Protector Forsikring

Investor Presentation • Jan 31, 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

		FY highlights
Combined Ratio	Combined Ratio	• Full IFRS accounting implemented
Gross premiums written Gross premiums	Gross premiums written	• Long-Term Issuer Credit rating of BBB+ affirmed, and outlook revised to positive from stable.
LCY GWP growth	LCY GWP growth	• We proceed with France. A branch application will be submitted shortly Q4 highlights
Total investment return	Total investment return	• Successful placement of a new Solvency II compliant Tier 2 bond issue of
Profit for the period Profit for the period	Profit for the period	NOK 650 million • January 1st 2024 growth in GWP at 16 % in LCY
Solvency Capital Ratio	Solvency Capital Ratio	• The Board has decided to distribute a special dividend of NOK 412.2 million, corresponding to NOK 5.00 per share.
Earnings per share Earnings per share	Earnings per share	• The payment will take place 14 February 2024
Amounts in NOKm, Earnings per share NOK

This presentation contains restated figures as defined within IFRS from 2021 onwards. IFRS-figures are not audited.

Premium growth and composition

Disciplined Underwriting and risk management

5

• FY growth at 47% Renewal rate at 104%
• Low churn and price increases to counter claims inflation
• 60% of new sales originating from the UK
• Increased new sales in the Nordics (20% increase from 22)
• UK growing 84% in 2023
• Market conditions resulting in high hit ratios
• Consistent and disciplined underwriting and risk appetite
• Q4 growth at 62% Renewal rate at 105%
• Low churn and price increases to counter claims inflation
• Significant new sales in UK and NO
• January 1st 2024 growth in GWP at 16 % in LCY
• Driven by high renewal rate in all units

NOKm, Gross written premiums
Business unit	FY 23	FY 22	Growth	$$ NOK $%$	$$ LCY $%$
Norway	1941	1610	331	21%	21%
Sweden	2486	2073	413	20%	14%
Denmark	1407	1077	330	31%	16%
UK	4 3 2 1	2 1 1 6	2 2 0 5	104%	84%
Finland	268	222	46	21%	7%
Protector	10 4 23	7098	3 3 2 5	47%	37%

Business unit	$\overline{\textsf{Q4}}$ 23 $^\circ$	Q4 22	Growth	$$ NOK $\%$	$$ LCY $%$
Norway	213	144	69	48%	48%
Sweden	453	383	69	18%	9%
Denmark	235	143	92	65%	51%
UK	1 1 3 2	597	535	90%	68%
Finland	27	8	19	229%	264%
Protector	2 0 6 0	1 2 7 5	785	62%	48%

Profitability development Underwriting discipline yields stable underlying profitability

. . . . . . Combined ratio¹ NGAAP IFRS ¹ Restated combined ratios as defined within IFRS from 2021 onwards. IFRS-figures are not audited. Protector inflation³ . . . . . .

• External factors affects profitability development between quarters and even years
• High inflation environment last couple of years
• Interest rate fluctuations
• Disciplined underwriting enables us to adapt in due time
• 7

² Large losses defined as absolute net losses > NOK 10m ³ Accumulated inflation pr. Country/segment/product in terms of total GWP – currency adjusted

Large losses and run-off

Claims update

• FY Large losses of NOK 550.7m, or 5.9% (425.9, or 6.4%)
• 20 large loss events across four countries.
  • 60% of large losses from the UK, 20% from Norway (primarily Extreme weather Hans ² )
• FY run-off losses at 0.3% (gain of 2.0%)
• Run-off gains in the Nordics, losses in the UK
• 1.1%-points of losses linked to large losses from previous years
• Q4 large loss of NOK 189.7m, or 10.2% (64.5, or 3.6%)
• 13 large loss events across four countries.
  • 60% of large losses from Storms (UK) and Extreme weather (NO) events
• Q4 run-off gains at 0.4% (loss of 0.3%)
• Run-off loss in the NO and FI, gains in SE, DK and the UK
• 0.6%-points of losses linked to large losses from previous years

Business unit	FY 23	FY 23	FY 22	FY 22
	Gross	Net	Gross	Net
Norway	89%	90%	82%	82%
Sweden	74%	79%	72%	75%
Denmark	79%	79%	90%	86%
UK	70%	70%	68%	74%
Finland	72%	73%	75%	76%
Protector	76.5%	77.7%	76.2%	78.3%

