Quarterly Report • Jul 7, 2022
Quarterly Report
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(UNAUDITED) 7 JULY 2022
Protector Forsikring ASA recorded a profit of NOK 65.8m (NOK 267.3m) for the quarter. The technical result was NOK 248.5m (NOK 189.8m) driven by strong technical results in Scandinavia. The combined ratio was 82.5 % (83.9 %). The return on investments was NOK -175.2m (NOK 143.5m) or -1.2 % (1.0 %). Equity markets posted significantly weakened returns while widening spreads and rising interest rates impacted the fixed income portfolio negatively.
In Q2, gross written premiums increased by 25 % or 24 % in local currencies. The growth is driven by the UK Sweden and Norway. For the half year, gross written premiums came in at NOK 4,898.6m up 14 % or 16 % in local currencies.
In the first half year, the company recorded a profit of NOK 21.1m (NOK 840.1m). The technical result was NOK 280.1m (NOK 281.9m) corresponding to a combined ratio of 89.5 % (87.4 %). The return on investments was NOK -185.1m (NOK 724.1m) or -1.2% (5.1 %).
The SCR-ratio was 206 % (235 %).
Q2 2022 shows following development compared to Q2 2021:
H1 2022 shows following development compared to H1 2021:
| NOKm | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | FY 2021 | |
|---|---|---|---|---|---|---|
| Gross premiums written | 1 788,0 | 1 428,6 | 4 898,6 | 4 308,8 | 5 950,6 | |
| Gross premiums earned | 1 626,7 | 1 415,0 | 3 151,6 | 2 802,9 | 5 746,1 | |
| Gross claims incurred | (1 198,5) | (1 094,3) | (2 469,1) | (2 129,5) | (4 468,4) | |
| Earned premiums, net of reinsurance | 1 427,9 | 1 219,3 | 2 764,4 | 2 394,6 | 4 920,7 | |
| Claims incurred, net of reinsurance | (1 059,8) | (930,7) | (2 217,7) | (1 853,5) | (3 810,1) | |
| Sales cost | (86,0) | (76,9) | (178,8) | (178,4) | (361,7) | |
| Administration cost | (64,7) | (46,8) | (124,4) | (128,6) | (256,6) | |
| Commission from reinsurer | 32,7 | 31,4 | 46,1 | 67,0 | 130,7 | |
| Other insurance related income/expenses | (1,6) | (6,4) | (9,5) | (19,2) | (28,7) | |
| Technical result | 248,5 | 189,8 | 280,1 | 281,9 | 594,4 | |
| Other income/costs | (13,3) | (12,7) | (27,7) | (30,0) | (56,4) | |
| Net financial income | (164,9) | 135,5 | (174,1) | 658,5 | 878,3 | |
| Profit before tax | 70,4 | 312,6 | 78,4 | 910,4 | 1 416,3 | |
| Tax | (4,8) | (70,0) | (30,0) | (141,0) | (251,7) | |
| Discontinued operations | (13,6) | 19,6 | (17,0) | 70,3 | 67,4 | |
| Net comprehensive income | 13,8 | 5,0 | (10,4) | 0,4 | (28,1) | |
| Profit for the period | 65,8 | 267,3 | 21,1 | 840,1 | 1 204,0 | |
| Claims ratio, net of reinsurance | (1) | 74,2 % | 76,3 % | 80,2 % | 77,4 % | 77,4 % |
| Expense ratio, net of reinsurance | (2) | 8,3 % | 7,6 % | 9,3 % | 10,0 % | 9,9 % |
| Combined ratio, net of reinsurance | (3) | 82,5 % | 83,9 % | 89,5 % | 87,4 % | 87,3 % |
| Gross claims ratio | (4) | 73,7 % | 77,3 % | 78,3 % | 76,0 % | 77,8 % |
| Gross expense ratio | (5) | 9,3 % | 8,7 % | 9,6 % | 11,0 % | 10,8 % |
| Gross combined ratio | (6) | 82,9 % | 86,1 % | 88,0 % | 86,9 % | 88,5 % |
| Retention rate | (7) | 87,8 % | 86,2 % | 87,7 % | 85,4 % | 85,6 % |
| Earnings per share | (8) | 0,6 | 3,2 | 0,4 | 10,2 | 15,0 |
(1) Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
(2) Operating expenses in % of earned premiums, net of reinsurance
(3) Net claims ratio + net expense ratio
(4) Gross claims incurred in % of gross premiums earned
(5) Sales and administration costs in % of gross premiums earned
(6) Gross claims ratio + gross expense ratio
(7) Earned premiums, net of reinsurance in % of gross earned premiums
(8) Profit before other comprehensive income divided by weighted number of shares
Gross premiums written increased by 25 % or NOK 359.4m to a total of NOK 1,788m. The growth is driven by the UK, Sweden and Norway. In local currencies the growth was 24 %, whereof the growth in the Nordics was 31 % and, in the UK 18 %. The renewal rate for the total portfolio was 98.0 % (94.9 %) supported by price increases above claims inflation.
The growth per country is presented in the table below.
| Gross premiums written (NOKm) | Q2 2022 Q2 2021 | Growth | ||
|---|---|---|---|---|
| Norway | 338,3 | 262,4 | 75,9 | 29 % |
| Sweden | 515,5 | 401,9 | 113,5 | 28 % |
| Denmark | 63,2 | 39,3 | 23,9 | 61 % |
| UK | 863,3 | 721,3 | 142,0 | 20 % |
| Finland | 7,7 | 3,6 | 4,1 | 112 % |
| Total | 1788,0 | 1428,6 | 359,4 | 25 % |
In H1, gross written premiums totalled NOK 4,898.6m, representing a 14 % growth. Growth in local currencies was 16 %.
The renewal rate was 92.8 % (91.6 %) supported by price increases above claims inflation.
The growth by country was:
| Gross premiums written (NOKm) | H1 2022 | H1 2021 | Growth | |
|---|---|---|---|---|
| Norway | 1293,5 | 1118,7 | 174,8 | 16 % |
| Sweden | 1458,5 | 1297,1 | 161,4 | 12 % |
| Denmark | 875,4 | 766,1 | 109,2 | 14 % |
| UK | 1059,1 | 959,0 | 100,1 | 10 % |
| Finland | 212,0 | 167,8 | 44,2 | 26 % |
| Total | 4898,6 | 4308,8 | 589,9 | 14 % |
The profit for the quarter totalled NOK 65.8m against NOK 267.3m in Q2 2021. The technical result was NOK 248.5m (NOK 189.8m), corresponding to a net combined ratio of 82.5 %, 1.4 percentage points lower than the 83.9 % reported in Q2 2021. The technical result was driven by strong results in the Scandinavian countries.
The net combined ratio by country was:
| Net combined ratio | Q2 2022 Q2 2021 | |
|---|---|---|
| Norway | 78,8 % | 85,8 % |
| Sweden | 76,4 % | 71,5 % |
| Denmark | 82,1 % | 90,1 % |
| UK | 93,5 % | 98,0 % |
| Finland | 95,4 % | 64,7 % |
| Total | 82,5 % | 83,9 % |
In Q2, the company had run-off gains of 3.4 % against 1.9 % in run-off losses in Q2 2021.
