Interim report
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Interim Report (unaudited) Q3 and Q1-Q3 2026
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Table of Contents Highlights Q3 and Q1-Q3 2026..................................................................................................................................................................................................................................... 3 Income overview ................................................................................................................................................................................................................................................................... 5 Premiums ........................................................................................................................................................................................................................................................................ 5 Results.............................................................................................................................................................................................................................................................................. 6 Investments .................................................................................................................................................................................................................................................................... 7 Equity and capital position........................................................................................................................................................................................................................................ 7 Dividend ........................................................................................................................................................................................................................................................................... 7 Prospects......................................................................................................................................................................................................................................................................... 8 Income statement ................................................................................................................................................................................................................................................................ 9 Statement of comprehensive income ................................................................................................................................................................................................................. 9 Statement of financial position ........................................................................................................................................................................................................................... 10 Statement of changes in equity 2025 ................................................................................................................................................................................................................ 11 Statement of changes in equity 2026 ................................................................................................................................................................................................................ 12 Cash flow statement................................................................................................................................................................................................................................................ 12 Notes ........................................................................................................................................................................................................................................................................................ 13 Accounting principles .............................................................................................................................................................................................................................................. 13 Segment information - Q3...................................................................................................................................................................................................................................... 14 Segment information - Q1-Q3.............................................................................................................................................................................................................................. 15 Other income/expenses ......................................................................................................................................................................................................................................... 15 Financial assets, fair value estimation .............................................................................................................................................................................................................. 16 Solvency margin......................................................................................................................................................................................................................................................... 17 Quarterly outline ........................................................................................................................................................................................................................................................ 17 Other alternative performance measures and key figures ........................................................................................................................................................................ 18 Interim Report (unaudited)Q3 and Q1-Q3 2026 | Table of Contents 2
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Highlights Q3 and Q1-Q3 2026 Q3 CR 82.7 % Volume growth 41% (local currencies) Q1-Q3 CR 83.0 % Volume growth 18% (local currencies) Protector Forsikring ASA recorded a profit of NOK 853 m (468 ) for the quarter. Gross written premiums amounted to NOK 2,168 m, up 29% (up 41% in local currencies). The growth was driven by a major UK motor client with inception on 1 July 2026, representing the largest single contract in the company's history. The insurance service result was NOK 670 m (598 ), corresponding to a combined ratio of 82.7 % (83.1 %). Net income from assets under management was NOK 378 m (117 ), or 1.4 % (0.4 %). Total investment return, including insurance finance income, was NOK 514 m (105 ). In Q1-Q3 2026, the company recorded a profit of NOK 1,773 m (1,941 ). Gross written premium was NOK 12,649 m, up 13% (18% in local currencies). All segments contribute positively to the growth. The insurance service result was NOK 1,912 m (1,571 ), corresponding to a combined ratio of 83.0 % (84.6 %). Total investment return, including insurance finance income, amounted to NOK 649 m (1,108 ), and net income from assets under management was NOK 593 m (1,336 ), or 2.3 % (5.2 %). At the end of Q3 the SCR-ratio was 231% (229%), post dividends. The Board has utilized its authorisation granted by the Annual General Meeting 9 April 2026 to distribute a dividend of NOK 412 m, corresponding to NOK 5.00 per share. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Highlights Q3 and Q1-Q3 2026 3
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Combined ratio Q3 82.7 % (83.1 %) Q1-Q3 83.0 % (84.6 %) Premium growth (in local currencies) Q3 41% (3%) Q1-Q3 18% (14%) Insurance service result Q3 670 (598 ) Q1-Q3 1,912 (1,571 ) Total investment return Q3 514 (105 ) Q1-Q3 649 (1,108 ) Profit Q3 853 (468 ) Q1-Q3 1,773 (1,941 ) Earnings per share Q3 10.2 (5.6 ) Q1-Q3 21.0 (23.2 ) Amounts in NOKm, except earnings per share which is in NOK. Comparable figures from corresponding period last year in parentheses. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Highlights Q3 and Q1-Q3 2026 4
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Income overview NOKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Gross written premium¹ 2,168 1,676 12,649 11,165 14,136 Insurance revenue 3,864 3,529 11,258 10,197 13,756 Insurance claims expenses (2,610) (2,350) (7,616) (6,983) (9,582) Insurance operating expenses (423) (383) (1,216) (1,119) (1,526) Insurance service result before reinsurance contracts held 831 796 2,426 2,094 2,647 Net result from reinsurance contracts held (161) (198) (513) (523) (541) Insurance service result 670 598 1,912 1,571 2,106 Net income from investments 378 117 593 1,336 1,890 Net insurance finance income or expenses 137 (13) 55 (228) (315) Other income/expenses (64) (62) (159) (138) (243) Profit/(loss) before tax 1,120 640 2,402 2,541 3,438 Tax (267) (173) (629) (600) (791) Profit/(loss) 853 468 1,773 1,941 2,646 Loss ratio, gross² 67.5 % 66.6 % 67.6 % 68.5 % 69.7 % Net reinsurance ratio³ 4.2 % 5.6 % 4.6 % 5.1 % 3.9 % Loss ratio, net of reinsurance⁴ 71.7 % 72.2 % 72.2 % 73.6 % 73.6 % Cost ratio⁵ 10.9 % 10.9 % 10.8 % 11.0 % 11.1 % Combined ratio ⁶ 82.7 % 83.1 % 83.0 % 84.6 % 84.7 % Large losses, net of reinsurance¹ 5.3 % 5.8 % 4.3 % 5.1 % 6.0 % Run-off gains/losses, net of reinsurance¹ -3.6 % -2.6 % -3.5 % -2.1 % -1.4 % Change in risk adjustment, net of reinsurance¹ 1.6 % 1.2 % 1.2 % 1.2 % 0.3 % Discounting effect, net of reinsurance¹ -4.8 % -3.4 % -4.2 % -3.8 % -3.9 % Retention rate⁷ 95.7 % 94.3 % 94.9 % 94.0 % 94.2 % Comparative figures for Q3 and 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. 1) Defined as alternative performance measure (APM). APMs are described in a separate document published at investor.protectorforsikring.no/. 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 Q3, premium growth reached 41% in local currencies (LCY), driven by the UK and Norway. UK volume grew by 55% in Q3 (16% YTD), following inception of the largest client of Protector HTD. Due to a stronger Norwegian Krone (NOK), reported gross written premiums grew 29% (or NOK 492 m) to a total of NOK 2,168 m. The renewal rate for the total portfolio was 89% (80%) when measured in NOK. Underlying renewal rates in local currencies remain stronger. Gross written premium (NOKm) Q3 2026 Q3 2025 Growth NOK % LCY % UK 1,372 940 433 46% 55% Sweden 290 315 (25) -8% 15% Norway 300 229 71 31% 31% Denmark 129 122 7 6% 27% France 77 71 6 8% 24% Protector 2,168 1,676 492 29% 41% In Q1-Q3 2026, gross written premiums totalled NOK 12,649 m ( 11,165 ), representing a 13% growth (18% in local currencies). The renewal rate was 90% (96%) in NOK. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Income overview 5
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Gross written premium (NOKm) Q1-Q3 2026 Q1-Q3 2025 Growth NOK % LCY % UK 4,639 4,270 369 9% 16% Sweden 2,678 2,594 84 3% 7% Norway 2,745 2,338 407 17% 17% Denmark 1,691 1,575 116 7% 14% France 895 388 508 131% 144% Protector 12,649 11,165 1,484 13% 18% Results In Q3, the profit was NOK 853 m (468 ). The insurance service result was NOK 670 m (598 ), corresponding to a combined ratio of 82.7 % (83.1 %). The insurance service result was driven by good results in the Nordic segments. The loss ratio net of reinsurance ended at 71.7 % (72.2 %). Large losses totalled NOK -203 m, or 5.3 % (5.8 %), comprising 6 large loss events within property in UK, France and Denmark. Total run-off contributed with gains at 3.6 % (2.6 % gains). The cost ratio amounted to 10.9 % (10.9 %). Exclusive of commissions the cost ratio was 5.8 % (6.4 %). The decrease was driven by a reduction in accruals for the share-price-linked long-term bonus scheme. Loss ratio, net Cost ratio Combined ratio Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 UK 78.9 % 69.5 % 11.2 % 10.7 % 90.1 % 80.2 % Sweden 60.6 % 73.5 % 13.9 % 13.2 % 74.5 % 86.7 % Norway 58.3 % 79.3 % 8.8 % 8.9 % 67.1 % 88.2 % Denmark 80.0 % 64.2 % 6.2 % 7.6 % 86.2 % 71.9 % France 89.5 % 94.5 % 16.6 % 22.7 % 106.1 % 117.1 % Protector 71.7 % 72.2 % 10.9 % 10.9 % 82.7 % 83.1 % In Q1-Q3 2026, the profit totalled NOK 1,773 m (1,941 ). The insurance service result was NOK 1,912 m (1,571 ), corresponding to a combined ratio of 83.0 % (84.6 %). The company experienced run‐off gains at 3.5 % (2.1 % gains) the first three quarters. The loss ratio (gross) was 67.6 % (68.5 %), while the loss ratio net of reinsurance ended at 72.2 % (73.6 %). Large losses amounted to NOK -483 m, or 4.3 % (5.1%) the first three quarters. The cost ratio for the first three quarters amounted to 10.8 % (11.0 %). Exclusive of commissions the cost ratio was 6.0 % (6.6 %). The decrease was driven by a reduction in accruals for the share-price-linked long-term bonus scheme. Loss ratio, net Cost ratio Combined ratio Q1-Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Q1-Q3 2025 UK 70.4 % 69.4 % 11.0 % 10.8 % 81.4 % 80.2 % Sweden 65.6 % 72.5 % 14.2 % 14.2 % 79.8 % 86.7 % Norway 69.7 % 80.1 % 7.6 % 8.2 % 77.3 % 88.2 % Denmark 86.2 % 75.8 % 6.9 % 7.2 % 93.1 % 83.1 % France 85.9 % 96.4 % 16.5 % 25.6 % 102.4 % 122.0 % Protector 72.2 % 73.6 % 10.8 % 11.0 % 83.0 % 84.6 % Interim Report (unaudited)Q3 and Q1-Q3 2026 | Income overview 6
