Protector Forsikring

Earnings Release • Jul 8, 2016

Very strong operating profit

Very strong operating profit

Protector delivers an operating profit of NOK 255 million in

the second quarter of 2016, primarily driven by a strong

investment result. Premium growth continues with gross

written premiums up 14% compared to Q2 2015, whilst combined

ratio is up due to a higher number of larger claims in the

quarter. Cost continue to improve favourably, with a gross

expense ratio of 5.1% down from 6.7% the same quarter last

year.

Q2 2016 shows the following development compared to Q2 2015:

- Gross premiums written NOK 721,8m, up 13,5% from NOK

635,8m

- Net combined ratio 93,7%, up from 87,0%

- Operating profit NOK 254,9m, up from NOK 118,4m

- Net financial income of NOK 220,5m (3,0%), up from NOK

48,7m (0,8%)

- Gross expense ratio improved to 5,1% (6,7%)

The company maintain its guiding for 2016, with expected

premium growth 22%, gross cost ratio below 7,5% and a

combined ratio of 90%.

For further information, please see the attached report and

presentation.

Oslo, July 8th 2016

Protector Forsikring ASA