Protector Forsikring

Quarterly Report • Apr 26, 2018

INTERIM REPORT Q1 2018 PROTECTOR FORSIKRING ASA

(UNAUDITED) APRIL 2018

Highlights Q1 2018

17.9% growth, poor claims quarter

The premium growth continues with gross written premiums up 17.9 % compared to Q4-17. The operating profit in the first quarter of 2018 totalled to MNOK 24.6. The result is driven both by a weak technical result and a weak financial income result.

Q1-18 shows following development compared to Q1-17:

• Gross premiums written MNOK 2,461.0 up 17.9 % from MNOK 2,087.4
• Net combined ratio 95.1 %, up from 87,0 %
• Net financial income of MNOK 2.5 (0.0 %), down from MNOK 26.6 (0,4 %)
• Operating profit MNOK 24.6, down from MNOK 107.3
• Gross expense ratio increased to 8.3 % (7.1 %)

Financial highlights and key ratios

[1.000.000 NOK]		Q1 2018	Q1 2017	FY 2017
Gross premiums w ritten		2.461,0	2.087,4	4.163,2
Gross premiums earned		1.070,9	858,6	3.805,5
Gross claims incurred		(990,6)	(784,4)	(4.054,2)
Earned premiums, net of reinsurance		770,7	710,2	2.925,9
Claims incurred, net of reinsurance		(742,7)	(658,3)	(2.647,5)
Net commission income		67,9	86,6	116,9
Internal sales cost		(22,7)	(16,8)	(70,9)
Operating expenses		(35,8)	(29,5)	(122,5)
Technical result		37,2	89,8	198,6
Other income/costs		(15,3)	(11,4)	(59,2)
Net financial income		2,5	26,6	419,5
Profit before tax		24,6	107,3	562,2
Claims ratio, net of ceded business	(1)	96,4 %	92,7 %	90,5 %
Expense ratio, net of ceded business	(2)	-1,2 %	-5,7 %	2,6 %
Combined ratio, net of ceded business	(3)	95,1 %	87,0 %	93,1 %
Gross claims ratio	(4)	92,5 %	91,4 %	106,5 %
Gross expense ratio	(5)	8,3 %	7,1 %	7,4 %
Gross combined ratio	(6)	100,8 %	98,5 %	113,9 %
Retention rate	(7)	72,0 %	82,7 %	76,9 %
Earnings per share	(8)	0,02	0,81	5,53

(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 w eighted number of shares

INTERIM REPORT Q1 2018 | PROTECTOR FORSIKRING ASA | PAGE 2 of 14

Protector's operations

Protector Forsikring ASA is a Norwegian general insurance company (P&C) operating in the Nordic region and in the UK.

Protector entered the Swedish insurance market in 2011, the Danish insurance market in 2012 and Finland and UK in 2016.

The company has three business segments: commercial lines of business, public lines of business and change of ownership insurance in Norway. Protector Forsikring ASA is listed on the Oslo Stock Exchange.

Premiums

The premium growth continues:

The gross premiums written (GWP) totalled to MNOK 2,461, representing a 17.9 % growth up from MNOK 2,087.4 in Q1-17.

The growth by country was:

Country	GWP in quarter	Growth in quarter
Norw ay (incl. Finland)	1.004,0	111,7	12,5%
Sw eden	702,9	133,3	23,4%
Denmark	694,0	84,8	13,9%
UK	60,1	43,8	268,4%
Total	2.461,0	373,6	17,9 %
Whereof Change of Ow nership	116,4	-8,0	-6,4%

Gross premiums written within the commercial and public sector totalled MNOK 2,344.6, up from MNOK 1,963.0 in Q1-17.

Gross premiums earned (GEP) increased by 24.7 % from MNOK 858.6 to a total of MNOK 1,070.9 compared to Q1-17.

The growth in gross premiums earned by country was:

Country	GEP in quarter	Growth in quarter
Norw ay (incl. Finland)	514,7	27,8	5,7%
Sw eden	290,7	94,7	48,3%
Denmark	196,1	27,3	16,2%
UK	69,4	62,5	897,1%
Total	1.070,9	212,3	24,7 %

The premiums earned for own account (NEP) totalled to MNOK 770.7, an increase of 8.5 % compared to Q4 2017.

