Quarterly Report • Jul 8, 2021
Quarterly Report
Open in ViewerOpens in native device viewer
(UNAUDITED) 8 JULY 2021
Protector Forsikring ASA recorded a profit of NOK 267.3m (NOK 580.4m) for the quarter. The result is driven by a strong technical result and a good return on investments. The underwriting result was NOK 189.8m (NOK 93.4m) corresponding to a combined ratio of 83.9% (92.1%).
In Q2, gross written premiums increased by 22 % in local currencies. The growth is driven by the UK and Sweden. For the half year gross written premiums came in at NOK 4,308.8m up 5% or 7% in local currencies.
The Covid-19 pandemic had a positive impact on the net claims ratio estimated at approximately 1.4 percentage points in Q2 and 1.7 percentage points for the half year. The impact was primarily related to motor insurance.
In the first half year, the company recorded a profit of NOK 840.1m (NOK 195.5m). The return on investments was NOK 724.1m (NOK 186.7m) or 5.1% (1.5%). The technical result was NOK 281.9m (NOK 112.1m) corresponding to a combined ratio of 87.4% (95.1%).
The Board has utilised its authorisation granted by the Annual General Meeting in 2021 and has resolved to distribute a special dividend of NOK 137.5 million, corresponding to NOK 1.67 per share.
The SCR-ratio was 235% (161%) after distribution of dividends.
Q2 2021 shows following development compared to Q2 2020:
H1 2021 shows following development compared to H1 2020:
| NOKm | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | FY 2020 |
|---|---|---|---|---|---|
| Gross premiums written | 1 428,6 | 1 288,0 | 4 308,8 | 4 116,0 | 5 516,3 |
| Earned premiums, net of reinsurance | 1 219,3 | 1 154,9 | 2 394,6 | 2 277,3 | 4 613,5 |
| Claims incurred, net of reinsurance | (930,7) | (946,3) | (1 853,5) | (1 952,7) | (3 901,4) |
| Sales cost | (76,9) | (79,8) | (178,4) | (151,5) | (331,3) |
| Administration cost | (46,8) | (56,0) | (128,6) | (104,3) | (221,3) |
| Commission from reinsurer | 31,4 | 18,9 | 67,0 | 41,9 | 81,6 |
| Other insurance related income/expenses | (6,4) | 1,7 | (19,2) | 1,5 | 5,5 |
| Technical result | 189,8 | 93,4 | 281,9 | 112,1 | 246,6 |
| Other income/costs | (12,7) | (17,1) | (30,0) | (33,4) | (67,0) |
| Net financial income | 135,5 | 509,8 | 658,5 | 187,0 | 865,2 |
| Profit before tax | 312,6 | 586,0 | 910,4 | 265,7 | 1 044,8 |
| Tax | (70,0) | (119,9) | (141,0) | (80,2) | (160,0) |
| Discontinued operations | 19,6 | 118,5 | 70,3 | 3,8 | 94,3 |
| Net comprehensive income | 5,0 | (4,2) | 0,4 | 6,2 | 2,4 |
| Profit for the period | 267,3 | 580,4 | 840,1 | 195,5 | 981,6 |
| Claims ratio, net of reinsurance (1) |
76,3 % | 81,9 % | 77,4 % | 85,7 % | 84,6 % |
| Expense ratio, net of reinsurance (2) |
7,6 % | 10,1 % | 10,0 % | 9,4 % | 10,2 % |
| Combined ratio, net of reinsurance (3) |
83,9 % | 92,1 % | 87,4 % | 95,1 % | 94,8 % |
| Gross claims ratio (4) |
77,3 % | 80,7 % | 76,0 % | 83,1 % | 82,2 % |
| Gross expense ratio (5) |
8,7 % | 10,1 % | 11,0 % | 9,7 % | 10,3 % |
| Gross combined ratio (6) |
86,1 % | 90,8 % | 86,9 % | 92,8 % | 92,5 % |
| Retention rate (7) |
86,2 % | 86,0 % | 85,4 % | 86,4 % | 85,8 % |
| Earnings per share (8) |
3,2 | 7,1 | 10,2 | (4,8) | 12,0 |
(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
In Q2, gross premiums written increased by 11% or NOK 140.6m to a total of NOK 1,428.6m. In local currencies the growth was 22%. Nordic growth is driven by price increases and good new sales in Sweden. The volume in the UK is more significant this quarter, but new sales are still slow. However, UK new sales are picking up as Covid-19 restrictions are easing.
The renewal rate was 94.9 % (85.6 %) supported by price increases of 9.2%.
The growth per country was;
| Gross premiums written (NOKm) | Q2 2021 | Q2 2020 | Growth | |
|---|---|---|---|---|
| Norway | 262,4 | 266,2 | -3,8 | -1 % |
| Sweden | 401,9 | 362,3 | 39,6 | 11 % |
| Denmark | 39,3 | 41,2 | -2,0 | -5 % |
| UK | 721,3 | 620,9 | 100,4 | 16 % |
| Finland | 3,6 | -2,7 | 6,3 | -236 % |
| Total | 1428,6 | 1288,0 | 140,6 | 11 % |
In H1, gross written premiums totalled NOK 4,308.8m, representing a 5% growth. Growth in local currencies was 7%. The volume growth is driven by price increases and growth in Sweden and the UK.
The renewal rate was 91.6% (85.8%) supported by price increases.
Protector has as earlier communicated, withdrawn from worker's compensation (WC) covers within the Norwegian health and welfare industry due to the Government's decision to define Covid-19 as an occupational disease within the WC cover. Moreover, Protector has withdrawn from WC as a single product in Denmark due to capital consumption on this product combined with poor profitability. These deliberate measures represent a premium reduction of approximately NOK 191m or 5% in H1 2021.
The growth by country was:
| Gross premiums written (NOKm) | H1 2021 | H1 2020 | Growth | |
|---|---|---|---|---|
| Norway | 1118,7 | 1086,7 | 32,0 | 3 % |
| Sweden | 1297,1 | 1151,3 | 145,8 | 13 % |
| Denmark | 766,1 | 854,6 | -88,5 | -10 % |
| UK | 959,0 | 813,2 | 145,7 | 18 % |
| Finland | 167,8 | 210,2 | -42,3 | -20 % |
| Total | 4308,8 | 4116,0 | 192,8 | 5 % |
In Q2 the profit for the quarter totalled NOK 267.3m against NOK 580.4m in Q2 2020. The technical result was NOK 189.8m (NOK 93.4m), corresponding to a net combined ratio of 83.9%, 8.2 percentage points lower than the 92.1% reported in Q2 2020. The technical result was driven by strong results in the Nordics.
