Protector Forsikring (PROT) Q4 2025 earnings summary

Executive summary

• Achieved strong profitable growth in FY 2025 with a combined ratio of 84.7% and EPS of 31.7, supported by disciplined underwriting and cost control.

• Gross written premium (GWP) grew 14% in local currencies for the year, with France contributing 47% of total growth.

• Investment return reached NOK 1,575m for FY 2025, with a 7.3% annual return.

• Exited the underperforming Danish workers' compensation portfolio, reducing risk and improving focus.

• Board declared a dividend of NOK 495m (NOK 6.00 per share) and placed a NOK 350m Solvency II compliant bond.

Financial highlights

• FY 2025 profit was NOK 2,646m, up from NOK 1,573m in FY 2024.

• Combined ratio improved to 84.7% for FY 2025 from 88.1% in FY 2024.

• GWP for FY 2025 was NOK 14,136m, up 15% year-over-year.

• EPS for FY 2025 was NOK 31.7, up from 18.7 in FY 2024.

• Investment return for FY 2025 was NOK 1,575m, with strong performance in both equities and bonds.

Outlook and guidance

• Long-term combined ratio target remains below 91%, with ROE above 20%.

• January 2026 saw 25% premium growth in local currencies, with France accounting for 47% of the growth.

• Increased retention rate from 2026 is expected to raise the average large loss rate by ~1 percentage point, offset by a lower net reinsurance ratio.

• Growth expected to continue in Norway and Denmark, with Sweden and the U.K. facing more competitive pressure.

• Claims development and capital market volatility remain key risks for 2026.