Quarterly Report • Oct 30, 2020
Quarterly Report
Open in ViewerOpens in native device viewer
(UNAUDITED) 29 OCTOBER 2020
Protector Forsikring ASA recorded a profit of NOK 343.8m (NOK – 8.3m) for the quarter. The strong result is driven by a strong return on investments and a good technical result. The underwriting result was NOK 80.9m (NOK 84.2m) corresponding to a combined ratio of 93.4% (91.6%).
With several large losses and run-off-losses of 3.5% the combined ratio ended somewhat weaker than in Q3 2019.
In Q3, gross written premiums decreased by 14% in local currencies. Significant price increases in the Nordics and exit of a very large customer in Norway have resulted in a very high client churn. In the UK the profitable growth continues.
Q3 2020 shows following development compared to Q3 2019:
Q1-Q3 2020 shows following development compared to Q1-Q3 2019:
| NOKm | Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 | FY 2019 | |
|---|---|---|---|---|---|---|
| Gross premiums written | 671,4 | 732,4 | 4 787,4 | 4 551,6 | 5 100,5 | |
| Earned premiums, net of reinsurance | 1 147,3 | 1 112,0 | 3 424,5 | 3 014,6 | 4 147,5 | |
| Claims incurred, net of reinsurance | (952,3) | (935,2) | (2 905,0) | (2 819,4) | (3 949,1) | |
| Sales cost | (86,5) | (53,7) | (238,0) | (168,2) | (233,5) | |
| Administration cost | (46,0) | (38,0) | (150,3) | (118,9) | (179,9) | |
| Commission from reinsurer | 13,6 | 8,4 | 55,4 | 59,5 | 57,2 | |
| Other insurance related income/expenses | 4,9 | (9,4) | 6,4 | (10,1) | (5,2) | |
| Technical result | 80,9 | 84,2 | 193,0 | (42,5) | (163,0) | |
| Other income/costs | (14,4) | (14,7) | (47,8) | (42,1) | (50,3) | |
| Net financial income | 264,7 | (15,3) | 451,6 | 34,1 | 141,4 | |
| Profit before tax | 331,2 | 54,1 | 596,9 | (50,4) | (71,9) | |
| Tax | (25,7) | (33,4) | (123,7) | (33,6) | (4,1) | |
| Discontinued operations | 41,6 | (26,6) | 63,4 | 42,5 | 71,5 | |
| Net comprehensive income | (3,3) | (2,4) | 2,8 | (0,6) | (0,3) | |
| Profit for the period | 343,8 | (8,3) | 539,3 | (42,1) | (4,9) | |
| Claims ratio, net of reinsurance | (1) | 83,0 % | 84,1 % | 84,8 % | 93,5 % | 95,2 % |
| Expense ratio, net of reinsurance | (2) | 10,4 % | 7,5 % | 9,7 % | 7,5 % | 8,6 % |
| Combined ratio, net of reinsurance | (3) | 93,4 % | 91,6 % | 94,5 % | 101,1 % | 103,8 % |
| Gross claims ratio | (4) | 80,6 % | 88,2 % | 82,2 % | 91,3 % | 94,6 % |
| Gross expense ratio | (5) | 9,9 % | 7,1 % | 9,8 % | 7,8 % | 8,3 % |
| Gross combined ratio | (6) | 90,5 % | 95,3 % | 92,0 % | 99,1 % | 102,8 % |
| Retention rate | (7) | 85,6 % | 86,1 % | 86,1 % | 81,9 % | 83,0 % |
| Earnings per share | (8) | 4,24 | (0,07) | 6,56 | (0,51) | (0,06) |
(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 Q3, gross premiums written decreased by 8% or NOK 60.9m to a total of NOK 671.4m. In local currencies the growth was negative by -14%. The volume development is driven by a very high client churn in the Nordics. In Norway the biggest client ever (> NOK 100m) left because of profitability reasons. The churn is expected to be more moderate going forward.
Covid-19 had in Q3 limited effect on the top-line development, but new sales in the UK are more difficult.
The growth per country was;
| Gross premiums written (NOKm) | Q3 2020 | Q3 2019 | Growth | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Norway | 162,2 | 306,6 | -144,4 | -47 % | |||||
| Sweden | 206,8 | 169,8 | 37,0 | 22 % | |||||
| Denmark | 58,2 | 66,8 | -8,7 | -13 % | |||||
| UK | 237,7 | 177,7 | 60,0 | 34 % | |||||
| Finland | 6,6 | 11,5 | -4,9 | -42 % | |||||
| Total | 671,4 | 732,4 | -60,9 | -8 % | |||||
| 2019. | |||||||||
| The growth in net premiums earned per country was; | |||||||||
| Net premiums earned (NOKm) | Q3 2020 | Q3 2019 |
Premiums earned for own account amounted to NOK 1,147.3m, an increase of 3% compared to Q3 2019.
| Growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Norway | 313,9 | 360,4 | -46,5 | -13 % | |||||
| Sweden | 348,9 | 347,7 | 1,2 | 0 % | |||||
| Denmark | 215,5 | 206,4 | 9,2 | 4 % | |||||
| UK | 223,9 | 134,5 | 89,4 | 66 % | |||||
| Finland | 45,1 | 63,0 | -18,0 | -28 % | |||||
| Total | 1147,3 | 1112,0 | 35,3 | 3 % | |||||
| Q1-Q3 | |||||||||
| growth was negative by 2%. | |||||||||
| The growth by country was: | |||||||||
| Gross premiums written (NOKm) | Q1-Q3 20 | Q1-Q3 19 | Growth |
Gross written premiums totalled NOK 4,787.4m, representing a 5% growth. In local currencies the growth was negative by 2%.
| Growth | ||||
|---|---|---|---|---|
| Norway | 1248,8 | 1444,4 | -195,5 | -14 % |
| Sweden | 1358,1 | 1358,3 | -0,2 | 0 % |
| Denmark | 912,8 | 868,3 | 44,4 | 5 % |
| UK | 1050,9 | 664,4 | 386,6 | 58 % |
| Finland | 216,8 | 216,3 | 0,5 | 0 % |
| Total | 4787,4 | 4551,6 | 235,8 | 5 % |
The premiums earned for own account totalled to NOK 3,424.5m, an increase of 14% compared to the year earlier period. The strong growth is due to an increased retention rate due to changes in the reinsurance structure in 2019 (from Surplus to Risk XL on property).
