Protector Forsikring

Investor Presentation • Apr 24, 2024

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 obligationsto update or correct any of the information set out herein.

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Investor Presentation

Henrik Høye Chief Executive Officer

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Cost and quality leadership

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed

Claims update

• UK property largest positive effect

• Motor behind target in all segments, no change in risk appetite

  • Continued claims inflation and lagged effect of actions

• Large losses¹ at 6.6% (1.0%)

  • Eight (8) large loss events across all segments

• Run-off losses at 1.8% (losses of 2.2%)

  • 1.4%-points linked to large losses from previous years

ango in rick annotito

	Q1 24	Q1 24	Q1 23	Q1 23
Segment	Gross	Net	Gross	Net
Norway	92%	94%	82%	86%
Sweden*	84%	83%	84%	87%
Denmark	84%	88%	120%	100%
UK	61%	70%	96%	67%
Protector	76.4%	80.6%	92.2%	82.8%

*Includes Finland

Large losses¹ and run-off

• Large losses of NOK 181m, or 6.6% (19.5 or 1.0%)

  • 49% of large losses related to four (4) weather events across the UK, Denmark and Norway

• Run-off losses at 1.8% (losses of 2.2%)

  • Majority from motor (changes in previous years' large losses)
• Some volatility in reserves & large losses must be expected
  • Best estimate reserving practice, run-off at 0% over time

6

NGAAP IFRS17

Run-off amount (L-axis) Run-off percentage (%)

• Q1 growth at 12% Renewal rate at 96%
  • Low churn, and price increases to counter claims inflation
  • Low new sales in UK and Sweden disciplined growth
• Underlying growth in Q1 at 14% (11% in LCY)
  • Technicalitites, and run-off of Swedish consumer schemes
• January 1st growth in GWP at 16% in LCY
  • Driven by high renewal rate in all segments.
• April 1st is the largest inception date in the UK
  • NOK 477m growth in GWP (28% in LCY), driven by Public sector and Housing

Segment	Q1 24			Q1 23 Growth NOK %	LCY%
Norway	1 349	1 167	183	16%	16%
Sweden*	1 499	1 427	72	5%	2%
Denmark	1 152	980	172	18%	13%
UK	429	369	60	16%	8%
Protector	4 430	3 943	486	12%	9%

*Includes Finland

Q1 24	Norway		Sweden*		Denmark		UK		Protector
MNOK	Q1 24	Q1 23	Q1 24	Q1 23	Q1 24	Q1 23	Q1 24	Q1 23	Q1 24	Q1 23
Gross premium written	1 349	1 167	1 499	1 427	1 152	980	429	369	4 430	3 943
Insurance revenues	534	463	713	651	382	292	1 107	581	2 735	1 986
Insurance service result	(2)	38	29		18	(19)	196	ਹੈ ਹੈ ਤ	240	136
Loss ratio, gross	92.3%	82.1%	83.9%	83.5%	84.0%	120.2%	61.2%	95.8%	76.4%	92.2%
Net reinsurance ratio	1.4%	3.4%	-0.9%	3.7%	3.9%	-20.5%	8.9%	-28.7%	4.2%	-9.4%
Loss ratio, net of reinsurance	93.8%	85.6%	83.1%	87.2%	87.9%	99.7%	70.2%	67.1%	80.6%	82.8%
Cost ratio	6.7%	6.3%	12.8%	12.4%	7.4%	6.8%	12.1%	13.1%	10.6%	10.4%
Whereof commissions to brokers and agents	1.9%	1.0%	7.3%	6.4%	0.0%	0.0%	5.0%	5.8%	4.2%	3.9%
Combined ratio	100.5%	91.9%	95.9%	99.6%	95.3%	106.6%	82.3%	80.2%	91.2%	93.2%

