Protector Forsikring

Earnings Release • Jan 20, 2023

Update on premium growth

Update on premium growth

With reference to the stock exchange announcement dated January 6th, we will below give an update on premium growth for 2022 and the January 1st 2023 renewal date.

January 1st have had significant impact on our premium growth historically. However, as most of our growth currently comes from the UK, which has a different inception pattern, the January 1st renewal date will gradually become less significant.

PREMIUM VOLUME FULL YEAR (FY) & QUARTER FOUR (Q4) 2022

FY 2022 gross written premium came in at MNOK 7,098, up 19% (21% in local currencies (LCY)) relative to 2021. Net earned premium amounted to MNOK 5,715, up 16% (18% in LCY). On a company level the growth has been driven by low churn and continued price increases. All business units have contributed positively to our premium growth. However, UK and Sweden are the units experiencing highest absolute growth.

In Q4 2022 gross written premium amounted to MNOK 1,275, up 62% (60% in LCY) relative to Q4 2021. Net earned premium came in at MNOK 1,528, up 20% (20% in LCY). The high growth has mainly been driven by a low client churn, in addition to continued price increases. All business units contribute positively; UK and Sweden are however the greatest drivers. UK alone make up 62% of our total growth this quarter.

PREMIUM VOLUME INCEPTING JANUARY 1ST 2023

January 1st, 2023, our gross written premium grew 17% in LCY.

The growth is driven by high renewal rate in all Scandinavian units, supported by continued price increases. In the UK, January is a small volume month.

More information will be given on February 2nd in connection with the presentation of the preliminary full year and Q4 2022 results.

Oslo, January 20th, 2023

Protector Forsikring ASA