The claims ratio for own account is improving and decreased from 76.3 % in Q2 2021 to 74.2 % in Q2 2022. The large loss-ratio for own account (3.1 %) was lower than normalized but some higher than in Q2 2021 (1.8 %). The Covid-19 pandemic had in Q2-21 a positive impact on the net claims ratio of 1.4 percentage points compared to no measurable impact in Q2 2022.
The net expense ratio was 8.3 %, up from 7.6 %. The increase is due to higher broker commissions due to premium growth in Sweden and in the UK.
In H1, the result totalled NOK 21.1m against NOK 840.1m in H1 2021. The net combined ratio was 89.5 %, compared to 87.4 % in H1 2021.
The net combined ratio for the half-year by country was:
| Net combined ratio | H1 2022 | H1 2021 |
|---|---|---|
| Norway | 88,5 % | 90,0 % |
| Sweden | 86,6 % | 75,0 % |
| Denmark | 94,6 % | 90,3 % |
| UK | 91,2 % | 100,0 % |
| Finland | 88,0 % | 85,4 % |
| Total | 89,5 % | 87,4 % |
In H1, the company had run-off gains of NOK 96.6m (3.5 %) compared to run-off losses of NOK -21.7m (0.9 %) during H1 2021.
The claims ratio for own account is increasing from 77.4 % in H1 2021 to 80.2 % in H1 2022. The large loss-ratio for own account was 6.8 % and approximately at a normal level but 5.3 percentage points higher than in H1 2021 (1.5 %). The Covid-19 pandemic had in H1-21 a positive impact on the net claims ratio of 1.7 percentage points compared to no measurable impact in H1 2022.
The expense ratio for own account amounted to 9.3 %, down from 10.0 % in H1 2021. The decrease is mainly due to premium growth and lower personnel costs, while higher broker commissions due to premium growth (earned premiums) in the UK and Sweden has the opposite effect.
In Q2, the technical result for discontinued operations (change of ownership insurance) was NOK -4.0m (NOK 18.9m) and the profit for the quarter was NOK -13.6m (NOK 19.6m).
In H1, the technical result was NOK -4.9m (NOK 14.2m). The profit for the half-year was NOK -17.0m (NOK 94.3m).
The company stopped selling change of ownership insurance as from January 1st 2022, and the few remaining distribution agreements with real estate brokers have been terminated.
The net investment portfolio amounted to a total of NOK 14,703m at 30 June 2022, up 2.7 % compared to the portfolio at the end of 2021.
In Q2, the investment activities yielded a total return of NOK -175.2m (-1.2 %) compared to NOK 143.5m (1.0 %) in Q2 2021. Equities accounted for a NOK -94.6m loss (-3.9 %) against a NOK 68.1m gain (2.9 %) in Q2 2021. The return on the fixed income portfolio totalled NOK -80.6m (-0.7 %) against NOK 75.4m (0.6 %) in Q2 2021.
In H1, the investment result was NOK -185.1m (-1.2 %) against NOK 724.1m (5.1 %) in H1 2021. Equities accounted for a NOK -106.9m loss (-4.6 %) against a NOK 556.9m gain (29.7 %) in H1 2021. The return on the fixed income portfolio totalled NOK -78.2m or -0.6 % against NOK 167.1m or 1.4 % in H1 2021.
Our investment portfolio has a very limited direct exposure to Ukraine and/or Russia.
End of Q2, 15.5 % of Protector's financial assets were invested in equities, against 16.1 % end of Q1 2022. 25 % of our total financial assets were allocated to high yield (NOK 3.7 bn.), up from 22 % (NOK 3.5 bn.) end of Q1 2022.
End of Q2, the volatility adjusted SCR-ratio using the standard formula was 206 % , unchanged from year-end 2021 and up 6 percentage points from Q1 22. The company's long-term objective is to maintain a SCR-ratio (calculated according to the Solvency II regulations) above 150 %.
The company's equity amounted to NOK 2,659.4m, a decrease of NOK 922.7m compared to the equity at the end of 2021. The reduction is due to dividends paid out during the first half-year (NOK 947.3m in total corresponding to NOK 11,50 per share).
Protector has a BBB+ rating from A.M. Best.
The company's financial position is strong and the dividend capacity is good. Due to the uncertain geopolitical situation and volatile financial markets the Board has decided not to pay out dividends this quarter.
The underlying profitability is good and Protector's expectations of a net CR of 90-92 % for the full year is further strengthened.
Claims development, and the inherent volatility of capital markets continue to be the most important risk factors that could affect the company's profit in 2022.
Oslo, 7 July 2022
The Board of Directors of Protector Forsikring ASA
| NOKm | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | FY 2021 |
|---|---|---|---|---|---|
| Premium income | |||||
| Gross written premiums | 1 788,0 | 1 428,6 | 4 898,6 | 4 308,8 | 5 950,6 |
| Change in provisions for unearned premiums | (161,3) | (13,6) | (1 747,0) | (1 505,9) | (204,5) |
| Gross premiums earned | 1 626,7 | 1 415,0 | 3 151,6 | 2 802,9 | 5 746,1 |
| Reinsurers' share of earned premiums | (198,8) | (195,6) | (387,2) | (408,3) | (825,3) |
| Earned premiums, net of reinsurance | 1 427,9 | 1 219,3 | 2 764,4 | 2 394,6 | 4 920,7 |
| Other insurance-related income | 7,1 | 1,5 | 9,0 | 4,5 | 8,7 |
| Gross claims incurred | (1 198,5) | (1 094,3) | (2 469,1) | (2 129,5) | (4 468,4) |
| Reinsurers' share of claims incurred | 138,8 | 163,6 | 251,5 | 276,0 | 658,3 |
| Claims incurred, net of reinsurance | (1 059,8) | (930,7) | (2 217,7) | (1 853,5) | (3 810,1) |
| Operating expenses | |||||
| Sales costs | (86,0) | (76,9) | (178,8) | (178,4) | (361,7) |
| Administration costs | (64,7) | (46,8) | (124,4) | (128,6) | (256,6) |
| Commission from reinsurers | 32,7 | 31,4 | 46,1 | 67,0 | 130,7 |
| Total operating expenses, net of reinsurance | (118,0) | (92,4) | (257,1) | (240,0) | (487,6) |
| Other insurance-related expenses | (8,7) | (8,0) | (18,5) | (23,7) | (37,4) |