*Includes Finland

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Cost and quality leadership

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed

Investment performance and statistics

1.7% return in Q1 | Bond portfolio yield at 5.8%, before cost of risk

• NOK 350m, or 1.7 % gain in Q1
  • Equities: NOK 203m, or 6.9 %
  • Put options: NOK -12m
  • Bonds: NOK 159m, or 0.9 %
    • Interest rate swaps: NOK -112m
• Stable risk in bonds during Q124
  • Steering interest rate risk from solvency capital perspective
  • HY portfolio totalling ≈ NOK 4.7bn vs. NOK 4.5bn at year end
• Strong quarter for Nordic HY bonds
  • DNB Nordic HY index return 4.1%
• AUM up NOK 2.5bn (or 13.4%) since year end

	Investment portfolio statistics	31.03.24	31.03.23	31.12.23
	Size bond & cash eq. (NOKm) 3	18 085	14 014	15 480
	Avg. ref. rate (NIBOR, STIBOR, etc.)	4.0%	3.5%	3.9 %
	Avg. spread/risk premium (bps)	183	215	186
Bonds2	Yield4	5.8%	5.6%	5.8 %
	Duration4	2.3	2.3	2.2
	Credit duration	1.9	1.8	1.9
	Avg. rating5	A	A-	A
Equities	Portfolio size (NOKm) 3	3 047	2 850	3 028
	Share of total	14.4%	16.9%	16.2 %
	Estimated intrinsic value discount	35%	24%	35 %
	No. of companies	36	23	32

¹ Put option included in total return and excluded in equity return

Equities¹

² Bank deposits included

10

³Size includes currency swaps

4 Interest rate swap effect included

⁵Avg. linear rating based on official rating (>50%) and 'Protector rating' (<50%)

NOKm	Q1 24	Q1 23	FY 23
Insurance revenue	2 735	1 986	વે 386
Insurance claims expenses	(2 090)	(1 831)	(7 182)
Insurance operating expenses	(290)	(206)	(1 011)
Insurance service result before reinsurance contracts held	356	(51)	1 193
Reinsurance premium	(155)	(119)	(584)
Amounts recovered from reinsurance	40	306	471
Net result from reinsurance contracts held	(115)	187	(113)
Insurance service result	240	136	1 080
Net income from investments	350	635	1 328
Net insurance finance income or expenses	22	(113)	(384)
Other income/costs	(39)	(16)	(91)
Profit before tax	573	642	1 933
Tax	(117)	(31)	(439)
Discontinued operations		16	15
Profit for the period	456	626	1 509
Large losses, net of reinsurance	(181.0)	(19.5)	(550.7)
Run-off gains/losses, net of reinsurance	(50.1)	(44.5)	(25.5)
Change in risk adjustment, net of reinsurance	(45.3)	(15.3)	(136.9)
Discounting effect, net of reinsurance	112.5	59.0	390.9
Loss ratio	76.4%	92.2%	76.5%
Net reinsurance ratio	4.2%	-9.4%	1.2%
Loss ratio, net of reinsurance	80.6%	82.8%	77.7%
Cost ratio	10.6%	10.4%	10.8%
Combined ratio	91.2%	93.2%	88.5%
Earnings per share	5.5	7.6	18.3

Balance sheet SCR ratio¹ at 196%

NOKm	31.03.2024	31.03.2023	31.12.2023
Financial assets	21 000	16 524	18 042
Derivatives	251	235	265
Bank deposits	187	195	324
Other assets	1 919	2 052	1 589
Discontinued operations	0	745	655
Total assets	23 357	19 750	20 874
Total equity	4 618	3 984	4 529
Subordinated loan capital	1 892	1 245	1 892
Insurance contract liabilities	15 398	12 477	12 559
Derivatives	71	130	241
Other liabilities	1 379	1 533	1 396
Discontinued operations	0	381	258
Total equity and liabilities	23 357	19 750	20 874

*Numbers may not add up due to rounding

• Positive technical and investment result
• Special dividend of NOK 2 per share, NOK 164.9m in total
• Increase in solvency capital requirement driven by growth

SCR ratio composition

12

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

Solvency II SCR ratio at 196%

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

Composition of SCR:

• Net insurance risk 64%
• Net market risk 28%
• Other risks 8%

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

Eligible solvency capital:

• Guarantee provision and special dividend subtracted from own funds

Insurance Market Operational Counterparty Diversification Tax Total

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Cost and quality leadership

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed