Interim report
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Interim Report (unaudited) Q2 and H1 2025 Protector Forsikring
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Table of Contents Highlights Q2 and H1 2025 ............................................................................................................................................................................................................................................. 3 Income overview ................................................................................................................................................................................................................................................................... 5 Premiums ........................................................................................................................................................................................................................................................................ 5 Results.............................................................................................................................................................................................................................................................................. 6 Investments .................................................................................................................................................................................................................................................................... 7 Equity and capital position........................................................................................................................................................................................................................................ 7 Dividend ........................................................................................................................................................................................................................................................................... 8 Transaction subject to approval.............................................................................................................................................................................................................................. 8 Prospects......................................................................................................................................................................................................................................................................... 8 Income statement ................................................................................................................................................................................................................................................................ 9 Statement of comprehensive income ................................................................................................................................................................................................................. 9 Statement of financial position ........................................................................................................................................................................................................................... 10 Statement of changes in equity 2024 ................................................................................................................................................................................................................ 11 Statement of changes in equity 2025 ................................................................................................................................................................................................................ 11 Cash flow statement................................................................................................................................................................................................................................................ 12 Notes ........................................................................................................................................................................................................................................................................................ 13 Accounting principles .............................................................................................................................................................................................................................................. 13 Segment information - Q2...................................................................................................................................................................................................................................... 14 Segment information - H1...................................................................................................................................................................................................................................... 15 Financial assets, fair value estimation .............................................................................................................................................................................................................. 15 Solvency margin......................................................................................................................................................................................................................................................... 16 Quarterly outline ........................................................................................................................................................................................................................................................ 17 Other alternative performance measures and key figures ........................................................................................................................................................................ 18 The Board of Directors and the CEO’s statement .......................................................................................................................................................................................... 19 Interim Report (unaudited)Q2 and H1 2025 | Table of Contents 2
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Highlights Q2 and H1 2025 Q2 CR 84.9 % Volume growth 16% (local currencies) H1 CR 85.4 % Volume growth 16% (local currencies) Protector Forsikring ASA recorded a profit of NOK 716 m (254 ) for the quarter. The result is driven by a strong insurance service result and a good return on investments. Gross written premiums amounted to NOK 4,218 m, up 19% (16% in local currencies). All segments contribute to the growth, with UK and Sweden as the largest contributors. The insurance service result was NOK 515 m (157 ), corresponding to a combined ratio of 84.9 % (94.5 %). Net income from assets under management was NOK 642 m (271 ) or 2.4 % (1.3 %). Total investment return (including insurance finance expenses) was NOK 468 m (242 ). In H1 2025, the company recorded a profit of NOK 1,457 m (710 ). For the first half year, gross written premium, came in at NOK 9,489 m up 19% (16% in local currencies). The insurance service result was NOK 973 m (398 ), corresponding to a combined ratio of 85.4 % (92.9 %). Total investment return (including insurance finance expenses) was NOK 1,004 m (614 ) and net income from assets under management was NOK 1,219 m (621 ) or 4.8 % (3.0 %). At the end of Q2 the SCR-ratio was 220% (191%), post dividends. The Board has utilized its authorisation granted by the Annual General Meeting 10 April 2025 and has decided to distribute a dividend of NOK 165m, corresponding to NOK 2.00 per share. Interim Report (unaudited)Q2 and H1 2025 | Highlights Q2 and H1 2025 3
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Combined ratio Q2 84.9 % (94.5 %) H1 85.4 % (92.9 %) Premium growth (in local currencies) Q2 16% (16%) H1 16% (12%) Insurance service result Q2 515 (157 ) H1 973 (398 ) Total investment return Q2 468 (242 ) H1 1,004 (614 ) Profit Q2 716 (254 ) H1 1,457 (710 ) Earnings per share Q2 8.7 (3.1 ) H1 17.7 (8.6 ) Amounts in NOKm, except earnings per share which is in NOK. Comparable figures from corresponding period last year in parentheses. Interim Report (unaudited)Q2 and H1 2025 | Highlights Q2 and H1 2025 4
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Income overview NOKm Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Gross written premium¹ 4,218 3,551 9,489 7,981 12,333 Insurance revenue 3,413 2,865 6,668 5,600 11,783 Insurance claims expenses (2,383) (2,225) (4,633) (4,315) (8,606) Insurance operating expenses (394) (304) (736) (594) (1,253) Insurance service result before reinsurance contracts held 637 335 1,298 691 1,924 Net result from reinsurance contracts held (122) (178) (325) (293) (520) Insurance service result 515 157 973 398 1,404 Net income from investments 642 271 1,219 621 1,059 Net insurance finance income or expenses (174) (29) (215) (7) (213) Other income/expenses (60) (52) (93) (91) (198) Profit/(loss) before tax 923 348 