Protector Forsikring

Earnings Release • Oct 26, 2017

56% growth - combined ratio on track

56% growth - combined ratio on track

Protector delivers an operating profit of MNOK 149.1 in the third

quarter of 2017.

Premium growth continues with gross written premiums up 56.3%

compared to Q3 2016.

Gross combined ratio for the quarter totals to 115,5% driven by an

increase in the reserves for the dramatic fire in UK, while the net

combined ratio is strengthened from 97.1% in Q3 2016 to 93,3% in Q3

Q3 2017 shows the following development compared to Q3 2016:

- Gross premiums written MNOK 645.1, up 56.3% from MNOK 412.8

- Net combined ratio 93.3%, down from 97.1%

- Operating profit MNOK 149.1, down from MNOK 170.5

- Net financial income of MNOK 114.9 (1.2%), down from MNOK 160.7

(2.2%)

- Gross expense ratio 7.3% down from 9.1% in Q3 2016

- SCR-ratio of 192,5%, prepared for growth in 2018-2020

The company maintains its guiding for 2017 with 22% premium growth

and combined ratio at 92%.

For further information, please see the attached report and

presentation. A new Interim Report for Q2-2017 has also been

attached as the company by inadvertence forgot to include the

confirmation from the Board of Directors and CEO that the interim

financial statements have been prepared in accordance with the

applicable regulatory requirements and represents a true and fair

view the operation.

Oslo, October 26th 2017

Protector Forsikring ASA