| Technical result | 248,5 | 189,8 | 280,1 | 281,9 | 594,4 |
| Income from associated companies | 6,1 | - | 15,1 | - | 10,8 |
| Interest income and dividend from financial assets | 124,5 | 51,9 | 247,0 | 51,9 | 331,7 |
| Changes in value on investments | (292,1) | 420,8 | (555,8) | 420,8 | (21,8) |
| Realised gain and loss on investments | 2,1 | 90,4 | 127,6 | 90,4 | 620,6 |
| Administration expenses related to investments | (5,5) | (40,1) | (8,0) | (40,1) | (62,9) |
| Net income from financial assets | (164,9) | 523,0 | (174,1) | 523,0 | 878,3 |
| Other income | 2,0 | - | 2,2 | 0,0 | 2,0 |
| Other expenses | (15,3) | (12,7) | (29,9) | (30,0) | (58,4) |
| Other income/expenses | (13,3) | (12,7) | (27,7) | (30,0) | (56,4) |
| Non-technical result | (178,1) | 122,8 | (201,8) | 628,6 | 821,9 |
| Profit before tax | 70,4 | 312,6 | 78,4 | 910,4 | 1 416,3 |
| Tax | (4,8) | (70,0) | (30,0) | (141,0) | (251,7) |
| Discontinued operations | (13,6) | 19,6 | (17,0) | 70,3 | 67,4 |
| Profit before components of comprehensive income | 52,0 | 262,3 | 31,4 | 839,7 | 1 232,1 |
| Actuarial gain and loss from defined benefit pension plans | - | - | - | - | (1,0) |
| Currency changes from foreign enterprise | 18,4 | 6,7 | (13,8) | 0,5 | (36,5) |
| Taxes on components of comprehensive income | (4,6) | (1,7) | 3,5 | (0,1) | 9,4 |
| Profit for the period | 65,8 | 267,3 | 21,1 | 840,1 | 1 204,0 |
| Earnings per share | 0,63 | 3,18 | 0,38 | 10,20 | 14,96 |
| Earnings per share, diluted | 0,63 | 3,18 | 0,38 | 10,20 | 14,96 |
| NOKm | 30.06.2022 | 30.06.2021 | 31.12.2021 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | |||
| Other intangible fixed assets | 84,9 | 63,6 | 73,3 |
| Total intangible fixed assets | 84,9 | 63,6 | 73,3 |
| Financial assets | |||
| Shares in associated companies | 138,3 | - | 127,3 |
| Shares | 2 011,4 | 1 864,2 | 1 824,4 |
| Securities, bonds etc | 9 972,2 | 9 052,2 | 9 179,3 |
| Financial derivatives | 141,6 | 63,3 | 94,1 |
| Bank deposits | 1 586,5 | 2 462,6 | 1 935,5 |
| Total financial assets | 13 850,0 | 13 442,4 | 13 160,7 |
| Reinsurers share of gross technical provisions | |||
| Reinsurers share of gross premium provisions | 328,3 | 307,5 | 177,1 |
| Reinsurers share of gross claims provisions | 2 736,8 | 2 943,3 | 2 972,2 |
| Total reinsurers share of gross technical provisions | 3 065,1 | 3 250,7 | 3 149,3 |
| Receivables | |||
| Policyholders | 748,5 | 640,8 | 523,2 |
| Other receivables | 117,9 | 86,0 | 95,3 |
| Total receivables | 866,4 | 726,8 | 618,5 |
| Other assets | |||
| Tangible fixed assets | 32,2 | 39,8 | 34,0 |
| Cash and bank deposits | 105,4 | 108,8 | 300,0 |
| Total other assets | 137,6 | 148,5 | 333,9 |
| Total prepaid expenses | 864,1 | 714,7 | 462,5 |
| Assets discontinued operations | 1 090,0 | 1 712,1 | 1 448,0 |
| Total assets | 19 958,1 | 20 058,8 | 19 246,3 |
| NOKm | 30.06.2022 | 30.06.2021 | 31.12.2021 |
|---|---|---|---|
| Equity and liabilities | |||
| Shareholders' equity | |||
| Share capital [82.500.000 shares] | 82,5 | 82,5 | 82,5 |
| Own shares | (0,1) | (0,1) | (0,1) |
| Other paid-in equity | 267,7 | 267,7 | 267,7 |
| Total paid-in equity | 350,1 | 350,0 | 350,0 |
| Earned equity | |||
| Natural perils capital | 100,2 | 85,4 | 97,7 |
| Guarantee scheme provision | 75,0 | 81,5 | 78,2 |
| Fund for valuation differences | 18,6 | - | 10,0 |
| Other equity | 2 115,5 | 2 966,1 | 3 046,2 |
| Total earned equity | 2 309,4 | 3 133,1 | 3 232,1 |
| Total equity | 2 659,4 | 3 483,2 | 3 582,1 |
| Subordinated loan capital | 1 244,7 | 1 244,2 | 1 384,7 |
| Technical provisions | |||
| Provisions for unearned premiums | 3 353,6 | 2 896,1 | 1 575,5 |
| Provisions for claims | 8 821,8 | 7 956,9 | 8 404,1 |
| Total technical provisions | 12 175,4 | 10 853,0 | 9 979,6 |
| Provisions for other risks and liabilities | |||
| Pension liabilities | - | 17,9 | - |
| Current tax liability | - | 84,0 | 191,2 |
| Deferred tax liability | 121,6 | 124,4 | 121,6 |
| Total provisions for other risks and liabilities | 121,6 | 226,4 | 312,8 |
| Liabilities | |||
| Liabilities in connection with insurance | 163,6 | 96,4 | 73,4 |
| Liabilities in connection with reinsurance | 2 228,9 | 2 499,2 | 2 238,3 |
| Financial derivatives | 100,4 | 37,5 | 26,1 |
| Other liabilities | 374,2 | 380,3 | 286,6 |
| Total liabilities | 2 867,1 | 3 013,4 | 2 624,4 |
| Incurred expenses and prepaid income | |||
| Other incurred expenses and prepaid income | 251,5 | 287,7 | 528,9 |
| Total incurred expenses and prepaid income | 251,5 | 287,7 | 528,9 |
| Liabilites discontinued operations | 638,4 | 951,0 | 833,8 |
| Total equity and liabilities | 19 958,1 | 20 058,8 | 19 246,3 |
| NOKm | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | FY 2020 |
|---|---|---|---|---|---|
| Cash flow from operations | |||||
| Premiums paid | 1 744,0 | 1 484,6 | 4 297,2 | 3 827,5 | 5 884,3 |
| Claims paid | (1 122,3) | (1 022,5) | (2 315,2) | (2 064,5) | (3 934,5) |
| Paid reinsurance | (33,2) | (53,6) | (106,2) | (274,9) | (351,8) |
| Paid operating expenses including commissions | (268,7) | (123,5) | (276,2) | (194,2) | (440,1) |
| Interest / dividend income | 134,0 | 126,2 | 264,6 | 183,1 | 358,1 |
| Net payments from financial instruments | (128,6) | 866,3 | (1 071,2) | (105,8) | (372,1) |
| Payable tax | (7,8) | (151,4) | (262,4) | (174,4) | (173,9) |
| Net cash flow from operations | 317,5 | 1 126,2 | 530,4 | 1 196,9 | 969,9 |
| Cash flow from investment activities Investments in fixed assets |
(11,8) | (23,5) | (22,4) | (34,2) | (52,8) |
| Net cash flow from investment activities | (11,8) | (23,5) | (22,4) | (34,2) | (52,8) |
| Cash flow from financial activities | |||||
| Dividend paid | (700,2) | (384,4) | (947,3) | (384,4) | (659,5) |