1,884 921 2,052 Tax (206) (94) (427) (211) (513) Profit/(loss) 716 254 1,457 710 1,539 Loss ratio, gross² 69.8 % 77.7 % 69.5 % 77.0 % 73.0 % Net reinsurance ratio³ 3.6 % 6.2 % 4.9 % 5.2 % 4.4 % Loss ratio, net of reinsurance⁴ 73.4 % 83.9 % 74.4 % 82.3 % 77.5 % Cost ratio⁵ 11.5 % 10.6 % 11.0 % 10.6 % 10.6 % Combined ratio ⁶ 84.9 % 94.5 % 85.4 % 92.9 % 88.1 % Large losses, net of reinsurance¹ 6.1 % 12.5 % 4.7 % 9.5 % 7.2 % Run-off gains/losses, net of reinsurance¹ -2.2 % -2.1 % -1.9 % -0.2 % -0.9 % Change in risk adjustment, net of reinsurance¹ 1.4 % 1.9 % 1.3 % 1.8 % 1.5 % Discounting effect, net of reinsurance¹ -4.2 % -4.4 % -4.1 % -4.3 % -3.8 % Retention rate⁷ 93.4 % 94.6 % 93.8 % 94.5 % 94.5 % 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" 3) "Net result from reinsurance contracts held" in % of "Insurance revenue" 4) "Loss ratio, gross" + "Net reinsurance ratio" 5) "Insurance operating expenses" in % of "Insurance revenue" 6) "Loss ratio, net of reinsurance" + "Cost ratio" 7) ("Insurance revenue" + "Reinsurance premium") / "Insurance revenue" Premiums In Q2, gross written premiums increased by 19% or NOK 666 m to a total of NOK 4,218 m. All countries contribute to the growth. The UK, which has the largest inception quarter in Q2, represented over 70% of the growth in the quarter. In local currencies total growth was 16%. The renewal rate for the total portfolio was 103% (101%) supported by price increases to counter claims inflation. Gross written premium (NOKm) Q2 2025 Q2 2024 Growth NOK % LCY % UK 2,855 2,387 469 20% 17% Sweden 659 556 103 19% 9% Norway 529 505 24 5% 5% Denmark 156 103 53 51% 59% France 18 - 18 Protector 4,218 3,551 666 19% 16% Interim Report (unaudited)Q2 and H1 2025 | Income overview 5
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In H1 2025, gross written premiums totalled NOK 9,489 m ( 7,981 ), representing a 19% growth (16% in local currencies). The renewal rate was 99% (99%). Gross written premium (NOKm) H1 2025 H1 2024 Growth NOK % LCY % UK 3,331 2,816 515 18% 15% Sweden 2,279 2,055 224 11% 7% Norway 2,109 1,855 255 14% 14% Denmark 1,453 1,255 198 16% 14% France 316 - 316 Protector 9,489 7,981 1,508 19% 16% Results In Q2, the profit was NOK 716 m (254 ). The insurance service result was NOK 515 m (157 ), corresponding to a combined ratio of 84.9 % (94.5 %). The insurance service result was driven by good results in the UK and the Nordics. The loss ratio net of reinsurance ended at 73.4 % (83.9 %). Large losses amounted to NOK -209 m, or 6.1 % (12.5 %), comprising of 7 large loss events in the UK, Norway and Sweden. Total run-off contributed with gains at 2.2 % (2.1 % gains). The cost ratio amounted to 11.5 % (10.6 %). Exclusive of commissions the cost ratio was 7.3 % (6.0 %). The increase in cost ratio is mainly affected by the development in the company’s share price on which the long-term bonus scheme is dependent and the establishment of the French branch. Loss ratio, net Cost ratio Combined ratio Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 UK 69.3 % 73.2 % 11.5 % 10.8 % 80.8 % 84.0 % Sweden 70.0 % 70.6 % 15.2 % 14.6 % 85.2 % 85.1 % Norway 80.3 % 81.2 % 8.0 % 7.6 % 88.3 % 88.8 % Denmark 82.9 % 145.6 % 7.9 % 7.6 % 90.7 % 153.2 % France 72.6 % 0.0 % 26.7 % 0.0 % 99.2 % 0.0 % Protector 73.4 % 83.9 % 11.5 % 10.6 % 84.9 % 94.5 % In H1 2025, the profit totalled NOK 1,457 m (710 ). The insurance service result was NOK 973 m (398 ), corresponding to a combined ratio of 85.4 % (92.9 %). The company had run‐off gains of 1.9 % (0.2 % gains) first half year. The loss ratio (gross) was 69.5 % (77.0 %), while the loss ratio net of reinsurance ended at 74.4 % (82.3 %). The large loss ratio year to date ended at 4.7 %. The cost ratio first half year amounted to 11.0 % (10.6 %). Exclusive of commissions the cost ratio was 6.8 % (6.2 %). The increase in cost ratio is mainly affected by the development in the company’s share price on which the long-term bonus scheme is dependent and the establishment of the French branch. Interim Report (unaudited)Q2 and H1 2025 | Income overview 6
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Loss ratio, net Cost ratio Combined ratio H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 UK 69.3 % 71.8 % 10.9 % 11.4 % 80.2 % 83.2 % Sweden 72.0 % 77.0 % 14.8 % 13.7 % 86.8 % 90.7 % Norway 80.5 % 87.3 % 7.8 % 7.2 % 88.2 % 94.5 % Denmark 82.0 % 116.8 % 7.0 % 7.5 % 89.0 % 124.3 % France 97.6 % 0.0 % 27.4 % 0.0 % 125.0 % 0.0 % Protector 74.4 % 82.3 % 11.0 % 10.6 % 85.4 % 92.9 % Investments The assets under management amounted to a total of NOK 26,956 m ( 22,261 ). Compared to the end of Q1 2025, the portfolio is up 9%. In Q2, the investment activities yielded a positive return of NOK 642 m (271 ) or 2.4 % (1.3 %). Equities accounted for a NOK 246 m gain (10 ) or 6.1 % (0.3 %), including put options. The return on the fixed income portfolio was NOK 395 m (261 ) or 1.8 % (1.5 %). In H1 2025, the investment activities yielded a positive return of NOK 1,219 m (621 ) or 4.8 % (3.0 %). Equities accounted for a NOK 556 m gain (201 ) or 13.7 % (6.7 %) including put options. The fixed income portfolio returned a NOK 662 m gain (420 ) or 3.1 % (2.4 %). At the end of Q2, 15.5 % (14.1 %) of Protector’s financial assets were invested in equities, down from 16.0 % at the end of Q1 2025. Approximately NOK 5.8 bn ( 4.1 ) of the financial assets were allocated to high yield securities at the end of Q2, up from NOK 3.8 bn last quarter. The insurance finance result impacted the total investment return negatively with NOK -174 m (-29 ) in Q2 and negatively with NOK -215 m (-7 ) in H1 2025. The fluctuations are mainly due to interest curve changes. Equity and capital position At the end of Q2, the SCR-ratio was 220% (191%). Own funds totalled NOK 9,810 m ( 7,478 ) at the end of the quarter, while the solvency capital requirement (SCR) was NOK 4,450 m ( 3,921 ). On 11 February, Protector Forsikring ASA successfully placed a subordinated loan of NOK 800m. The terms of the loan comply with existing and expected future requirements for subordinated debt eligible as Tier 2 capital. The new Tier 2 bond issue will be applied for listing at Oslo Børs. The Tier 2 capacity is linked to the total solvency requirement of the company. The company’s equity amounted to NOK 6,289 m (4,688 ) an increase of NOK 506m compared to the equity at the end of 2024. Dividend paid out in H1 2025 has reduced the equity by NOK 577 m. In June 2025 AM Best upgraded the Long-Term Issuer Credit Rating to A- (Excellent) from BBB+ (Good) and the Financial Strength Rating to A- (Excellent) from B++ (Good). The outlook of these Credit Ratings has been revised to stable from positive. Interim Report (unaudited)Q2 and H1 2025 | Income overview 7
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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 10 April 2025 and has decided to distribute a dividend of NOK 165m, corresponding to NOK 2.00 per share. The decided dividend is included in other equity. Transaction subject to approval Protector has 2 April 2025 entered into a portfolio transfer agreement with DARAG Deutschland for the entire workers’ compensation (WC) portfolio in Denmark. Completion of the agreement is subject to conditions, including approvals by Norwegian and German financial regulators. After Completion, Protector will no longer have exposure to Danish WC. The portfolio transfer is expected to be completed and booked in Q3 2025. The transfer has limited impact on the solvency margin and result. However, the balance sheet will be reduced by the transaction amount and DARAG’s share of the existing LPTA (loss portfolio transfer agreement). Prospects The underlying profitability is good, and with continued underwriting discipline the insurance service result is expected to remain at 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 2025. The rapid development of technology represents both a risk and an opportunity, requiring investments beyond previous efforts. There is inherent 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, 10.07.2025 The Board of Directors of Protector Forsikring ASA Interim Report (unaudited)Q2 and H1 2025 | Income overview 8
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Income statement NOKm Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Insurance revenue 3,413 2,865 6,668 5,600 11,783 Insurance claims expenses (2,383) (2,225) (4,633) (4,315) (8,606) Insurance operating expenses (394) (304) (736) (594) (1,253) Insurance service result before reinsurance contracts held 637 335 1,298 691 1,924 Reinsurance premium (224) (155) (411) (310) (648) Amounts recovered from reinsurance 102 (23) 86 16 128 Net result from reinsurance contracts held (122) (178) (325) (293) (520) Insurance service result 515 157 973 398 1,404 Interest income and dividend etc. from financial assets 355 249 618 411 855 Net changes in fair value of investments 393 (297) 829 (219) (537) Net realised gain and loss on investments (71) 342 (162) 481 824 Interest expenses and expenses related to investments (35) (23) (66) (52) (83) Net income from investments 642 271 1,219 621 1,059 Insurance finance income or expenses - unwinding (88) (76) (172) (144) (305) Insurance finance income or expenses - change in financial assumptions (94) 55 (43) 153 86 Insurance finance income or expenses (182) (21) (215) 9 (219) Reinsurance finance income or