2024 Interim Report Q1
INTERIM REPORT Q1 2024
(UNAUDITED)
INTERIM REPORT Q1 2024 |
Highlights Q1 2024
|
CR 91.2% and 9% volume growth in local currencies |
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|
Combined |
Premium growth |
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|
ratio: |
(local currencies): |
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|
|
||||||||
|
Q1 2024 |
91,2 % |
Q1 2024 |
9 % |
by a strong insurance service result in the |
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|
The insurance service result was |
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|
Q1 2023 |
93,2 % |
Q1 2023 |
21 % |
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|
(93.2). |
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Net income from assets under management was |
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The total investment retuincluding insurance finance income or expenses was |
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Insurance service |
Total investment |
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|
result (MNOK): |
retu(MNOK) |
In Q1, gross written premiums amounted to |
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|
Q1 2023. Underlying growth in gross written premiums for continued business is 14% (11% in local |
||||||||
|
Q1 2024 |
240,4 |
Q1 2024 |
371,8 |
currencies). The renewal rate is at 96%, including price increases to counter claims inflation. |
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|
The Board has utilized its authorisation granted by the Annual General Meeting |
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|
Q1 2023 |
135,9 |
Q1 2023 |
521,7 |
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|
decided to distribute a special dividend of |
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|
At the end of Q1 2024, the SCR‐ratio was 196% (198), post dividends. |
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Profit |
Earnings per share |
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|
(MNOK): |
(MNOK): |
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|
Q1 2024 |
455,6 |
Q1 2024 |
5,5 |
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|
Q1 2023 |
626,2 |
Q1 2023 |
7,6 |
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INTERIM REPORT Q1 2024 |
Income overview
|
NOKm |
Q1 |
Q1 |
FY |
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|
2024 |
2023 |
2023 |
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|
Gross written premium |
(1) |
4 429,5 |
3 943,4 |
10 423,0 |
|
|
Insurance revenue |
2 735,3 |
1 986,2 |
9 385,5 |
||
|
Insurance claims expenses |
(2 089,7) |
(1 831,2) |
(7 181,7) |
||
|
Insurance operating expenses |
(289,9) |
(205,7) |
(1 011,2) |
||
|
Insurance service result before reinsurance contracts held |
355,7 |
(50,7) |
1 192,7 |
||
|
Net result from reinsurance contracts held |
(115,3) |
186,6 |
(112,8) |
||
|
Insurance service result |
240,4 |
135,9 |
1 079,9 |
||
|
Net income from investments |
350,1 |
635,1 |
1 328,0 |
||
|
Net insurance finance income or expenses |
21,7 |
(113,4) |
(383,9) |
||
|
Other income/expenses |
(39,2) |
(16,0) |
(90,6) |
||
|
Profit/(loss) before tax |
573,0 |
641,5 |
1 933,5 |
||
|
Tax |
(117,4) |
(31,3) |
(439,2) |
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|
Discontinued operations |
- |
15,9 |
15,1 |
||
|
Profit/(loss) |
455,6 |
626,2 |
1 509,3 |
Large losses, net of reinsurance Run-off gains/losses, net of reinsurance Change in risk adjustment, net of reinsurance Discounting effect, net of reinsurance
Loss ratio, gross
Net reinsurance ratio
Loss ratio, net of reinsurance
Cost ratio
Combined ratio
Retention rate
|
(1) |
6,6 % |
1,0 % |
5,9 % |
|
(1) |
1,8 % |
2,2 % |
0,3 % |
|
(1) |
1,7 % |
0,8 % |
1,5 % |
|
(1) |
-4,1 % |
-3,0 % |
-4,2 % |
|
(2) |
76,4 % |
92,2 % |
76,5 % |
|
(3) |
4,2 % |
-9,4 % |
1,2 % |
|
(4) |
80,6 % |
82,8 % |
77,7 % |
|
(5) |
10,6 % |
10,4 % |
10,8 % |
|
(6) |
91,2 % |
93,2 % |
88,5 % |
|
(7) |
94,3 % |
94,0 % |
93,8 % |
(1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor.
|
(2) |
"Insurance claims expenses" in % of "Insurance revenue" |
(5) |
"Insurance operating expenses" in % of "Insurance revenue" |
|
(3) |
"Net result from reinsurance contracts held" in % of "Insurance revenue" |
(6) |
"Loss ratio, net of reinsurance" + "Cost ratio" |
|
(4) |
"Loss ratio, gross" + "Net reinsurance ratio" |
(7) |
("Insurance revenue" + "Reinsurance premium") / "Insurance revenue" |
INTERIM REPORT Q1 2024 |
Premiums
Gross written premiums increased by 12% or
On company level, the renewal rate was 96% (102). The retention rate for Q1 2024 was 94.3% (94.0).