| Net payment on subordinated loan capital | (0,1) | (228,8) | (140,0) | (228,8) | (88,4) |
| Interest payments on subordinated loan capital | (15,7) | (15,6) | (30,9) | (32,5) | (61,6) |
| Net cash flow from financial activities | (716,0) | (645,8) | (1 118,1) | (645,8) | (809,5) |
| Net cash flow for the period | (410,3) | 474,0 | (610,1) | 516,9 | 107,6 |
| Net change in cash and cash equivalents | (410,3) | 474,0 | (610,1) | 516,9 | 107,6 |
| Cash and cash equivalents opening balance | 2 194,7 | 2 342,3 | 2 407,2 | 2 312,1 | 2 312,1 |
| Effects of exchange rate changes on cash and cash equivalents | 10,8 | 6,2 | (2,0) | (6,6) | (12,5) |
| Cash and cash equivalents closing balance | 1 795,2 | 2 822,5 | 1 795,2 | 2 822,5 | 2 407,2 |
| NOKm | Share Capital Own shares Other paid-in equity |
Natural perils capital |
Guarantee scheme provision |
Fund for valuation differences |
Other equity | Total | ||
|---|---|---|---|---|---|---|---|---|
| Equity at 31.12.2020 | 86,2 | (4,3) | 267,7 | 70,2 | 84,9 | - | 2 525,9 | 3 030,5 |
| Profit for the period | 6,3 | (1,3) | 567,8 | 572,8 | ||||
| Currency changes | (20,4) | (20,4) | ||||||
| Own shares | 0,4 | 1,3 | 1,7 | |||||
| Equity at 31.03.2021 | 86,2 | (3,8) | 267,7 | 76,4 | 83,6 | - | 3 074,5 | 3 584,5 |
| Profit for the period | (3,7) | 9,0 | (2,1) | 260,4 | 267,3 | |||
| Dividend paid | (384,4) | (384,4) | ||||||
| Currency changes | 10,8 | 10,8 | ||||||
| Own shares | 3,7 | 4,9 | 5,0 | |||||
| Equity at 30.06.2021 | 82,5 | (0,1) | 267,7 | 85,4 | 81,5 | - | 2 966,2 | 3 483,2 |
| Profit for the period | 11,7 | (1,8) | 12,3 | 103,0 | 125,1 | |||
| Dividend paid | (137,5) | (137,5) | ||||||
| Currency changes | (3,6) | (3,6) | ||||||
| Own shares | - | - | - | |||||
| Equity at 30.09.2021 | 82,5 | (0,1) | 267,7 | 97,1 | 79,7 | 12,3 | 2 928,0 | 3 467,2 |
| Profit for the period | 0,6 | (1,5) | (2,3) | 242,0 | 238,8 | |||
| Dividend paid | (137,6) | (137,6) | ||||||
| Currency changes | 13,2 | 13,2 | ||||||
| Own shares | 0,5 | 0,5 | ||||||
| Equity at 31.12.2021 | 82,5 | (0,1) | 267,7 | 97,7 | 78,2 | 10,0 | 3 046,2 | 3 582,1 |
| Profit for the period | (7,9) | (1,4) | 9,0 | (44,4) | (44,7) | |||
| Dividend paid | (247,1) | (247,1) | ||||||
| Equity at 31.03.2022 | 82,5 | (0,1) | 267,7 | 89,8 | 76,8 | 18,9 | 2 754,7 | 3 290,3 |
| Profit for the period | - | 10,4 | (1,8) | (0,3) | 57,5 | 65,8 | ||
| Dividend paid | (700,2) | (700,2) | ||||||
| Own shares | 0,0 | 3,5 | 3,5 | |||||
| Equity at 30.06.2022 | 82,5 | (0,1) | 267,7 | 100,2 | 75,0 | 18,6 | 2 115,5 | 2 659,4 |
These interim accounts have been prepared in accordance with the Financial Statement Regulation for Non-life Insurance Companies (Forskrift om årsregnskap for skadeforsikringsselskaper) and IAS 34 and in line with the accounting principles described in the annual report for 2021. The company's financial statements are prepared in accordance with the Norwegian Accounting Act, Financial Statement Regulation for Non-life Insurance Companies and generally accepted accounting principles. For further information, please see the 2021 annual report.
Protector Forsikring ASA's operations comprise the segments Norway, Sweden, Denmark, Finland and the UK. The segments are evaluated regularly by Protector's executive management based on financial and operational information specially prepared for each segment for the purpose of following up performance and allocating necessary resources.
| Norway | Sweden | Denmark | UK | Finland | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOKm | Q2 2022 | Q2 2021 | Q2 2022 | Q2 2021 | Q2 2022 | Q2 2021 | Q2 2022 | Q2 2021 | Q2 2022 | Q2 2021 | |
| Gross premiums written | 338,3 | 262,4 | 515,5 | 401,9 | 63,2 | 39,3 | 863,3 | 721,3 | 7,7 | 3,6 | |
| Gross premiums earned | 397,3 | 349,9 | 508,0 | 422,2 | 257,4 | 215,6 | 423,2 | 352,3 | 40,8 | 74,9 | |
| Gross claims incurred | (291,7) (252,8) (327,9) (250,9) (208,7) (256,4) (332,9) (289,4) | (37,3) | (44,8) | ||||||||
| Earned premiums, net of reinsurance | 360,4 | 310,9 | 460,8 | 366,0 | 229,5 | 186,6 | 340,0 | 289,0 | 37,2 | 66,8 | |
| Other insurance related income | 1,4 | 1,2 | 0,0 | 0,1 | 0,0 | 0,0 | 5,5 | (0,0) | 0,2 | 0,2 | |
| Claims incurred, net of reinsurance | (270,2) (255,0) (307,8) (230,8) (177,4) (156,5) (270,9) (245,1) | (33,4) | (43,4) | ||||||||
| Sales cost | (9,3) | (8,9) | (33,6) | (31,5) | (6,6) | (5,3) | (35,7) | (30,4) | (0,8) | (0,9) | |
| Administration cost | (12,0) | (8,6) | (23,6) | (13,4) | (9,1) | (9,4) | (18,5) | (14,0) | (1,5) | (1,5) | |
| Commission from reinsurer | 7,4 | 5,5 | 13,2 | 14,1 | 4,6 | 3,2 | 7,2 | 6,1 | 0,3 | 2,5 | |
| Other insurance related expenses | (4,0) | (3,0) | (0,1) | 0,4 | (2,8) | (3,7) | 0,4 | (1,3) | (2,2) | (0,4) | |
| Technical result | 73,7 | 42,3 | 108,8 | 104,9 | 38,3 | 14,9 | 28,0 | 4,4 | (0,2) | 23,4 | |
| Other income/costs | (14,9) | (14,2) | 0,3 | 0,4 | 0,7 | 0,6 | 0,7 | 0,5 | 0,0 | 0,1 | |
| Net financial income | (96,6) | 108,8 | (25,2) | 26,6 | (17,7) | (4,2) | (25,7) | (3,0) | 0,3 | 7,4 | |
| Profit before tax | (37,8) | 136,8 | 84,0 | 131,8 | 21,3 | 11,2 | 3,0 | 1,8 | 0,0 | 30,9 | |
| Claims ratio, net of reinsurance | (1) | 75,0 % | 82,0 % | 66,8 % | 63,1 % | 77,3 % | 83,9 % | 79,7 % | 84,8 % | 89,8 % | 64,9 % |
| Expense ratio, net of reinsurance | (2) | 3,9 % | 3,8 % | 9,6 % | 8,4 % | 4,8 % | 6,2 % | 13,8 % | 13,2 % | 5,6 % | -0,2 % |
| Combined ratio, net of reinsurance | (3) | 78,8 % | 85,8 % | 76,4 % | 71,5 % | 82,1 % | 90,1 % | 93,5 % | 98,0 % | 95,4 % | 64,7 % |
| Gross claims ratio | (4) | 73,4 % | 72,2 % | 64,6 % | 59,4 % | 81,1 % | 119,0 % | 78,6 % | 82,1 % | 91,4 % | 59,8 % |