Loss ratios
Business unit	Q4 23	Q4 23	Q4 22	$\overline{\textsf{Q4}}$ 22
	Gross	Net	Gross	Net
Norway	92%	91%	106%	97%
Sweden	69%	73%	71%	78%
Denmark	52%	63%	98%	85%
UK	77%	75%	54%	64%
Finland	76%	77%	55%	57%
Protector	74.2%	75.7%	77.7%	78.4%

Cost and quality leadership

Key focus leading to a competitive position supporting profitable growth

Cost ratio and commissions to brokers and agents (%)

		NGAAP	IFRS17
o cs
of comm.

• UK growth main driver for cost ratio improvement
• Commissions to brokers and agents an increasingly larger share of cost
• Growth from the UK and SE
• Cost excluding commissions from 8.0% in 2021 to 6.4% in 2023
• We invest in competence and quality, efficiency will come

Broker satisfaction index(1)

Other merits in 2023

1st place in the o an Ins anc o s' Assoc at on s v y 1st place in the Norwegian Söderberg & Partners Quality Price 1st place in the Danish Willis Quality Index

Cost update

• FY cost ratio at 10.8% (11.1%), 6.4% exclusive of commissions to brokers and agents
• 4.4% (3.9%) in commissions
• FY operational working FTEs on average 391 (338)

• Increased by 15.7%

• Q4 cost ratio at 10.7% (12.3%), 6.0% exclusive of commissions

• 4.7% (4.0%) in commissions
• Q4 operational working FTEs on average 421 (355)
• Increased by 18.6%
• Recruitment activity at a high level entering 2024

	Norway
	Sweden
391 (338)	Denmark
	UK
	$- \cdot$ $\cdot$

Business unit	Q4 23 Cost %	Q4 23 Comm%*	Q4 22 Cost %	Q4 22 Comm%*
Norway	9%	4%	6%	1%
Sweden	13%	8%	14%	7%
Denmark	8%	$0\%$	12%	0%
UK	10%	5%	14%	6%
Finland	17%	$0\%$	30%	0%
Protector	10.7%	4.7%	12.3%	4.0%
*Commissions to brokers and agents

Country-by-country key metrics

Quarterly volatility must be expected, especially by country

	Norway		Sweden		Denmark		UK		Finland		Protector
NOKm	FY 23	FY 22	FY 23	FY 22	FY 23	FY 22	FY 23	FY 22	FY 23	FY 22	FY 23	FY 22
Gross premium written	l 941	. 610	2486	2073	.407	1 077	4 3 2 1	2 1 1 6	268	222	10 4 23	7 098
Insurance revenues	1883	1583	2 4 0 0	942	1336	1040	3 5 0 4	1814	263	240	9386	6 6 1 9
Insurance service result	55	186	193	237	176	56	618	203	37	17	1080	701
Loss ratio, gross	89.2%	81.6%	74.4%	72.0%	79.3%	90.1%	70.4%	68.2%	72.3%	75.0%	76.5%	76.2%
Net reinsurance ratio	0.6%	0.3%	4.1%	3.4%	0.0%	$-3.9%$	$0.0\%$	6.0%	0.6%	0.5%	1.2%	2.1%
Loss ratio, net of reinsurance	89.8%	81.9%	78.5%	75.4%	79.3%	86.2%	70.4%	74.2%	72.9%	75.5%	77.7%	78.3%
Cost ratio	7.3%	6.3%	13.4%	12.4%	7.5%	8.4%	11.9%	14.6%	13.2%	17.2%	10.8%	11.1%
Combined ratio	97.1%	88.2%	91.9%	87.8%	86.8%	94.6%	82.4%	88.8%	86.1%	92.8%	88.5%	89.4%