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Investments The assets under management totalled NOK 27,200 m ( 26,675 ). Compared to the end of Q2 2026, the portfolio is up 1%. In Q3, the investment activities yielded a positive return of NOK 378 m (117 ), or 1.4 % (0.4 %). Equities accounted for a NOK 321 m gain (-96 ), or 7.6 % (-2.5 %), including put options. The return on the fixed income portfolio was NOK 57 m (213 ), or 0.2 % (0.9 %). In Q1-Q3 2026, the investment activities yielded a positive return of NOK 593 m (1,336 ), or 2.3 % (5.2 %). Equities accounted for a NOK 166 m gain (460 ), or 4.1 % (11.5 %), including put options. The fixed income portfolio returned a NOK 428 m gain (876 ), or 1.9 % (4.0 %). At the end of Q3, 15.4 % (14.7 %) of Protector’s assets under management were invested in equities, up from 14.6 % at the end of Q2 2026. Approximately NOK 4.6 bn ( 5.3 ) of the financial assets were allocated to high yield securities at the end of Q3, up from NOK 4.3 bn at the end of Q2 2026. The insurance finance result impacted the total investment return positively with NOK 137 m (-13 ) in Q3 2026, mainly driven by changes in financial assumptions. Equity and capital position At the end of Q3, the SCR-ratio was 231% (229%); own funds totalled NOK 10,978 m ( 9,679 ), while the solvency capital requirement (SCR) was NOK 4,745 m ( 4,229 ). On September 3, Protector successfully issued a subordinated loan of NOK 350 million. The loan's terms comply with both current and anticipated future requirements for subordinated debt loan capital to be classified as perpetual Tier 1 capital. The new perpetual Tier 1 bond has been applied for listing at Oslo Børs. The capacity for perpetual Tier 1 capital is directly linked to the company's total equity. In connection with this new 350 MNOK placement, Protector completed a buyback of NOK 58 million of its older outstanding Perpetual Restricted Tier 1 bonds (PROT06, ISIN: NO0011170045) on the 17 September settlement date, reducing its outstanding volume to NOK 292 million. The company’s equity amounted to NOK 8,288 m (6,873 ) an increase of NOK 613m compared to the equity at the end of 2025 (including perpetual Tier 1 capital issued). Dividend paid out in Q1-Q3 2026 has reduced the equity by NOK 1,401 m. Protector Forsikring ASA has an A- (stable outlook) financial strength rating (FSR) from AM Best. Dividend Based on the company’s strong financial position, competitive position in the market and the shareholder distribution policy, the Board has utilized its authorisation granted by the Annual General Meeting 9 April 2026 to distribute a dividend of NOK 412 m, corresponding to NOK 5.00 per share. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Income overview 7
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The decided dividend is included in other equity. Prospects Underlying profitability remains good, and continued disciplined underwriting is expected to support a strong insurance service result. Claims development, including increased uncertainty about general inflation, and the inherent volatility of capital markets continue to be the most important risk factors that could affect the company’s profit in 2026. The company continues to invest in technology and data to mitigate operational risk. The focus is first and foremost on improving the quality of our decisions. Improved efficiency will be a consequence over time. 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, 21.10.2026 The Board of Directors of Protector Forsikring ASA Interim Report (unaudited)Q3 and Q1-Q3 2026 | Income overview 8
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Income statement NOKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Insurance revenue 3,864 3,529 11,258 10,197 13,756 Insurance claims expenses (2,610) (2,350) (7,616) (6,983) (9,582) Insurance operating expenses (423) (383) (1,216) (1,119) (1,526) Insurance service result before reinsurance contracts held 831 796 2,426 2,094 2,647 Reinsurance premium (167) (200) (573) (611) (795) Amounts recovered from reinsurance 6 1 60 87 254 Net result from reinsurance contracts held (161) (198) (513) (523) (541) Insurance service result 670 598 1,912 1,571 2,106 Interest income and dividend etc. from financial assets 282 284 831 901 1,167 Net changes in fair value of investments (50) (267) (502) 562 1,025 Net realised gain and loss on investments 157 131 306 (31) (182) Interest expenses and expenses related to investments (11) (30) (42) (96) (120) Net income from investments 378 117 593 1,336 1,890 Insurance finance income or expenses - unwinding (94) (86) (272) (258) (350) Insurance finance income or expenses - change in financial assumptions 