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 1.5 billion for FY 2025, with a 7.3% annual return.

• Successfully exited the underperforming Danish workers' compensation portfolio, improving focus on core business lines.

• 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.

• Loss ratio, net of reinsurance, was 73.6% for FY 2025, with large losses at 6.0% and run-off gains at 1.4%.

• Cost ratio for FY 2025 was 11.1%, with commissions to brokers and agents at 4.4%.

Outlook and guidance

• 1 January 2026 GWP growth at 25% in local currencies, supported by strong renewal rates and 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.

• Long-term targets remain: combined ratio below 91% and ROE above 20%.

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

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