Q4 23

FY 23

	Norway		Sweden		Denmark		UK		Finland		Protector
NOKm	Q4 23	Q4 22	Q4 23	Q4 22	Q4 23	Q4 22	Q4 23	Q4 22	Q4 23	Q4 22	Q4 23	Q4 22
Gross premium written	213	144	453	383	235	143	1 1 3 2	597		8.	2060	1 2 7 5
Insurance revenues	505	407	640	515	367	275	1047	522	88	62	2646	1781
Insurance service result		(14)	90	46	109	8	155	119	b	8	361	167
Loss ratio, gross	91.8%	106.0%	68.8%	70.9%	51.5%	97.8%	76.8%	54.4%	76.3%	55.0%	74.2%	77.7%
Net reinsurance ratio	$-1.1%$	$-8.9\%$	3.9%	6.7%	11.3%	$-12.7%$	$-2.0%$	9.2%	0.3%	1.6%	1.5%	0.7%
Loss ratio, net of reinsurance	90.6%	97.1%	72.7%	77.6%	62.8%	85.1%	74.8%	63.6%	76.6%	56.6%	75.7%	78.4%
Cost ratio	8.9%	6.3%	13.3%	13.6%	7.6%	12.0%	10.4%	13.6%	16.6%	30.1%	10.7%	12.3%
Combined ratio	99.5%	103.4%	86.0%	91.2%	70.4%	97.2%	85.2%	77.2%	93.2%	86.7%	86.4%	90.6%

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

Investments AUM: NOK 18 683m at year-end | Float increasing

PROTECTOR insurance

Investment performance

7.9% return in 2023 | 5.1% return in Q4

• NOK 1 372m, or 7.9% gain in 2023
• Equities: NOK 325m, or 12.1%
• Put options: NOK -60m
• Bonds: NOK 1 107m, or 7.6%
  • Interest rate swaps: NOK 87m
• Strong year for Nordic HY bonds
• DNB Nordic HY index up 11.2% in 2023, and 2.8% in Q4
• NOK 890m, or 5.1% gain in Q4
• Equities: NOK 309m, or 11.7%
• Put options: NOK -19m
• Bonds: NOK 600m, or 4.0%
  • Interest rate swaps: NOK 217m

2023 investment results

Q4 investment results

Investment portfolio statistics Bond portfolio yield at 5.8%, before cost of risk

• Bond portfolio yielding 5.8%, before cost of risk (6.0% in YE22)
• Underlying ref rate +0.6%-points, spread -87bps from YE22
• Slightly reduced bond risk YE23 compared to YE22
  • Y po tfo o tota n O ≈ . vs. O . Y
  • Credit duration decreased to 1.9, from 2.2 YE22
  • A- average rating, same as YE22
• Duration stable at 2.2, down from 2.5 YE22
  • Steering interest rate risk from solvency capital perspective
• Equity share at 16.0%, down from 17.8% YE22
• Up from 14.6% in Q3

	Investment portfolio statistics1	31.12.23	31.12.22	30.09.23
	Size bond & cash eq. (NOKm) 2	15 650	12 249	14 864
e	Avg. ref. rate (NIBOR, STIBOR, etc.)	3.9%	3.3%	4.2%
m o	Avg. spread/risk premium (bps)	273	179
c n d i	Yield3	5.8%	6.0%	5.9%
e x	Duration3	2.2	2.5	2.4
Fi	Credit duration 1.9		2.2	1.8
	Avg. rating4	A-	A-	A

s e uiti q E	Portfolio size5	2 983	2 648	2 544
	Share of total	16.0%	17.8%	14.6%
	Estimated intrinsic value discount	35%	30%	37%
	No. of companies	32	28	32

¹ Bank deposits included

²Size excludes currency swaps

³Interest rate swap effect included

⁴Av . n a at n as on off c a at n (> ) an ' ot cto at n ' (< )

5 Size excludes currency swaps and put options

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

Profit and loss FY 23 (& Q4 23) Profit of NOK 1 509m (1 379) | EPS at NOK 18.3 (16.7)