| Gross expense ratio | (5) | 5,4 % | 5,0 % | 11,3 % | 10,6 % | 6,1 % | 6,8 % | 12,8 % | 12,6 % | 5,7 % | 3,1 % |
| Gross combined ratio | (6) | 78,8 % | 77,2 % | 75,8 % | 70,1 % | 87,2 % | 125,8 % | 91,4 % | 94,7 % | 97,2 % | 62,9 % |
(1) Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
(2) Operating expenses in % of earned premiums, net of reinsurance
(3) Net claims ratio + net expense ratio
(4) Gross claims incurred in % of gross premiums earned
(5) Sales and administration costs in % of gross premiums earned
(6) Gross claims ratio + gross expense ratio
| Norway | Sweden | Denmark | UK | Finland | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOKm | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | H1 2022 | H1 2021 | |
| Gross premiums written | 1 293,5 | 1 118,7 | 1 458,5 | 1 297,1 | 875,4 | 766,1 | 1 059,1 | 959,0 | 212,0 | 167,8 | |
| Gross premiums earned | 769,4 | 692,7 | 957,0 | 856,5 | 501,2 | 422,9 | 810,7 | 686,1 | 113,3 | 144,7 | |
| Gross claims incurred | (622,8) (486,1) (717,0) (516,3) (444,1) (471,3) (589,1) (540,2) | (96,1) (115,6) | |||||||||
| Earned premiums, net of reinsurance | 698,2 | 616,3 | 871,6 | 739,0 | 448,5 | 366,8 | 642,6 | 543,4 | 103,5 | 129,1 | |
| Other insurance related income | 2,3 | 2,4 | 0,1 | 0,2 | 0,1 | 0,4 | 5,5 | 0,2 | 1,0 | 1,2 | |
| Claims incurred, net of reinsurance | (580,8) (510,6) (660,2) (473,7) (394,8) (308,0) (494,4) (456,6) | (87,4) (104,6) | |||||||||
| Sales cost | (21,7) | (26,9) | (74,1) | (69,3) | (12,1) | (14,9) | (68,9) | (65,4) | (2,0) | (1,8) | |
| Administration cost | (25,2) | (21,1) | (38,5) | (39,3) | (21,5) | (21,4) | (36,3) | (40,7) | (2,9) | (6,2) | |
| Commission from reinsurer | 9,6 | 3,9 | 17,7 | 28,1 | 4,3 | 13,1 | 13,3 | 19,5 | 1,2 | 2,4 | |
| Other insurance related expenses | (8,8) | (8,8) | (0,7) | 0,4 | (5,2) | (9,5) | (1,3) | (5,2) | (2,6) | (0,6) | |
| Technical result | 73,7 | 55,3 | 115,9 | 185,4 | 19,2 | 26,5 | 60,5 | (4,8) | 10,9 | 19,4 | |
| Other income/costs | (29,6) | (30,3) | 0,2 | (0,8) | 0,7 | (0,2) | 1,0 | 1,4 | 0,0 | 0,0 | |
| Net financial income | (86,7) | 594,7 | (32,3) | 57,4 | (22,3) | (5,4) | (20,0) | (2,1) | (12,8) | 13,9 | |
| Profit before tax | (42,7) | 619,7 | 83,8 | 242,0 | (2,3) | 20,9 | 41,5 | (5,6) | (1,9) | 33,4 | |
| Claims ratio, net of reinsurance | (1) | 83,2 % | 82,8 % | 75,7 % | 64,1 % | 88,0 % | 84,0 % | 76,9 % | 84,0 % | 84,4 % | 81,0 % |
| Expense ratio, net of reinsurance | (2) | 5,3 % | 7,1 % | 10,9 % | 10,9 % | 6,6 % | 6,3 % | 14,3 % | 15,9 % | 3,6 % | 4,4 % |
| Combined ratio, net of reinsurance | (3) | 88,5 % | 90,0 % | 86,6 % | 75,0 % | 94,6 % | 90,3 % | 91,2 % | 100,0 % | 88,0 % | 85,4 % |
| Gross claims ratio | (4) | 80,9 % | 70,2 % | 74,9 % | 60,3 % | 88,6 % | 111,4 % | 72,7 % | 78,7 % | 84,8 % | 79,9 % |
| Gross expense ratio | (5) | 6,1 % | 6,9 % | 11,8 % | 12,7 % | 6,7 % | 8,6 % | 13,0 % | 15,5 % | 4,3 % | 5,6 % |
| Gross combined ratio | (6) | 87,0 % | 77,1 % | 86,7 % | 72,9 % | 95,3 % | 120,0 % | 85,6 % | 94,2 % | 89,2 % | 85,5 % |
Protector decided in 2018 to exit the change of ownership insurance (COI) market. After the decision COI is defined as "discontinued operations" in the accounts. Net profit and assets and liabilities associated with COI are presented on separate lines as discontinued operations.
Protector has entered into a 50 % quota share agreement (reinsurance) covering all historical business written until July 1 st 2020. Protector has from January 1st 2022, when the new Real Property Sale Act entered into force, stopped writing new COI business.
| NOKm | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | FY 2021 |
|---|---|---|---|---|---|
| Gross premiums earned | 0,4 | 60,1 | 2,2 | 240,4 | 188,7 |
| Reinsurers' share of earned premiums | (0,0) | (6,0) | (0,2) | (71,5) | (18,8) |
| Earned premiums, net of reinsurance | 0,4 | 54,1 | 2,0 | 168,9 | 169,9 |
| Gross claims incurred | (4,1) | (39,2) | (11,4) | (226,2) | (202,2) |
| Reinsurers' share of claims incurred | 1,7 | 3,4 | 7,2 | 76,1 | 47,5 |
| Claims incurred, net of reinsurance | (2,4) | (35,8) | (4,1) | (150,1) | (154,7) |
| Total operating expenses, net of reinsurance | (0,2) | 1,9 | (0,2) | 3,2 | 1,2 |
| Other insurance related income/expenses | (1,8) | (1,3) | (2,6) | (7,8) | (5,6) |
| Technical result | (4,0) | 18,9 | (4,9) | 14,2 | 10,8 |
| Net income from financial assets | (10,4) | 8,0 | (11,0) | 104,4 | 76,2 |
| Other income/expenses | (0,8) | (1,3) | (1,9) | (7,1) | (5,0) |
| Non-technical result | (11,2) | 6,8 | (12,9) | 97,2 | 71,2 |
| Profit before tax | (15,2) | 25,7 | (17,8) | 111,4 | 82,0 |
| Tax | 1,6 | (6,1) | 0,9 | (17,1) | (14,6) |
| Profit for the period | (13,6) | 19,6 | (17,0) | 94,3 | 67,4 |
| Financial assets through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Shares | NOK | 410,1 | 1 704,0 | 24,9 | 2 138,9 |
| Bonds and other fixed income securities | NOK | 10 309,8 | 294,2 | 10 604,1 | |
| Cash and cash equivalents | NOK | 1 687,0 | 1 687,0 | ||
| Derivatives: | |||||
| Foreign currency contracts | NOK | 121,0 | 121,0 | ||
| Options | NOK | 29,6 | 29,6 | ||
| Total assets 30.06.2022 | NOK | 2 097,1 | 12 164,4 | 319,1 | 14 580,5 |
| Total assets 30.06.2021 | NOK | 3 166,1 | 11 614,6 | 0,0 | 14 780,6 |
| Financial liabilities at fair value through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Foreign exchange contracts | NOK | (100,4) | (100,4) | ||
| Other financial liabilities | NOK | (79,2) | (79,2) | ||
| Total financial liabilities 30.06.2022 | NOK | (47,4) | (116,8) | (164,2) | |
| Total financial liabilities 30.06.2021 | NOK | (117,3) | (37,5) | (154,8) |
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 recognised 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.
