2023 Annual Report

Protector is a non-life insurance company. The company started underwriting insurance in 2004 and has been listed on the Oslo Stock Exchange since 2007. Building on the Norwegian success, the company entered Sweden in 2011, Denmark in 2012 and Finland and UK in 2016. For all markets, the company focus on commercial lines of business, public sector and affinity schemes, through insurance brokers and agents only.

The company has grown from zero to NOK 10,423 million in gross written premiums, and has over 500 permanent employees. At year-end 2023, the geographical distribution of gross written premiums was:

3 %

13 %

GWP 41 %

19 % FY

2023

24 %

Protector will prioritise further profitable growth. This will be achieved by delivering the lowest cost and the best quality in the market. Our long-term financial objectives are:

• Combined ratio <>91%
• Solvency margin: > 150%

DISTRIBUTION STRATEGY

All of Protector's business is done through selected brokers and agents, with which the company has a broad and good collaboration. A significant part the insurance portfolio is channelled through the largest broker houses in the Nordics and the UK.

The company has high and defined service standards, on which both brokers and clients are offered service level agreements (SLAs). All processes and steps necessary to meet the high standards are reviewed and analysed at individual and team level through KPI measurements.

Protector's most important promise to brokers and clients is to be easy to do business with, commercially attractive and trustworthy.

MARKET STRATEGY

Protector's prioritised market segments are commercial lines of business, public lines of business and the affinity market. The company is a total provider of non-life insurance, and clients represent a broad range of industries and risks.

The commercial segment includes both small and large companies and affinity programs. We tailor insurance solutions for large companies and can develop own concepts through affinity programs as well as facilitate solutions for cross-border clients.

The public segment consists primarily of municipalities and county authorities. Protector is the largest insurance carrier within municipal insurance in Scandinavia, insuring more than 600 municipalities and county councils. In UK public sector and housing, Protector is currently the third largest insurance carrier, with more than 270 municipalities, local authorities, and 170 housing associations.

Protector's long-term profitability target is a combined ratio below 91%. This implies growth through consistent risk selection, market pricing, cost-effective operations, and risk improvements. By involving the correct expertise in the process, the company aim to ensure consistent, effective, and high-qualitydecision-making.

Existing clients are evaluated on the same basis as new risks. The renewal process will constitute the basis for making

changes to policy terms, pricing, and risk management initiatives. The renewal strategy shall always be rational and data driven, ensuring that the profitability targets are achieved at first renewal.

All business units have appointed a product owner or Chief Underwriter(UW)foreveryproduct.This person is responsible for sharing their experiences with colleagues cross-border, maintaining and developing terms, risk selection according to the company's UW guidelines, understanding the local market conditions and securing deliveries through the established underwriting process.

Protector's claims prevention measures are comprehensive, and include, among other things, consultations and inspections that uncover potential safety risks, and training of employees and management in HSE and safety routines. The aim of the measures is to be able to provide targeted recommendations and action plans that are effective and realistic based on patterns emerging from claims data.

Reinsurance protects Protector's equity, allowing solvency relief and ensuring an equalisation of the results over time. Protector uses estimates from EIOPA as a framework for determining protection through reinsurance (Excess of Loss). The protection must normally cover a claim volume with a retuperiod of 200 years. Protector have limited their risk for own account to a maximum of 100 MNOK/SEK/DKK, 10 MGBP or 10 MEUR for individual events.

Protector prepares a renewal strategy for the individual reinsurance contracts in collaboration with the company's reinsurance broker. This strategy deals with both objectives for commercial conditions, and changes in the capacity (limit) of the individual contracts, evaluation of the level of own account and contract scope, as well as general clauses, terms and conditions. Protector normally buys reinsurance through reinsurers with a credit rating of A- (S&P), or higher.

CLAIMS HANDLING

Claims handling is the "moment of truth" and is an integral part of the company. Most claims are handled in-house, but third parties are engaged when competence or capacity is needed. Currently claims handling employees are 46% of our operational workforce.