The premiums earned for own account by country was:
| Net premiums earned (NOKm) | Q1-Q3 20 | Q1-Q3 19 | Growth | |
|---|---|---|---|---|
| Norway | 972,6 | 1022,3 | -49,7 | -5 % |
| Sweden | 1044,6 | 917,4 | 127,2 | 14 % |
| Denmark | 639,6 | 571,9 | 67,7 | 12 % |
| UK | 625,3 | 334,3 | 291,0 | 87 % |
| Finland | 142,5 | 168,7 | -26,2 | -16 % |
| Total | 3424,5 | 3014,6 | 410,0 | 14 % |
The profit before tax totalled NOK 331.2m (NOK 54.1m), while the profit for the period was NOK 343.8m (NOK -8.3m). The result is driven by a strong investment result and a good technical result.
The technical result declined by NOK 3.3m from NOK 84.2m in Q3 2019 to 80.9m in Q3 2020. Underlying development in technical result is stronger as we had run-off gains of NOK 21.7m (1.9%) in Q3 2019 against NOK 39.9m (3.5%) in run-off losses this quarter. In Q3, the net combined ratio was 93.4% (91.6%).
The net combined ratio by country was:
| Net combined ratio | Q3 2020 | Q3 2019 |
|---|---|---|
| Norway | 79,7 % | 101,7 % |
| Sweden | 91,9 % | 95,8 % |
| Denmark | 125,1 % | 89,8 % |
| UK | 88,6 % | 44,0 % |
| Finland | 71,3 % | 118,4 % |
| Total | 93,4 % | 91,6 % |
The claims ratio for own account decreased from 84.1% in Q3 2019 to 83.0% in Q3 2020. Denmark had in Q3 run-off losses of NOK 64.7m. The other countries had run-off gains, NOK 22.9m in total. In Q3 the large loss rate was above a normal level.
Covid-19 had in Q3 less than 1 percentage points negative effect on net CR and was mainly related to business interruption in the UK. There were no positive effects from Motor in Q3 as the driving pattern is back to normal.
The expense ratio for own account amounted to 10.4% (7.5 %). The increase is due to higher personnel costs and broker commissions, the latter due to strong growth in the UK.
In the first three quarters, the profit for the period totalled NOK 539.3m (NOK -42.1m). The net combined ratio was 94.5% (101.1%).
Net combined ratio Q1-Q3 20 Q1-Q3 19 Norway 89,4 % 98,3 % Sweden 94,9 % 97,9 % Denmark 117,5 % 104,6 % UK 84,9 % 101,3 % Finland 66,1 % 122,3 % Total 94,5 % 101,1 %
The net combined ratio for the first three quarters by country was:
In the first three quarters the company had run-off losses of 1.7% (0.4%).
The net expense ratio was 9.7% (7.5%), due to higher personnel costs and broker commissions. Going forward the company expects higher broker commissions due to growth coming from the UK.
In Q3, the technical result for discontinued operations (change of ownership insurance) was NOK 5.9m (NOK -6.3m) and the profit for the quarter was NOK 41.6m (NOK -26.6m). In Q3, the company continued to sell change of ownership insurance due to existing agreements with some real estate brokers.
In the first three quarters, the technical result was NOK 16.3m (NOK 106.3m). The strong technical result last year is due to run-off gains of NOK 61m as a result of a win in the court of appeal regarding grey silverfish. The profit for the period was 63.4m (42.5m).
Net investment portfolio amounted to a total of NOK 13,416m at 30 September 2020, up 21.1% compared to the portfolio end of Q3 2019.
Investment activities yielded a total return of NOK 334.4m, or 2.6% compared to a negative return of NOK -41.4m or -0.4% in Q3 2019. Equities accounted for a NOK 176.3m gain (15,9%) against a NOK 93.4m loss (-8.3%) in Q3 2019. Return on the fixed income portfolio totalled NOK 158.1m or 1.3% against NOK 52m or 0.5% in Q3 2019.
In the three first quarters, the investment result was NOK 521.1m (4.3%) against NOK 0.6m (0%) YTD 2019. Equities accounted for a NOK 43.4m gain (3.6%) against NOK 163.1m loss (-14.4%) YTD 2019. The return on the fixed income portfolio totalled NOK 477.7m or 4.3% against NOK 163.7m or 1.7% YTD 2019.
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 2019 about 16% of our total financial positions where allocated to High Yield (HY). By the end of Q3 2020 we have increased this allocation to 27%.
End of Q3 2020, 9.9% of Protector's financial assets were invested in equities, against 10.1% year end 2019.
The company's equity amounted to NOK 2,574.6m at the end of the quarter (NOK 2,019.3 at the end of 2019).
End of Q3, the volatility adjusted solvency ratio using the standard formula was 171% (168%), down from 172% year end 2019. The company's long term objective is to maintain a SCR-ratio (calculated according to the Solvency II regulations) above 150 %.
Protector has a BBB+ rating from A.M. Best.
The COVID-19 situation has to this point had limited effect on the company's insurance business. Products in our portfolio that may be adversely affected by COVID-19 is limited. The situation may lead to some increased pay-outs within products like other illness and business interruption, but at the same time reduced economic activity has led to stronger profitability expectations on other products.
In the first three quarters price increases were 14%. The client churn has been high but is expected to decline and start returning to normal levels entering 2021.
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 2020.
As previously noticed CEO Sverre Bjerkeli is scheduled to retire in September 2021. The Board is now starting the recruitment process for a new CEO.
