Q3 2021 Interim results

Investor Presentation

Oslo, 28 October 2021

Henrik Høye Chief Executive Officer

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.

These materials may contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. While the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, its affiliates or any of their respective advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in any offering documents published in relation to such an offering. For further information about the Company, reference is made public disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages.

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

Result highlight Q3 & YTD 2021

Q3: Combined ratio at 82.9% | Investment return at 0.0% | EPS at NOK 1.6

Other highlights:

Change in profitability guiding; CR 2021 88%
Continued profitability measures
- Price increases at 13.2% (Q3) and 9.3% (YTD)
Special dividend of NOK 1.67 per share

This presentation contains alternative performance measures (APMs). APMs are described here: https://protectorforsikring.no/en/investor/documents/spreadsheets/

* Post special dividend

Claims update Q3 claims ratio at 73.9%, 9.1%-points down from last year

Net run off gains at 4.9 % in Q3 21 (-3.5% in Q3 20)
Large losses¹ at 9.4% (12.0%), 2.4%-points higher than normalized
Aggregated COVID-19 effects in quarter at 0%
Change made to guided profitability for full-year 2021
- Net combined ratio for 2021 88%

Business unit	Q3 '21 Gross	Q3 '21 Net	Q3 '20 Gross	Q3 '20 Net
Norway	73 %	74 %	75 %	72 %
Sweden	59 %	61 %	78 %	80 %
Denmark	82 %	74 %	116 %	117 %
UK	84 %	88 %	65 %	74 %
Finland	85 %	86 %	66 %	68 %
Protector	73.4 %	73.9 %	80.6 %	83.0 %

Business unit	YTD '21	YTD '21	YTD '20	YTD '20
	Gross	Net	Gross	Net
Norway	71 %	80 %	83 %	83 %
Sweden	60 %	63 %	83 %	83 %
Denmark	101 %	81 %	106 %	109 %
UK	81 %	86 %	62 %	71 %
Finland	81 %	82 %	62 %	64 %
Protector	75.1 %	76.2 %	82.2 %	84.8 %

Large losses and run-off Gross large losses¹ of MNOK 139 (9.4%), net run off gains at 1.7%

Gross large losses of MNOK 139 or 9.4% in Q3 21
- Cloud burst claim event in Gävle, Sweden (26 claims in total)
- One very large claim in UK (>50 MNOK net effect)
Net run off gains at 4.9 % in Q3 21 (loss of 3.5% in Q3 20)
- Driven by run off gains in Sweden at 3.7%

• Some volatility in reserves & large losses must be expected

Q3 18

Q1 19

Q4 18

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

Q4 20

Q3 20

Q1 21

Q2 21

Q3 21

Q2 18

Q3 17

1.2%

Q4 17

Q1 18

Volume update GWP up 27.5% in quarter, 25.8% in local currencies

Q3: a small volume-quarter • GWP growth at 27.5% (25.8% in LCY) • Renewal rate at 99.4 % • Realized price increases at 13.2% • Low and stabilized churn
- Underlying UK growth MNOK 50 lower; change of inception date for large account

• YTD:

GWP growth at 7.9% (9.7% in LCY)
Realized price increases at 9.3%
Current price increases and underwriting account for increased inflation due to Covid
In line with guiding for 2021; 10% in LCY

Business unit	Q3 '21		Q3 '20 Growth
Norway	174	162	12
Sweden	248	207	41
Denmark	61	58	3
UK	368	238	130
Finland	6	7	-1
Protector	856	671	184
COI	44	64	-20
Protector incl. COI	900	735	165

Business unit	YTD '21		YTD '20 Growth
Norway	1.293	1.249	44
Sweden	1.545	1.358	187
Denmark	827	913	-86
UK	1.327	1.051	276
Finland	173	217	-43
Protector	5.165	4.787	377
COI	151	191	-40
Protector incl. COI	5.316	4.978	337

Country-by-country key metrics

Q3 combined ratio at 82.9% | Quarterly country volatility must be expected

PROTECTOR
		Insurance

Q3 2021

	Norway		Sweden		Denmark		UK		Finland		Protector
	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020	Q3 2021	Q3 2020
Gross premium written	174	162	248	207	61	58	368	238	6	7	856	671
Gross premium earned	354	345	450	400	227	246	390	298	54	51	1.475	1.340
Net premium earned	316	314	394	349	195	216	303	224	48	45	1.257	1.147
Gross claims ratio	73.1 %	75.0 %	58.9 %	77.8 %	81.5 %	115.5 %	84.0 %	64.6 %	85.0 %	65.9 %	73.4 %	80.6 %
Gross cost ratio	8.0 %	9.7 %	11.1 %	11.3 %	7.1 %	5.3 %	13.5 %	12.8 %	4.7 %	5.2 %	10.1 %	9.9 %
Gross combined ratio	81.1 %	84.8 %	70.0 %	89.1 %	88.6 %	120.8 %	97.5 %	77.5 %	89.8 %	71.1 %	83.5 %	90.5 %
Net claims ratio	74.1 %	71.8 %	61.1 %	80.2 %	74.4 %	116.6 %	88.2 %	73.9 %	85.7 %	67.8 %	73.9 %	83.0 %
Net cost ratio	6.3 %	8.0 %	8.4 %	11.8 %	5.2 %	8.5 %	15.6 %	14.7 %	3.9 %	3.5 %	8.9 %	10.4 %
Net combined ratio	80.4 %	79.7 %	69.5 %	91.9 %	79.6 %	125.1 %	103.8 %	88.6 %	89.6 %	71.3 %	82.9 %	93.4 %

YTD 2021

	Norway		Sweden		Denmark		UK		Finland		Protector
	YTD 2021	YTD 2020	YTD 2021	YTD 2020	YTD 2021	YTD 2020	YTD 2021	YTD 2020	YTD 2021	YTD 2020	YTD 2021	YTD 2020
Gross premium written	1.293	1.249	1.545	1.358	827	913	1.327	1.051	173	217	5.165	4.787
Gross premium earned	1.047	1.085	1.307	1.194	650	731	1.076	805	198	160	4.278	3.975
Net premium earned	932	973	1.133	1.045	562	640	847	625	177	143	3.652	3.425
Gross claims ratio	71.2 %	83.4 %	59.8 %	82.7 %	101.0 %	106.2 %	80.7 %	62.2 %	81.3 %	62.2 %	75.1 %	82.2 %
Gross cost ratio	7.3 %	8.3 %	12.1 %	11.9 %	8.1 %	6.1 %	14.7 %	12.8 %	5.3 %	5.1 %	10.7 %	9.8 %
Gross combined ratio	78.4 %	91.7 %	71.9 %	94.6 %	109.1 %	112.4 %	95.4 %	75.0 %	86.6 %	67.3 %	85.8 %	92.0 %
Net claims ratio	79.9 %	82.8 %	63.1 %	82.9 %	80.6 %	109.0 %	85.5 %	71.3 %	82.3 %	63.9 %	76.2 %	84.8 %
Net cost ratio	6.8 %	6.6 %	10.0 %	12.0 %	5.9 %	8.5 %	15.8 %	13.6 %	4.2 %	2.2 %	9.6 %	9.7 %
Net combined ratio	86.7 %	89.4 %	73.1 %	94.9 %	86.6 %	117.5 %	101.4 %	84.9 %	86.5 %	66.1 %	85.9 %	94.5 %