Country	NEP in quarter		Growth in quarter
Norw ay (incl. Finland)	407,9	21,9 -	-5,1%
Sw eden	197,6	43,1	27,9%
Denmark	132,2	12,4	10,4%
UK	33,0	26,9	438,8%
Total	770,7	60,5	8,5 %

The company entered into a new quota share agreement effective as of July 1st, 2017 with a 10% cession rate, which decreases the growth in premiums earned for own account and the retention rate.

Results

The operating profit before tax totalled MNOK 24.6, down from 107.3m in Q1-17. The Q1 result is driven by both a weak technical result and a weak financial result.

The net profit for the quarter totalled to MNOK -2.4 compared to MNOK 81.0 in Q1-17.

The net combined ratio was 95.1 %, 8.1 percentage points higher than the 87.0 % reported in Q1-17. The net combined ratio by country was:

Net combined ratio	Q1 2018	Q1 2017
Norw ay incl. Finland	107,5 %	94,1 %
Sw eden	72,1 %	72,2 %
Denmark	85,9 %	76,4 %
UK	116,8 %	173,0 %
Total	95,1%	87,0%

The net claims ratio was 96.4 %, up from 92.7 % in Q1-17, while the net expense ratio was -1.2 %, up from -5.7 %.

In Q1 the company had run-off losses of 2.8 % and is primarily driven by Change of Ownership.

The gross combined ratio was 100.8 %, up from 98.5 % in Q1-17. The gross claims ratio was 92.5 % up from 91.4%, the gross claims ratio by country was:

Gross claims ratio	Q1 2018	Q1 2017
Norw ay inkl. Finland	107,0 %	93,9 %
Sw eden	65,7 %	88,8 %
Denmark	106,5 %	87,0 %
UK	58,0 %	93,5 %
Total	92,5%	91,4%

The poor claims ratio in Norway is driven by motor, liability, health and loss of license, while in Denmark the ratio is driven by property and workman's compensation. The claims ratio in Sweden is good in all lines, while Finland and UK is too early to conclude.

The gross expense ratio was 8.3 % up from 7.1 % in Q1-17. The gross expense ratio by country was:

Gross expense ratio	Q1 2018	Q1 2017
Norw ay incl. Finland	6,9 %	4,1 %
Sw eden	11,5 %	12,0 %
Denmark	5,4 %	6,3 %
UK	14,0 %	105,9 %
Total	8,3%	7,1%

The increase in the gross expense ratio is driven by the long term bonus scheme which is based on the share price development, some technical changes and some minor one-offs.

Investment return

The net investment portfolio amounted to a total of MNOK 10,217 at March 31st , 2018, up 9.8 % compared to the portfolio end of Q1-17.

Investment activities yielded a total return of MNOK 2.5 or 0.0 % compared to a return of MNOK 26.6 or 0.3 % in Q1-17. Equities accounted for a MNOK 42,6 loss (-2.4 %) against a MNOK 51.4 loss (-3.1 %) in Q1-17. Return on the fixed income portfolio totalled to MNOK 45.1 (0.5 %) against MNOK 78,0 (1,1 %) in Q1-17.

At the end of Q1-18, 18.4 % of Protector's financial assets were invested in equities, against 17.6 % at the yearend of 2017.

Capital and shareholder matters

The company is well capitalized under the Solvency II regime. Solvency capital requirement (SCR) ratio using standard formula is 195 % as of March 31 st , 2018. The company's goal is to maintain a solvency coverage ratio (calculated according to the Solvency II regulations) above 150%.

Prospects

The Board is satisfied with the overall premium growth and expects continued strong growth in 2018, despite strong competition in all markets.

The quarter is showing weaker claims results combined with a weak financial result. Uncertainty in 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 2018.