242 72 350 29 36 Insurance finance income or expenses 149 (13) 78 (229) (313) Reinsurance finance income or expenses - unwinding 8 10 22 27 37 Reinsurance finance income or expenses - change in financial assumptions (19) (6) (38) (10) (14) Reinsurance finance income or expenses - other income and expenses (1) (3) (7) (17) (25) Reinsurance finance income or expenses (12) 1 (23) 1 (2) Net insurance finance income or expenses 137 (13) 55 (228) (315) Total investment return 514 105 649 1,108 1,575 Other income/expenses (64) (62) (159) (138) (243) Profit/(loss) before tax 1,120 640 2,402 2,541 3,438 Tax (267) (173) (629) (600) (791) Profit/(loss) for the period 853 468 1,773 1,941 2,646 Profit/(loss) attributable to shareholders 838 459 1,731 1,916 2,614 Profit/(loss) attributable to perpetual Tier 1 capital holders 15 8 42 25 33 Profit/(loss) for the period 853 468 1,773 1,941 2,646 Earnings per share (basic and diluted) 10.2 5.6 21.0 23.2 31.7 Comparative figures for Q3 and 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. Statement of comprehensive income NOKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Profit/(loss) for the period 853 468 1,773 1,941 2,646 Other comprehensive income which can subsequently be reclassified as profit or loss Exchange differences from foreign operations (12) (71) (50) (99) (89) Taxes on components of comprehensive income 3 18 12 25 22 Total other comprehensive income (9) (53) (37) (74) (66) Comprehensive income 844 414 1,736 1,867 2,580 Comparative figures for Q3 and 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. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Income statement 9
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Statement of financial position NOKm 30.09.2026 30.09.2025 31.12.2025 Assets Financial assets Loans at amortized cost 896 745 364 Shares 4,100 3,904 4,370 Securities, bonds etc 21,593 21,441 20,594 Financial derivatives 312 183 269 Bank deposits 611 520 563 Total financial assets in investment portfolio 27,512 26,794 26,160 Cash and bank deposits 250 61 360 Other receivables 205 83 95 Total operational financial assets 455 144 456 Reinsurance contract assets 847 1,382 869 Intangible assets 122 113 118 Tangible fixed assets 444 292 379 Total prepaid expenses 383 324 337 Current tax asset 268 - 237 Total non-financial assets 2,063 2,111 1,940 Total assets 30,029 29,050 28,556 NOKm 30.09.2026 30.09.2025 31.12.2025 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 2 32 3 Guarantee scheme provision 115 97 101 Perpetual Tier 1 capital 992 350 700 Other equity 6,829 6,044 6,520 Total earned equity 7,938 6,523 7,324 Total equity 8,288 6,873 7,674 Subordinated loan capital 2,340 2,838 2,340 Liabilities for remaining coverage 3,580 3,363 2,437 Liabilities for incurred claims 12,585 12,982 12,195 Liabilities for incurred claims risk adjustment 1,003 1,317 926 Insurance contract liabilities 17,169 17,663 15,558 Current tax liability 71 - Deferred tax liability 211 79 211 Financial derivatives 359 173 53 Other liabilities 1,275 893 2,188 Other incurred expenses and prepaid income 389 458 533 Total other liabilities 2,233 1,676 2,984 Total equity and liabilities 30,029 29,050 28,556 Comparative figures for 30.09.2025 have been restated, presenting issued perpetual Tier 1 capital instruments as equity. Transaction expenses and interest (NOK 25 m) are presented as a reduction in equity. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Income statement 10
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Statement of changes in equity 2025 NOKm Share Capital Own shares Other paid-in equity Natural perils capital Guarantee scheme provision Perpetual Tier 1 capital Other equity Total Equity at 31.12.2024 83 (0) 268 32 86 350 4,970 5,788 Profit for the period (2) 4 8 738 748 Other comprehensive income (56) (56) Dividend paid (330) (330) Value changes synt. shares long term bonus (0) (11) (11) Perpetual Tier 1 capital - interest paid (8) - (8) Equity at 31.03.2025 83 (0) 268 30 90 350 5,312 6,132 Profit for the period (2) 3 8 715 725 Other comprehensive income 35 35 Dividend paid (247) (247) Own shares (0) 2 2 Value changes synt. shares long term bonus 0 0 Perpetual Tier 1 capital - interest paid (8) - (8) Equity at 30.06.2025 83 (0) 268 28 93 350 5,817 6,639 Profit for the period 3 4 8 452 468 Other comprehensive income (53) (53) Dividend paid (165) (165) Value changes synt. shares long term bonus (7) (7) Perpetual Tier 1 capital - interest paid (8) - (8) Equity at 30.09.2025 83 (0) 268 32 97 350 6,044 6,873 Profit for the period (29) 4 8 722 705 Other comprehensive income 8 8 Own shares (247) (247) Value changes synt. shares long term bonus (4) (4) Perpetual Tier 1 capital 350 (2) 348 Perpetual Tier 1 capital - interest paid (8) - (8) Equity at 31.12.2025 83 (0) 268 3 101 700 6,520 7,674 Interim Report (unaudited)Q3 and Q1-Q3 2026 | Income statement 11