The net combined ratio by country is provided in the table below.
| Net combined ratio | Q2 2021 | Q2 2020 |
|---|---|---|
| Norway | 85,8 % | 87,3 % |
| Sweden | 71,5 % | 102,7 % |
| Denmark | 90,1 % | 106,8 % |
| UK | 98,0 % | 74,2 % |
| Finland | 64,7 % | 53,3 % |
| Total | 83,9 % | 92,1 % |
In Q2 the company had run-off losses of 1.9% and equal to the run-off losses in Q2 2020.
The claims ratio for own account is still improving and decreased from 81.9% in Q2 2020 to 76.3 % in Q2 2021. Price increases in the Nordics and other profitability measures drives the claims ratio downwards. The large loss level was in Q2 lower than normal.
The Covid-19 pandemic had in Q2 a positive impact on the net claims ratio estimated at approximately 1.4 percentage points against 2.0 percentage points in Q2 2020. The impact was primarily related to motor insurance.
The net expense ratio was 7.6%, down from 10.1% driven by lower personnel costs. Growth in the UK drives broker commissions up but the relative UK cost level (administrative costs and internal sales cost) will on the other hand continue to decline.
In H1, the result for the half-year totalled NOK 840.1m against NOK 195.5m in H1 2020. The net combined ratio was 87.4%, compared to 95.1% in H1 2020.
| Net combined ratio | H1 2021 | H1 2020 |
|---|---|---|
| Norway | 90,0 % | 94,0 % |
| Sweden | 75,0 % | 96,4 % |
| Denmark | 90,3 % | 113,7 % |
| UK | 100,0 % | 82,9 % |
| Finland | 85,4 % | 63,7 % |
| Total | 87,4 % | 95,1 % |
In H1, the company had run-off losses of NOK 21.7m (0.9%) compared to run-off losses of 0.8% during H1 2020.
The net expense ratio was 10.0%, up from 9.4% in H1 2020, due to higher broker commissions and personnel costs. Going forward the company expects higher broker commissions due to growth coming from the UK.
In Q2, the technical result for discontinued operations (change of ownership insurance) was NOK 18.9m (NOK 10.1m) and the profit for the quarter was NOK 19.6m (NOK 118.5m). In Q2, the company
continued to sell change of ownership insurance due to existing agreements with some real estate brokers.
In H1, the technical result was NOK 20.6m (NOK 10.4m). The profit for the half-year was 70.3m (3.8m).
The net investment portfolio amounted to a total of NOK 14,697m at 30 June 2021, up 13.6% compared to the portfolio end of Q2 2020.
In Q2, investment activities yielded a return of NOK 143.5m or 1.0%, compared to a return of NOK 638.8m or 5.2% in Q2 2020. Equities accounted for a NOK 68.1m gain (2.9%) against a NOK 198.0m gain (22.4%) in Q2 2020. The return on the fixed income portfolio totalled NOK 75.4m or 0.7% against NOK 440.8m or 3.9% in Q2 2020.
In H1, the investment result was NOK 724.1m (5.1%) against NOK 186.7m (1.5%) in H1 2020. Equities accounted for a NOK 556.9m gain (29.7%) against a NOK 133m loss (-11.3%) in H1 2020. The return on the fixed income portfolio totalled NOK 167.1m or 1.4% against NOK 319.7m or 2.9% in H1 2020.
Among our investments, both in equities and bonds, there are very little exposure towards industries and companies directly affected by the corona virus disease.
At the end of 2020 about 30% of our total financial positions were allocated to High Yield. By the end of Q2, Protector has slightly decreased this allocation to 29 %.
End of Q2 2021, 14% of Protector's financial assets were invested in equities, against 13.5% year-end 2020.
End of Q2, the volatility adjusted SCR-ratio using the standard formula was 235 % after distribution of dividends, up from 190 % year-end 2020. The company's long term objective is to maintain a SCRratio (calculated according to the Solvency II regulations) above 150 %.
The company's equity amounted to NOK 3,483.2m, an increase of NOK 452.7m compared to the equity at the end of 2020. Payment of dividends in Q2 have reduced the equity by NOK 384.4m
Protector has a BBB+ rating from A.M. Best.
Based on the company's strong financial position, position in the market and dividend policy the Board has resolved to distribute a special dividend of NOK 137.5 million, corresponding to NOK 1.67 per share. The resolved dividend is included in other equity and will be paid out on or about July 21st 2021.
Price increases and other profitability measures in the Nordics improve the claims ratio. The underlying profitability is good and Protector's expectations of a net CR of 90-92 % for the full year is further strengthened.
The Covid-19 situation has to this point had a limited effect on the company's insurance business. Products in our portfolio that may be adversely affected by Covid-19 are limited. The situation may still lead to some increase in pay-outs within products like other illness and business interruption, as well as extraordinary claims inflation on property damage (PDBI & motor). Reduced economic activity can still counteract the potential negative factors.
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 2021.