Oslo, 26th April 2018

The Board of Directors of Protector Forsikring ASA

Income statement

	Q1 2018	Q1 2017	FY 2017
Premium income
Gross premiums earned	1.070,9	858,6	3.805,5
Reinsurers' share of earned premiums	(300,1)	(148,4)	(879,7)
Earned premiums, net of reinsurance	770,7	710,2	2.925,9
Other insurance-related income	1,2	1,1	5,1
Claims incurred
Gross claims incurred	(990,6)	(784,4)	(4.054,2)
Reinsurers' share of claims incurred	247,9	126,0	1.406,7
Claims incurred, net of reinsurance	(742,7)	(658,3)	(2.647,5)
Operating expenses
Sales costs	(53,3)	(31,8)	(158,1)
Administration costs	(35,8)	(29,5)	(122,5)
Commission from reinsurers	98,4	101,6	204,1
Total operating expenses, net of reinsurance	9,4	40,3	(76,5)
Other insurance-related expenses	(1,3)	(3,6)	(8,4)
Technical result	37,2	89,8	198,6
Net income from financial assets	2,5	26,6	419,5
Other expenses	(15,1)	(9,0)	(55,9)
Non-technical result	(12,6)	17,6	363,6
Profit before tax	24,6	107,3	562,2
Tax	(22,8)	(37,5)	(85,5)
Profit before components of comprehensive income	1,8	69,8	476,7
Actuarial gain and loss from defined benefit pension plans	-	-	(8,4)
Currency changes from foreign enterprise	(5,7)	15,0	61,5
Taxes on components of comprehensive income	1,4	(3,7)	(13,3)
Profit for the period	(2,4)	81,0	516,5
Earnings per share	0,02	0,81	5,53
Earnings per share, diluted	0,02	0,81	5,53

Statement of financial position

[1.000.000 NOK]	31.03.2018	31.03.2017	31.12.2017
Assets
Intangible fixed assets
Other intangible fixed assets	21,6	15,7	20,9
Total intangible fixed assets	21,6	15,7	20,9
Buildings and other real estates
Ow ner-occupied property	13,8	13,9	13,5
Total buildings and other real estates	13,8	13,9	13,5
Financial assets
Shares	1.890,0	1.665,9	1.649,3
Securities, bonds etc	8.271,5	6.915,8	7.519,9
Financial derivatives	22,0	11,9	2,5
Bank deposits	47,1	712,4	210,2
Total financial assets	10.230,7	9.306,1	9.381,9
Reinsurers share of gross technical provisions
Reinsurers share of gross premium provisions	678,7	341,3	228,6
Reinsurers share of gross claims provisions	1.859,7	614,6	1.829,4
Total reinsurers share of gross technical provisions	2.538,4	956,0	2.058,0
Receivables
Policyholders	419,8	221,3	207,6
Intermediaries	79,8	101,0	81,6
Other receivables	98,3	4,1	10,3
Total receivables	598,0	326,4	299,5
Other assets
Tangible fixed assets	14,7	18,7	15,7
Cash and bank deposits	246,0	150,4	327,5
Total other assets	260,7	169,1	343,2
Total prepaid expenses	328,0	321,9	155,2
Total assets	13.991,2	11.109,2	12.272,1

Statement of financial position

[1.000.000 NOK]	31.03.2018	31.03.2017	31.12.2017
Equity and liabilities
Shareholders' equity
Share capital [86.155.605 shares]	86,2	86,2	86,2
Other paid-in equity Total paid-in equity	267,7 353,8	264,0 350,2	267,7 353,8
Earned equity
Natural perils fund	38,4	16,9	22,7
Guarantee scheme	57,4	84,7	85,9
Other equity	2.123,7	1.893,8	2.128,8
Total earned equity	2.219,5	1.995,4	2.237,4
Total equity	2.573,3	2.345,6	2.591,3
Subordinated loan capital	1.243,3	1.395,9	1.243,3
Technical provisions
Provisions for unearned premiums	2.328,5	1.822,5	964,7
Provisions for claims	6.212,1	4.742,0	6.084,7
Total technical provisions	8.540,7	6.564,5	7.049,4
Provisions for other risks and liabilities
Pension liabilities	12,1	10,9	12,1
Current tax liability	(6,8)	(38,9)	42,7
Deferred tax liability	155,1	157,9	151,0
Total provisions for other risks and liabilities	160,4	129,9	205,8
Liabilities
Liabilities in connection w ith insurance	69,6	41,6	59,2
Liabilities in connection w ith reinsurance	1.004,9	452,5	671,6
Financial derivatives Other liabilities	14,0	(0,0)	9,2
	234,3	74,4	57,4
Total liabilities	1.322,7	568,5	797,5
Incurred expenses and prepaid income
Other incurred expenses and prepaid income	150,8	104,8	384,9
Total incurred expenses and prepaid income	150,8	104,8	384,9
Total equity and liabilities	13.991,2	11.109,2	12.272,1