NOKm	FY 23	FY 22	Q4 23	Q4 22
Insurance revenue	9386	6619	2646	1781
Insurance claims expenses	(7182)	(5045)	(1963)	(1384)
Insurance operating expenses	(1011)	(734)	(282)	(218)
Insurance service result before reinsurance contracts held	1 1 9 3	840	401	179
Reinsurance premium	(584)	(826)	(142)	(228)
Amounts recovered from reinsurance	471	687	102	216
Net result from reinsurance contracts held	(113)	(139)	(40)	(12)
Insurance service result	1080	701	361	167
Net income from investments	1 3 2 8	477	860	631
Net insurance finance income or expenses	(384)	607	(356)	(85)
Other income/costs	(91)	(74)	(26)	(23)
Profit before tax	1933	1711	840	690
Tax	(439)	(341)	(182)	(90)
Discontinued operations	15	10	18	13
Profit for the period	1509	1 3 7 9	676	613
Large losses, net of reinsurance	(550.7)	(425.9)	(268.7)	(64.5)
Run-off gains/losses, net of reinsurance	(25.5)	133.7	10.6	(5.2)
Change in risk adjustment, net of reinsurance	(136.9)	(79.6)	(42.7)	(27.5)
Discounting effect, net of reinsurance	390.9	154.5	116.9	76.7
Loss ratio	76.5%	76.2%	74.2%	77.7%
Net reinsurance ratio	1.2%	2.1%	1.5%	0.7%
Loss ratio, net of reinsurance	77.7%	78.3%	75.7%	78.4%
Cost ratio	10.8%	11.1%	10.7%	12.3%
Combined ratio	88.5%	89.4%	86.4%	90.6%
Earnings per share	18.3	16.7	8.2	7.4

Balance sheet SCR ratio¹ at 195%

In NOKm	31.12.2023	31.12.2022
Financial assets	18 042	14 195
Derivatives	265	66
Bank deposits	324	198
Other assets	1 589	1 469
Discontinued operations	655	888
Total assets	20 874	16 816
Total equity	4 529	3 761
Subordinated loan capital	1 892	1 245
Insurance contract liabilities	12 559	10 042
Derivatives	241	55
Other liabilities	1 396	1 191
Discontinued operations	258	522
Total equity and liabilities	20 874	16 816

*Numbers may not add up due to rounding

• New NOK 650m Tier 2 subordinated debt issued
• Positive technical and investment result
• Special dividend of NOK 5 per share, NOK 412m in total
• Increase in solvency capital requirement driven by growth

SCR ratio composition

Solvency II SCR ratio at 195%

Composition of SCR:

• Net insurance risk 66%
• Net market risk 27%
• Other risks 7%

• Guarantee provision and proposed dividend subtracted from own funds

Eligible own funds composition and development¹

SCR composition and development¹

¹ Development since last quarter end highlighted in lighter colours per bar

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

Long term (3 years) financial targets Disciplined growth

¹ See next slide

Flexible shareholder distribution policy Quarterly assessment of capital position vs. capital need

23

• Following Q4 2023 the Board has decided to distribute a special dividend of NOK 412.2m, corresponding to NOK 5.00 per share.
• To be paid February 14th (ex. date February 7th)

Solvency ratio zone assessment:

• ov to a s 'Green' f s . . p of ta insurance growth, risk-taking in investment portfolio, other attractive allocation opportunities and/or market/macro turbulence.

• ov to a s 'Pink' f s . . m t o t opportunities, very low risk, no near-term allocation opportunities and have good future visibility

• * Increase in upper level:

• Prolonged changes in risk profile
• Solvency-based reinsurance agreement not renewed
• Stricter internal stress testing
• Near-future allocation opportunities/ turbulence

		FY highlights
Combined Ratio	Combined Ratio	• Full IFRS accounting implemented • Long-Term Issuer Credit rating of BBB+ affirmed, and outlook revised to positive from stable. • We proceed with France. A branch application will be submitted shortly Q4 highlights • Successful placement of a new Solvency II compliant Tier 2 bond issue of NOK 650 million • January 1st 2024 growth in GWP at 16 % in LCY • The Board has decided to distribute a special dividend of NOK 412.2 million, corresponding to NOK 5.00 per share. • The payment will take place 14 February 2024
Gross premiums written Gross premiums	Gross premiums written
LCY GWP growth	LCY GWP growth
Total investment return	Total investment return
Profit for the period Profit for the period	Profit for the period
Solvency Capital Ratio	Solvency Capital Ratio
Earnings per share Earnings per share	Earnings per share
Amounts in NOKm, Earnings per share NOK

This presentation contains restated figures as defined within IFRS from 2021 onwards. IFRS-figures are not audited.

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