Oslo, 8th July 2021
The Board of Directors of Protector Forsikring ASA
| NOKm | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | FY 2020 |
|---|---|---|---|---|---|
| Premium income | |||||
| Gross written premiums | 1 428,6 | 1 288,0 | 4 308,8 | 4 116,0 | 5 516,3 |
| Change in provisions for unearned premiums | (13,6) | 54,3 | (1 505,9) | (1 480,4) | (136,8) |
| Gross premiums earned | 1 415,0 | 1 342,3 | 2 802,9 | 2 635,6 | 5 379,6 |
| Reinsurers' share of earned premiums | (195,6) | (187,4) | (408,3) | (358,3) | (766,0) |
| Earned premiums, net of reinsurance | 1 219,3 | 1 154,9 | 2 394,6 | 2 277,3 | 4 613,5 |
| Other insurance-related income | 1,5 | 3,9 | 4,5 | 8,2 | 19,5 |
| Gross claims incurred | (1 094,3) | (1 083,3) | (2 129,5) | (2 189,1) | (4 424,6) |
| Reinsurers' share of claims incurred | 163,6 | 137,0 | 276,0 | 236,4 | 523,2 |
| Claims incurred, net of reinsurance | (930,7) | (946,3) | (1 853,5) | (1 952,7) | (3 901,4) |
| Operating expenses | |||||
| Sales costs | (76,9) | (79,8) | (178,4) | (151,5) | (331,3) |
| Administration costs | (46,8) | (56,0) | (128,6) | (104,3) | (221,3) |
| Commission from reinsurers | 31,4 | 18,9 | 67,0 | 41,9 | 81,6 |
| Total operating expenses, net of reinsurance | (92,4) | (116,9) | (240,0) | (213,9) | (471,0) |
| Other insurance-related expenses | (8,0) | (2,3) | (23,7) | (6,6) | (14,0) |
| Technical result | 189,8 | 93,4 | 281,9 | 112,1 | 246,6 |
| Net income from financial assets | 135,5 | 509,8 | 658,5 | 187,0 | 865,2 |
| Other income | - | (2,7) | 0,0 | (2,7) | 0,9 |
| Other expenses | (12,7) | (14,4) | (30,0) | (30,7) | (67,9) |
| Other income/expenses | (12,7) | (17,1) | (30,0) | (33,4) | (67,0) |
| Non-technical result | 122,8 | 492,7 | 628,6 | 153,5 | 798,2 |
| Profit before tax | 312,6 | 586,0 | 910,4 | 265,7 | 1 044,8 |
| Tax | (70,0) | (119,9) | (141,0) | (80,2) | (160,0) |
| Discontinued operations | 19,6 | 118,5 | 70,3 | 3,8 | 94,3 |
| Profit before components of comprehensive income | 262,3 | 584,6 | 839,7 | 189,3 | 979,2 |
| Actuarial gain and loss from defined benefit pension plans | - | - | - | - | (0,5) |
| Currency changes from foreign enterprise | 6,7 | (5,7) | 0,5 | 8,2 | 3,7 |
| Taxes on components of comprehensive income | (1,7) | 1,4 | (0,1) | (2,1) | (0,8) |
| Profit for the period | 267,3 | 580,4 | 840,1 | 195,5 | 981,6 |
| Earnings per share | 3,2 | 7,1 | 10,2 | 2,3 | 12,0 |
| Earnings per share, diluted | 3,2 | 7,1 | 10,2 | 2,3 | 12,0 |
| NOKm | 30.06.2021 | 30.06.2020 | 31.12.2020 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | |||
| Other intangible fixed assets | 63,6 | 44,7 | 53,7 |
| Total intangible fixed assets | 63,6 | 44,7 | 53,7 |
| Buildings and other real estates | |||
| Owner-occupied property | - | 12,6 | - |
| Total buildings and other real estates | - | 12,6 | - |
| Financial assets | |||
| Shares | 1 864,2 | 923,7 | 1 601,7 |
| Securities, bonds etc | 9 052,2 | 8 743,8 | 8 574,7 |
| Financial derivatives | 63,3 | 25,9 | 47,9 |
| Bank deposits | 2 462,6 | 1 500,5 | 1 812,1 |
| Total financial assets | 13 442,4 | 11 194,0 | 12 036,4 |
| Reinsurers share of gross technical provisions | |||
| Reinsurers share of gross premium provisions | 307,5 | 293,8 | 159,0 |
| Reinsurers share of gross claims provisions | 2 943,3 | 1 580,1 | 1 380,8 |
| Total reinsurers share of gross technical provisions | 3 250,7 | 1 873,9 | 1 539,8 |
| Receivables | |||
| Policyholders | 639,0 | 578,5 | 310,2 |
| Intermediaries | 1,9 | 2,7 | 3,2 |
| Other receivables | 86,0 | 141,3 | 112,3 |
| Total receivables | 726,8 | 722,6 | 425,6 |
| Other assets | |||
| Tangible fixed assets | 39,8 | 33,2 | 30,4 |
| Cash and bank deposits | 108,8 | 274,2 | 263,2 |
| Total other assets | 148,5 | 307,4 | 293,6 |
| Total prepaid expenses | 714,7 | 621,7 | 505,3 |
| Assets discontinued operations | 1 712,1 | 2 401,8 | 1 895,7 |
| Total assets | 20 058,8 | 17 178,6 | 16 750,3 |
| NOKm | 30.06.2021 | 30.06.2020 | 31.12.2020 |
|---|---|---|---|
| Equity and liabilities | |||
| Shareholders' equity | |||
| Share capital [82.500.000 shares] | 82,5 | 86,2 | 86,2 |
| Own shares | (0,1) | (4,3) | (4,3) |
| Other paid-in equity | 267,7 | 267,7 | 267,7 |
| Total paid-in equity | 350,0 | 349,6 | 349,6 |
| Earned equity | |||
| Natural perils capital | 85,4 | 83,0 | 70,2 |
| Guarantee scheme provision | 81,5 | 87,6 | 84,9 |
| Other equity | 2 966,1 | 1 711,7 | 2 525,9 |
| Total earned equity | 3 133,1 | 1 882,3 | 2 680,9 |
| Total equity | 3 483,2 | 2 231,9 | 3 030,5 |
| Subordinated loan capital | 1 244,2 | 1 243,3 | 1 473,0 |
| Technical provisions | |||
| Provisions for unearned premiums | 2 896,1 | 2 766,6 | 1 396,7 |
| Provisions for claims | 7 956,9 | 7 643,4 | 7 788,4 |
| Total technical provisions | 10 853,0 | 10 410,1 | 9 185,1 |
| Provisions for other risks and liabilities | |||
| Pension liabilities | 17,9 | 16,0 | 17,9 |
| Current tax liability | 84,0 | 47,6 | 103,3 |
| Deferred tax liability | 124,4 | 96,5 | 124,5 |
| Total provisions for other risks and liabilities | 226,4 | 160,1 | 245,7 |
| Liabilities | |||
| Liabilities in connection with insurance | 96,4 | 187,1 | 43,1 |
| Liabilities in connection with reinsurance | 2 499,2 | 1 157,0 | 934,0 |
| Financial derivatives | 37,5 | 51,2 | 61,4 |
| Other liabilities | 380,3 | 298,0 | 250,5 |