Cash flow statement

[1.000.000 NOK]	Q1 2018	Q1 2017	FY2017
Cash flow from operations
Premiums paid	1.960,3	1.674,4	3.962,8
Claims paid	(847,5)	(684,0)	(2.574,0)
Paid reinsurance	(84,3)	81,3	(13,7)
Paid operating expenses including commissions	(81,6)	(135,7)	(227,7)
Interest / dividend income	47,7	47,1	273,1
Net payments from financial instruments	(1.139,7)	(1.709,2)	(2.055,6)
Payable tax	(69,9)		(33,2)
Net cash flow from operations	(215,0)	(726,1)	(668,4)
Cash flow from investment activities
Net investments in equities		(3,6)
Investments in fixed assets	(3,5)	(10,4)	(25,1)
Net cash flow from investment activities	(3,5)	(14,0)	(25,1)
Cash flow from financial activities
Dividend paid			(193,8)
Net payment on subordinated loan capital		750,0	597,4
Interest payments on subordinated loan capital	(14,7)	(8,9)	(56,3)
Net cash flow from financial activities	(14,7)	741,1	347,2
Net cash flow for the period	(233,2)	1,0	(346,3)
Net change in cash and cash equivalents	(233,2)	1,0	(346,3)
Cash and cash equivalents opening balance	537,7	856,1	856,1
Effects of exchange rate changes on cash and cash equivalents	(11,4)	5,8	27,9
Cash and cash equivalents closing balance	293,1	862,8	537,7

	Share Capital	Own shares	Other paid in equity	Natural perils fund	Guarantee scheme	Other equity	Total
Equity at 31.12.2016	86,2	-	267,7	8,3	83,3	1.822,7	2.268,2
Profit for the period	-		-	8,5	1,4	71,1	81,0
Ow n shares		(3,6)					(3,6)
Equity at 31.03.2017	86,2	(3,6)	267,7	16,9	84,7	1.893,8	2.345,6
Profit for the period	-	0,0	-	6,9	6,1	152,0	165,0
Dividend pay out						(193,8)	(193,8)
Equity at 30.06.2017	86,2	(3,6)	267,7	23,8	90,8	1.852,4	2.317,2
Profit for the period	-		-	5,4	(5,1)	114,1	114,4
Ow n shares		3,5					3,5
Equity at 30.09.2017	86,2	(0,1)	267,7	29,2	85,7	1.966,5	2.435,2
Profit for the period	-		-	(6,5)	0,2	162,4	156,1
Ow n shares		0,1				0,1 - -	0,0
Equity at 31.12.2017	86,2	(0,0)	267,7	22,7	85,9	2.128,8	2.591,3
Profit for the period	-		-	15,7	(28,5)	10,3 -	2,4
Currency changes						(15,5) -	15,5
Own shares		(0,0)					0,0 -
Equity at 31.03.2018	86,2	(0,0)	267,7	38,4	57,4	2.123,7	2.573,3

Statement of changes in equity

Accounting principles

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 2017. 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 2017 annual report.

Segment information

Quarter

		Norway		Sweden		Denmark			UK
[1.000.000 NOK]	Q1 2018	Q1 2017	FY 2017 Q1 2018		Q1 2017	FY 2017	Q1 2018	Q1 2017	FY 2017	Q1 2018	Q1 2017	FY 2017
Gross premiums w ritten	1.004,0	892,3	2.128,3	702,9	569,6	1.078,3	694,0	609,3	703,6	60,1	16,3	252,9
Gross premiums earned	514,7	486,9	2.035,1	290,7	195,9	915,8	196,1	168,8	700,0	69,4	7,0	154,7
Gross claims incurred	(550,6)		(457,1) (1.702,0)	(191,0)	(173,9)	(719,7)	(208,8)	(146,8)	(676,5)	(40,2)	(6,5)	(956,0)
Earned premiums, net of reinsurance	407,9	429,8	1.719,9	197,6	154,5	663,9	132,2	119,8	467,4	33,0	6,1	74,6
Other income	0,9	0,5	3,7	0,1	-	0,1	0,1	-	0,9	(0,0)	0,6	0,4
Claims incurred, net of reinsurance	(426,2)		(413,6) (1.502,9)	(153,4)	(118,6)	(523,1)	(131,4)	(121,6)	(524,0)	(31,8)	(4,6)	(97,5)
Sales costs	(17,7)	(8,9)	(44,0)	(25,8)	(16,5)	(84,3)	(4,8)	(4,7)	(16,2)	(5,0)	(1,7)	(13,6)
Administration costs	(17,7)	(11,0)	(37,0)	(7,6)	(7,0)	(38,6)	(5,8)	(5,9)	(26,5)	(4,7)	(5,7)	(20,5)
Commission from reinsurers	22,8	29,2	53,2	44,3	30,5	68,8	28,3	40,6	57,5	3,0	1,3	24,6
Other expenses	(1,2)	(3,2)	(7,9)	(0,1)	(0,0)	(0,2)	(0,1)	(0,0)	(0,1)	0,0	(0,3)	(0,2)
Technical result	(31,1)	22,9	185,1	55,2	42,8	86,5	18,7	28,2	(40,8)	(5,5)	(4,2)	(32,3)
Net financial income	(12,0)	12,7	373,0	12,0	8,1	35,3	2,5	5,8	11,2	0,0	-	0,0
Other income/costs	(15,1)	(8,7)	(55,6)	(0,1)	(0,2)	(0,3)	-	(0,1)	0,0	0,0	-	-
Operating profit before tax	(58,2)	26,9	502,6	67,2	50,7	121,5	21,2	33,9	(29,6)	(5,5)	(4,2)	(32,3)
Claims ratio, net of ceded business	104,5 %	96,2 %	87,4 %	77,6 %	76,8 %	78,8 %	99,4 %	101,5 %	112,1 %	96,4 %	74,7 %	130,7 %
Expense ratio, net of ceded business	3,1 %	-2,2 %	1,6 %	-5,5 %	-4,5 %	8,2 %	-13,4 %	-25,1 %	-3,2 %	20,5 %	98,3 %	12,7 %
Combined ratio, net of ceded business	107,5 %	94,1 %	89,0 %	72,1 %	72,2 %	87,0 %	85,9 %	76,4 %	108,9 %	116,8 %	173,0 %	143,4 %
Gross claims ratio	107,0 %	93,9 %	83,6 %	65,7 %	88,8 %	78,6 %	106,5 %	87,0 %	96,6 %	58,0 %	93,5 %	618,0 %
Gross expense ratio	6,9 %	4,1 %	4,0 %	11,5 %	12,0 %	13,4 %	5,4 %	6,3 %	6,1 %	14,0 %	105,9 %	22,1 %
Gross combined ratio	113,9 %	98,0 %	87,6 %	77,2 %	100,8 %	92,0 %	111,9 %	93,2 %	102,7 %	72,0 %	199,4 %	640,0 %

Financial assets, fair value estimation

F inancial assets thro ugh pro fit o r lo ss [1.000.000 N OK]	C urrency	Level 1	Level 2	Level 3	T o tal
Shares	NOK	589	1.302		1.890
Bonds and other fixed income securities	NOK		8.272		8.272
Cash and cash equivalents	NOK	47			4 7
Foreign currency contracts	NOK		22		2 2
Total assets 31.03.2018	NOK	636	9.595		10.231
Total assets 31.03.2017	NOK	969	8.337		9.306

F inancial liabilities at fair value thro ugh pro fit o r lo ss [1.000 N OK]	C urrency	Level 1	Level 2	Level 3	T o tal
Foreign exchange contracts	NOK		-14		-14
Total financial liabilities 31.03.2018	NOK		-14		-14
Total financial liabilities 31.03.2018	NOK		0		0

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 recognized 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 MNOK 20 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

If one or more of the key parameters in a valuation model is not based on observable market data,

