Slides
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Investor Presentation Q3 2025 Interim results Oslo, 23 October 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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• Successfully placed a new Solvency II compliant Tier 2 bond of NOK 500m. • Portfolio transfer agreement for the Danish workers’ compensation portfolio (as communicated in April) is still subject to conditions, including approval by Norwegian and German financial regulators. • Completion and booking now expected in Q4 2025. • The Board has decided to distribute a dividend of NOK 247m, corresponding to NOK 3.00 per share. Highlights Q3 & Q1-Q3 2025 Q3: Combined ratio at 83.1% | Total investment return of 105 | EPS at 5.6 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 highlightsQ3 3 Combined Ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Q1-Q3
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• Q3 growth at 3% (LCY) – a small volume quarter. • Renewal rate at 80%. • Driven by higher client churn, incl. loss of three > NOK 10m accounts, and inception date movements. • Underlying GWP growth in LCY is high single-digit. • First client won within UK Real Estate. • In-scope market sized ~ £ 1bn. • French tenders (with January 2026 inception) seen representing ~ € 460m. • We will quote 70-75% of this. Volume update Q3: GWP growth at 1% | 3% in local currencies (LCY) 4
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• Q3 positively influenced by property, supported by lower-than-expected large losses. • Q3 large losses1 NOK 205m, or 5.8% (215 or 7.1%). • 4 large loss events. • Property Sweden, Norway and the UK. • Q3 run-off gains at 2.6% (2.8%). • Gains on property and general liability. • Gains in all countries. • Natural damage compensation in Norway following the extreme weather “Amy” in October estimated at NOK 1.8 billion, according to the Norwegian Natural Perils Pool • The pool has a 50% quota share reinsurance agreement up to NOK 2bn. XL-agreement in place from NOK 2bn. • We will compensate our share of the pool (4.51%), adjusted for the reinsurers’ share. Claims update Q3: Loss ratio, net of reinsurance at 72.2% | Large losses of NOK 205m (5.8%) | Run-off gains of NOK 91m (2.6%) 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. 4.2% 7.9% 4.3% 1.3% 1.7% -0.5% 0.9% 5.6% 6 0.9% 6.4%
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Key metrics per segment Quarterly volatility must be expected, especially by segment. 7
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Investments
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• NOK 117m, or 0.4% gain. • Equities: NOK -72m, or -1.9 %. • Put options: NOK -24m. • Bonds: NOK 213m, or 0.9 %. • Interest rate swaps: NOK -56m. • Slight reduction in bond risk during Q3. • HY portfolio totalling ≈ NOK 5.3bn. • Duration at 2.0, -0.1 from Q2. • Steering interest rate risk from solvency capital perspective. • Strong quarter for Nordic HY bonds. • DNB Nordic HY index +2.7% in Q3. Investment results and portfolio statistics Q3: Return of NOK 117m (0.4%) | Bond portfolio yield at 5.0%, before cost of risk Q3 & YTD Investment result Investment portfolio statistics 30.09.25 30.09.24 30.06.25 Bonds2 Size bond & cash eq. (NOKm)3 22 617 18 963 22 623 Avg. ref. rate (NIBOR, STIBOR, etc.) 3.6% 3.9% 3.4% Avg. spread/risk premium (bps) 141 131 151 Yield4 5.0% 5.2% 4.9% Duration4 2.0 2.3 2.1 Credit duration 1.8 1.7 1.9 Avg. rating5 A+ A+ A+ Equities Portfolio size (NOKm)3 3 935 3 428 4 184 Share of total 14.5 % 15.1% 15.5 % Estimated intrinsic value discount 35 % 38% 35 % No. of companies 37 34 37 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 9
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Capital position
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Income statement Q3: Profit of NOK 459m (581) | EPS at NOK 5.6 (7.1) 11
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Capital development SCR ratio 229%, up from 220% driven by lower SCR Eligible Own Funds (OF) • Dividend NOK 3 per share, NOK 247m in total. • Contribution from NOK 800m T2 loan issued in February 2025 at NOK 452. • NOK 110m reduction in utilization in Q3 due to decreased SCR. • No contribution from the NOK 500m T2 loan issued in August. • Full effects of Tier 2 loans expected over time. Composition Development • Solvency capital requirement down due to reduced exposure to currency exchange risk in the balance sheet. * Tier 2 net of unutilized Tier 2 ** LAC: Loss-Absorbing Capacity of Deferred Taxes Solvency Capital Requirement (SCR) Eligible OF, 30.06 SII earnings Dividend Subordinated debt Eligible OF, 30.09 4 229 12
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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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• Successfully placed a new Solvency II compliant Tier 2 bond of NOK 500m. • Portfolio transfer agreement for the Danish workers’ compensation portfolio (as communicated in April) is still subject to conditions, including approval by Norwegian and German financial regulators. • Completion and booking now expected in Q4 2025. • The Board has decided to distribute a dividend of NOK 247m, corresponding to NOK 3.00 per share. Summary Q3 & Q1-Q3 2025 Q3: Combined ratio at 83.1% | Total investment return of 105 | EPS at 5.6 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 highlightsQ3 14 Combined Ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Q1-Q3
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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.