| Total liabilities | 3 013,4 | 1 693,3 | 1 289,0 |
| Incurred expenses and prepaid income | |||
| Other incurred expenses and prepaid income | 287,7 | 101,7 | 415,4 |
| Total incurred expenses and prepaid income | 287,7 | 101,7 | 415,4 |
| Liabilites discontinued operations | 951,0 | 1 338,3 | 1 111,6 |
| Total equity and liabilities | 20 058,8 | 17 178,6 | 16 750,3 |
| NOKm | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | FY 2020 |
|---|---|---|---|---|---|
| Cash flow from operations | |||||
| Premiums paid | 1 484,6 | 1 403,6 | 3 827,5 | 3 919,2 | 5 888,0 |
| Claims paid | (1 022,5) | (1 006,2) | (2 064,5) | (2 266,7) | (4 558,2) |
| Paid reinsurance | (53,6) | 380,2 | (274,9) | 211,8 | 208,5 |
| Paid operating expenses including commissions | (123,5) | (491,1) | (194,2) | (533,1) | (473,7) |
| Interest / dividend income | 126,2 | 81,8 | 183,1 | 142,4 | 270,1 |
| Net payments from financial instruments | 866,3 | (934,9) | (105,8) | (1 558,1) | (1 337,1) |
| Payable tax | (151,4) | (36,5) | (174,4) | (27,0) | (39,4) |
| Net cash flow from operations | 1 126,2 | (603,1) | 1 196,9 | (111,6) | (41,7) |
| Cash flow from investment activities | |||||
| Investments in fixed assets | (23,5) | (10,3) | (34,2) | (21,0) | (15,8) |
| Net cash flow from investment activities | (23,5) | (10,3) | (34,2) | (21,0) | (15,8) |
| Cash flow from financial activities | |||||
| Dividend paid | (384,4) | (384,4) | |||
| Net payment on subordinated loan capital | (228,8) | (228,8) | 229,8 | ||
| Interest payments on subordinated loan capital | (15,6) | (16,4) | (32,5) | (34,3) | (61,7) |
| Net cash flow from financial activities | (645,8) | (16,4) | (645,8) | (34,3) | 168,1 |
| Net cash flow for the period | 474,0 | (629,8) | 516,9 | (167,0) | 110,5 |
| Net change in cash and cash equivalents | 474,0 | (629,8) | 516,9 | (167,0) | 110,5 |
| Cash and cash equivalents opening balance | 2 342,3 | 2 659,7 | 2 312,1 | 2 155,1 | 2 155,1 |
| Effects of exchange rate changes on cash and cash equivalents | 6,2 | (12,6) | (6,6) | 29,2 | 46,5 |
| Cash and cash equivalents closing balance | 2 822,5 | 2 017,3 | 2 822,5 | 2 017,3 | 2 312,1 |
| NOKm | Share Capital | Own shares | Other paid-in equity |
Natural perils capital |
Guarantee scheme provision |
Other equity | Total |
|---|---|---|---|---|---|---|---|
| Equity at 31.12.2019 | 86,2 | (4,4) | 267,7 | 76,9 | 89,2 | 1 503,8 | 2 019,3 |
| Profit for the period | 3,9 | (0,7) | (388,1) | (384,9) | |||
| Currency changes | (4,1) | (4,1) | |||||
| Equity at 31.03.2020 | 86,2 | (4,4) | 267,7 | 80,8 | 88,5 | 1 111,7 | 1 630,4 |
| Profit for the period | 2,2 | (0,9) | 579,1 | 580,4 | |||
| Currency changes | 21,0 | 21,0 | |||||
| Own shares | 0,1 | 0,1 | |||||
| Equity at 30.06.2020 | 86,2 | (4,3) | 267,7 | 83,0 | 87,6 | 1 711,7 | 2 231,9 |
| Profit for the period | (1,9) | (1,7) | 347,4 | 343,8 | |||
| Currency changes | (1,1) | (1,1) | |||||
| Equity at 30.09.2020 | 86,2 | (4,3) | 267,7 | 81,1 | 85,9 | 2 057,9 | 2 574,6 |
| Profit for the period | (11,0) | (1,0) | 454,3 | 442,2 | |||
| Currency changes | 13,7 | 13,7 | |||||
| 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 | (19,2) | (19,2) | |||||
| Own shares | 0,4 | - | 0,4 | ||||
| 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 | 9,0 | (2,1) | 260,4 | 267,3 | |||
| Dividend paid | (384,4) | (384,4) | |||||
| Currency changes | 9,2 | 9,2 | |||||
| Own shares | (3,7) | 3,7 | 6,6 | 6,6 | |||
| Equity at 30.06.2021 | 82,5 | (0,1) | 267,7 | 85,4 | 81,5 | 2 966,1 | 3 483,2 |
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 2020. 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 2019 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 2021 | Q2 2020 | Q2 2021 | Q2 2020 | Q2 2021 | Q2 2020 | Q2 2021 | Q2 2020 | Q2 2021 | Q2 2020 |
| Gross premiums written | 262,4 | 266,2 | 401,9 | 362,3 | 39,3 | 41,2 | 721,3 | 620,9 | 3,6 | (2,7) |
| Earned premiums, net of reinsurance | 310,9 | 330,8 | 366,0 | 347,0 | 186,6 | 219,9 | 289,0 | 220,4 | 66,8 | 36,7 |
| Other insurance related income | 1,2 | 2,3 | 0,1 | (0,1) | 0,0 | (0,4) | (0,0) | (0,8) | 0,2 | 2,9 |
| Claims incurred, net of reinsurance | (255,0) | (265,3) | (230,8) | (311,1) | (156,5) | (215,7) | (245,1) | (135,5) | (43,4) | (18,6) |
| Sales cost | (8,9) | (14,9) | (31,5) | (35,0) | (5,3) | (5,5) | (30,4) | (23,3) | (0,9) | (1,1) |
| Administration cost | (8,6) | (13,5) | (13,4) | (14,4) | (9,4) | (13,1) | (14,0) | (13,3) | (1,5) | (1,7) |
| Commission from reinsurer | 5,5 | 4,9 | 14,1 | 4,1 | 3,2 | (0,7) | 6,1 | 8,6 | 2,5 | 2,0 |
| Other insurance related expenses | (3,0) | 0,5 | 0,4 | (1,3) | (3,7) | 0,0 | (1,3) | (1,2) | (0,4) | (0,3) |
| Technical result | 42,3 | 44,8 | 104,9 | (10,8) | 14,9 | (15,4) | 4,4 | 55,0 | 23,4 | 19,8 |
| Other income/costs | (14,2) | (14,9) | 0,4 | (0,1) | 0,6 | (0,9) | 0,5 | (1,6) | 0,1 | 0,4 |
| Net financial income | 108,8 | 395,8 | 26,6 | 75,7 | (4,2) | 10,4 | (3,0) | 7,0 | 7,4 | 20,8 |
| Profit before tax | 136,8 | 425,8 | 131,8 | 64,8 | 11,2 | (5,8) | 1,8 | 60,4 | 30,9 | 40,9 |
| Claims ratio, net of reinsurance (1) |
82,0 % | 80,2 % | 63,1 % | 89,6 % | 83,9 % | 98,1 % | 84,8 % | 61,5 % | 64,9 % | 50,8 % |
| Expense ratio, net of reinsurance (2) |
3,8 % | 7,1 % | 8,4 % | 13,0 % | 6,2 % | 8,8 % | 13,2 % | 12,7 % | -0,2 % | 2,5 % |