Capital Ratio and Solvency Margin

(1.000.000 N OK)	31.03.2018	31.03.2017	31.12.2017
Total solvency capital requirement	1.915	1.704	1.834
Total eligible own funds to meet SCR	3.730	3.159	3.656
Ratio of Eligible own funds to SCR	195 %	185 %	199 %
Totalt minimum capital requirement	853	767	773
Ratio of Eligible own funds to M CR	345 %	321 %	374 %

Quarterly outline

[1.000.000 NOK]	Q1 2018	Q4 2017	Q3 2017	Q2 2017	Q1 2017	Q4 2016	Q3 2016	Q2 2016	Q1 2016
Gross premiums written	2.461,0	540,2	645,1	890,5	2.087,4	392,3	412,8	721,8	1.912,2
Gross premiums earned	1.070,9	997,5	1.022,2	927,3	858,6	768,6	825,9	873,0	782,9
Gross claims incurred	(990,6)	(901,2)	(1.106,6)	(1.262,0)	(784,4)	(740,3)	(775,5)	(781,4)	(707,7)
Earned premiums, net of reinsurance	770,7	708,3	749,6	757,8	710,2	624,7	692,3	720,4	631,6
Other income	1,2	0,8	2,3	0,8	1,1	2,4	2,1	0,8	10,1
Claims incurred, net of reinsurance	(742,7)	(667,5)	(646,0)	(675,7)	(658,3)	(632,6)	(618,8)	(679,0)	(610,0)
Sales costs	(53,3)	(46,6)	(36,7)	(42,9)	(31,8)	(32,9)	(27,9)	(25,8)	(30,1)
Administration costs	(35,8)	(28,2)	(37,8)	(27,0)	(29,5)	(20,4)	(47,6)	(18,7)	(17,5)
Commission from reinsurers	98,4	23,1	21,1	58,3	101,6	2,5	22,0	48,1	99,6
Other expenses	(1,3)	(1,3)	(1,9)	(1,6)	(3,6)	(14,3)	(3,5)	(4,0)	(4,1)
Technical result	37,2	(11,4)	50,6	69,6	89,8	(70,4)	18,6	41,8	79,7
Net financial income	2,5	161,9	114,9	116,1	26,6	149,9	160,7	220,5	(31,9)
Other income/costs	(15,1)	(14,4)	(16,3)	(16,2)	(9,0)	(9,0)	(8,9)	(7,4)	(2,6)
Profit before tax	24,6	136,2	149,1	169,5	107,3	70,5	170,5	254,9	45,2
Tax	(22,8)	(1,9)	(23,1)	(22,9)	(37,5)	(1,4)	(27,3)	(31,1)	(28,6)
Profit before components of comprehensive income	1,8	134,3	126,0	146,6	69,8	69,1	143,2	223,8	16,6
Components of comprehensive income	(5,7)	31,4	(17,9)	24,5	15,0	19,2	(13,0)	(1,5)	(9,2)
Taxes on components of comprehensive income	1,4	(7,9)	4,5	(6,1)	(3,7)	(4,9)	3,4	0,4	2,3
Profit for the period	(2,4)	157,9	112,6	165,0	81,0	83,3	133,6	222,7	9,7
Key ratios
Claims ratio, net of ceded business	96,4 %	94,2 %	86,2 %	89,2 %	92,7 %	101,3 %	89,4 %	94,3 %	96,6 %
Expense ratio, net of ceded business	-1,2 %	7,3 %	7,1 %	1,5 %	-5,7 %	8,1 %	7,7 %	-0,5 %	-8,2 %
Combined ratio, net of ceded business	95,1 %	101,5 %	93,3 %	90,7 %	87,0 %	109,4 %	97,1 %	93,7 %	88,3 %
Gross claims ratio	92,5 %	90,4 %	108,3 %	136,1 %	91,4 %	96,3 %	93,9 %	89,5 %	90,4 %
Gross expense ratio	8,3 %	7,5 %	7,3 %	7,5 %	7,1 %	6,9 %	9,1 %	5,1 %	6,1 %

Gross combined ratio 100,8 % 97,8 % 115,5 % 143,6 % 98,5 % 103,3 % 103,0 % 94,6 % 96,5 %