Protector's claims handling is built on high quality standards ensuring that injured parties can trust that they will receive the compensation they are entitled to, in a way that provides trust and security. To achieve this, we have set the following five quality criteria as a basis:

1. Speed of settlement
2. Communication
3. Competency
4. Accuracy
5. Overall service

The most important criteria for perceived quality in claims handling is speed of settlement. Protector has developed a paradigm called Clean Desk; a framework with ways of thinking and acting to ensure that claims handlers deliver on time without compromising quality. All claims handlers are evaluated on the five quality criteria. The company regularly requests feedback from brokers and clients so that the interests are aligned in the best possible way.

INVESTMENTS AND CAPITAL ALLOCATION

The asset management mandate set by the Board of Directors within the regulatory framework defines Protector's investment strategy. It allows for investments in equities, fixed income, private equity and real estate. The company manage its financial assets in-house; analysts thoroughly assess and calculate returns for financial investment alternatives and rank them by risk adjusted return. As a Norwegian insurance company, Protector must comply with EUs Solvency II directive, detailing the capital consumption

per risk alternative and the relationship between them. The prudential regime aims to ensure adequate protection of policyholders and other beneficiaries.

Protector performs stress tests to ensure that the balance sheet can withstand the most severe financial distress; the company tests the results being negatively impacted by poor technical profitability and turmoil in all financial asset classes, all at the same time.

Every quarter (at least) Protector make an overall assessment of all risks in the company's books and risks the company may face in the future. Based on this, allocation of available capital is made towards alternatives considered, maximising risk adjusted retuon equity. This includes, in prioritised order, profitable insurance growth, financial investments, cash as an option, and distribution of capital to shareholders through dividends or buy-back of the company's own shares.

IT STRATEGY

IT is a major contributor to Protector's profitable growth through the availability of data, process support and improvement and automation. IT covers Information security, Information Compliance, Infrastructure stability and Innovation through the use of technology, at industry benchmark cost to ensure:

• Systems and processes are 100% secure, compliant and documented
• Business critical systems are stable and perform well
• Relevant data is captured, managed and used to enable best-in-classdecision-making
• Processes in UW, contracting, broker service and claims handling are improved
• Self-serviceand sharing of information with brokers and clients for an efficient value chain
• Tasks that do not benefit from manual interaction are automated

Protector'scoreinsurancesystemsaredeveloped,maintained, and operated by the company's own IT professionals. In-house IT is strengthened by close cooperation with the providers of a modetechnology stack, and a Cloud-based infrastructure. This gives the company access to the latest technology and enables recruitment of highly skilled resources, creating a unique combination of advanced technology and deep business understanding. A well-functioning cooperation in the matrix puts ownership of IT initiatives in the business units and reduces time to market for innovations. By sharing common goals and KPIs, an important part of the One Team Performance Culture, excellent business and IT cooperation is further enhanced.

Protector's IT department maintains close relationships with brokers, clients, authorities, financial and insurance organisations, and their IT departments. By recruiting, developing, and retaining the right people, internal employee satisfaction survey results show IT is an organisation that is very attractive to be a part of.

ADMINISTRATION

Protector's support functions operate largely as a centralised hub, delivering services to the business units. These services encompass data availability, data distribution and data analysis, bookkeeping, business support, process development, project management, compliance, overall risk assessment and reporting, financial controlling, actuarial analyses, HR, marketing, and cultural and leadership development. The administration is committed to creating efficient support functions that add value to the business units. Understanding roles and responsibilities, along with managing the matrix as One Team, is key to further improving the quality and efficiency of our support functions.

PERFORMANCE BASED CULTURE

Value based leadership defines Protector and is a fundamental part of the company's business strategy. All employees are expected to not only know the company's DNA, but also live it every day. A Culture of discipline is a fundamental prerequisite for employees to take responsibility for their individual goals and work individually and as a team. Protector invests a considerable amount of resources in employee recruitment and development.

All employees have personalized performance contracts and quarterly status and plan meetings (STPs) with their manager. The meetings include a performance evaluation based on the company's core values, personalized targets and focus areas. Protector also conducts annual 360 and 270 evaluations which provides managers and employees with a multi-source assessment regarding their cultural development.

