2022 Interim Report Q3

Highlights Q3 2022

CR 84.9 % and 8 % volume growth

Protector Forsikring ASA recorded a profit of MNOK 175.2m (NOK 125.1m) for the quarter. The technical result was NOK 210.1m (NOK 211.4m) driven by strong technical results in Scandinavia. The combined ratio was 84.9 % (82.9 %).

The retuon investments was NOK 22.9m (NOK ‐7.0m) or 0.2% (0.0 %). Equity markets posted weakened returns while widening spreads and rising interest rates impacted the fixed income portfolio negatively.

In Q3, gross written premiums increased by 8 %, or 12 % in local currencies. The growth is driven by the UK. In the first three quarters the gross written premiums came in at NOK 5,822.6m up 13 %, or 15 % in local currencies.

YTD, the company recorded a profit of NOK 196.3m (NOK 965.2m). The technical result was NOK 490.2m (NOK 493.2m) corresponding to a combined ratio of 87.9 % (85.9 %). The retuon investments was NOK ‐162.2m (NOK 717.1m) or ‐1.1 % (5.1 %).

The SCR‐ratio was 222 % (230 %).

Q3 2022 shows following development compared to Q3 2021:

• Premium growth in local currencies 12 % (26 %)
• Net combined ratio 84.9 % (82.9 %)
• Net retuon investments incl. COI NOK 22.9m (NOK -7.0m) or 0.2 % (0.0 %)
• Profit for the period NOK 175.2m (NOK 125.1m)
• 222 % (230 %)

Q1-Q3 2022 shows following development compared to Q1-Q3 2021:

• Premium growth in local currencies 15 % (10 %)
• Net combined ratio 87.9 % (85.9 %)
• Net retuon investments incl. COI NOK -162.2m (NOK 717.1m) or -1.1 % (5.1 %)
• Profit for the period NOK 196.3m (NOK 965.2m)

INTERIM REPORT Q3 2022 | PROTECTOR FORSIKRING ASA | PAGE 2 of 18

Financial highlights and key ratios

1. Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
2. Operating expenses in % of earned premiums, net of reinsurance
3. Net claims ratio + net expense ratio
4. Gross claims incurred in % of gross premiums earned
5. Sales and administration costs in % of gross premiums earned
6. Gross claims ratio + gross expense ratio
7. Earned premiums, net of reinsurance in % of gross earned premiums
8. Profit before other comprehensive income divided by weighted number of shares

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Premiums

In Q3, gross premiums written increased by 8% or NOK 68.1m to a total of NOK 924.0m. In local currencies the growth was 12 %. The growth is driven by the UK. The underlying UK growth is NOK 50 million higher due to the change of inception date for a large customer.

The renewal rate was 83.5 % (99.3 %) supported by price increases accounting for the increased inflation.

The growth per country was;

In the three first quarters, gross written premiums totalled NOK 5,822.6m, representing a 13 % growth. The growth in local currencies was 15 %.

The renewal rate was 91.7% (90.7%).

The growth by country was:

Results

In Q3 the profit for the quarter totalled to NOK 175.2m against NOK 125.1m in Q3 2021. The technical result was NOK 210.1m (NOK 211.4m), corresponding to a net combined ratio of 84.9 %, 2 percentage points higher than 82.9 % as reported in Q3 2021. The technical result was driven by strong results in the Scandinavian countries.

The net combined ratio by country is provided in the table below.

In Q3, the company had run‐off gains of 3.8 % against 4.9 % in Q3 2021.

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The claims ratio for own account increased from 73.9 % in Q3 2021 to 75.5 % in Q3 2022. The large loss‐ratio for own account decreased from 7.9 % in Q3 2021 to 7.0 % in Q3 2022. The large loss ratio was driven by 2 large claims in Sweden and 1 in the UK.

The net expense ratio was 9.4 %, up from 8.9 %. The increase is due to higher broker commissions due to premium growth (earned premiums) in Sweden and in the UK, and by lower reinsurance commissions.

In the first three quarters, the profit for the period totalled NOK 196.3m (NOK 965.2m). The net combined ratio was 87.9% (85.9%).

The net combined ratio for the first three quarters by country was:

In the first three quarters, the company had run-off gains of NOK 151.1m (3.6%) compared to run-off gains of NOK 40.1m (1.1%) in the same period in 2021.

The claims ratio for own account increased by 2.4 percentage points to 78.6%. The large loss‐ratio for own account increased from 3.7 % in the same period last year to 6.9 %.

The expense ratio for own account amounted to 9.3 % (9.6 %). The decrease is mainly due to premium growth and lower personnel costs, while higher broker commissions and lower reinsurance commissions have the opposite effect.

Discontinued operations

In Q3, the technical result for discontinued operations (change of ownership insurance) was NOK ‐5.7m (NOK 7.4m) and the profit for the quarter was NOK ‐0.1m (NOK ‐2.8m).

In the first three quarters, the technical result was NOK‐10.6m (NOK 28.1m). The profit was NOK ‐17.0m (NOK 67.4m).

Investment return

The net investment portfolio amounted to a total of NOK 14 604m at 30 September 2022, up 0.6% compared to the portfolio at the end of Q3 2021.

In Q3, the investment activities yielded a total retuof NOK 22.9m (0.2 %) compared to NOK ‐7.0m (0.0 %) in Q3 2021. Equities accounted for a NOK 18.2m gain (0.8 %) against a NOK ‐98.9m loss (‐4.6 %) in Q3 2021. The retuon the fixed income portfolio totalled NOK 4.7m (0.0 %) against NOK 91.9m (0.7 %) in Q3 2021.

As from 4 October the company's ownership in B3 Consulting is below 20 %. Due to the down sale the investment in B3 Consulting is per 30.09.2022 valued at market value. Change in valuation

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