Protector Forsikring (PROT) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in 2024, with gross written premiums up 18% year-over-year to NOK 12,333m, driven mainly by the U.K. and public sector segments, while France contributed 8 percentage points to GWP growth as of January 2025.

• Combined ratio improved to 88.1% for FY and 84.2% in Q4, reflecting operational efficiency and strong underwriting.

• Profit for FY 2024 reached NOK 1,539m, with EPS at NOK 18.7; Q4 profit was NOK 248m.

• Board declared a dividend of NOK 330m (NOK 4.00 per share), payable in February 2025.

• Entered the French market as a challenger, with EUR 25m in new sales and a top-three ambition in targeted segments.

Financial highlights

• Q4 combined ratio reported at 84.2% (FY: 88.1%), with cost ratio at 11.6% in Q4 and 10.6% for FY.

• FY net loss ratio at 77.5%, with 26 large loss events totaling NOK 851m.

• Total investment return for FY was NOK 1,059m (4.9%), but Q4 saw a loss of NOK 96m.

• Assets under management at year-end were NOK 22,033m, with high-yield securities allocation increased to NOK 3.9bn.

• Solvency Capital Requirement (SCR) ratio at 193%, reflecting a strong capital position.

Outlook and guidance

• No explicit growth target set; profitability and cost/quality leadership remain the primary focus.

• January 2025 saw 19% premium growth in local currencies, with France contributing 8 percentage points.

• Combined ratio target remains below 91% over the next three years.

• Continued price increases expected in motor and property, especially in Denmark, U.K., and Norway, to counter claims inflation.

• Ongoing investments in data quality and technology to support cost and quality leadership.