Protector Forsikring

Earnings Release • Jul 12, 2018

14.3% growth, 99.5% combined ratio

14.3% growth, 99.5% combined ratio

The gross written premium increased with 14.3% in the second quarter of 2018.

The net combined ratio for the quarter increased from 90.7% in 2017 to 99.5% in 2018. The technical result is mainly driven by poor claims ratios in Norway and Denmark.

The profit before tax totalled to MNOK 97.4.

The result is driven by a weak technical result and an improved financial investment result. Price increases in several product lines have been and are being implemented. 

The guiding for net combined ratio in 2018 is changed from > 94% to significant above 94%. The volume growth for 2018 is expected at 16% down from 20% due to strong price increases. For the same reason the volume growth for 2019 is also expected to be lower than the long term guiding at 15%. The cost ratio guiding remains unchanged.

Sweden is still doing well both on volume development and profitability.

UK is on track and a potential hard Brexit will not influence the operation or our future plans in the UK market.

For further information, please see the attached report and presentation including description and calculation of key financial ratios.

Oslo, July 12th 2018

Protector Forsikring ASA

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)