| Q2 2022 | Q2 2021 | 1.1.-30.06.2022 1.1.-30.06.2021 1.1.-31.12.2021 | ||||
|---|---|---|---|---|---|---|
| Gross premiums written ¹ | ||||||
| Norway | NOKm | 338,3 | 262,4 | 1 293,5 | 1 118,7 | 1 415,0 |
| Sweden | NOKm | 515,5 | 401,9 | 1 458,5 | 1 297,1 | 1 820,5 |
| Denmark | NOKm | 63,2 | 39,3 | 875,4 | 766,1 | 918,7 |
| UK | NOKm | 863,3 | 721,3 | 1 059,1 | 959,0 | 1 618,1 |
| Finland | NOKm | 7,7 | 3,6 | 212,0 | 167,8 | 178,2 |
| Total premiums written | NOKm | 1 788,0 | 1 428,6 | 4 898,6 | 4 308,8 | 5 950,6 |
| Gross premiums earned | ||||||
| Norway | NOKm | 397,3 | 349,9 | 769,4 | 692,7 | 1 398,3 |
| Sweden | NOKm | 508,0 | 422,2 | 957,0 | 856,5 | 1 749,3 |
| Denmark | NOKm | 257,4 | 215,6 | 501,2 | 422,9 | 880,2 |
| UK | NOKm | 423,2 | 352,3 | 810,7 | 686,1 | 1 460,5 |
| Finland | NOKm | 40,8 | 74,9 | 113,3 | 144,7 | 257,8 |
| Total gross premiums earned | NOKm | 1 626,7 | 1 415,0 | 3 151,6 | 2 802,9 | 5 746,1 |
| Earned premiums, net of reinsurance | ||||||
| Norway | NOKm | 360,4 | 310,9 | 698,2 | 616,3 | 1 245,4 |
| Sweden | NOKm | 460,8 | 366,0 | 871,6 | 739,0 | 1 512,3 |
| Denmark | NOKm | 229,5 | 186,6 | 448,5 | 366,8 | 761,4 |
| UK | NOKm | 340,0 | 289,0 | 642,6 | 543,4 | 1 170,9 |
| Finland | NOKm | 37,2 | 66,8 | 103,5 | 129,1 | 230,7 |
| Total earned premiums, net of reinsurance | NOKm | 1 427,9 | 1 219,3 | 2 764,4 | 2 394,6 | 4 920,7 |
| Gross claims incurred | ||||||
| Norway | NOKm | (291,7) | (252,8) | (622,8) | (486,1) | (1 088,6) |
| Sweden | NOKm | (327,9) | (250,9) | (717,0) | (516,3) | (1 038,1) |
| Denmark | NOKm | (208,7) | (256,4) | (444,1) | (471,3) | (904,6) |
| UK | NOKm | (332,9) | (289,4) | (589,1) | (540,2) | (1 237,6) |
| Finland | NOKm | (37,3) | (44,8) | (96,1) | (115,6) | (199,4) |
| Total gross claims incurred | NOKm | (1 198,5) | (1 094,3) | (2 469,1) | (2 129,5) | (4 468,4) |
| Claims incurred, net of reinsurance | ||||||
| Norway | NOKm | (270,2) | (255,0) | (580,8) | (510,6) | (1 021,8) |
| Sweden | NOKm | (307,8) | (230,8) | (660,2) | (473,7) | (949,2) |
| Denmark | NOKm | (177,4) | (156,5) | (394,8) | (308,0) | (631,3) |
| UK | NOKm | (270,9) | (245,1) | (494,4) | (456,6) | (1 027,6) |
| Finland | NOKm | (33,4) | (43,4) | (87,4) | (104,6) | (180,2) |
| Total claims incurred, net of reinsurance | NOKm | (1 059,8) | (930,7) | (2 217,7) | (1 853,5) | (3 810,1) |
| Gross expenses | ||||||
| Norway | NOKm | (21,3) | (17,4) | (46,9) | (47,9) | (105,6) |
| Sweden | NOKm | (57,3) | (44,9) | (112,5) | (108,6) | (214,3) |
| Denmark | NOKm | (15,6) | (14,8) | (33,7) | (36,3) | (73,9) |
| UK | NOKm | (54,2) | (44,3) | (23,0) | (106,1) | (46,5) |
| Finland | NOKm | (2,3) | (2,3) | (4,9) | (8,0) | (14,3) |
| Total gross expenses | NOKm | (150,7) | (123,7) | (221,0) | (307,0) | (454,7) |
| Net expenses | ||||||
| Norway | NOKm | (13,9) | (11,9) | (37,3) | (44,0) | (89,1) |
| Sweden | NOKm | (90,9) | (30,8) | (94,9) | (80,5) | (154,4) |
| Denmark | NOKm | (11,0) | (11,6) | (29,4) | (23,3) | (52,9) |
| UK | NOKm | (46,9) | (38,3) | (91,9) | (86,6) | (182,0) |
| Finland | NOKm | (2,1) | 0,1 | (3,7) | (5,6) | (9,3) |
| Total net expenses | NOKm | (164,8) | (92,4) | (257,1) | (240,0) | (487,6) |
| Q2 2022 | Q2 2021 | 1.1.-30.06.2022 1.1.-30.06.2021 1.1.-31.12.2021 | ||||
|---|---|---|---|---|---|---|
| Gross claims ratio | ||||||
| Norway | % | 73,4 % | 72,2 % | 80,9 % | 70,2 % | 77,8 % |
| Sweden | % | 64,6 % | 59,4 % | 74,9 % | 60,3 % | 59,3 % |
| Denmark | % | 81,1 % | 119,0 % | 88,6 % | 111,4 % | 102,8 % |
| UK | % | 78,6 % | 82,1 % | 72,7 % | 78,7 % | 84,7 % |
| Finland | % | 91,4 % | 59,8 % | 84,8 % | 79,9 % | 77,3 % |
| Total gross claims ratio | % | 73,7 % | 77,3 % | 78,3 % | 76,0 % | 77,8 % |
| Claims ratio, net of ceded business ¹ | ||||||
| Norway | % | 75,0 % | 82,0 % | 83,2 % | 82,8 % | 82,1 % |
| Sweden | % | 66,8 % | 63,1 % | 75,7 % | 64,1 % | 62,8 % |
| Denmark | % | 77,3 % | 83,9 % | 88,0 % | 84,0 % | 82,9 % |
| UK | % | 79,7 % | 84,8 % | 76,9 % | 84,0 % | 87,8 % |
| Finland | % | 89,8 % | 64,9 % | 84,4 % | 81,0 % | 78,1 % |
| Total claims ratio, net of ceded business | % | 74,2 % | 76,3 % | 80,2 % | 77,4 % | 77,4 % |
| Gross expense ratio | ||||||
| Norway | % | 5,4 % | 5,0 % | 6,1 % | 6,9 % | 7,6 % |
| Sweden | % | 11,3 % | 10,6 % | 11,8 % | 12,7 % | 12,3 % |
| Denmark | % | 6,1 % | 6,8 % | 6,7 % | 8,6 % | 8,4 % |
| UK | % | 12,8 % | 12,6 % | 13,0 % | 15,5 % | 14,4 % |
| Finland | % | 5,7 % | 3,1 % | 4,3 % | 5,6 % | 5,6 % |
| Total gross expense ratio | % | 9,3 % | 8,7 % | 9,6 % | 11,0 % | 10,8 % |