expenses - unwinding 9 9 18 17 35 Reinsurance finance income or expenses - change in financial assumptions 6 (10) (4) (19) (6) Reinsurance finance income or expenses - other income and expenses (7) (7) (14) (15) (23) Reinsurance finance income or expenses 8 (8) 0 (17) 6 Net insurance finance income or expenses (174) (29) (215) (7) (213) Total investment return 468 242 1,004 614 846 Other income/expenses (60) (52) (93) (91) (198) Profit/(loss) before tax 923 348 1,884 921 2,052 Tax (206) (94) (427) (211) (513) Profit/(loss) for the period 716 254 1,457 710 1,539 Earnings per share (basic and diluted) 8.7 3.1 17.7 8.6 18.7 Statement of comprehensive income NOKm Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Profit/(loss) for the period 716 254 1,457 710 1,539 Other comprehensive income which can subsequently be reclassified as profit or loss Exchange differences from foreign operations 46 (34) (28) 43 171 Taxes on components of comprehensive income (12) 9 7 (10) (42) Total other comprehensive income 35 (25) (21) 33 129 Comprehensive income 751 229 1,436 743 1,668 Interim Report (unaudited)Q2 and H1 2025 | Income statement 9
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Statement of financial position NOKm 30.06.2025 30.06.2024 31.12.2024 Assets Financial assets Loans at amortized cost 615 103 98 Shares in associated companies 0 0 0 Shares 4,164 3,106 3,566 Securities, bonds etc 21,423 18,470 17,716 Financial derivatives 381 79 224 Bank deposits 566 573 722 Total financial assets in investment portfolio 27,150 22,331 22,326 Cash and bank deposits 139 163 456 Other receivables 69 72 84 Total operational financial assets 208 235 540 Reinsurance contract assets 1,537 1,256 1,318 Intangible assets 114 114 116 Tangible fixed assets 267 95 84 Total prepaid expenses 398 310 270 Total non-financial assets 2,316 1,775 1,788 Total assets 29,675 24,341 24,654 NOKm 30.06.2025 30.06.2024 31.12.2024 Equity and liabilities Shareholders' equity Share capital [82.500.000 shares] 83 83 83 Own shares (0) (0) (0) Other paid-in equity 268 268 268 Total paid-in equity 350 350 350 Earned equity Natural perils fund 28 25 32 Guarantee scheme provision 93 80 86 Other equity 5,817 4,233 4,971 Total earned equity 5,939 4,338 5,089 Total equity 6,289 4,688 5,439 Subordinated loan capital 2,688 1,892 1,892 Liabilities for remaining coverage 4,751 4,135 2,453 Liabilities for incurred claims 12,730 10,909 12,070 Liabilities for incurred claims risk adjustment 1,308 1,140 1,245 Insurance contract liabilities 18,789 16,184 15,768 Current tax liability 16 99 22 Deferred tax liability 79 181 79 Financial derivatives 104 120 33 Other liabilities 1,313 768 981 Other incurred expenses and prepaid income 396 410 440 Total other liabilities 1,908 1,577 1,555 Total equity and liabilities 29,675 24,341 24,654 Interim Report (unaudited)Q2 and H1 2025 | Income statement 10
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Statement of changes in equity 2024 NOKm Share Capital Own shares Other paid-in equity Natural perils capital Guarantee scheme provision Other equity Total Equity at 31.12.2023 83 (0) 268 26 82 4,070 4,529 Profit for the period (13) (4) 473 456 Other comprehensive income 58 58 Dividend paid (412) (412) Value changes synt. shares long term bonus (0) (13) (13) Equity at 31.03.2024 83 (0) 268 13 78 4,177 4,618 Profit for the period 12 2 240 254 Other comprehensive income (25) (25) Dividend paid (165) (165) Own shares (0) (3) (3) Value changes synt. shares long term bonus 9 9 Equity at 30.06.2024 83 (0) 268 25 80 4,233 4,688 Profit for the period 5 3 573 581 Other comprehensive income 89 89 Dividend paid (165) (165) Value changes synt. shares long term bonus (2) (2) Equity at 30.09.2024 83 (0) 268 31 83 4,727 5,191 Profit for the period 1 3 244 248 Other comprehensive income 7 7 Value changes synt. shares long term bonus (7) (7) Equity at 31.12.2024 83 (0) 268 32 86 4,971 5,439 Statement of changes in equity 2025 NOKm Share Capital Own shares Other paid-in equity Natural perils capital Guarantee scheme provision Other equity Total Equity at 31.12.2024 83 (0) 268 32 86 4,971 5,439 Profit for the period (2) 4 738 740 Other comprehensive income (56) (56) Dividend paid (330) (330) Value changes synt. shares long term bonus (11) (11) Equity at 31.03.2025 83 (0) 268 30 90 5,313 5,783 Profit for the period (2) 3 715 716 Other comprehensive income 35 35 Dividend paid (247) (247) Own shares 2 2 Value changes synt. shares long term bonus 0 0 Equity at 30.06.2025 83 (0) 268 28 93 5,817 6,289 Interim Report (unaudited)Q2 and H1 2025 | Income statement 11