Oslo, 29th October 2020
The Board of Directors of Protector Forsikring ASA
| NOKm | Q3 2020 | Q3 2019 | Q1-Q3 20 | Q1-Q3 19 | FY 2019 |
|---|---|---|---|---|---|
| Premium income | |||||
| Gross written premiums | 671,4 | 732,4 | 4 787,4 | 4 551,6 | 5 100,5 |
| Change in provisions for unearned premiums | 668,1 | 558,9 | (812,3) | (871,5) | (104,7) |
| Gross premiums earned | 1 339,6 | 1 291,3 | 3 975,1 | 3 680,2 | 4 995,8 |
| Reinsurers' share of earned premiums | (192,3) | (179,3) | (550,6) | (665,6) | (848,2) |
| Earned premiums, net of reinsurance | 1 147,3 | 1 112,0 | 3 424,5 | 3 014,6 | 4 147,5 |
| Other insurance-related income | 3,9 | 2,2 | 12,1 | 8,6 | 10,5 |
| Gross claims incurred | (1 080,2) | (1 139,0) | (3 269,3) | (3 360,8) | (4 723,9) |
| Reinsurers' share of claims incurred | 127,9 | 203,9 | 364,2 | 541,4 | 774,8 |
| Claims incurred, net of reinsurance | (952,3) | (935,2) | (2 905,0) | (2 819,4) | (3 949,1) |
| Operating expenses | |||||
| Sales costs | (86,5) | (53,7) | (238,0) | (168,2) | (233,5) |
| Administration costs | (46,0) | (38,0) | (150,3) | (118,9) | (179,9) |
| Commission from reinsurers | 13,6 | 8,4 | 55,4 | 59,5 | 57,2 |
| Total operating expenses, net of reinsurance | (118,9) | (83,3) | (332,9) | (227,6) | (356,2) |
| Other insurance-related expenses | 0,9 | (11,6) | (5,7) | (18,6) | (15,7) |
| Technical result | 80,9 | 84,2 | 193,0 | (42,5) | (163,0) |
| Net income from financial assets | 264,7 | (15,3) | 451,6 | 34,1 | 141,4 |
| Other income | (1,3) | (0,0) | (4,0) | 0,7 | 1,7 |
| Other expenses | (13,1) | (14,7) | (43,8) | (42,8) | (52,1) |
| Other income/expenses | (14,4) | (14,7) | (47,8) | (42,1) | (50,3) |
| Non-technical result | 250,3 | (30,0) | 403,8 | (7,9) | 91,1 |
| Profit before tax | 331,2 | 54,1 | 596,9 | (50,4) | (71,9) |
| Tax | (25,7) | (33,4) | (123,7) | (33,6) | (4,1) |
| Discontinued operations | 41,6 | (26,6) | 63,4 | 42,5 | 71,5 |
| Profit before components of comprehensive income | 347,2 | (5,9) | 536,5 | (41,5) | (4,5) |
| Actuarial gain and loss from defined benefit pension plans | - | - | - | - | (1,8) |
| Currency changes from foreign enterprise | (4,2) | (2,8) | 4,0 | (0,8) | 1,3 |
| Taxes on components of comprehensive income | 0,9 | 0,3 | (1,2) | 0,2 | 0,1 |
| Profit for the period | 343,8 | (8,3) | 539,3 | (42,1) | (4,9) |
| Earnings per share | 4,24 | (0,07) | 6,56 | (0,51) | (0,06) |
| Earnings per share, diluted | 4,24 | (0,07) | 6,56 | (0,51) | (0,06) |
| NOKm | 30.09.2020 | 30.09.2019 | 31.12.2019 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | |||
| Other intangible fixed assets | 48,4 | 30,7 | 34,6 |
| Total intangible fixed assets | 48,4 | 30,7 | 34,6 |
| Buildings and other real estates | |||
| Owner-occupied property | - | 13,0 | 12,8 |
| Total buildings and other real estates | - | 13,0 | 12,8 |
| Financial assets | |||
| Shares | 1 179,1 | 819,1 | 916,9 |
| Securities, bonds etc | 8 935,6 | 7 036,2 | 6 773,5 |
| Financial derivatives | 99,3 | 21,2 | 32,6 |
| Bank deposits | 1 642,3 | 1 463,1 | 1 529,4 |
| Total financial assets | 11 856,3 | 9 339,6 | 9 252,5 |
| Reinsurers share of gross technical provisions | |||
| Reinsurers share of gross premium provisions | 231,8 | 214,2 | 130,3 |
| Reinsurers share of gross claims provisions | 1 505,4 | 1 697,1 | 1 686,9 |
| Total reinsurers share of gross technical provisions | 1 737,2 | 1 911,3 | 1 817,2 |
| Receivables | |||
| Policyholders | 361,0 | 514,0 | 416,2 |
| Intermediaries | 3,3 | (16,5) | 5,1 |
| Other receivables | 25,8 | 59,7 | 48,3 |
| Total receivables | 390,1 | 557,3 | 469,7 |
| Other assets | |||
| Tangible fixed assets | 33,3 | 36,4 | 34,1 |
| Cash and bank deposits | 65,5 | 103,5 | 343,3 |
| Total other assets | 98,8 | 139,9 | 377,4 |
| Total prepaid expenses | 470,2 | 277,1 | 349,7 |
| Assets discontinued operations | 2 132,2 | 2 660,9 | 2 428,5 |
| Total assets | 16 733,4 | 14 929,8 | 14 742,2 |
| NOKm | 30.09.2020 | 30.09.2019 | 31.12.2019 |
|---|---|---|---|
| Equity and liabilities | |||
| Shareholders' equity | |||
| Share capital [86.155.605 shares] | 86,2 | 86,2 | 86,2 |
| Own shares | (4,3) | (4,4) | (4,4) |
| Other paid-in equity | 267,7 | 267,7 | 267,7 |
| Total paid-in equity | 349,6 | 349,4 | 349,4 |
| Earned equity | |||
| Natural perils fund | 81,1 | 73,0 | 76,9 |
| Guarantee scheme | 85,9 | 89,5 | 89,2 |
| Other equity | 2 057,9 | 1 466,6 | 1 503,8 |
| Total earned equity | 2 225,0 | 1 629,0 | 1 669,9 |