| Combined ratio, net of reinsurance (3) |
85,8 % | 87,3 % | 71,5 % | 102,7 % | 90,1 % | 106,8 % | 98,0 % | 74,2 % | 64,7 % | 53,3 % |
| Gross claims ratio (4) |
72,2 % | 80,3 % | 59,4 % | 90,0 % | 119,0 % | 98,3 % | 82,1 % | 56,9 % | 59,8 % | 48,8 % |
| Gross expense ratio (5) |
5,0 % | 7,6 % | 10,6 % | 12,5 % | 6,8 % | 7,4 % | 12,6 % | 13,0 % | 3,1 % | 7,0 % |
| Gross combined ratio (6) |
77,2 % | 87,9 % | 70,1 % | 102,5 % | 125,8 % | 105,7 % | 94,7 % | 70,0 % | 62,9 % | 55,8 % |
(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 2021 | H1 2020 | H1 2021 | H1 2020 | H1 2021 | H1 2020 | H1 2021 | H1 2020 | H1 2021 | H1 2020 |
| Gross premiums written | 1 118,7 | 1 086,7 | 1 297,1 | 1 151,3 | 766,1 | 854,6 | 959,0 | 813,2 | 167,8 | 210,2 |
| Earned premiums, net of reinsurance | 616,3 | 658,7 | 739,0 | 695,6 | 366,8 | 424,1 | 543,4 | 401,4 | 129,1 | 97,5 |
| Other insurance related income | 2,4 | 2,8 | 0,2 | 0,4 | 0,4 | 0,4 | 0,2 | (0,0) | 1,2 | 4,6 |
| Claims incurred, net of reinsurance | (510,6) | (580,3) | (473,7) | (585,7) | (308,0) | (445,7) | (456,6) | (280,4) | (104,6) | (60,5) |
| Sales cost | (26,9) | (29,1) | (69,3) | (69,9) | (14,9) | (10,1) | (65,4) | (40,4) | (1,8) | (2,0) |
| Administration cost | (21,1) | (27,2) | (39,3) | (27,4) | (21,4) | (21,8) | (40,7) | (24,4) | (6,2) | (3,5) |
| Commission from reinsurer | 3,9 | 17,1 | 28,1 | 12,7 | 13,1 | (4,3) | 19,5 | 12,5 | 2,4 | 4,0 |
| Other insurance related expenses | (8,8) | (0,7) | 0,4 | (1,7) | (9,5) | (1,5) | (5,2) | (1,7) | (0,6) | (1,0) |
| Technical result | 55,3 | 41,4 | 185,4 | 24,0 | 26,5 | (59,0) | (4,8) | 66,9 | 19,4 | 38,9 |
| Other income/costs | (30,3) | (31,2) | (0,8) | (0,1) | (0,2) | (0,9) | 1,4 | (1,6) | 0,0 | 0,4 |
| Net financial income | 594,7 | 168,3 | 57,4 | 26,6 | (5,4) | (3,5) | (2,1) | 8,6 | 13,9 | (13,2) |
| Profit before tax | 619,7 | 178,5 | 242,0 | 50,5 | 20,9 | (63,4) | (5,6) | 73,9 | 33,4 | 26,1 |
| Claims ratio, net of reinsurance (1) |
82,8 % | 88,1 % | 64,1 % | 84,2 % | 84,0 % | 105,1 % | 84,0 % | 69,9 % | 81,0 % | 62,1 % |
| Expense ratio, net of reinsurance (2) |
7,1 % | 5,9 % | 10,9 % | 12,2 % | 6,3 % | 8,5 % | 15,9 % | 13,0 % | 4,4 % | 1,6 % |
| Combined ratio, net of reinsurance (3) |
90,0 % | 94,0 % | 75,0 % | 96,4 % | 90,3 % | 113,7 % | 100,0 % | 82,9 % | 85,4 % | 63,7 % |
| Gross claims ratio (4) |
70,2 % | 87,3 % | 60,3 % | 85,1 % | 111,4 % | 101,6 % | 78,7 % | 60,8 % | 79,9 % | 60,5 % |
| Gross expense ratio (5) |
6,9 % | 7,6 % | 12,7 % | 12,3 % | 8,6 % | 6,6 % | 15,5 % | 12,8 % | 5,6 % | 5,1 % |
| (6) Gross combined ratio |
77,1 % | 94,9 % | 72,9 % | 97,4 % | 120,0 % | 108,1 % | 94,2 % | 73,6 % | 85,5 % | 65,5 % |
Protector decided in 2018 to exit the change of ownership insurance (COI) market due to the product's recent years' weak technical performance, and due to the significant uncertainty related to the product's future premium development and profitability. After the decision to exit the COI market, 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 1st 2020.
Premium income in Q2 2021 is due to some continued agreements with real estate brokers
| NOKm | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | FY 2020 |
|---|---|---|---|---|---|
| Gross premiums earned | 60,1 | 64,2 | 106,6 | 127,1 | 240,4 |
| Reinsurers' share of earned premiums | (6,0) | (29,6) | (10,6) | (58,6) | (71,5) |
| Earned premiums, net of reinsurance | 54,1 | 34,6 | 96,0 | 68,5 | 168,9 |
| Gross claims incurred | (39,2) | (49,8) | (85,3) | (107,9) | (226,2) |
| Reinsurers' share of claims incurred | 3,4 | 26,2 | 10,4 | 52,7 | 76,1 |
| Claims incurred, net of reinsurance | (35,8) | (23,6) | (74,9) | (55,2) | (150,1) |
| Total operating expenses, net of reinsurance | 1,9 | 1,1 | 2,1 | 1,3 | 3,2 |
| Other insurance-related income/expenses | (1,3) | (2,1) | (2,6) | (4,2) | (7,8) |
| Technical result | 18,9 | 10,1 | 20,6 | 10,4 | 14,2 |
| Net income from financial assets | 8,0 | 129,0 | 65,6 | (0,3) | 104,4 |
| Other income/expenses | (1,3) | (2,7) | (3,0) | (4,6) | (7,1) |
| Non-technical result | 6,8 | 126,3 | 62,6 | (4,9) | 97,2 |
| Profit before tax | 25,7 | 136,4 | 83,2 | 5,5 | 111,4 |
| Tax | (6,1) | (17,9) | (12,9) | (1,7) | (17,1) |
| Profit for the period | 19,6 | 118,5 | 70,3 | 3,8 | 94,3 |
| Financial assets through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Shares | NOK | 458,2 | 1 591,6 | 2 049,8 | |
| Bonds and other fixed income securities | NOK | 9 953,4 | 9 953,4 | ||
| Cash and cash equivalents | NOK | 2 707,9 | 0,0 | 2 707,9 | |
| Derivatives: | |||||
| Foreign currency contracts | NOK | 42,3 | 42,3 | ||
| Options | NOK | 27,3 | 27,3 | ||
| Total assets 30.06.2021 | NOK | 3 166,1 | 11 614,6 | 0,0 | 14 780,6 |
| Total assets 30.06.2020 | NOK | 2 129,7 | 10 892,3 | 0,0 | 13 022,0 |
| Financial liabilities at fair value through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Foreign exchange contracts | NOK | (37,5) | (37,5) | ||
| Other financial liabilities | NOK | (117,3) | (117,3) | ||
| Total financial liabilities 30.06.2021 | NOK | (117,3) | (37,5) | (154,8) | |
| Total financial liabilities 30.06.2020 | NOK | (34,5) | (51,2) | (85,7) |
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 20 million 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.