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Statement of changes in equity 2026 NOKm Share Capital Own shares Other paid-in equity Natural perils capital Guarantee scheme provision Perpetual Tier 1 capital Other equity Total Equity at 31.12.2025 83 (0) 268 3 101 700 6,520 7,674 Profit for the period 5 4 14 142 165 Other comprehensive income (27) (27) Dividend paid (495) (495) Value changes synt. shares long term bonus 10 10 Perpetual Tier 1 capital - interest paid (14) - (14) Equity at 31.03.2026 83 (0) 268 8 105 700 6,151 7,314 Profit for the period 0 5 14 737 755 Other comprehensive income (2) (2) Dividend paid (659) (659) Own shares (0) (3) (3) Value changes synt. shares long term bonus 16 16 Perpetual Tier 1 capital - interest paid (14) - (14) Equity at 30.06.2026 83 (0) 268 8 110 700 6,240 7,408 Profit for the period (6) 5 15 840 853 Other comprehensive income (9) (9) Dividend paid (247) (247) Own shares - - Value changes synt. shares long term bonus 6 6 Perpetual Tier 1 capital 292 (1) 291 Perpetual Tier 1 capital - interest paid (15) - (15) Equity at 30.09.2026 83 (0) 268 2 115 992 6,829 8,288 Cash flow statement NOKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Cash flow from operations Premiums received 2,578 1,800 12,229 10,841 13,698 Claims paid (1,799) (1,824) (6,282) (5,910) (8,447) Insurance operating expenses paid and other income/expense received/paid (214) (245) (990) (792) (1,273) Net receipts/payments from reinsurance contracts (42) (60) (556) (620) (657) Interest/dividend income 269 275 821 895 1,173 Net receipts/payments from financial instruments (653) (187) (3,137) (4,774) (3,682) Taxes paid (157) (108) (678) (541) (907) Net cash flow from operations (18) (348) 1,407 (901) (95) Cash flow from investment activities Investments in fixed assets (35) (34) (127) (76) (106) Net cash flow from investment activities (35) (34) (127) (76) (106) Cash flow from financial activities Dividend paid (247) (165) (1,401) (742) (989) Receipts on issued subordinated loan capital 350 499 350 1,295 1,643 Redemptions of subordinated loan capital (59) (59) (500) Interest payments on subordinated loan capital (58) (55) (169) (150) (208) Net cash flow from financial activities (14) 278 (1,279) 403 (55) Net cash flow for the period (67) (104) 1 (574) (255) Net change in cash and cash equivalents (67) (104) 1 (574) (255) Cash and cash equivalents opening balance 956 705 923 1,178 1,178 Effects of exchange rate changes on cash and cash equivalents (28) (20) (64) (22) 1 Cash and cash equivalents closing balance 860 581 860 581 923 Interim Report (unaudited)Q3 and Q1-Q3 2026 | 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 2025. There are no changes in or new issued standards with significant effect on the financial statements in 2026, and the accounting policies applied in the interim report are the same as those used in the annual report for 2025. 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 2025. Comparative figures for Q3 and Q1-Q3 2025 have been restated, presenting issued perpetual Tier 1 capital instruments as equity. Issued perpetual Tier 1 capital instruments are instruments where Protector has a unilateral right not to repay interest or the principal to the investors. As a consequence of these terms, the instruments do not meet the requirements for a liability and are therefore presented within the line “Perpetual Tier 1 Capital” within equity. Transaction expenses and interest (NOK 8 m QTD and NOK 25 m YTD in Q3 2025) are presented as a reduction in equity. The annual report for 2025 is available at https://investor.protectorforsikring.no/all-reports. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Notes 13