| Expense ratio, net of ceded business ¹ | ||||||
| Norway | % | 3,9 % | 3,8 % | 5,3 % | 7,1 % | 7,2 % |
| Sweden | % | 9,6 % | 8,4 % | 10,9 % | 10,9 % | 10,2 % |
| Denmark | % | 4,8 % | 6,2 % | 6,6 % | 6,3 % | 6,9 % |
| UK | % | 13,8 % | 13,2 % | 14,3 % | 15,9 % | 15,5 % |
| Finland | % | 5,6 % | -0,2 % | 3,6 % | 4,4 % | 4,0 % |
| Total expense ratio, net of ceded business | % | 8,3 % | 7,6 % | 9,3 % | 10,0 % | 9,9 % |
| Gross combined ratio | ||||||
| Norway | % | 78,8 % | 77,2 % | 87,0 % | 77,1 % | 85,4 % |
| Sweden | % | 75,8 % | 70,1 % | 86,7 % | 72,9 % | 71,6 % |
| Denmark | % | 87,2 % | 125,8 % | 95,3 % | 120,0 % | 111,2 % |
| UK | % | 91,4 % | 94,7 % | 85,6 % | 94,2 % | 99,1 % |
| Finland | % | 97,2 % | 62,9 % | 89,2 % | 85,5 % | 82,9 % |
| Total gross combined ratio | % | 82,9 % | 86,1 % | 88,0 % | 86,9 % | 88,5 % |
| Combined ratio, net of ceded business ¹ | ||||||
| Norway | % | 78,8 % | 85,8 % | 88,5 % | 90,0 % | 89,2 % |
| Sweden | % | 76,4 % | 71,5 % | 86,6 % | 75,0 % | 73,0 % |
| Denmark | % | 82,1 % | 90,1 % | 94,6 % | 90,3 % | 89,8 % |
| UK | % | 93,5 % | 98,0 % | 91,2 % | 100,0 % | 103,3 % |
| Finland | % | 95,4 % | 64,7 % | 88,0 % | 85,4 % | 82,1 % |
| Total combined ratio, net of ceded business | % | 82,5 % | 83,9 % | 89,5 % | 87,4 % | 87,3 % |
| Retention rate ¹ | ||||||
| Norway | % | 90,7 % | 88,8 % | 90,7 % | 89,0 % | 89,1 % |
| Sweden | % | 90,7 % | 86,7 % | 91,1 % | 86,3 % | 86,5 % |
| Denmark | % | 89,2 % | 86,6 % | 89,5 % | 86,7 % | 86,5 % |
| UK | % | 80,3 % | 82,0 % | 79,3 % | 79,2 % | 80,2 % |
| Finland | % | 91,1 % | 89,2 % | 91,4 % | 89,3 % | 89,5 % |
| Total retention rate | % | 87,8 % | 86,2 % | 87,7 % | 85,4 % | 85,6 % |
| Run-off gains/(losses) | ||||||
| Net run-off-gains/losses | NOKm | 48,7 | (22,7) | 96,9 | (21,7) | (14,8) |
| Net run-off-gains/losses | % | 3,4 % | -1,9 % | 3,5 % | -0,9 % | -0,3 % |
| Q2 2022 | Q2 2021 | 1.1.-30.06.2022 1.1.-30.06.2021 1.1.-31.12.2021 | ||||
|---|---|---|---|---|---|---|
| Return on investments ¹ | ||||||
| Total net income from investments, continued business | NOKm | (164,9) | 135,5 | (174,1) | 658,5 | 878,3 |
| Total net income from investments, discontinued business | NOKm | (10,4) | 8,0 | (11,0) | 65,6 | 76,2 |
| Total net income from investments | NOKm | (175,2) | 143,5 | (185,1) | 724,1 | 954,5 |
| Average investments, continued business | NOKm | 13 619,5 | 13 349,2 | 14 278,5 | 12 898,0 | 12 853,1 |
| Average investments, discontinued business | NOKm | 863,4 | 1 032,5 | 904,8 | 1 284,0 | 1 118,1 |
| Total average investments | NOKm | 14 482,9 | 14 381,7 | 15 183,3 | 14 182,0 | 13 971,2 |
| Return on investments, continued business | % | -1,2 % | 1,0 % | -1,2 % | 5,1 % | 6,8 % |
| Return investments, discontinued business | % | -1,2 % | 0,8 % | -1,2 % | 5,1 % | 6,8 % |
| Total return on investments | % | -1,2 % | 1,0 % | -1,2 % | 5,1 % | 6,8 % |
| Total net income from shares | NOKm | (94,6) | 68,1 | (106,9) | 556,9 | 669,5 |
| Total net income from interests | NOKm | (80,6) | 75,4 | (78,2) | 167,1 | 285,1 |
| Total net income from investments | NOKm | (175,2) | 143,5 | (185,1) | 724,1 | 954,5 |
| Average investments shares | NOKm | 2 415,6 | 2 357,8 | 2 308,1 | 1 873,7 | 1 720,0 |
| Average investments interests | NOKm | 12 067,3 | 12 023,9 | 12 875,2 | 12 308,3 | 12 251,2 |
| Total average investments | NOKm | 14 482,9 | 14 381,7 | 15 183,3 | 14 182,0 | 13 971,2 |
| Return on investments, shares | % | -3,9 % | 2,9 % | -4,6 % | 29,7 % | 38,9 % |
| Return investments, interests | % | -0,7 % | 0,6 % | -0,6 % | 1,4 % | 2,3 % |
| Total return on investments | % | -1,2 % | 1,0 % | -1,2 % | 5,1 % | 6,8 % |
| Return on equity, annualised ¹ | ||||||
| Profit before comprehensive income | NOKm | 52,0 | 262,3 | 31,4 | 839,7 | 1 232,1 |
| Average shareholder equity | NOKm | 2 974,8 | 3 533,8 | 3 205,5 | 3 420,7 | 3 460,3 |
| Return on equity, annualised | % | 7,0 % | 29,7 % | 2,0 % | 49,1 % | 35,6 % |
| Equity | NOKm | 2 659,4 | 3 483,2 | 2 659,4 | 3 483,2 | 3 582,1 |
| Equity per share | NOK | 32,3 | 42,3 | 32,3 | 42,3 | 43,5 |
| Earnings per share in the period, basic and diluted ² | NOK | 0,6 | 3,2 | 0,4 | 10,2 | 15,0 |
| Issued shares (excl. own shares), at the end of the period | No. | 82 378 345 | 82 364 602 | 82 378 345 | 82 364 602 | 82 371 969 |
¹ Defined as alternative performance measure (APM). APMs are described on www.protectorforsikring.no in document named APMs Protector Forsikring H1 2022