Protector believes in developing key skills through continuous learning. Protector has established Protector University a virtual e-learning platform with the ambition to support training/on-boarding of new employees, support continuous development of senior employees, as well as give feedback and map competence. The "Protector Profile", a competence map to which it is continually referred to, was developed to continuously support the development agenda of each and every employee, as well as the leader.

A long history of management development programs has led to a group of leaders that understands and live the company culture. Each management development program lasts for

18 months, with a 6 month break between the programs, enabling new entrants enrollment within 24 months.

SUSTAINABILITY

Protector asserts that if an insurance company excels in its core business, it also contributes to sustainability. Consequently, Protector's sustainability strategy supports its core business and consists of the following pillars:

• People
• Climate resilience
• Climate-effectivesolutions
• Responsible business behaviour

In short, this means that the company strives for a good working life throughout its value chain, that it considers climate risk in its risk assessment and product development, reduces its carbon footprint through loss prevention and competent claims settlement, and takes responsibility in the fight against corruption, money laundering, and through its investments.

The company is a signatory of UN's Principles for Sustainable Insurance, and its approach to sustainability is aligned with those principles. Protector reports on its climate footprint in accordance with the GHG protocol, and uses this to further optimize its sustainability efforts.

INCOME OVERVIEW

1. Defined as alternative performance measure (APM). APMs are described atwww.protectorforsikring.noin document APMs Protector Forsikring 2023.

DITLEV DE VIBE VANAY

CHIEF FINANCIAL OFFICER (CFO)

Employee since 2019. Vanay was also positioned as CFO in the period 2005-2015.

He holds a MSc in Economics and Business Administration from BI Norwegian Business School. He has more than 25 years of experience within insurance, finance, business controlling and IT, from Protector, Storebrand, If and Tinde.

Our promise to insurance brokers and clients is that we will be easy to do business with, commercially attractive and trustworthy.

INVESTOR

INFORMATION

200

150

100

50

0

FINANCIAL

CALENDAR

Q1

11. April - Annual General Meeting

Investor Relations (IR) is responsible for Protector's activities and communication with the capital markets. Protector is committed to maintain open, transparent, and consistent communication with investors, analysts, and other stakeholders to ensure that they have equal access to accurate and relevant information in order to form a true and fair view of Protector's results and development. Information relevant to Protector's stakeholders shall be easily available on the company's website. Protector's IR policy can be found on the company's website.

Four analysts are currently covering the Protector share. More details on the analysts and the share can be found on the company´s website.

THE PROTECTOR SHARE

The Protector share is listed on the Oslo Stock Exchange. Company announcements and trading announcements are published in English - and in Norwegian on an optional basis. Interim reports and annual reports are published in English only.

In 2023, Protector's share price increased by 43,1%. The Oslo Benchmark (OSEBX) increased by 9.9% during the same period. In 2022, Protector's share price increased by 16.1%, while the Oslo Benchmark index decreased by 1% during the same period. The average daily trading volume of Protector's shares on the Oslo Stock Exchange was 95,332 shares in 2023, relative to 80,534 in 2022. At the end of 2023, the Protector share was traded at NOK 180.0. The market value of total outstanding shares was NOK 14,839 million.

QUARTELY DIVIDEND ASSESSMENT

In accordance with the company's adopted distribution policy, the intention in the coming years is to distribute 20 - 80% of the profit for the year to shareholders. The final determination will be based on the company's result, capital requirements including satisfactory buffers and the necessary flexibility for growth and development in the company. Distribution of dividends will be considered at a solvency margin above 150%. With a solvency margin above 200%, the Board's intention is to over time retusurplus capital to the shareholders in the form of special dividends or buy-back of own shares.

The Board prepares quarterly distribution assessments on the basis of the most recently approved annual accounts.

SHAREHOLDERS AND VOTING RIGHTS

The company has issued a total of 82,500,000 shares and there is only one class of shares with equal rights for all shareholders. A list of Protector's largest shareholders is provided in note 17 in this report.