| Total equity | 2 574,6 | 1 978,5 | 2 019,3 |
| Subordinated loan capital | 1 243,3 | 1 243,3 | 1 243,3 |
| Technical provisions | |||
| Provisions for unearned premiums | 2 114,2 | 1 960,3 | 1 211,5 |
| Provisions for claims | 7 938,5 | 6 736,0 | 7 127,7 |
| Total technical provisions | 10 052,7 | 8 696,2 | 8 339,2 |
| Provisions for other risks and liabilities | |||
| Pension liabilities | 16,0 | 13,0 | 16,0 |
| Current tax liability | 61,1 | 43,4 | - |
| Deferred tax liability | 116,6 | 115,9 | 103,1 |
| Total provisions for other risks and liabilities | 193,7 | 172,4 | 119,2 |
| Liabilities | |||
| Liabilities in connection with insurance | 31,8 | 100,7 | 70,5 |
| Liabilities in connection with reinsurance | 924,7 | 635,7 | 727,7 |
| Financial derivatives | 47,6 | 19,8 | 45,5 |
| Other liabilities | 284,2 | 404,3 | 325,7 |
| Total liabilities | 1 288,4 | 1 160,5 | 1 169,4 |
| Incurred expenses and prepaid income | |||
| Other incurred expenses and prepaid income | 120,2 | 104,3 | 299,6 |
| Total incurred expenses and prepaid income | 120,2 | 104,3 | 299,6 |
| Liabilites discontinued operations | 1 260,6 | 1 574,6 | 1 552,2 |
| Total equity and liabilities | 16 733,4 | 14 929,8 | 14 742,2 |
| NOKm | Q3 2020 | Q3 2019 | Q1-Q3 20 | Q1-Q3 19 | FY 2019 |
|---|---|---|---|---|---|
| Cash flow from operations | |||||
| Premiums paid | 993,7 | 853,2 | 4 912,9 | 4 246,6 | 5 343,9 |
| Claims paid | (1 153,4) | (913,6) | (3 420,2) | (2 744,1) | (4 004,0) |
| Paid reinsurance | (44,1) | 168,7 | 167,7 | 409,4 | 659,2 |
| Paid operating expenses including commissions | 108,7 | (45,3) | (424,5) | (474,4) | (581,5) |
| Interest / dividend income | 47,0 | 54,3 | 189,4 | 193,6 | 268,9 |
| Net payments from financial instruments | (12,8) | 561,7 | (1 570,9) | (458,1) | (278,3) |
| Payable tax | (23,5) | 3,4 | (50,5) | 6,3 | 4,2 |
| Net cash flow from operations | (84,4) | 682,4 | (196,0) | 1 179,3 | 1 412,5 |
| Cash flow from investment activities | |||||
| Investments in fixed assets | 4,9 | (9,6) | (16,1) | (38,5) | (47,8) |
| Net cash flow from investment activities | 4,9 | (9,6) | (16,1) | (38,5) | (47,8) |
| Cash flow from financial activities | |||||
| Interest payments on subordinated loan capital | (13,8) | (23,7) | (48,1) | (55,8) | (66,6) |
| Net cash flow from financial activities | (13,8) | (23,7) | (48,1) | (55,8) | (66,6) |
| Net cash flow for the period | (93,3) | 649,2 | (260,3) | 1 085,0 | 1 298,1 |
| Net change in cash and cash equivalents | (93,3) | 649,2 | (260,3) | 1 085,0 | 1 298,1 |
| Cash and cash equivalents opening balance | 2 017,3 | 1 287,1 | 2 155,1 | 859,5 | 859,5 |
| Effects of exchange rate changes on cash and cash equivalents | 5,1 | 0,9 | 34,3 | (7,3) | (2,5) |
| Cash and cash equivalents closing balance | 1 929,1 | 1 937,1 | 1 929,1 | 1 937,1 | 2 155,1 |
| NOKm | Share Capital |
Own shares Other paid-in equity |
Natural perils fund |
Guarantee scheme |
Other equity | Total | |
|---|---|---|---|---|---|---|---|
| Equity at 31.12.2018 | 86,2 | (4,4) | 267,7 | 54,8 | 88,5 | 1 540,4 | 2 033,0 |
| Profit for the period | 24,3 | 0,5 | 67,1 | 91,9 | |||
| Currency changes | (10,5) | (10,5) | |||||
| Equity at 31.03.2019 | 86,2 | (4,4) | 267,7 | 79,1 | 89,0 | 1 597,0 | 2 114,5 |
| Profit for the period | (11,3) | 0,2 | (114,6) | (125,7) | |||
| Currency changes | (0,8) | (0,8) | |||||
| Equity at 30.06.2019 | 86,2 | (4,4) | 267,7 | 67,8 | 89,2 | 1 481,6 | 1 988,0 |
| Profit for the period | 5,2 | 0,2 | (13,8) | (8,3) | |||
| Currency changes | (1,2) | (1,2) | |||||
| Equity at 30.09.2019 | 86,2 | (4,4) | 267,7 | 73,0 | 89,5 | 1 466,6 | 1 978,5 |
| Profit for the period | 3,9 | (0,3) | 33,7 | 37,3 | |||
| Currency changes | 3,6 | 3,6 | |||||
| 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 |
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 2019. 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 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | |
| Gross premiums written | 162,2 | 306,5 | 206,8 | 169,8 | 58,2 | 66,8 | 237,7 | 177,7 | 6,6 | 11,5 | |
| Gross premiums earned | 345,2 | 412,2 | 399,8 | 380,6 | 246,1 | 239,1 | 297,9 | 189,0 | 50,6 | 70,4 | |
| Gross claims incurred | (258,9) | (401,4) | (311,1) | (339,4) | (284,3) | (197,8) | (192,5) | (122,8) | (33,4) | (77,8) | |
| Earned premiums, net of reinsurance | 313,9 | 360,4 | 348,9 | 347,7 | 215,5 | 206,4 | 223,9 | 134,5 | 45,1 | 63,0 | |
| Other insurance related income | 0,5 | 0,5 | 0,0 | 0,4 | (0,0) | 0,7 | 3,4 | 0,3 | 0,1 | 0,4 | |
| Claims incurred, net of reinsurance | (225,3) | (346,8) | (279,7) | (294,1) | (251,3) | (176,9) | (165,5) | (47,2) | (30,5) | (70,4) | |
| Sales cost | (18,4) | (12,1) | (34,0) | (27,0) | (6,3) | (3,9) | (26,7) | (11,6) | (1,0) | 0,9 | |
| Administration cost | (15,2) | (5,0) | (11,0) | (11,3) | (6,7) | (8,0) | (11,5) | (9,8) | (1,6) | (3,9) | |
| Commission from reinsurer | 8,6 | (2,7) | 4,0 | (0,6) | (5,4) | 3,5 | 5,3 | 9,4 | 1,1 | (1,2) | |
| Other insurance related expenses | 4,1 | (3,1) | 0,1 | (0,0) | (1,9) | (6,7) | (0,4) | (0,7) | (1,0) | (1,0) | |
| Technical result | 68,1 | (8,9) | 28,3 | 15,0 | (56,1) | 15,1 | 28,5 | 75,0 | 12,1 | (12,3) | |
| Other income/costs | (13,7) | (14,7) | (0,2) | 0,0 | (0,3) | 0,0 | (0,2) | - | (0,0) | 0,0 | |
| Net financial income | 210,0 | (27,8) | 40,3 | 10,1 | 6,6 | (1,7) | 4,7 | 0,9 | 3,0 | 3,1 | |
| Profit before tax | 264,4 | (51,3) | 68,4 | 25,1 | (49,7) | 13,4 | 33,0 | 75,9 | 15,0 | (9,2) | |
| Claims ratio, net of reinsurance | (1) | 71,8 % | 96,2 % | 80,2 % | 84,6 % | 116,6 % | 85,7 % | 73,9 % | 35,1 % | 67,8 % | 111,8 % |
| Expense ratio, net of reinsurance | (2) | 8,0 % | 5,5 % | 11,8 % | 11,2 % | 8,5 % | 4,1 % | 14,7 % | 9,0 % | 3,5 % | 6,7 % |
| Combined ratio, net of reinsurance | (3) | 79,7 % | 101,7 % | 91,9 % | 95,8 % | 125,1 % | 89,8 % | 88,6 % | 44,0 % | 71,3 % | 118,4 % |
| Gross claims ratio | (4) | 75,0 % | 97,4 % | 77,8 % | 89,2 % | 115,5 % | 82,7 % | 64,6 % | 65,0 % | 65,9 % | 110,6 % |
| Gross expense ratio | (5) | 9,7 % | 4,1 % | 11,3 % | 10,1 % | 5,3 % | 5,0 % | 12,8 % | 11,4 % | 5,2 % | 4,3 % |
| Gross combined ratio | (6) | 84,8 % | 101,5 % | 89,1 % | 99,2 % | 120,8 % | 87,7 % | 77,5 % | 76,3 % | 71,1 % | 114,9 % |
(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 | Q1-Q3 20 | Q1-Q3 19 | Q1-Q3 20 | Q1-Q3 19 | Q1-Q3 20 | Q1-Q3 19 | Q1-Q3 20 | Q1-Q3 19 | Q1-Q3 20 | Q1-Q3 19 | |
| Gross premiums written | 1 248,8 | 1 444,4 | 1 358,1 | 1 358,3 | 912,8 | 868,3 | 1 050,9 | 664,4 | 216,8 | 216,3 | |
| Gross premiums earned | 1 085,2 | 1 193,4 | 1 193,7 | 1 101,1 | 731,4 | 674,3 | 805,1 | 521,4 | 159,7 | 190,1 | |
| Gross claims incurred | (904,7) (1 077,2) | (987,0) (1 039,9) | (777,1) | (654,0) | (501,0) | (372,6) | (99,4) | (217,1) | |||
| Earned premiums, net of reinsurance | 972,6 | 1 022,3 | 1 044,6 | 917,4 | 639,6 | 571,9 | 625,3 | 334,3 | 142,5 | 168,7 | |
| Other insurance related income | 3,2 | 2,6 | 0,4 | 0,6 | 0,4 | 1,6 | 3,4 | 2,2 | 4,7 | 1,6 | |
| Claims incurred, net of reinsurance | (805,5) | (956,4) | (865,5) | (800,7) | (697,0) | (569,4) | (445,9) | (298,7) | (91,1) | (194,2) | |
| Sales cost | (47,5) | (26,2) | (103,9) | (92,7) | (16,4) | (13,6) | (67,1) | (32,6) | (3,1) | (3,0) | |
| Administration cost | (42,3) | (28,3) | (38,5) | (29,4) | (28,5) | (26,7) | (35,9) | (27,5) | (5,1) | (7,0) | |
| Commission from reinsurer | 25,6 | 5,5 | 16,7 | 24,4 | (9,8) | 11,7 | 17,8 | 20,1 | 5,1 | (2,2) | |
| Other insurance related expenses | 3,4 | (6,1) | (1,6) | (2,6) | (3,4) | (7,2) | (2,2) | (1,4) | (2,0) | (1,3) | |
| Technical result | 109,5 | 13,3 | 52,3 | 16,9 | (115,1) | (31,7) | 95,4 | (3,5) | 51,0 | (37,5) | |
| Other income/costs | (44,9) | (41,8) | (0,3) | (0,1) | (1,1) | 0,0 | (1,8) | 0,0 | 0,4 | (0,2) | |
| Net financial income | 378,4 | (11,8) | 66,9 | 31,8 | 3,1 | 0,9 | 13,3 | 4,2 | (10,2) | 9,1 | |
| Profit before tax | 442,9 | (40,3) | 118,9 | 48,6 | (113,1) | (30,8) | 106,9 | 0,7 | 41,2 | (28,6) | |
| Claims ratio, net of reinsurance | (1) | 82,8 % | 93,6 % | 82,9 % | 87,3 % | 109,0 % | 99,6 % | 71,3 % | 89,3 % | 63,9 % | 115,1 % |
| Expense ratio, net of reinsurance | (2) | 6,6 % | 4,8 % | 12,0 % | 10,6 % | 8,5 % | 5,0 % | 13,6 % | 12,0 % | 2,2 % | 7,2 % |
| Combined ratio, net of reinsurance | (3) | 89,4 % | 98,3 % | 94,9 % | 97,9 % | 117,5 % | 104,6 % | 84,9 % | 101,3 % | 66,1 % | 122,3 % |
| Gross claims ratio | (4) | 83,4 % | 90,3 % | 82,7 % | 94,4 % | 106,2 % | 97,0 % | 62,2 % | 71,5 % | 62,2 % | 114,2 % |
| Gross expense ratio | (5) | 8,3 % | 4,6 % | 11,9 % | 11,1 % | 6,1 % | 6,0 % | 12,8 % | 11,5 % | 5,1 % | 5,3 % |
| Gross combined ratio | (6) | 91,7 % | 94,8 % | 94,6 % | 105,5 % | 112,4 % | 103,0 % | 75,0 % | 83,0 % | 67,3 % | 119,5 % |
Protector decided in 2018 to exit the 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 separated 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 2020 is due to some continued agreements with real estate brokers.