INTERIM REPORT Q2 2021 | PROTECTOR FORSIKRING ASA | PAGE 15 of 21
| NOKm | 30.06.2021 | 30.06.2020 | 31.12.2020 |
|---|---|---|---|
| Total solvency capital requirement | 2 016 | 1 943 | 2 003 |
| Total eligible own funds to meet SCR | 4 742 | 3 120 | 3 814 |
| Ratio of eligible own funds to SCR | 235 % | 161 % | 190 % |
| Totalt minimum capital requirement | 907 | 874 | 901 |
| Ratio of eligible own funds to MCR | 432 % | 266 % | 332 % |
¹ Volatility adjusted using the standard formula.
| Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | 1.1.-31.12.2020 | ||
|---|---|---|---|---|---|---|
| Gross premiums written ¹ | ||||||
| Norway | NOKm | 262,4 | 266,2 | 1 118,7 | 1 086,7 | 1 382,6 |
| Sweden | NOKm | 401,9 | 362,3 | 1 297,1 | 1 151,3 | 1 607,4 |
| Denmark | NOKm | 39,3 | 41,2 | 766,1 | 854,6 | 972,5 |
| UK | NOKm | 721,3 | 620,9 | 959,0 | 813,2 | 1 327,8 |
| Finland | NOKm | 3,6 | -2,7 | 167,8 | 210,2 | 226,0 |
| Total premiums written | NOKm | 1 428,6 | 1 288,0 | 4 308,8 | 4 116,0 | 5 516,3 |
| Gross premiums earned | ||||||
| Norway | NOKm | 349,9 | 373,1 | 692,7 | 740,0 | 1 443,4 |
| Sweden | NOKm | 422,2 | 396,5 | 856,5 | 793,9 | 1 605,2 |
| Denmark | NOKm | 215,6 | 251,4 | 422,9 | 485,3 | 983,0 |
| UK | NOKm | 352,3 | 280,1 | 686,1 | 507,2 | 1 131,0 |
| Finland | NOKm | 74,9 | 41,2 | 144,7 | 109,1 | 217,0 |
| Total gross premiums earned | NOKm | 1 415,0 | 1 342,3 | 2 802,9 | 2 635,6 | 5 379,6 |
| Earned premiums, net of reinsurance | ||||||
| Norway | NOKm | 310,9 | 330,8 | 616,3 | 658,7 | 1 292,6 |
| Sweden | NOKm | 366,0 | 347,0 | 739,0 | 695,6 | 1 401,9 |
| Denmark | NOKm | 186,6 | 219,9 | 366,8 | 424,1 | 861,1 |
| UK | NOKm | 289,0 | 220,4 | 543,4 | 401,4 | 863,8 |
| Finland | NOKm | 66,8 | 36,7 | 129,1 | 97,5 | 194,0 |
| Total earned premiums, net of reinsurance | NOKm | 1 219,3 | 1 154,9 | 2 394,6 | 2 277,3 | 4 613,5 |
| Gross claims incurred | ||||||
| Norway | NOKm | (252,8) | (299,7) | (486,1) | (645,8) | (1 170,5) |
| Sweden | NOKm | (250,9) | (356,9) | (516,3) | (676,0) | (1 269,1) |
| Denmark | NOKm | (256,4) | (247,2) | (471,3) | (492,8) | (1 106,0) |
| UK | NOKm | (289,4) | (159,4) | (540,2) | (308,6) | (722,1) |
| Finland | NOKm | (44,8) | (20,1) | (115,6) | (66,0) | (157,0) |
| Total gross claims incurred | NOKm | (1 094,3) | (1 083,3) | (2 129,5) | (2 189,1) | (4 424,6) |
| Claims incurred, net of reinsurance | ||||||
| Norway | NOKm | (255,0) | (265,3) | (510,6) | (580,3) | (1 036,2) |
| Sweden | NOKm | (230,8) | (311,1) | (473,7) | (585,7) | (1 119,3) |
| Denmark | NOKm | (156,5) | (215,7) | (308,0) | (445,7) | (991,3) |
| UK | NOKm | (245,1) | (135,5) | (456,6) | (280,4) | (611,0) |
| Finland | NOKm | (43,4) | (18,6) | (104,6) | (60,5) | (143,6) |
| Total claims incurred, net of reinsurance | NOKm | (930,7) | (946,3) | (1 853,5) | (1 952,7) | (3 901,4) |
| Gross expenses | ||||||
| Norway | NOKm | (17,4) | (28,4) | (47,9) | (56,2) | (124,5) |
| Sweden | NOKm | (44,9) | (49,4) | (108,6) | (97,3) | (204,4) |
| Denmark | NOKm | (14,8) | (18,5) | (36,3) | (31,9) | (66,2) |
| UK | NOKm | (44,3) | (36,5) | (21,2) | (64,8) | (146,3) |
| Finland | NOKm | (2,3) | (2,9) | (8,0) | (5,5) | (11,3) |
| Total gross expenses | NOKm | (123,7) | (135,8) | (222,1) | (255,8) | (552,6) |
| Net expenses | ||||||
| Norway | NOKm | (11,9) | (23,5) | (44,0) | (39,2) | (79,3) |
| Sweden | NOKm | (76,4) | (45,3) | (80,5) | (84,7) | (179,8) |
| Denmark | NOKm | (11,6) | (19,3) | (23,3) | (36,2) | (82,7) |
| UK | NOKm | (38,3) | (27,9) | (86,6) | (52,3) | (122,4) |
| Finland | NOKm | 0,1 | (0,9) | (5,6) | (1,5) | (6,8) |
| Total net expenses | NOKm | (138,0) | (116,9) | (240,0) | (213,9) | (471,0) |
| Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | 1.1.-31.12.2020 | ||
|---|---|---|---|---|---|---|
| Gross claims ratio | ||||||
| Norway | % | 72,2 % | 80,3 % | 70,2 % | 87,3 % | 81,1 % |
| Sweden | % | 59,4 % | 90,0 % | 60,3 % | 85,1 % | 79,1 % |
| Denmark | % | 119,0 % | 98,3 % | 111,4 % | 101,6 % | 112,5 % |
| UK | % | 82,1 % | 56,9 % | 78,7 % | 60,8 % | 63,8 % |
| Finland | % | 59,8 % | 48,8 % | 79,9 % | 60,5 % | 72,3 % |
| Total gross claims ratio | % | 77,3 % | 80,7 % | 76,0 % | 83,1 % | 82,2 % |
| Claims ratio, net of ceded business ¹ | ||||||
| Norway | % | 82,0 % | 80,2 % | 82,8 % | 88,1 % | 80,2 % |