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Cash flow statement NOKm Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Cash flow from operations Insurance revenue 4,433 3,466 9,041 8,046 12,581 Insurance claims expenses (1,994) (1,681) (4,086) (3,459) (7,285) Insurance operating expenses and other income/expense (346) (328) (547) (637) (1,179) Net expense from reinsurance contracts (195) (79) (560) (390) (621) Interest / dividend received 359 246 620 410 869 Net payments from financial instruments (1,557) (1,472) (4,587) (3,086) (2,264) Payable tax (387) (219) (433) (291) (806) Net cash flow from operations 313 (66) (553) 592 1,294 Cash flow from investment activities Investments in fixed assets (26) (15) (42) (34) (72) Net cash flow from investment activities (26) (15) (42) (34) (72) Cash flow from financial activities Dividend paid (247) (165) (577) (577) (742) Subordinated loan capital (0) - 796 - - Interest payments on subordinated loan capital (53) (40) (94) (81) (166) Net cash flow from financial activities (300) (205) 125 (658) (908) Net cash flow for the period (13) (287) (470) (100) 314 Net change in cash and cash equivalents (13) (287) (470) (100) 314 Cash and cash equivalents opening balance 701 1,036 1,178 833 832 Effects of exchange rate changes on cash and cash equivalents 17 (14) (2) 3 31 Cash and cash equivalents closing balance 705 736 705 736 1,178 Interim Report (unaudited)Q2 and H1 2025 | Income statement 12
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Notes Accounting principles The interim financial statements have been prepared in accordance with the Financial Statement Regulation for Non‐life Insurance Companies (Forskrift om årsregnskap for skadeforsikringsselskaper), IAS 34 Interim Financial Reporting and IFRS. The interim report does not include all the information required in a complete annual report and should be read in conjunction with the annual report for 2024. There are no changes in or new issued standards with significant effect on the financial statements in 2025, and the accounting policies applied in the interim report are the same as those used in the annual report for 2024. The preparation of interim accounts involves the application of assessments, estimates and assumptions that affect the use of accounting policies and the amounts recognized for assets and liabilities, revenues and expenses. The actual results may deviate from these estimates. The most material assessments involved in applying accounting policies and the most important sources of uncertainty in the estimates are the same in connection with preparing the interim report as in the annual report for 2024. The annual report for 2024 is available at https://investor.protectorforsikring.no/financials. Interim Report (unaudited)Q2 and H1 2025 | Notes 13
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Segment information - Q2 UK Sweden Norway Denmark France NOKm Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Gross written premium 2,855 2,387 659 556 529 505 156 103 18 Insurance revenue 1,469 1,238 773 678 652 564 440 384 80 Insurance claims expenses (1,028) (774) (505) (465) (492) (450) (307) (535) (50) Insurance operating expenses (169) (134) (117) (99) (52) (43) (35) (29) (21) Whereof commissions to brokers and agents (63) (58) (62) (53) (12) (20) (0) (1) (7) Insurance service result before reinsurance contracts held 272 331 150 114 108 71 98 (181) 9 Reinsurance premium (120) (113) (38) (15) (22) (7) (31) (19) (12) Amounts recovered from reinsurance 131 (20) 3 2 (9) (1) (26) (5) 4 Net result from reinsurance contracts held 11 (133) (36) (14) (31) (8) (57) (24) (8) Insurance service result 283 198 114 101 76 63 41 (204) 1 Loss ratio¹ 70.0 % 62.5 % 65.4 % 68.6 % 75.5 % 79.9 % 69.8 % 139.4 % 62.4 % Net reinsurance ratio¹ -0.7 % 10.7 % 4.6 % 2.0 % 4.8 % 1.4 % 13.0 % 6.2 % 10.2 % Loss ratio, net of reinsurance¹ 69.3 % 73.2 % 70.0 % 70.6 % 80.3 % 81.2 % 82.9 % 145.6 % 72.6 % Cost ratio¹ 11.5 % 10.8 % 15.2 % 14.6 % 8.0 % 7.6 % 7.9 % 7.6 % 26.7 % Combined ratio¹ 80.8 % 84.0 % 85.2 % 85.1 % 88.3 % 88.8 % 90.7 % 153.2 % 99.2 % Large losses, net of reinsurance¹ 10.2 % 7.3 % 1.7 % 3.7 % 7.1 % 0.0 % 0.0 % 63.0 % 0.0 % Run-off gains/losses, net of reinsurance¹ -1.1 % 2.2 % -7.2 % -8.2 % -1.3 % -2.7 % 1.4 % -4.5 % 0.0 % Change in risk adjustment, net of reinsurance¹ 2.6 % 3.2 % 0.2 % -0.3 % 0.5 % 0.6 % -0.1 % 3.4 % 5.3 % Discounting effect, net of reinsurance¹ -6.4 % -6.8 % -1.4 % -1.5 % -3.9 % -3.1 % -2.1 % -3.9 % -7.9 % Retention rate¹ 91.8 % 90.8 % 95.0 % 97.7 % 96.6 % 98.7 % 93.0 % 95.2 % 85.1 % (1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor. Interim Report (unaudited)Q2 and H1 2025 | Notes 14
