

• Investment results were modest, with Q3 investment return of NOK 117m (0.4%) and YTD NOK 1,108m.

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

• AI and data utilization are central to strategy, with all employees given access to enterprise AI tools and a focus on embedding AI in leadership development.

Financial highlights

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

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

• Q3 loss ratio net of reinsurance at 72.2%; large losses at 5.8% of premium, run-off gains at 2.6%.

• Q3 cost ratio at 10.9%; YTD at 11.0%, with increases due to bonus schemes and reclassification of French expenses.

• Solvency Capital Requirement (SCR) ratio at 229%, up from 220% due to lower SCR and reduced currency risk exposure.

Outlook and guidance

• Growth opportunities remain strong, especially in the UK and France, despite Q3's weak volume; French tenders with January 2026 inception represent a market opportunity of ~€460m, with plans to quote 70-75%.

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

• Continued investment in AI and data expected, with leadership development focused on AI from Q1 2026.

• UK property market is softening, but competitive positioning remains solid; new business growth expected in commercial private space and real estate.

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