The first quarter is the largest inception quarter in Scandinavia, and in January the company experienced 16% growth in local currencies driven by high renewal rates in all segments.
|
Gross written premium (NOKm) |
Q1 2024 |
Q1 |
2023 |
Growth |
Growth |
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|
(LCY) |
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|
|
429,0 |
369,4 |
59,6 |
16 % |
8 % |
||
|
|
1 499,1 |
1 |
427,3 |
71,8 |
5 % |
2 % |
|
|
|
1 349,1 |
1 |
166,5 |
182,6 |
16 % |
16 % |
|
|
|
1 152,3 |
980,2 |
172,1 |
18 % |
13 % |
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|
Protector |
4 429,5 |
3 |
943,4 |
486,1 |
12 % |
9 % |
(1)
10 %
26 %
GWP
Q1 34 %
2024
30 %
|
|
|
|
|
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INTERIM REPORT Q1 2024 |
Results
In Q1 2024,
|
Loss ratio, net |
Cost ratio |
Combined ratio |
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|
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
||
|
|
70,2 % |
67,1 % |
12,1 % |
13,1 % |
82,3 % |
80,2 % |
|
|
|
83,1 % |
87,2 % |
12,8 % |
12,4 % |
95,9 % |
99,6 % |
|
|
|
93,8 % |
85,6 % |
6,7 % |
6,3 % |
100,5 % |
91,9 % |
|
|
|
87,9 % |
99,7 % |
7,4 % |
6,8 % |
95,3 % |
106,6 % |
|
|
Protector |
80,6 % |
82,8 % |
10,6 % |
10,4 % |
91,2 % |
93,2 % |
(1)
In Q1 2024, the company had run-off losses driven by motor and workers' compensation (undiscounted) at 1.8% (net of reinsurance) against run-off losses at 2.2% in Q1 2023. The loss ratio net of reinsurance ended at 80.6% (82.8).
Large losses for Q1 2024 amounted to
INTERIM REPORT Q1 2024 |
The cost ratio in Q1 2024 amounted to 10.6% (10.4), affected by premium growth within markets with higher commissions to brokers and agents. Cost ratio excluding commissions was 6.3% (6.3).
Investments
The assets under management amounted to a total of
In Q1 2024, the investment activities yielded a total retuof
At the end of Q1 2024, 14.4% of Protector's financial assets were invested in equities, against 16.2% at the end of 2023.
Approximately
The insurance finance result impacted the total investment retupositively with
INTERIM REPORT Q1 2024 |
Equity and capital position
At the end of Q1 2024, the SCR-ratio was 196% post dividends, compared to 195% at year-end 2023. The company's long‐term objective is to maintain a SCR‐ratio (calculated according to the Solvency II regulations) above 150%.
The company's equity amounted to
Protector holds a BBB+ Long-Term Issuer Credit rating from
Dividend
Based on the company's strong financial position, competitive position in the market and dividend policy, the Board has utilized its authorisation granted by the Annual General Meeting
Prospects
The underlying profitability is good, and with continued price adjustments to counter claims frequency and inflation, the insurance service result is expected to remain on a good level.
The claims development, and the inherent volatility of capital markets continue to be the most important risk factors that could affect the company's profit in 2024. There is normally uncertainty related to future market conditions, but the Board is of the opinion that the company is well equipped to meet the competition going forward.
The Board of Directors of
INTERIM REPORT Q1 2024 |
Income statement
|
NOKm |
Q1 |
Q1 |
FY |
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|
2024 |
2023 |
2023 |
|||
|
Insurance revenue |
2 735,3 |
1 986,2 |
9 385,5 |
||
|
Insurance claims expenses |
(2 089,7) |
(1 831,2) |
(7 181,7) |
||
|
Insurance operating expenses |
(289,9) |
(205,7) |
(1 011,2) |
||
|
Insurance service result before reinsurance contracts held |
355,7 |
(50,7) |
1 192,7 |
||
|
Reinsurance premium |
(155,0) |
(119,0) |
(583,7) |
||
|
Amounts recovered from reinsurance |
39,7 |
305,6 |
470,9 |
||
|
Net result from reinsurance contracts held |
(115,3) |
186,6 |
(112,8) |
||
|
Insurance service result |
240,4 |
135,9 |
1 079,9 |
||
|
Interest income and dividend etc. from financial assets |
161,7 |
127,4 |
662,3 |
||
|
Net changes in fair value of investments |
78,6 |
185,6 |
(6,6) |
||
|
Net realised gain and loss on investments |
139,1 |
342,9 |
735,6 |
||
|
Interest expenses and expenses related to investments |
(29,3) |
(20,9) |
(63,3) |
||
|
Net income from investments |
350,1 |
635,1 |
1 328,0 |
||
|
Insurance finance income or expenses - change in financial assumptions |
97,9 |
(56,3) |
(159,7) |
||
|
Insurance finance income or expenses - unwinding |
(67,7) |
(60,7) |
(273,2) |
||
|
Insurance finance income or expenses |
30,2 |
(116,9) |
(432,9) |
||
|
Reinsurance finance income or expenses - change in financial assumptions |
(8,8) |
7,2 |
27,1 |
||
|
Reinsurance finance income or expenses - unwinding |
8,2 |
9,7 |
35,6 |
||
|
Reinsurance finance income or expenses - other income and expenses |
(8,0) |
(13,3) |
(13,7) |
||
|
Reinsurance finance income or expenses |
(8,5) |
3,5 |
49,0 |
||
|
Net insurance finance income or expenses |
21,7 |
(113,4) |
(383,9) |
||
|
Total investment return |
371,8 |
521,7 |
944,2 |
||
|
Other income/expenses |
(39,2) |
(16,0) |
(90,6) |
||
|
Profit/(loss) before tax |
573,0 |
641,5 |
1 933,5 |
||
|
Tax |
(117,4) |
(31,3) |
(439,2) |
||
|
Discontinued operations |
- |
15,9 |
15,1 |
||
|
Profit/(loss) for the period |
455,6 |
626,2 |
1 509,3 |
||
|
Earnings per share (basic and diluted) |
5,5 |
7,6 |
18,3 |
||
INTERIM REPORT Q1 2024 |
Statement of comprehensive income
|
NOKm |
Q1 |
Q1 |
FY |
||
|
2024 |
2023 |
2023 |
|||
|
Profit/(loss) for the period |
455,6 |
626,2 |
1 509,3 |
||
|
Other comprehensive income which can subsequently be reclassified as profit or loss |
|||||
|
Exchange differences from foreign operations |
77,8 |
120,3 |
104,8 |
||
|
Taxes on components of comprehensive income |
(19,5) |
(30,2) |
(26,7) |
||
|
Total other comprehensive income |
58,4 |
90,1 |
78,1 |
||
|
Comprehensive income |
514,0 |
716,3 |
1 587,4 |
||
INTERIM REPORT Q1 2024 |
Statement of financial position
|
NOKm |
|
|
|
||
|
Assets |
|||||
|
Loans at amortized cost |
30,3 |
- |
30,3 |
||
|
Shares |
3 092,3 |
2 829,2 |
2 888,5 |
||
|
Securities, bonds etc. |
17 028,6 |
12 038,8 |
14 630,8 |
||
|
Financial derivatives |
250,6 |
234,7 |
264,6 |
||
|
Bank deposits |
849,1 |
1 655,8 |
492,6 |
||
|
Total financial assets in investment portfolio |
21 250,9 |
16 758,5 |
18 306,9 |
||
|
Cash and bank deposits |
187,0 |
194,8 |
323,6 |
||
|
Other receivables |
58,5 |
33,8 |
52,2 |
||
|
Total operational financial assets |
245,5 |
228,6 |
375,8 |
||
|
Reinsurance contract assets |
1 380,4 |
1 432,9 |
1 093,3 |
||
|
Intangible assets |
111,4 |
99,7 |
106,3 |
||
|
Tangible fixed assets |
108,7 |
144,4 |
113,1 |
||
|
Total prepaid expenses |
259,8 |
341,4 |
224,4 |
||
|
Assets discontinued operations |
- |
744,7 |
654,5 |
||
|
Total non-financial assets |
1 860,3 |
2 763,2 |
2 191,7 |
||
|
Total assets |
23 356,7 |
19 750,3 |
20 874,5 |
||
INTERIM REPORT Q1 2024 |
Attachments
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