² Earnings per share from continuing and discontinued operations, basic and diluted = the shareholders' share of the profit or loss from continuing and discontinued operations in the period/average number of outstanding shares in the period
| NOKm | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 Q2 2020 | Q1 2020 | Q4 2019 | Q3 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross premiums written | 1 788,0 | 3 110,7 | 785,9 | 855,9 | 1 428,6 | 2 880,2 | 728,9 | 671,4 | 1 288,0 | 2 828,0 | 548,8 | 732,5 | |
| Gross premiums earned | 1 626,7 | 1 525,0 | 1 468,3 | 1 474,9 | 1 415,0 | 1 387,9 | 1 404,5 | 1 339,6 | 1 342,3 | 1 293,2 | 1 315,6 | 1 291,4 | |
| Gross claims incurred | (1 198,5) (1 270,6) (1 256,5) (1 082,5) (1 094,3) (1 035,2) (1 155,3) (1 080,2) (1 083,3) (1 105,8) (1 363,2) (1 139,0) | ||||||||||||
| Earned premiums, net of reinsurance | 1 427,9 | 1 336,5 | 1 268,9 | 1 257,3 | 1 219,3 | 1 175,2 | 1 189,0 | 1 147,3 | 1 154,9 | 1 122,3 | 1 132,9 | 1 112,1 | |
| Other insurance related income | 7,1 | 1,8 | 1,3 | 2,9 | 1,5 | 2,9 | 7,4 | 3,9 | 3,9 | 4,2 | 2,0 | 2,2 | |
| Claims incurred, net of reinsurance | (1 059,8) (1 157,9) (1 026,9) | (929,6) | (930,7) | (922,8) | (996,3) | (952,3) | (946,3) (1 006,4) (1 129,7) | (935,2) | |||||
| Sales cost | (86,0) | (92,8) | (94,7) | (88,6) | (76,9) | (101,5) | (93,3) | (86,5) | (79,8) | (71,7) | (65,3) | (53,7) | |
| Administration cost | (64,7) | (59,7) | (67,3) | (60,7) | (46,8) | (81,8) | (71,0) | (46,0) | (56,0) | (48,3) | (61,0) | (38,0) | |
| Commission from reinsurer | 32,7 | 13,4 | 26,6 | 37,1 | 31,4 | 35,6 | 26,2 | 13,6 | 18,9 | 23,0 | (2,3) | 8,4 | |
| Other insurance related expenses | (1,6) | (7,9) | (5,3) | (4,1) | (6,4) | (12,8) | (0,9) | 4,9 | 1,7 | (4,3) | 2,9 | (11,5) | |
| Technical result | 248,5 | 31,6 | 101,2 | 211,4 | 189,8 | 92,0 | 53,6 | 80,9 | 93,4 | 18,8 | (120,6) | 84,2 | |
| Other income/costs | (13,3) | (14,4) | (15,3) | (11,1) | (12,7) | (17,2) | (19,1) | (14,4) | (17,1) | (16,3) | (8,3) | (14,7) | |
| Net financial income | (164,9) | (9,2) | 220,1 | (0,3) | 135,5 | 523,0 | 413,6 | 264,7 | 509,8 | (322,8) | 107,3 | (15,3) | |
| Profit before tax | 70,4 | 8,0 | 305,9 | 200,0 | 312,6 | 597,8 | 448,0 | 331,2 | 586,0 | (320,3) | (21,5) | 54,2 | |
| Claims ratio, net of reinsurance | (1) | 74,2 % | 86,6 % | 80,9 % | 73,9 % | 76,3 % | 78,5 % | 83,8 % | 83,0 % | 81,9 % | 89,7 % | 99,7 % | 84,1 % |
| Expense ratio, net of reinsurance | (2) | 8,3 % | 10,4 % | 10,7 % | 8,9 % | 7,6 % | 12,6 % | 11,6 % | 10,4 % | 10,1 % | 8,6 % | 11,4 % | 7,5 % |
| Combined ratio, net of reinsurance | (3) | 82,5 % | 97,0 % | 91,6 % | 82,9 % | 83,9 % | 91,1 % | 95,4 % | 93,4 % | 92,1 % | 98,3 % | 111,1 % | 91,6 % |
| Gross claims ratio | (4) | 73,7 % | 83,3 % | 85,6 % | 73,4 % | 77,3 % | 74,6 % | 82,3 % | 80,6 % | 80,7 % | 85,5 % | 103,6 % | 88,2 % |
| Gross expense ratio | (5) | 9,3 % | 10,0 % | 11,0 % | 10,1 % | 8,7 % | 13,2 % | 11,7 % | 9,9 % | 10,1 % | 9,3 % | 9,6 % | 7,1 % |
| Gross combined ratio | (6) | 82,9 % | 93,3 % | 96,6 % | 83,5 % | 86,1 % | 87,8 % | 94,0 % | 90,5 % | 90,8 % | 94,8 % | 113,2 % | 95,3 % |
(1) Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
(2) Operating expenses in % of earned premiums, net of reinsurance
(3) Net claims ratio + net expense ratio
(4) Gross claims incurred in % of gross premiums earned
(5) Sales and administration costs in % of gross premiums earned
(6) Gross claims ratio + gross expense ratio
| NOKm | 30.06.2022 30.06.2021 31.12.2021 | ||
|---|---|---|---|
| Total solvency capital requirement | 2 202 | 2 016 | 2 081 |
| Total eligible own funds to meet SCR | 4 546 | 4 742 | 4 294 |
| Ratio of eligible own funds to SCR | 206 % | 235 % | 206 % |
| Totalt minimum capital requirement | 991 | 907 | 936 |
| Ratio of eligible own funds to MCR | 380 % | 432 % | 421 % |
We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2022 has been prepared in accordance with Norwegian Accounting Act, financial statement regulations for insurance companies, IAS 34 – Interim Financial Reporting and generally accepted accounting principles, and gives a true and fair view of the Company's assets, liabilities, financial position and profit and loss as a whole.
We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties transactions.
Oslo, 7 July 2022
The Board of Directors of Protector Forsikring ASA
| Jostein Sørvoll (Chairman) |
Arve Ree (Deputy Chairman) |
Else Bugge Fougner | Kjetil Garstad |
|---|---|---|---|
| Randi Helene Røed | Mathews V. Ambalathil | Tonje Giertsen | Henrik Golfetto Høye (CEO) |
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