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Segment information - H1 UK Sweden Norway Denmark France NOKm H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Gross written premium 3,331 2,816 2,279 2,055 2,109 1,855 1,453 1,255 316 Insurance revenue 2,855 2,345 1,515 1,391 1,268 1,098 879 766 151 Insurance claims expenses (1,842) (1,452) (1,051) (1,064) (983) (943) (623) (856) (134) Insurance operating expenses (310) (268) (224) (190) (98) (78) (62) (57) (41) Whereof commissions to brokers and agents (122) (113) (121) (105) (28) (30) (2) (1) (13) Insurance service result before reinsurance contracts held 702 625 239 137 187 76 194 (148) (24) Reinsurance premium (233) (244) (45) (15) (46) (14) (64) (37) (22) Amounts recovered from reinsurance 96 12 6 8 9 (1) (34) (2) 8 Net result from reinsurance contracts held (137) (232) (39) (7) (37) (16) (98) (39) (14) Insurance service result 565 393 200 130 149 61 97 (186) (38) Loss ratio¹ 64.5 % 61.9 % 69.4 % 76.5 % 77.5 % 85.9 % 70.9 % 111.8 % 88.4 % Net reinsurance ratio¹ 4.8 % 9.9 % 2.6 % 0.5 % 2.9 % 1.4 % 11.1 % 5.1 % 9.2 % Loss ratio, net of reinsurance¹ 69.3 % 71.8 % 72.0 % 77.0 % 80.5 % 87.3 % 82.0 % 116.8 % 97.6 % Cost ratio¹ 10.9 % 11.4 % 14.8 % 13.7 % 7.8 % 7.2 % 7.0 % 7.5 % 27.4 % Combined ratio¹ 80.2 % 83.2 % 86.8 % 90.7 % 88.2 % 94.5 % 89.0 % 124.3 % 125.0 % Large losses, net of reinsurance¹ 7.9 % 6.8 % 0.9 % 5.3 % 3.6 % 1.8 % 0.0 % 36.7 % 20.1 % Run-off gains/losses, net of reinsurance¹ -0.8 % 2.5 % -5.7 % -3.7 % -2.6 % -0.8 % 2.0 % -1.2 % 0.0 % Change in risk adjustment, net of reinsurance¹ 2.3 % 3.0 % 0.4 % 0.3 % 0.3 % 0.5 % -0.2 % 2.5 % 7.2 % Discounting effect, net of reinsurance¹ -6.1 % -6.4 % -1.6 % -2.1 % -3.6 % -3.3 % -1.8 % -3.4 % -7.4 % Retention rate¹ 91.8 % 89.6 % 97.0 % 98.9 % 96.4 % 98.7 % 92.7 % 95.2 % 85.2 % (1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor. Financial assets, fair value estimation Financial assets through profit or loss [NOKm] Currency Level 1 Level 2 Level 3 Total Shares NOK 874 3,202 88 4,164 Bonds and other fixed income securities NOK - 21,423 - 21,423 Cash and cash equivalents NOK 566 - - 566 Derivatives: Interest rate swaps NOK 145 145 Foreign currency contracts NOK 206 206 Options NOK 30 30 Total financial assets 30.06.2025 NOK 1,440 25,007 88 26,535 Total financial assets 30.06.2024 NOK 1,169 20,993 65 22,228 Financial liabilities at fair value through profit or loss [NOKm] Currency Level 1 Level 2 Level 3 Total Derivatives: Interest rate swaps NOK - - Foreign exchange contracts NOK -104 -104 Other financial liabilities NOK - - - Total financial liabilities 30.06.2025 NOK - -104 - -104 Total financial liabilities 30.06.2024 NOK - -120 -120 Financial assets at amortized cost [NOKm] Currency Level 1 Level 2 Level 3 Total Loan to other companies NOK - - 615 615 Total financial assets 30.06.2025 NOK - - 615 615 Total financial assets 30.06.2024 NOK - - 103 103 Interim Report (unaudited)Q2 and H1 2025 | Notes 15
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The fair value of listed investments is based on the current sales price. Financial instruments measured at fair value are valued on a daily basis. Directly observable prices in the market are used as far as possible. The valuations for the different types of financial instruments are based on recognized methods and models. Level 1: Financial instruments valued on the basis of quoted prices for identical assets in active markets. This category encompasses listed equities that over the previous three months have experienced average daily trading equivalent to approximately NOK 20m or more. Based on this, the equities are regarded as sufficiently liquid to be included at this level. Bonds, certificates, or equivalent instruments issued by national governments are generally classified as level 1. Level 2: Financial instruments valued on the basis of observable market information not covered by level 1. This category encompasses financial instruments that are valued on the basis of market information that can be directly observable or indirectly observable. Market information that is indirectly observable means that the prices can be derived from observable related markets. Level 2 includes shares or equivalent equity instruments for which market prices are available, but where the volume of transactions is too limited to fulfil the criteria in level 1. Shares in this level will normally have been traded during the last month. Bonds and equivalent instruments are generally classified in this level. Foreign exchange derivatives are classified as level 2. Fund investments are generally classified as level 2. Level 3: Financial instruments valued on the basis of information that is not observable in accordance with level 2. The instrument is included in level 3 if one or more essential data are not based on observable market data. Solvency margin NOKm 30.06.2025 30.06.2024 31.12.2024 Total solvency capital requirement 4,450 3,921 4,214 Total eligible own funds to meet SCR 9,810 7,478 8,143 Ratio of eligible own funds to SCR 220% 191% 193% Total minimum capital requirement 2,002 1,764 1,896 Ratio of eligible own funds to MCR 399% 352% 363% Interim Report (unaudited)Q2 and H1 2025 | Notes 16
