2024 Interim Report Q1

INTERIM REPORT Q1 2024

PROTECTOR FORSIKRING ASA

(UNAUDITED) 24 APRIL 2024

INTERIM REPORT Q1 2024 | PROTECTOR FORSIKRING ASA | PAGE 1

Highlights Q1 2024

							CR 91.2% and 9% volume growth in local currencies
	Combined		Premium growth
	ratio:		(local currencies):
			Protector Forsikring ASA recorded a profit of NOK 455.6m (626.2) for the quarter. The result is driven
	Q1 2024	91,2 %		Q1 2024	9 %		by a strong insurance service result in the UK and a good retuon investments.
							The insurance service result was NOK 240.4m (135.9) corresponding to a combined ratio at 91.2%
	Q1 2023	93,2 %		Q1 2023	21 %
			(93.2).
							Net income from assets under management was NOK 350.1m (660.8) or 1.7% (4.3).
							The total investment retuincluding insurance finance income or expenses was NOK 371.8m (521.7).
	Insurance service		Total investment
	result (MNOK):		retu(MNOK)		In Q1, gross written premiums amounted to NOK 4 429.5m, up 12% (9% in local currencies) relative to
							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.
							The Board has utilized its authorisation granted by the Annual General Meeting 11 April 2024, and has
	Q1 2023	135,9		Q1 2023	521,7
			decided to distribute a special dividend of NOK 164.9m, corresponding to NOK 2.00 per share.
							At the end of Q1 2024, the SCR‐ratio was 196% (198), post dividends.
	Profit		Earnings per share
	(MNOK):		(MNOK):
	Q1 2024	455,6		Q1 2024	5,5
	Q1 2023	626,2		Q1 2023	7,6

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Income overview

(1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor.

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Premiums

Gross written premiums increased by 12% or NOK 486.1m to a total of NOK 4 429.5m in Q1 2024. In local currencies the growth was 9%. Adjusted for technicalities and run-off of Swedish consumer schemes, growth in Q1 is 14% (11% in LCY). All segments contribute to the growth, but new sales have been slow within Commercial in the UK and Sweden.

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. April 1st is the largest inception date in the UK; gross written premiums grew NOK 477m (28% in local currencies) this year.

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Results

In Q1 2024, Protector Forsikring ASA recorded a profit of NOK 455.6m (626.2). The insurance service result was NOK 240.4m (135.9), corresponding to a combined ratio of 91.2% (93.2). The insurance service result was driven mainly by UK property. The results was adversely impacted by motor insurance in all segments. The poor motor result in the Nordics derives from a harsh winter with increased claims frequency. Rates has increased more than inflation. Within UK motor the result is influenced by both higher frequency and inadequate rate adjustments. We maintain discipline in renewals and new sales, resulting in a low hit ratio.

(1) Finland has been included in segment Sweden from Q1 2024 and comparative figures have been restated accordingly.

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 NOK 181.0m, or 6.6% (1.0), consisting of 8 large loss events across all segments. Approximately half of these were related to storms and extreme weather in the UK, Denmark and Norway.

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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 NOK 21 195m on 31 March, up 13.4% compared to the portfolio at the end of 2023.

In Q1 2024, the investment activities yielded a total retuof NOK 350.1m (or 1.7%) compared to NOK 660.8m (or 4.3%) in Q1 2023. Equities including put options accounted for a NOK 191.1m gain (or 6.5%) against NOK 426.7m (or 17.3%) in Q1 2023. The retuon the fixed income portfolio totalled NOK 159.0m (or 0.9%) against NOK 234.1m (or 1.8%) in Q1 2023.

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 NOK 4.7bn of the financial assets were allocated to high yield securities at the end of Q1 2024, up from NOK 4.5bn at the end of 2023.

The insurance finance result impacted the total investment retupositively with NOK 21.7m in Q1 2024, against a negative effect in Q1 2023 of NOK 113.4m. The fluctuations are mainly due to interest curve changes.

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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 NOK 4,617.7m, an increase of NOK 89.2m compared to year-end 2023. Dividend paid out 14 February 2024 has reduced the equity by NOK 412.2m.

Protector holds a BBB+ Long-Term Issuer Credit rating from A.M. Best. Outlook is positive.

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 11 April 2024, and has decided to distribute a special dividend of NOK 164.9m, corresponding to NOK 2.00 per share. The decided dividend is included in other equity and the payment will take place on 10 May 2024.

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.

Oslo, 24 April 2024

The Board of Directors of Protector Forsikring ASA

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Income statement

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Statement of comprehensive income

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Statement of financial position

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