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Segment information - Q3 UK Sweden Norway Denmark France NOKm Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Gross written premium 1,372 940 290 315 300 229 129 122 77 71 Insurance revenue 1,570 1,489 777 812 798 665 490 469 229 94 Insurance claims expenses (1,176) (946) (430) (543) (441) (507) (375) (269) (188) (84) Insurance operating expenses (176) (159) (108) (107) (70) (59) (30) (36) (38) (21) Whereof commissions to brokers and agents (80) (66) (67) (64) (31) (18) (0) (0) (20) (8) Insurance service result before reinsurance contracts held 218 383 239 161 287 99 85 164 3 (11) Reinsurance premium (54) (88) (40) (54) (29) (26) (15) (21) (29) (11) Amounts recovered from reinsurance (8) (0) (1) 0 5 6 (3) (11) 13 6 Net result from reinsurance contracts held (62) (88) (41) (53) (24) (20) (18) (32) (17) (5) Insurance service result 156 295 198 108 263 78 67 132 (14) (16) Loss ratio¹ 74.9 % 63.6 % 55.3 % 66.9 % 55.2 % 76.2 % 76.4 % 57.4 % 82.2 % 89.3 % Net reinsurance ratio¹ 3.9 % 5.9 % 5.2 % 6.5 % 3.0 % 3.1 % 3.6 % 6.8 % 7.3 % 5.2 % Loss ratio, net of reinsurance¹ 78.9 % 69.5 % 60.6 % 73.5 % 58.3 % 79.3 % 80.0 % 64.2 % 89.5 % 94.5 % Cost ratio¹ 11.2 % 10.7 % 13.9 % 13.2 % 8.8 % 8.9 % 6.2 % 7.6 % 16.6 % 22.7 % Combined ratio¹ 90.1 % 80.2 % 74.5 % 86.7 % 67.1 % 88.2 % 86.2 % 71.9 % 106.1 % 117.1 % Large losses, net of reinsurance¹ 10.2 % 6.0 % 0.0 % 8.2 % 0.0 % 7.5 % 2.1 % 0.0 % 14.1 % 0.0 % Run-off gains/losses, net of reinsurance¹ -0.3 % -0.5 % -6.0 % -4.2 % -8.5 % -3.8 % -3.4 % -5.2 % -2.2 % 0.0 % Change in risk adjustment, net of reinsurance¹ 2.8 % 2.1 % 0.5 % 1.0 % 0.3 % 0.2 % 0.1 % -0.9 % 5.1 % 4.6 % Discounting effect, net of reinsurance¹ -7.9 % -5.7 % -1.6 % -1.6 % -3.0 % -2.7 % -1.2 % -0.4 % -8.4 % -3.9 % Retention rate¹ 96.6 % 94.1 % 94.9 % 93.4 % 96.4 % 96.0 % 97.0 % 95.6 % 87.2 % 88.3 % (1) Defined as alternative performance measure (APM). APMs are described in a separate document published at investor.protectorforsikring.no. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Notes 14
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Segment information - Q1-Q3 UK Sweden Norway Denmark France NOKm Q1-Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Gross written premium 4,639 4,270 2,678 2,594 2,745 2,338 1,691 1,575 895 388 Insurance revenue 4,466 4,344 2,369 2,327 2,296 1,932 1,451 1,348 675 246 Insurance claims expenses (2,948) (2,789) (1,477) (1,595) (1,518) (1,489) (1,144) (892) (530) (218) Insurance operating expenses (493) (470) (336) (331) (175) (158) (101) (98) (111) (63) Whereof commissions to brokers and agents (205) (188) (203) (185) (73) (46) (0) (2) (59) (21) Insurance service result before reinsurance contracts held 1,026 1,085 556 401 603 285 207 358 34 (35) Reinsurance premium (208) (321) (79) (99) (96) (72) (103) (85) (87) (33) Amounts recovered from reinsurance 11 96 2 7 13 15 (4) (45) 37 14 Net result from reinsurance contracts held (197) (225) (77) (92) (82) (58) (107) (130) (50) (19) Insurance service result 829 860 480 309 521 228 100 228 (16) (54) Loss ratio¹ 66.0 % 64.2 % 62.3 % 68.5 % 66.1 % 77.1 % 78.8 % 66.2 % 78.5 % 88.7 % Net reinsurance ratio¹ 4.4 % 5.2 % 3.2 % 4.0 % 3.6 % 3.0 % 7.4 % 9.6 % 7.5 % 7.7 % Loss ratio, net of reinsurance¹ 70.4 % 69.4 % 65.6 % 72.5 % 69.7 % 80.1 % 86.2 % 75.8 % 85.9 % 96.4 % Cost ratio¹ 11.0 % 10.8 % 14.2 % 14.2 % 7.6 % 8.2 % 6.9 % 7.2 % 16.5 % 25.6 % Combined ratio¹ 81.4 % 80.2 % 79.8 % 86.7 % 77.3 % 88.2 % 93.1 % 83.1 % 102.4 % 122.0 % Large losses, net of reinsurance¹ 5.3 % 7.3 % 1.1 % 3.4 % 1.5 % 4.8 % 8.6 % 0.0 % 9.0 % 12.7 % Run-off gains/losses, net of reinsurance¹ 0.1 % -0.7 % -7.9 % -5.1 % -5.9 % -3.0 % -4.9 % -0.5 % -1.2 % 0.0 % Change in risk adjustment, net of reinsurance¹ 2.0 % 2.2 % 0.3 % 0.6 % 0.0 % 0.3 % 0.2 % -0.4 % 5.0 % 6.2 % Discounting effect, net of reinsurance¹ -6.5 % -5.9 % -2.0 % -1.6 % -2.7 % -3.3 % -1.1 % -1.3 % -8.6 % -6.1 % Retention rate¹ 95.3 % 92.6 % 96.7 % 95.8 % 95.8 % 96.2 % 92.9 % 93.7 % 87.0 % 86.4 % (1) Defined as alternative performance measure (APM). APMs are described in a separate document published at investor.protectorforsikring.no. Other income/expenses NOKm Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Other income 6 4 31 21 27 Interest expense subordinated loan (44) (46) (126) (124) (175) Other expenses (26) (20) (64) (35) (95) Other income/expenses (64) (62) (159) (138) (243) Comparative figures for Q3 and 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. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Notes 15