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Quarterly outline NOKm Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Insurance revenue 3,413 3,255 3,181 3,002 2,865 2,735 2,646 2,366 2,387 Insurance claims expenses (2,383) (2,250) (2,146) (2,146) (2,225) (2,090) (1,963) (1,831) (1,556) Insurance operating expenses (394) (343) (370) (289) (304) (290) (282) (254) (270) Insurance service result before reinsurance contracts held 637 662 666 567 335 356 401 281 562 Reinsurance premium (224) (187) (170) (168) (155) (155) (142) (158) (165) Amounts recovered from reinsurance 102 (16) 7 105 (23) 40 102 76 (13) Net result from reinsurance contracts held (122) (203) (164) (63) (178) (115) (40) (82) (178) Insurance service result 515 458 502 504 157 240 361 199 384 Net income from investments 642 577 (96) 534 271 350 860 3 (170) Net insurance finance income or expenses (174) (41) 29 (235) (29) 22 (356) (47) 132 Other income/expenses (60) (33) (60) (48) (52) (39) (26) (33) (16) Profit/(loss) before tax 923 962 375 756 348 573 840 122 330 Loss ratio, gross² 69.8 % 69.1 % 67.4 % 71.5 % 77.7 % 76.4 % 74.2 % 77.4 % 65.2 % Net reinsurance ratio³ 3.6 % 6.2 % 5.1 % 2.1 % 6.2 % 4.2 % 1.5 % 3.4 % 7.5 % Loss ratio, net of reinsurance⁴ 73.4 % 75.4 % 72.6 % 73.6 % 83.9 % 80.6 % 75.7 % 80.9 % 72.6 % Cost ratio⁵ 11.5 % 10.5 % 11.6 % 9.6 % 10.6 % 10.6 % 10.7 % 10.7 % 11.3 % Combined ratio ⁶ 84.9 % 85.9 % 84.2 % 83.2 % 94.5 % 91.2 % 86.4 % 91.6 % 83.9 % Large losses, net of reinsurance¹ 6.1 % 3.1 % 3.2 % 7.1 % 12.5 % 6.6 % 10.2 % 7.8 % 4.7 % Run-off gains/losses, net of reinsurance¹ -2.2 % -1.6 % -0.4 % -2.8 % -2.1 % 1.8 % -0.4 % 2.6 % -2.9 % Change in risk adjustment, net of reinsurance¹ 1.4 % 1.1 % 1.0 % 1.4 % 1.9 % 1.7 % 1.6 % 1.3 % 2.0 % Discounting effect, net of reinsurance¹ -4.2 % -3.9 % -3.1 % -3.8 % -4.4 % -4.1 % -4.4 % -2.8 % -6.3 % Retention rate⁷ 93.4 % 94.2 % 94.6 % 94.4 % 94.6 % 94.3 % 94.6 % 93.3 % 93.1 % 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" 3) "Net result from reinsurance contracts held" in % of "Insurance revenue" 4) "Loss ratio, gross" + "Net reinsurance ratio" 5) "Insurance operating expenses" in % of "Insurance revenue" 6) "Loss ratio, net of reinsurance" + "Cost ratio" 7) ("Insurance revenue" + "Reinsurance premium") / "Insurance revenue" Interim Report (unaudited)Q2 and H1 2025 | Notes 17
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Other alternative performance measures and key figures Q2 2025 Q2 2024 H1 2025 H1 2024 FY 2024 Return on assets under management¹ Total net income from investments NOKm 642 271 1,219 621 1,059 Total return on assets under management NOKm 642 271 1,219 621 1,059 Average investments NOKm 26,362 20,848 25,538 20,848 21,633 Total average assets under management NOKm 26,362 20,848 25,538 20,848 21,633 Return on investments % 2.4 % 1.3 % 4.8 % 3.0 % 4.9 % Total return on assets under management % 2.4 % 1.3 % 4.8 % 3.0 % 4.9 % Total net income from shares NOKm 246 10 556 201 116 Total net income from interests NOKm 395 261 662 420 944 Total return on assets under management NOKm 642 271 1,219 621 1,059 Average investments shares NOKm 4,060 3,009 4,066 3,009 3,239 Average investments interests NOKm 22,302 17,838 21,471 17,838 18,394 Total average assets under management NOKm 26,362 20,848 25,538 20,848 21,633 Return on investments, shares % 6.1 % 0.3 % 13.7 % 6.7 % 3.6 % Return investments, interests % 1.8 % 1.5 % 3.1 % 2.4 % 5.1 % Total return on assets under management % 2.4 % 1.3 % 4.8 % 3.0 % 4.9 % Equity NOKm 6,289 4,688 6,289 4,688 5,439 Equity per share NOKm 76.3 56.9 76.3 56.9 66.0 Return on equity, annualised¹ % 47.5 % 21.9 % 50.0 % 30.8 % 31.6 % Interim Report (unaudited)Q2 and H1 2025 | Notes 18
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The Board of Directors and the CEO’s statement We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1st of January to 30th of June, 2025 has been prepared in accordance with current accounting standards and gives a true and fair view of the Company’s assets, liabilities, financial position and profit and loss as a whole. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties' transactions. Oslo, 10.07.2025 The Board of Directors of Protector Forsikring ASA Interim Report (unaudited)Q2 and H1 2025 | The Board of Directors and the CEO’s statement 19