| NOKm | Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 | FY 2019 |
|---|---|---|---|---|---|
| Gross premiums earned | 64,0 | 88,5 | 191,1 | 287,1 | 356,1 |
| Reinsurers' share of earned premiums | (7,9) | (40,8) | (66,5) | (100,2) | (132,0) |
| Earned premiums, net of reinsurance | 56,1 | 47,7 | 124,5 | 186,9 | 224,1 |
| Gross claims incurred | (62,8) | (94,4) | (170,7) | (172,6) | (269,8) |
| Reinsurers' share of claims incurred | 13,0 | 44,9 | 65,7 | 90,4 | 139,8 |
| Claims incurred, net of reinsurance | (49,8) | (49,4) | (105,0) | (82,2) | (130,0) |
| Total operating expenses, net of reinsurance | 1,7 | (0,1) | 3,0 | 6,1 | (5,7) |
| Other insurance-related income/expenses | (2,1) | (4,5) | (6,3) | (4,5) | (6,6) |
| Technical result | 5,9 | (6,3) | 16,3 | 106,3 | 90,9 |
| Net income from financial assets | 69,7 | (26,0) | 69,4 | (33,6) | 15,7 |
| Other income/expenses | (1,2) | (3,1) | (5,8) | (9,5) | (11,4) |
| Non-technical result | 68,5 | (29,2) | 63,6 | (43,1) | 4,3 |
| Profit before tax | 74,4 | (35,5) | 79,9 | 63,2 | 95,3 |
| Tax | (32,8) | 8,9 | (16,6) | (20,7) | (23,8) |
| Profit for the period | 41,6 | (26,6) | 63,4 | 42,5 | 71,4 |
| Financial assets through profit or loss (NOKm) | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Shares | NOK | 216,5 | 1 120,4 | 0,0 | 1 336,9 |
| Bonds and other fixed income securities | NOK | 0,0 | 10 131,2 | 0,0 | 10 131,2 |
| Cash and cash equivalents | NOK | 1 862,0 | 0,0 | 0,0 | 1 862,0 |
| Derivatives: | |||||
| Foreign currency contracts | NOK | 96,5 | 96,5 | ||
| Options | NOK | 16,1 | 16,1 | ||
| Total assets 30.09.2020 | NOK | 2 078,5 | 11 364,2 | 0,0 | 13 442,7 |
| Total assets 30.09.2019 | NOK | 1 993,2 | 9 296,0 | 36,8 | 11 326,0 |
| Financial liabilities at fair value through profit or loss (NOKm) | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Foreign exchange contracts | NOK | (47,6) | (47,6) | ||
| Other financial liabilities | NOK | (98,9) | (98,9) | ||
| Total financial liabilities 30.09.2020 | NOK | (98,9) | (47,6) | (146,5) | |
| Total financial liabilities 30.09.2019 | NOK | (225,0) | (19,8) | (244,8) |
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 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.
| (NOKm) | 30.09.2020 | 30.09.2019 | 31.12.2019 |
|---|---|---|---|
| Total solvency capital requirement | 1 995 | 1 721 | 1 726 |
| Total eligible own funds to meet SCR | 3 418 | 2 897 | 2 967 |
| Ratio of eligible own funds to SCR | 171 % | 168 % | 172 % |
| Totalt minimum capital requirement | 898 | 774 | 777 |
| Ratio of eligible own funds to MCR | 290 % | 283 % | 291 % |
¹Use of volatility adjustment (VA) from and including Q1 2020; historical results recalculated to include VA
| Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 | 1.1-31.12.2019 | ||
|---|---|---|---|---|---|---|
| Gross premiums written ¹ | ||||||
| Norway | NOKm | 162,2 | 306,5 | 1 248,8 | 1 444,3 | 1 540,5 |
| Sweden | NOKm | 206,8 | 169,8 | 1 358,1 | 1 358,2 | 1 549,5 |
| Denmark | NOKm | 58,2 | 66,8 | 912,8 | 868,3 | 937,1 |
| UK | NOKm | 237,7 | 177,7 | 1 050,9 | 664,3 | 852,7 |
| Finland | NOKm | 6,6 | 11,5 | 216,8 | 216,3 | 220,7 |
| Total premiums written | NOKm | 671,4 | 732,4 | 4 787,4 | 4 551,6 | 5 100,5 |
| Gross premiums earned | ||||||
| Norway | NOKm | 345,2 | 412,2 | 1 085,2 | 1 193,4 | 1 583,9 |
| Sweden | NOKm | 399,8 | 380,6 | 1 193,7 | 1 101,1 | 1 491,9 |
| Denmark | NOKm | 246,1 | 239,1 | 731,4 | 674,3 | 921,5 |
| UK | NOKm | 297,9 | 189,0 | 805,1 | 521,3 | 744,4 |
| Finland | NOKm | 50,6 | 70,4 | 159,7 | 190,1 | 254,0 |
| Total gross premiums earned | NOKm | 1 339,6 | 1 291,3 | 3 975,1 | 3 680,2 | 4 995,8 |
| Earned premiums, net of reinsurance | ||||||
| Norway | NOKm | 313,9 | 360,4 | 972,6 | 1 022,3 | 1 367,1 |
| Sweden | NOKm | 348,9 | 347,7 | 1 044,6 | 917,4 | 1 264,8 |
| Denmark | NOKm | 215,5 | 206,4 | 639,6 | 571,8 | 786,0 |
| UK | NOKm | 223,9 | 134,5 | 625,3 | 334,2 | 504,9 |
| Finland | NOKm | 45,1 | 63,0 | 142,5 | 168,7 | 224,6 |
| Total earned premiums, net of reinsurance | NOKm | 1 147,3 | 1 112,0 | 3 424,5 | 3 014,6 | 4 147,5 |
| Gross claims incurred | ||||||
| Norway | NOKm | (258,9) | (401,4) | (904,7) | (1 077,1) | (1 591,5) |
| Sweden | NOKm | (311,1) | (339,4) | (987,0) | (1 039,9) | (1 343,3) |
| Denmark | NOKm | (284,3) | (197,8) | (777,1) | (654,1) | (885,1) |
| UK | NOKm | (192,5) | (122,8) | (501,0) | (372,6) | (543,9) |
| Finland | NOKm | (33,4) | (77,8) | (99,4) | (217,2) | (360,1) |
| Total gross claims incurred | NOKm | (1 080,2) | (1 139,0) | (3 269,3) | (3 360,8) | (4 723,9) |
| Claims incurred, net of reinsurance | ||||||
| Norway | NOKm | (225,3) | (346,8) | (805,5) | (956,4) | (1 356,6) |
| Sweden | NOKm | (279,7) | (294,1) | (865,5) | (800,7) | (1 058,1) |