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Financial assets, fair value estimation Financial assets through profit or loss [NOKm] Currency Level 1 Level 2 Level 3 Total Shares NOK 1,641 2,337 122 4,100 Bonds and other fixed income securities NOK - 21,593 - 21,593 Cash and cash equivalents NOK 611 - - 611 Derivatives: Interest rate swaps NOK 74 74 Foreign currency contracts NOK 213 213 Options NOK 25 25 Total financial assets 30.09.2026 NOK 2,252 24,242 122 26,616 Total financial assets 30.09.2025 NOK 1,894 24,066 89 26,049 Financial liabilities at fair value through profit or loss [NOKm] Currency Level 1 Level 2 Level 3 Total Derivatives: Interest rate swaps NOK - -289 -289 Foreign exchange contracts NOK -70 -70 Other financial liabilities NOK -116 - -116 Total financial liabilities 30.09.2026 NOK -116 -359 - -475 Total financial liabilities 30.09.2025 NOK -82 -173 - -255 Financial assets at amortized cost [NOKm] Currency Level 1 Level 2 Level 3 Total Loan to other companies NOK - - 896 896 Total financial assets 30.09.2026 NOK - - 896 896 Total financial assets 30.09.2025 NOK - - 745 745 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. Interim Report (unaudited)Q3 and Q1-Q3 2026 | Notes 16
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Solvency margin NOKm 30.09.2026 30.09.2025 31.12.2025 Total solvency capital requirement 4,745 4,229 4,702 Total eligible own funds to meet SCR 10,978 9,679 10,277 Ratio of eligible own funds to SCR 231% 229% 219% Total minimum capital requirement 2,135 1,903 2,116 Ratio of eligible own funds to MCR 423% 417% 395% Quarterly outline NOKm Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Insurance revenue 3,864 3,698 3,696 3,560 3,529 3,413 3,255 3,181 3,002 Insurance claims expenses (2,610) (2,408) (2,598) (2,600) (2,350) (2,383) (2,250) (2,146) (2,146) Insurance operating expenses (423) (416) (377) (407) (383) (394) (343) (370) (289) Insurance service result before reinsurance contracts held 831 874 721 553 796 637 662 666 567 Reinsurance premium (167) (219) (188) (185) (200) (224) (187) (170) (168) Amounts recovered from reinsurance 6 29 25 167 1 102 (16) 7 105 Net result from reinsurance contracts held (161) (190) (162) (18) (198) (122) (203) (164) (63) Insurance service result 670 684 559 535 598 515 458 502 504 Net income from investments 378 497 (282) 554 117 642 577 (96) 534 Net insurance finance income or expenses 137 (132) 51 (87) (13) (174) (41) 29 (235) Other income/expenses (64) (58) (37) (105) (62) (51) (25) (51) (39) Profit/(loss) before tax 1,120 990 291 897 640 931 970 384 765 Loss ratio, gross² 67.5 % 65.1 % 70.3 % 73.0 % 66.6 % 69.8 % 69.1 % 67.4 % 71.5 % Net reinsurance ratio³ 4.2 % 5.1 % 4.4 % 0.5 % 5.6 % 3.6 % 6.2 % 5.1 % 2.1 % Loss ratio, net of reinsurance⁴ 71.7 % 70.3 % 74.7 % 73.5 % 72.2 % 73.4 % 75.4 % 72.6 % 73.6 % Cost ratio⁵ 10.9 % 11.3 % 10.2 % 11.4 % 10.9 % 11.5 % 10.5 % 11.6 % 9.6 % Combined ratio ⁶ 82.7 % 81.5 % 84.9 % 85.0 % 83.1 % 84.9 % 85.9 % 84.2 % 83.2 % Large losses, net of reinsurance¹ 5.3 % 4.6 % 1.7 % 10.0 % 5.8 % 6.1 % 3.1 % 3.2 % 7.1 % Run-off gains/losses, net of reinsurance¹ -3.6 % -4.0 % -3.0 % 0.4 % -2.6 % -2.2 % -1.6 % -0.4 % -2.8 % Change in risk adjustment, net of reinsurance¹ 1.6 % 0.9 % 1.1 % -2.3 % 1.2 % 1.4 % 1.1 % 1.0 % 1.4 % Discounting effect, net of reinsurance¹ -4.8 % -3.8 % -4.1 % -4.2 % -3.4 % -4.2 % -3.9 % -3.1 % -3.8 % Retention rate⁷ 95.7 % 94.1 % 94.9 % 94.8 % 94.3 % 93.4 % 94.2 % 94.6 % 94.4 % Comparative figures for Q3 and 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. 1) Defined as alternative performance measure (APM). APMs are described in a separate document published at investor.protectorforsikring.no. 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)Q3 and Q1-Q3 2026 | Notes 17
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Other alternative performance measures and key figures Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Return on assets under management¹ Total net income from investments NOKm 378 117 593 1,336 1,890 Total return on assets under management NOKm 378 117 593 1,336 1,890 Average investments NOKm 27,002 26,572 26,332 25,882 25,920 Total average assets under management NOKm 27,002 26,572 26,332 25,882 25,920 Return on investments % 1.4 % 0.4 % 2.3 % 5.2 % 7.3 % Total return on assets under management % 1.4 % 0.4 % 2.3 % 5.2 % 7.3 % Total net income from shares NOKm 321 (96) 166 460 743 Total net income from interests NOKm 57 213 428 876 1,147 Total return on assets under management NOKm 378 117 593 1,336 1,890 Average investments shares NOKm 4,251 3,860 4,028 3,997 4,036 Average investments interests NOKm 22,751 22,712 22,304 21,885 21,883 Total average assets under management NOKm 27,002 26,572 26,332 25,882 25,920 Return on investments, shares % 7.6 % -2.5 % 4.1 % 11.5 % 18.4 % Return investments, interests % 0.2 % 0.9 % 1.9 % 4.0 % 5.2 % Total return on assets under management % 1.4 % 0.4 % 2.3 % 5.2 % 7.3 % Equity NOKm 8,288 6,873 8,288 6,873 7,674 Equity per share NOKm 100.5 83.4 100.5 83.4 93.1 Return on equity, annualised¹ % 47.9 % 28.7 % 33.8 % 42.5 % 42.2 % Interim Report (unaudited)Q3 and Q1-Q3 2026 | Notes 18