ANNUAL GENERAL MEETING

The annual general meeting of Protector Forsikring ASA will be held at the company's premises at Støperigata 2, Oslo, on Thursday April 11th, 2024 at 4.00 pm. The notice will be sent to all shareholders and to the Oslo Stock Exchange. The notice to the Annual General Meeting will also be published on the company's website www.protectorforsikring.no

Q2

25. April - Interim Report Q1 2024

12. July - Interim Report Q2 2024

Q3

24. October - Interim Report Q3 2024

Q4

COST AND QUALITY LEADERSHIP LEADING TO PROFITABLE GROWTH

Our 2023 gross written premiums grew by 37% in local currencies relative to 2022. Combined ratio was 88.5%, corresponding to a profit margin of 11.5% from the insurance business.

The large loss rate (5.9%) in the portfolio was slightly lower than normalised (7%). The development in reserves from earlier years (run-off) gave a negative effect of -0.3%. Adjusted for these factors, underlying profitability is somewhat weaker than reported results.

Results are derived from disciplined underwriting in renewals and new sales, high-quality and efficient claims handling, targeted actions to counter increasing inflation and change in competitors' behaviour in UK Public Sector and Housing. The Scandinavian market can still be characterised as rational. All countries contribute positively to both volume growth and technical profitability.

Following some years with investments in portfolio clean-up and control, the strong growth leads to a gradually improving cost ratio. There is no significant efficiency development in 2023, but investments in people and process improvements, including better utilisation of available and emerging technology, will ensure future cost control and scalability.

WELL PREPARED FOR EXTRAORDINARY MARKET CONDITIONS THROUGH A CULTURE OF DISCIPLINE This year we more than doubled our UK Public Sector and Housing portfolio, following several years with very low hit ratios. Prior years have been challenging, and we have gone many rounds on why we have not won more volume; we have been there quoting all the way, staying true to our models and processes with data supporting our view. We have not changed our underwriting processes and principles, nor our risk appetite, but the conditions in the market have changed; some competitors turned more conservative (both in pricing and risk appetite), others were no longer present in the market at all.

The UK Public Sector and Housing market is limited to approximately £ 900 million, whereof approximately £ 600 million is within our current appetite. With our £ 218 million in this market as per year-end, we now have a market share

at above 30%. Approximately one fifth (1/5) of the market go out to tender per year. The growth in the segment through 2023 is extraordinary and we expect competition to normalise over time. We will stay disciplined and consistent and use data as the basis for our decision-making, irrespective of how the market should develop.

HIGH RUNNING YIELD ON THE BOND PORTFOLIO AND DISCIPLINED FINANCIAL UNDERWRITING

The investment portfolio yielded a retuof NOK 1,372 million (7.9%); equities at 12.1% excl. put options, and fixed income at 7.6%. We invest for the long term; iinvestment decisions are made based on expected development in fundamental value with our portfolio companies relative to their inherent risk and the capital they consume. The excess retufrom our financial investment activities since October 2014 (in-house management) is exceptional.

Our average reference rate has increased by 0.6%-points throughout the year, whilst the average risk premium (spread) has decreased by 0.9. Hence, our expected annual yield (before cost of risk) in the fixed income portfolio has decreased from 6.0% by the end of 2022, to 5.8% by the end of 2023.

Equity portfolio philosophy and research process has stayed consistent, but with more focus on better documentation of assumptions and investment rationale. Underlying development in our equity positions has been good; at year end we estimate a discount to intrinsic value at 35% on average for our 32 holdings.

From a capital perspective, we have been steering interest rate risk during 2023. This is considered more reasonable in a higher interest rate environment. By matching size and duration of fixed income securities with our Solvency II- based provisions per country, we reduce balance sheet risk and to a certain degree also P&L volatility.

In Protector, we consider investments core business; it is all about calculating risk vs reward, both within insurance and investments. Our assets under management have grown to NOK 18.7 billion (up from NOK 14.9 billion). At year end about 16.0% was allocated towards equities and 84.0% towards fixed income securities and interest rate hedging instruments.

CAPITAL ALLOCATION WITH A RISK APPROACH

To assess risks and opportunities from a capital perspective, we maintained a strengthened process and wide involvement of competence from a wider part of the company in 2023. Both existing and new elements are assessed, discussed, and quantified quarterly, or more often if found necessary. This forms the groundwork for correct capital allocation decision-making and contributes to being well prepared and capitalised in turbulent times.

