Protector Forsikring

Regulatory Filings • Dec 18, 2018

Protector withdraws from the change of ownership insurance market

Protector withdraws from the change of ownership insurance market

Reference is made to stock exchange announcement dated 7 December 2018 and information about profitability challenges within change of ownership insurance (COI) and that the company evaluates various strategic options.

Following an overall assessment, the Board of Directors has come to the conclusion that the company will withdraw from the COI market. The reason is the product's weak technical performance in recent years as well as significant uncertainty related to the product's future premium volume and profitability. The Board of Directors is of the opinion that key resources then can be used better in other and more forward-looking areas. COI is the only product in the company that directly represents the consumer market, and accounts today for less than 10% of the company's total business.

The decision to leave the COI market is done with great respect for the employees, who from 2004 until today, in aggregate have contributed to the company's good results. The company will handle the COI claims for several years to come and the decision to leave the COI market will initially affect less than 10 employees. The few affected, are highly recommended new employers.

After 15 good years of cooperation, the company will also thank our collaborative real estate agents who have always appeared as a quality driving force and professionals in their advice to the market.

The company will ensure a careful follow-up of the claims settlement within COI to ensure quality out to the market and to defend the company's significant reserves.

The company has an unchanged reserve view and expects a small positive gain over the run-off period.

Oslo 18th December 2018

Protector Forsikring ASA

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act