| Sweden | % | 63,1 % | 89,6 % | 64,1 % | 84,2 % | 79,8 % |
| Denmark | % | 83,9 % | 98,1 % | 84,0 % | 105,1 % | 115,1 % |
| UK | % | 84,8 % | 61,5 % | 84,0 % | 69,9 % | 70,7 % |
| Finland | % | 64,9 % | 50,8 % | 81,0 % | 62,1 % | 74,0 % |
| Total claims ratio, net of ceded business | % | 76,3 % | 81,9 % | 77,4 % | 85,7 % | 84,6 % |
| Gross expense ratio | ||||||
| Norway | % | 5,0 % | 7,6 % | 6,9 % | 7,6 % | 8,6 % |
| Sweden | % | 10,6 % | 12,5 % | 12,7 % | 12,3 % | 12,7 % |
| Denmark | % | 6,8 % | 7,4 % | 8,6 % | 6,6 % | 6,7 % |
| UK | % | 12,6 % | 13,0 % | 15,5 % | 12,8 % | 12,9 % |
| Finland | % | 3,1 % | 7,0 % | 5,6 % | 5,1 % | 5,2 % |
| Total gross expense ratio | % | 8,7 % | 10,1 % | 11,0 % | 9,7 % | 10,3 % |
| Expense ratio, net of ceded business ¹ | ||||||
| Norway | % | 3,8 % | 7,1 % | 7,1 % | 5,9 % | 6,1 % |
| Sweden | % | 8,4 % | 13,0 % | 10,9 % | 12,2 % | 12,8 % |
| Denmark | % | 6,2 % | 8,8 % | 6,3 % | 8,5 % | 9,6 % |
| UK | % | 13,2 % | 12,7 % | 15,9 % | 13,0 % | 14,2 % |
| Finland | % | -0,2 % | 2,5 % | 4,4 % | 1,6 % | 3,5 % |
| Total expense ratio, net of ceded business | % | 7,6 % | 10,1 % | 10,0 % | 9,4 % | 10,2 % |
| Gross combined ratio | ||||||
| Norway | % | 77,2 % | 87,9 % | 77,1 % | 94,9 % | 89,7 % |
| Sweden | % | 70,1 % | 102,5 % | 72,9 % | 97,4 % | 91,8 % |
| Denmark | % | 125,8 % | 105,7 % | 120,0 % | 108,1 % | 119,2 % |
| UK | % | 94,7 % | 70,0 % | 94,2 % | 73,6 % | 76,8 % |
| Finland | % | 62,9 % | 55,8 % | 85,5 % | 65,5 % | 77,5 % |
| Total gross combined ratio | % | 86,1 % | 90,8 % | 86,9 % | 92,8 % | 92,5 % |
| Combined ratio, net of ceded business ¹ | ||||||
| Norway | % | 85,8 % | 87,3 % | 90,0 % | 94,0 % | 86,3 % |
| Sweden | % | 71,5 % | 102,7 % | 75,0 % | 96,4 % | 92,7 % |
| Denmark | % | 90,1 % | 106,8 % | 90,3 % | 113,7 % | 124,7 % |
| UK | % | 98,0 % | 74,2 % | 100,0 % | 82,9 % | 84,9 % |
| Finland | % | 64,7 % | 53,3 % | 85,4 % | 63,7 % | 77,5 % |
| Total combined ratio, net of ceded business | % | 83,9 % | 92,1 % | 87,4 % | 95,1 % | 94,8 % |
| Retention rate ¹ | ||||||
| Norway | % | 88,8 % | 88,7 % | 89,0 % | 89,0 % | 89,6 % |
| Sweden | % | 86,7 % | 87,5 % | 86,3 % | 87,6 % | 87,3 % |
| Denmark | % | 86,6 % | 87,5 % | 86,7 % | 87,4 % | 87,6 % |
| UK | % | 82,0 % | 78,7 % | 79,2 % | 79,1 % | 76,4 % |
| Finland | % | 89,2 % | 89,0 % | 89,3 % | 89,3 % | 89,4 % |
| Total retention rate | % | 86,2 % | 86,0 % | 85,4 % | 86,4 % | 85,8 % |
| Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | 1.1.-31.12.2020 | ||
|---|---|---|---|---|---|---|
| Run-off gains/(losses) | ||||||
| Net run-off-gains/losses | NOKm | (22,7) | (22,3) | (21,7) | (18,7) | (100,0) |
| Net run-off-gains/losses | % | -1,9 % | -1,9 % | -0,9 % | -0,8 % | -2,2 % |
| Return on investments ¹ | ||||||
| Total net income from investments, continued business | NOKm | 135,5 | 509,8 | 658,5 | 187,0 | 865,2 |
| Total net income from investments, discontinued business | NOKm | 8,0 | 129,0 | 65,6 | (0,3) | 104,4 |
| Total net income from investments | NOKm | 143,5 | 638,8 | 724,1 | 186,7 | 969,6 |
| Average investments, continued business | NOKm | 13 349,2 | 10 464,7 | 12 898,0 | 10 495,6 | 10 762,2 |
| Average investments, discontinued business | NOKm | 1 032,5 | 1 838,5 | 1 284,0 | 1 841,4 | 1 298,0 |
| Total average investments | NOKm | 14 381,7 | 12 303,2 | 14 182,0 | 12 337,0 | 12 060,2 |
| Return on investments, continued business | % | 1,0 % | 4,9 % | 5,1 % | 1,8 % | 8,0 % |
| Return investments, discontinued business | % | 0,8 % | 7,0 % | 5,1 % | 0,0 % | 8,0 % |
| Total return on investments | % | 1,0 % | 5,2 % | 5,1 % | 1,5 % | 8,0 % |
| Total net income from shares | NOKm | 68,1 | 198,0 | 556,9 | (133,0) | 433,8 |
| Total net income from interests | NOKm | 75,4 | 440,8 | 167,1 | 319,7 | 535,7 |
| Total net income from investments | NOKm | 143,5 | 638,8 | 724,1 | 186,7 | 969,6 |
| Average investments shares | NOKm | 2 357,8 | 884,0 | 1 873,7 | 1 181,5 | 1 242,2 |
| Average investments interests | NOKm | 12 023,9 | 11 419,2 | 12 308,3 | 11 155,6 | 10 818,1 |
| Total average investments | NOKm | 14 381,7 | 12 303,2 | 14 182,0 | 12 337,0 | 12 060,2 |
| Return on investments, shares | % | 2,9 % | 22,4 % | 29,7 % | -11,3 % | 34,9 % |
| Return investments, interests | % | 0,6 % | 3,9 % | 1,4 % | 2,9 % | 5,0 % |