In times where we see opportunities for profitable growth within insurance, see attractive financial investment opportunities, have other attractive allocation alternatives, or consider the macro environment to be turbulent (or a combination of above), we will be reluctant to distribute excess capital to shareholders.

The solvency capital ratio (SCR-ratio) by year end 2023 is 195%. With this, we have a solid base for the future, and we value the flexibility it entails. Our prior solvency-based reinsurance agreement was not renewed going into 2023.

A.M Best has reiterated their investment grade credit rating of bbb+ and revised their outlook on Protector from stable to positive.

IMPRESSED BY TEAMS AND INDIVIDUALS

When the results are strong in all business units, it is driven by good performance from all teams. This includes centralised IT and HQ functions. The collaboration between people, teams, units, and functions has continued developing throughout 2023. I am impressed and proud of how sharing of "best practice" makes us stronger and of how we support each other across functions and geographies. Thank you to all employees for evolving our culture every day and for delivering great results.

In Protector, we have a history of growth, both in terms of volume and careers. Through profitable growth we can give opportunities and invest in the development of our people. By focusing on our employees' passion and purpose, and combining that with what drives our economic engine, role development becomes natural. Looking ahead, continued profitable growth will open new opportunities for employees to pursue. For management that means active, open and transparent succession planning.

With strong growth we must strengthen the team to continue delivering. We have a standing ambition to continuously increase the number and diversity of applicants. This implies increased visibility in more channels and innovation in how we best can give potential applicants a view of our every day in Protector. This is one step in developing diversity, to the best for our company.

BEST-IN-CLASSDECISION-MAKING IN FOCUS

An important part of our performance culture is our ability to make decisions. In Protector everyone should make a decision within their area of responsibility. We believe in local autonomy, in combination with common tools and guidelines assisting the decision-making process. If we allow for everyone to make decisions, we must expect that not all decisions tuout to be good. With the right culture and tools, we can celebrate our mistakes as learning opportunities; best-in-classdecision-making is also about the quality of our decisions.

Starting with the leaders in our internal leadership development program, we have set more focus on developing this culture and guidelines during 2023. To facilitate even more learning from our decisions, we have become better at documenting our assumptions and rationale, but also making this documentation more available for others to challenge, leaand take inspiration from.

BROKERS; A PART OF OUR "ONE TEAM"

Insurance brokers and agents are also a part of our team. Our best and only friends grew their market share also in 2023, especially through further developing arrangements for smaller clients than those who usually are a part of the brokered market. We are part of that journey and see a lot of future opportunity to compete on quality and efficiency against our competitors' direct distribution channels.

Our brokers and clients have given us very good feedback throughout the year, following targeted action to increase quality and efficiency in our joint value chain. This involves processes, data quality and technology. In addition to our own survey, placing our British, Danish and Norwegian branches on top, our Finnish branch second and Swedish branch third, we have external surveys and awards in Denmark and Norway confirming our relatively high-quality service level.

Combined ratio 97.1% and 21% growth

CLAIMS

The loss ratio, net of reinsurance was 89.8% (81.9) and includes run-off gains at 1.1% on previous years' claims provisions as well as a large loss ratio at 6.0%.

Large losses, net of reinsurance

Run-off gains/losses, net of reinsurance

Loss ratio, gross

Net reinsurance ratio

Loss ratio, net of reinsurance

Cost ratio

Combined ratio

Protector's share of claims in the Natural Perils pool constitutes 8%-points on our loss ratio.

LARS KRISTIANSEN

COUNTRY MANAGER NORWAY

Employee since 2016. MSc in Economics and Administration from Norwegian School of Economics. He has experience as an Underwriter and Business Controller in Protector.

CATHRINE WESSEL-POULSENDIRECTOR NORWAY

Employee since 2009, started as a lawyer in COI (Change of Ownership). Previously Director of COI and Claims Director Norway. She joined the management group in May 2023.

1. Defined as alternative performance measure (APM), described onwww.protectorforsikring.noin document "APMs Protector Forsikring 2023"