| Denmark | NOKm | (251,3) | (176,9) | (697,0) | (569,4) | (776,5) |
| UK | NOKm | (165,5) | (47,2) | (445,9) | (298,7) | (436,4) |
| Finland | NOKm | (30,5) | (70,4) | (91,1) | (194,3) | (321,5) |
| Total claims incurred, net of reinsurance | NOKm | (952,3) | (935,2) | (2 905,0) | (2 819,4) | (3 949,1) |
| Gross expenses | ||||||
| Norway | NOKm | (33,6) | (17,1) | (89,8) | (54,6) | (83,4) |
| Sweden | NOKm | (45,0) | (38,3) | (142,4) | (122,1) | (170,5) |
| Denmark | NOKm | (13,0) | (11,9) | (44,9) | (40,3) | (59,2) |
| UK | NOKm | (38,2) | (21,5) | (103,0) | (60,2) | (86,7) |
| Finland | NOKm | (2,6) | (3,0) | (8,2) | (10,0) | (13,5) |
| Total gross expenses | NOKm | (132,5) | (91,7) | (388,3) | (287,1) | (413,4) |
| Net expenses | ||||||
| Norway | NOKm | (25,0) | (19,8) | (64,2) | (49,1) | (82,9) |
| Sweden | NOKm | (41,0) | (38,9) | (125,7) | (97,7) | (139,2) |
| Denmark | NOKm | (18,4) | (8,4) | (54,7) | (28,7) | (46,3) |
| UK | NOKm | (32,9) | (12,1) | (85,2) | (40,1) | (64,1) |
| Finland | NOKm | (1,6) | (4,2) | (3,1) | (12,2) | (23,8) |
| Total net expenses | NOKm | (118,9) | (83,3) | (332,9) | (227,6) | (356,2) |
| Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 | 1.1-31.12.2019 | ||
|---|---|---|---|---|---|---|
| Gross claims ratio | ||||||
| Norway | % | 75,0 % | 97,4 % | 83,4 % | 90,3 % | 100,5 % |
| Sweden | % | 77,8 % | 89,2 % | 82,7 % | 94,4 % | 90,0 % |
| Denmark | % | 115,5 % | 82,7 % | 106,2 % | 97,0 % | 96,0 % |
| UK | % | 64,6 % | 65,0 % | 62,2 % | 71,5 % | 73,1 % |
| Finland | % | 65,9 % | 110,6 % | 62,2 % | 114,3 % | 141,8 % |
| Total gross claims ratio | % | 80,6 % | 88,2 % | 82,2 % | 91,3 % | 94,6 % |
| Claims ratio, net of ceded business ¹ | ||||||
| Norway | % | 71,8 % | 96,2 % | 82,8 % | 93,6 % | 99,2 % |
| Sweden | % | 80,2 % | 84,6 % | 82,9 % | 87,3 % | 83,7 % |
| Denmark | % | 116,6 % | 85,7 % | 109,0 % | 99,6 % | 98,8 % |
| UK | % | 73,9 % | 35,1 % | 71,3 % | 89,4 % | 86,4 % |
| Finland | % | 67,8 % | 111,8 % | 63,9 % | 115,2 % | 143,1 % |
| Total claims ratio, net of ceded business | % | 83,0 % | 84,1 % | 84,8 % | 93,5 % | 95,2 % |
| Gross expense ratio | ||||||
| Norway | % | 9,7 % | 4,1 % | 8,3 % | 4,6 % | 5,3 % |
| Sweden | % | 11,3 % | 10,1 % | 11,9 % | 11,1 % | 11,4 % |
| Denmark | % | 5,3 % | 5,0 % | 6,1 % | 6,0 % | 6,4 % |
| UK | % | 12,8 % | 11,4 % | 12,8 % | 11,5 % | 11,7 % |
| Finland | % | 5,2 % | 4,3 % | 5,1 % | 5,3 % | 5,3 % |
| Total gross expense ratio | % | 9,9 % | 7,1 % | 9,8 % | 7,8 % | 8,3 % |
| Expense ratio, net of ceded business ¹ | ||||||
| Norway | % | 8,0 % | 5,5 % | 6,6 % | 4,8 % | 6,1 % |
| Sweden | % | 11,8 % | 11,2 % | 12,0 % | 10,6 % | 11,0 % |
| Denmark | % | 8,5 % | 4,1 % | 8,5 % | 5,0 % | 5,9 % |
| UK | % | 14,7 % | 9,0 % | 13,6 % | 12,0 % | 12,7 % |
| Finland | % | 3,5 % | 6,7 % | 2,2 % | 7,2 % | 10,6 % |
| Total expense ratio, net of ceded business | % | 10,4 % | 7,5 % | 9,7 % | 7,5 % | 8,6 % |
| Gross combined ratio | ||||||
| Norway | % | 84,8 % | 101,5 % | 91,7 % | 94,8 % | 105,7 % |
| Sweden | % | 89,1 % | 99,2 % | 94,6 % | 105,5 % | 101,5 % |
| Denmark | % | 120,8 % | 87,7 % | 112,4 % | 103,0 % | 102,5 % |
| UK | % | 77,5 % | 76,3 % | 75,0 % | 83,0 % | 84,7 % |
| Finland | % | 71,1 % | 114,9 % | 67,3 % | 119,5 % | 147,1 % |
| Total gross combined ratio | % | 90,5 % | 95,3 % | 92,0 % | 99,1 % | 102,8 % |
| Combined ratio, net of ceded business ¹ | ||||||
| Norway | % | 79,7 % | 101,7 % | 89,4 % | 98,4 % | 105,3 % |
| Sweden | % | 91,9 % | 95,8 % | 94,9 % | 97,9 % | 94,7 % |
| Denmark | % | 125,1 % | 89,8 % | 117,5 % | 104,6 % | 104,7 % |
| UK | % | 88,6 % | 44,0 % | 84,9 % | 101,4 % | 99,1 % |
| Finland | % | 71,3 % | 118,4 % | 66,1 % | 122,4 % | 153,7 % |
| Total combined ratio, net of ceded business | % | 93,4 % | 91,6 % | 94,5 % | 101,1 % | 103,8 % |
| Retention rate ¹ | ||||||
| Norway | % | 90,9 % | 87,4 % | 89,6 % | 85,7 % | 86,3 % |
| Sweden | % | 87,3 % | 91,4 % | 87,5 % | 83,3 % | 84,8 % |
| Denmark | % | 87,6 % | 86,3 % | 87,4 % | 84,8 % | 85,3 % |
| UK | % | 75,2 % | 71,2 % | 77,7 % | 64,1 % | 67,8 % |
| Finland | % | 89,0 % | 89,6 % | 89,2 % | 88,7 % | 88,4 % |
| Total retention rate | % | 85,6 % | 86,1 % | 86,1 % | 81,9 % | 83,0 % |
Alternative performance measures and key figures
| Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 | 1.1-31.12.2019 | ||
|---|---|---|---|---|---|---|
| Run-off gains/(losses) | ||||||
| Net run-off-gains/losses | NOKm | (39,9) | 21,7 | (58,7) | (12,9) | (49,8) |
| Net run-off-gains/losses | % | -3,5 % | 1,9 % | -1,7 % | -0,4 % | -1,2 % |
| Return on investments ¹ | ||||||
| Total net income from investments, continued business | NOKm | 264,7 | (15,3) | 451,7 | 34,1 | 141,4 |
| Total net income from investments, discontinued business | NOKm | 69,7 | (26,0) | 69,4 | (33,6) | 15,7 |
| Total net income from investments | NOKm | 334,4 | (41,4) | 521,1 | 0,6 | 157,1 |
| Average investments, continued business | NOKm | 11 592 | 9 124,8 | 10 766,4 | 8 383,8 | 8 455,1 |
| Average investments, discontinued business | NOKm | 1 432,0 | 1 951,8 | 1 689,8 | 2 247,7 | 2 369,9 |
| Total average investments | NOKm | 13 023,7 | 11 076,6 | 12 456,2 | 10 631,4 | 10 825,0 |
| Return on investments, continued business | % | 2,3 % | -0,2 % | 4,2 % | 0,4 % | 1,7 % |
| Return investments, discontinued business | % | 4,9 % | -1,3 % | 4,1 % | -1,5 % | 0,7 % |
| Total return on investments | % | 2,6 % | -0,4 % | 4,2 % | 0,0 % | 1,5 % |
| Total net income from shares | NOKm | 176,3 | (93,4) | 43,4 | (163,1) | (44,5) |
| Total net income from interests | NOKm | 158,1 | 52,0 | 477,7 | 163,7 | 201,7 |
| Total net income from investments | NOKm | 334,4 | (41,4) | 521,1 | 0,6 | 157,1 |
| Average investments shares | NOKm | 1 110,6 | 1 119,3 | 1 202,0 | 1 129,1 | 1 146,8 |
| Average investments interests | NOKm | 11 913,2 | 9 957,2 | 11 254,2 | 9 502,3 | 9 678,1 |
| Total average investments | NOKm | 13 023,7 | 11 076,6 | 12 456,2 | 10 631,4 | 10 825,0 |
| Return on investments, shares | % | 15,9 % | -8,3 % | 3,6 % | -14,4 % | -3,9 % |
| Return investments, interests | % | 1,3 % | 0,5 % | 4,2 % | 1,7 % | 2,1 % |
| Total return on investments | % | 2,6 % | -0,4 % | 4,2 % | 0,0 % | 1,5 % |
| Return on equity, annualised ¹ | ||||||
| Profit before comprehensive income | NOKm | 347,2 | (5,9) | 536,5 | (41,5) | (4,5) |
| Average sharholders equity | NOKm | 2 403,2 | 1 983,3 | 2 297,0 | 2 005,8 | 2 026,2 |
| Return on equity, annualised | % | 57,8 % | -1,2 % | 31,1 % | -2,8 % | -0,2 % |
| Equity | NOKm | 2 574,6 | 1 978,5 | 2 574,6 | 1 978,5 | 2 019,3 |
| Equity per share | NOK | 31,4 | 24,2 | 31,4 | 24,2 | 24,7 |
| Earnings per share in the period, basic and diluted ² | NOK | 4,24 | -0,07 | 6,56 | -0,51 | -0,06 |
| Issued shares (excl. own shares), at the end of the period | No. | 81 886 229 | 81 761 926 | 81 886 229 | 81 761 926 | 81 761 926 |
¹ Defined as alternative performance measure (APM). APMs are described on www.protectorforsikring.no in
document named APMs Protector Forsikring Q3 2020
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 | Q3 2020 | Q2 2020 Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | Q2 2018 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross premiums written | 671,4 | 1 288,0 | 2 828,0 | 548,8 | 732,5 | 1 105,9 | 2 713,4 | 475,1 | 624,3 | 838,3 | |
| Gross premiums earned | 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 | 1 015,7 | |
| Gross claims incurred | (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) | (889,3) | ||||||||
| Earned premiums, net of reinsurance | 1 147,3 | 1 154,9 | 1 122,3 | 1 132,9 | 1 112,1 | 1 011,9 | 890,6 | 759,0 | 689,7 | 699,8 | |
| Other insurance related income | 3,9 | 3,9 | 4,2 | 2,0 | 2,2 | 3,2 | 3,1 | 12,0 | 9,5 | 2,9 | |
| Claims incurred, net of reinsurance | (952,3) | (946,3) (1 006,4) (1 129,7) | (935,2) | (999,8) | (884,4) | (739,3) | (613,2) | (670,5) | |||
| Sales cost | (86,5) | (79,8) | (71,7) | (65,3) | (53,7) | (65,6) | (48,9) | (49,4) | (55,4) | (49,3) | |
| Administration cost | (46,0) | (56,0) | (48,3) | (61,0) | (38,0) | (42,9) | (38,0) | (46,1) | (28,9) | (35,0) | |
| Commission from reinsurer | 13,6 | 18,9 | 23,0 | (2,3) | 8,4 | 23,1 | 28,0 | 31,1 | 37,7 | 61,0 | |
| Other insurance related expenses | 4,9 | 1,7 | (4,3) | 2,9 | (11,5) | (1,9) | (5,2) | (2,1) | (10,8) | (6,0) | |
| Technical result | 80,9 | 93,4 | 18,8 | (120,6) | 84,2 | (72,0) | (54,7) | (34,8) | 28,6 | 2,8 | |
| Other income/costs | (14,4) | (17,7) | (16,3) | (8,3) | (14,7) | (13,2) | (14,0) | (12,3) | (12,5) | (12,6) | |
| Net financial income | 264,7 | 509,8 | (322,8) | 107,3 | (15,3) | (31,7) | 81,2 | (141,9) | 35,5 | 78,7 | |
| Profit before tax | 331,2 | 585,4 | (320,3) | (21,5) | 54,2 | (116,9) | 12,5 | (189,1) | 51,7 | 68,9 | |
| Claims ratio, net of reinsurance | (1) | 83,0 % | 81,9 % | 89,7 % | 99,7 % | 84,1 % | 98,8 % | 99,3 % | 97,4 % | 88,9 % | 95,8 % |
| Expense ratio, net of reinsurance | (2) | 10,4 % | 10,1 % | 8,6 % | 11,4 % | 7,5 % | 8,4 % | 6,6 % | 8,5 % | 6,7 % | 3,3 % |
| Combined ratio, net of reinsurance | (3) | 93,4 % | 92,1 % | 98,3 % | 111,1 % | 91,6 % | 107,2 % | 105,9 % | 105,9 % | 95,7 % | 99,2 % |
| Gross claims ratio | (4) | 80,6 % | 80,7 % | 85,5 % | 103,6 % | 88,2 % | 92,6 % | 93,4 % | 103,4 % | 89,9 % | 87,5 % |
| Gross expense ratio | (5) | 9,9 % | 10,1 % | 9,3 % | 9,6 % | 7,1 % | 8,7 % | 7,6 % | 8,5 % | 8,1 % | 8,3 % |
| Gross combined ratio | (6) | 90,5 % | 90,8 % | 94,8 % | 113,2 % | 95,3 % | 101,3 % | 101,0 % | 111,9 % | 98,0 % | 95,8 % |
(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
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.