| Total return on investments | % | 1,0 % | 5,2 % | 5,1 % | 1,5 % | 8,0 % |
| Return on equity, annualised ¹ | ||||||
| Profit before comprehensive income | NOKm | 262,3 | 584,6 | 839,7 | 189,3 | 979,2 |
| Average sharholders equity | NOKm | 3 533,8 | 1 931,1 | 3 420,7 | 1 878,0 | 2 240,4 |
| Return on equity, annualised | % | 29,7 % | 121,1 % | 49,1 % | 20,2 % | 43,7 % |
| Equity | NOKm | 3 483,2 | 2 231,9 | 3 483,2 | 2 231,9 | 3 030,5 |
| Equity per share | NOK | 42,3 | 27,3 | 42,3 | 27,3 | 37,0 |
| Earnings per share in the period, basic and diluted ² | NOK | 3,2 | 7,1 | 10,2 | 2,3 | 12,0 |
| Issued shares (excl. own shares), at the end of the period | No. | 82 364 602 | 81 886 229 | 82 364 602 | 81 886 229 | 81 876 329 |
¹ Defined as alternative performance measure (APM). APMs are described on www.protectorforsikring.no in
document named APMs Protector Forsikring H1 2021
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 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 | Q4 2018 Q3 2018 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross premiums written | 1 428,6 | 2 880,2 | 728,9 | 671,4 | 1 288,0 | 2 828,0 | 548,8 | 732,5 | 1 105,9 | 2 713,4 | 475,1 | 624,3 |
| Gross premiums earned | 1 415,0 | 1 387,9 | 1 404,5 | 1 339,6 | 1 342,3 | 1 293,2 | 1 315,6 | 1 291,4 | 1 241,9 | 1 146,9 | 1 123,2 | 1 042,4 |
| Gross claims incurred | (1 094,3) (1 035,2) (1 155,3) (1 080,2) (1 083,3) (1 105,8) (1 363,2) (1 139,0) (1 150,0) (1 071,7) (1 161,7) (937,1) | |||||||||||
| Earned premiums, net of reinsurance | 1 219,3 | 1 175,2 | 1 189,0 | 1 147,3 | 1 154,9 | 1 122,3 | 1 132,9 | 1 112,1 | 1 011,9 | 890,6 | 759,0 | 689,7 |
| Other insurance related income | 1,5 | 2,9 | 7,4 | 3,9 | 3,9 | 4,2 | 2,0 | 2,2 | 3,2 | 3,1 | 12,0 | 9,5 |
| Claims incurred, net of reinsurance | (930,7) (922,8) (996,3) (952,3) (946,3) (1 006,4) (1 129,7) (935,2) (999,8) (884,4) (739,3) (613,2) | |||||||||||
| Sales cost | (76,9) (101,5) | (93,3) | (86,5) | (79,8) | (71,7) | (65,3) | (53,7) | (65,6) | (48,9) | (49,4) (55,4) | ||
| Administration cost | (46,8) | (81,8) | (71,0) | (46,0) | (56,0) | (48,3) | (61,0) | (38,0) | (42,9) | (38,0) | (46,1) (28,9) | |
| Commission from reinsurer | 31,4 | 35,6 | 26,2 | 13,6 | 18,9 | 23,0 | (2,3) | 8,4 | 23,1 | 28,0 | 31,1 | 37,7 |
| Other insurance related expenses | (6,4) | (12,8) | (0,9) | 4,9 | 1,7 | (4,3) | 2,9 | (11,5) | (1,9) | (5,2) | (2,1) (10,8) | |
| Technical result | 189,8 | 92,0 | 53,6 | 80,9 | 93,4 | 18,8 | (120,6) | 84,2 | (72,0) | (54,7) | (34,8) | 28,6 |
| Other income/costs | (12,7) | (17,2) | (19,1) | (14,4) | (17,1) | (16,3) | (8,3) | (14,7) | (13,2) | (14,0) | (12,3) (12,5) | |
| Net financial income | 135,5 | 523,0 | 413,6 | 264,7 | 509,8 | (322,8) 107,3 | (15,3) | (31,7) | 81,2 | (141,9) | 35,5 | |
| Profit before tax | 312,6 | 597,8 | 448,0 | 331,2 | 586,0 | (320,3) | (21,5) | 54,2 | (116,9) | 12,5 | (189,1) | 51,7 |
| Claims ratio, net of reinsurance | (1) 76,3 % |
78,5 % | 83,8 % | 83,0 % | 81,9 % | 89,7 % | 99,7 % | 84,1 % | 98,8 % | 99,3 % | 97,4 % | 88,9 % |
| Expense ratio, net of reinsurance | (2) 7,6 % |
12,6 % | 11,6 % | 10,4 % | 10,1 % | 8,6 % | 11,4 % | 7,5 % | 8,4 % | 6,6 % | 8,5 % | 6,7 % |
| Combined ratio, net of reinsurance | (3) 83,9 % |
91,1 % | 95,4 % | 93,4 % | 92,1 % | 98,3 % 111,1 % | 91,6 % 107,2 % 105,9 % 105,9 % | 95,7 % | ||||
| Gross claims ratio | (4) 77,3 % |
74,6 % | 82,3 % | 80,6 % | 80,7 % | 85,5 % 103,6 % | 88,2 % | 92,6 % | 93,4 % 103,4 % | 89,9 % | ||
| Gross expense ratio | (5) 8,7 % |
13,2 % | 11,7 % | 9,9 % | 10,1 % | 9,3 % | 9,6 % | 7,1 % | 8,7 % | 7,6 % | 8,5 % | 8,1 % |
| Gross combined ratio | (6) 86,1 % |
87,8 % | 94,0 % | 90,5 % | 90,8 % | 94,8 % 113,2 % | 95,3 % 101,3 % 101,0 % 111,9 % | 98,0 % |
(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
We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2021 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, 8 July 2021
The Board of Directors of Protector Forsikring ASA
| Jostein Sørvoll (Chairman) |
Arve Ree (Deputy Chairman) |
Else Bugge Fougner | Kjetil Garstad |
|---|---|---|---|
| Randi Helene Røed | Line Engelmann-Kokkim | Mathews V. Ambalathil | Henrik Golfetto Høye (CEO) |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.