Slides
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Investor Presentation Q3 2026 Interim results Oslo, 22 October 2026
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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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• 2026 Broker Satisfaction Index (BSI) results: • UK #1 • Norway #2 • Denmark #1 • Successfully placed a new NOK 350m Solvency II compliant Restricted Tier 1 bond • The Board has decided to distribute a dividend of NOK 412m, corresponding to NOK 5.0 per share. Highlights Q3 & Q1-Q3 2026 Q3: Combined ratio at 82.7% | Total investment return of 514| EPS at 10.2 Other highlightsQ3 Q1-Q3 Combined ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Combined ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Amounts in NOKm, except earnings per share (EPS) in NOK
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• Q3 growth at 41% (LCY) • Renewal rate at 89% in NOK • From Q2 presentation: HTD largest client won – Incepting 1 July (Q3) • UK Motor client with > 80 000 vehicles • First year GWP at ~ £25m Volume update Q3: GWP growth at 29% | 41% in local currencies (LCY) 6
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• Large losses1 NOK 203m or 5.3% (205 or 5.8%) • 6 large loss events within property • Losses in UK, France and Denmark • Run-off gains at 3.6% (gains 2.6%) • Gains on property, liability and motor • Gains in all countries Claims update Q3: Loss ratio, net of reinsurance at 71.7% | Large losses1 of NOK 203m (5.3%) | Run-off gains of NOK 141m (3.6%) 1 Large losses defined as net losses > NOK 10m 7
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Large losses and run-off Best estimate reserving practice; run-off expected 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 6.4 % 5.9% 6.0% 1.0% 7.2% 8 6.0 % 1.4%0.9%
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Key metrics per segment Quarterly volatility must be expected, especially by segment 9
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Investments
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• NOK 378m, or 1.4% gain • Equities: NOK 321m, or 7.6% • Put options: NOK -14m • Bonds: NOK 57m, or 0.2% • Interest rate swaps: NOK -231m • Stable bond risk compared to Q2 • HY portfolio totalling ≈ NOK 4.6bn vs. NOK 4.3bn at Q2 • Steering interest rate risk from solvency capital perspective • AUM up 1% since Q2 Investment results and portfolio statistics Q3: Return of NOK 378m (1.4%) | Bond portfolio yield at 5.7%, before cost of risk Q3 Investment result Investment portfolio statistics 30.09.26 30.09.25 30.06.26 Bonds2 Size bond & cash eq. (NOKm)3 23 270 22 617 22 985 Avg. ref. rate (NIBOR, STIBOR, etc.) 4.6% 3.6% 4.0% Avg. spread/risk premium (bps) 109 141 112 Yield4 5.7% 5.0% 5.2% Duration4 2.4 2.0 2.1 Credit duration 1.4 1.8 1.6 Avg. rating5 AA- A+ AA- Equities Portfolio size (NOKm)3 4 180 3 935 3 936 Share of total 15.4 % 14.5 % 14.6 % Estimated intrinsic value discount 34 % 35 % 37 % No. of companies 34 37 31 1 Put option included in total return and excluded in equity return 2 Bank deposits included 3 Size includes currency swaps 4 Interest rate swap effect included 5 Avg. linear rating based on official rating (>50%) and ‘Protector rating’ (<50%) Equities1 Total1Bonds
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Capital position
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Income statement Q3: Profit of NOK 853m (468) | EPS at NOK 10.2 (5.6) 13 * Comparative figures for Q1-Q3 2025 have been restated, presenting issued perpetual Tier 1 capital instruments as equity. Transaction expenses and interest (NOK 8 m QTD and NOK 25 m YTD) are presented as a reduction in equity.
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Capital development SCR ratio 231%| T1R issued in Q3, earnings partially offset by dividend Eligible Own Funds (OF) • SCR ratio up 10%p from the previous quarter • Approx 6%p (NOK 292m) net effect from the T1R issue • Dividend NOK 5 per share, NOK 412m in total • Full effect of Tier 2 loans expected over time • Approx NOK 78m unutilized per 30.09 Composition Development • SCR increase, driven by the growth in the investment portfolio * 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 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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• 2026 Broker Satisfaction Index (BSI) results: • UK #1 • Norway #2 • Denmark #1 • Successfully placed a new NOK 350m Solvency II compliant Restricted Tier 1 bond • The Board has decided to distribute a dividend of NOK 412m, corresponding to NOK 5.0 per share. Summary Q3 & Q1-Q3 2026 Q3: Combined ratio at 82.7% | Total investment return of 514| EPS at 10.2 Other highlightsQ3 Q1-Q3 Combined ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Combined ratio Gross written premium LCY GWP growth Total investment return Profit for the period Earnings per share Amounts in NOKm, except earnings per share (EPS) in NOK
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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. For PresentersEdition