Slides
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Investor Presentation Q2 2025 Interim results Oslo, 11 July 2025
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We will deliver through unique relationships, best in class decision-making and cost effective solutions Main targets Cost and quality leadership Profitable growth Top 3 Values Credible Innovative/Open Bold Committed The Challenger We will always be
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• AM Best has upgraded the Credit Ratings to A- (Excellent) from BBB+ (Good). The outlook of these Credit Ratings has been revised to stable. • 2025 UK Broker Satisfaction Index (BSI) received • #1 position • Understand the feedback, learn and make improvements. • The Board has decided to distribute a dividend of NOK 165m, corresponding to NOK 2.00 per share. Highlights Q2 & H1 2025 Q2: Combined ratio at 84.9% | Total investment return of 468 | EPS at 8.7 Combined Ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Amounts in NOKm, Earnings per share (EPS) in NOK Other highlightsQ2 3 Combined Ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share H1
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• Q2 growth at 16% (LCY) • Renewal rate at 103%, supported by price increases to counter claims inflation • From Q1 presentation: 1 April is the largest inception date in the UK • NOK 369m growth in GWP (14% in LCY), driven by Public sector and Housing Volume update Q2: GWP growth at 19% | 16% in local currencies (LCY) 4
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• Q2 positively influenced by property, supported by lower-than-expected large losses • Underlying improvement in motor profitability • Some parts of the portfolio still need action • Large losses1 NOK 209m or 6.1% (358 or 12.5%) • 7 large loss events • Property and motor in the UK, Sweden and Norway • Run-off gains at 2.2% (2.1%) • Gains on general liability and property • Gains in all countries but Denmark Claims update Q2: Loss ratio, net of reinsurance at 73.4% | Large losses of NOK 209m (6.1%) | Run-off gains of NOK 74m (2.2%) 1 Large losses defined as net losses > NOKm 10 5
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Large losses and run-off Best estimate reserving practice; run-off neutral over time Run-off % Large Loss % Nominal run-off (L-axis) Relative run-off (%) * Lines in figures indicate large loss and run-off accumulations within outlined periods 6.1% 3.8% 9.3% 4.9% 1.7% -0.4% 1.7% 0.8% 0.9% 6.1% 6
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Key metrics per segment Quarterly volatility must be expected, especially by segment 7
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• The brokers are our only distribution channel • The relative ranking gives a competitive edge • Learning from surveys and following dialogue is key • Understanding and improving our common value chain Quality Leadership update Easy to do business with, commercially attractive and trustworthy Why measure quality perceived by brokers? UK broker satisfaction index1,2 2025 (vs. 2024) 1 Our own broker satisfaction survey (handled by third party) 2 Score from 0-100 points 8
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Investments
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• NOK 642m, or 2.4% gain • Equities: NOK 263m, or 6.5 % • Put options: NOK -17m • Bonds: NOK 395m, or 1.8 % • Interest rate swaps: NOK 74m • Increase in bond risk during April volatility and in Q2 • HY portfolio totalling ≈ NOK 5.8bn • Duration at 2.1, unchanged from Q1 • Steering interest rate risk from solvency capital perspective • Volatile quarter for Nordic HY bonds • DNB Nordic HY index up 1.1% • AUM up NOK 2.1bn (or 9%) since Q1 Investment results and portfolio statistics Q2: Return of NOK 642m (2.4%) | Bond portfolio yield at 4.9%, before cost of risk Q2 Investment result Investment portfolio statistics 30.06.25 30.06.24 31.03.25 Bonds2 Size bond & cash eq. (NOKm)3 22 623 19 094 20 778 Avg. ref. rate (NIBOR, STIBOR, etc.) 3.4% 4.0% 3.8% Avg. spread/risk premium (bps) 151 141 128 Yield4 4.9% 5.4% 5.1% Duration4 2.1 2.3 2.1 Credit duration 1.9 1.8 1.8 Avg. rating5 A+ A A+ Equities Portfolio size (NOKm)3 4 184 3 136 3 976 Share of total 15.5 % 14.1% 16.0 % Estimated intrinsic value discount 35 % 37% 37 % No. of companies 37 38 35 1 Put option included in total return and excluded in equity return 2 Bank deposits included 3 Size includes currency swaps 4Interest rate swap effect included 5 Avg. linear rating based on official rating (>45%) and ‘Protector rating’ (<55%) Equities1 Total1Bonds 10
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Capital position
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Income statement Profit of NOK 716m (254) | EPS at NOK 8.7 (3.1) 12
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Statement of financial position SCR ratio1 at 220% 1 Solvency Capital Requirement (SCR) ratio = Eligible own funds (OF) SCR NOKm 30.06.2025 30.06.2024 31.12.2024 Financial assets 26 769 22 252 22 102 Derivatives 381 79 224 Bank deposits 139 163 456 Other assets 2 385 1 847 1 872 Total assets 29 675 24 341 24 654 Total equity 6 289 4 688 5 439 Subordinated loan capital 2 688 1 892 1 892 Insurance contract liabilities 18 789 16 184 15 768 Derivatives 104 120 33 Other liabilities 1 804 1 457 1 522 Total equity and liabilities 29 675 24 341 24 654 *Numbers may not add up due to rounding • Profit for the quarter • Dividend NOK 2 per share, NOK 165m in total • Solvency capital requirement up due to growth, currency effects, and higher investment risk 61 %; Insurance 30 %; Market 7 %; Operational 2 %; CD Tier 1 Tier 1 R Tier 2 0 2,000 4,000 6,000 8,000 10,000 SCR OF SCR ratio composition SCR ratio: 220% 13
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Composition of SCR: • Net insurance risk 61% • Net market risk 30% • Other risks 9% Solvency II SCR ratio at 220% 4 551 2 226 503 159 -1 832 -1 157 4 450 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Insurance Market Operational Counterparty Diversification Tax Total SCR composition and development1 1 Development since last quarter end highlighted in lighter colours per bar Eligible solvency capital: • Guarantee provision and proposed dividend subtracted from own funds 6 289 2 688 1 390 266 -305 -114 -238 -165 9 810 0 2,000 4,000 6,000 8,000 10,000 12,000 0 2,000 4,000 6,000 8,000 10,000 12,000 Total equity Sub. debt Rev.net tech.prov. Risk margin Other assets and liabs Intangible assets Unutilized funding Acc. dividend Own funds Eligible own funds composition and development1 14
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We will deliver through unique relationships, best in class decision-making and cost effective solutions Main targets Cost and quality leadership Profitable growth Top 3 Values Credible Innovative/Open Bold Committed The Challenger We will always be
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• AM Best has upgraded the Credit Ratings to A- (Excellent) from BBB+ (Good). The outlook of these Credit Ratings has been revised to stable. • 2025 UK Broker Satisfaction Index (BSI) received • #1 position • Understand the feedback, learn and make improvements. • The Board has decided to distribute a dividend of NOK 165m, corresponding to NOK 2.00 per share. Summary Q2 & H1 2025 Q2: Combined ratio at 84.9% | Total investment return of 468 | EPS at 8.7 Combined Ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Amounts in NOKm, Earnings per share (EPS) in NOK Other highlightsQ2 16 Combined Ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share H1
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Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Protector Forsikring ASA (the "Company”). Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. The Company assumes no obligations to update or correct any of the information set out herein. These materials may contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. While the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, its affiliates or any of their respective advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act”), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act. This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in any offering documents published in relation to such an offering. For further information about the Company, reference is made public disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages.