Quarterly Report • Feb 12, 2016
Quarterly Report
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(Unaudited)
2015 shows following development compared to 2014:
Q4 2015 shows following development compared to Q4 2014:
| [1.000.000 NOK] | Q4 2015 | Q4 2014 | FY 2015 | FY 2014 | |
|---|---|---|---|---|---|
| Gross premiums w ritten |
325,3 | 281,8 | 2.843,4 | 2.374,5 | |
| Gross premiums earned | 698,7 | 593,7 | 2.791,1 | 2.306,8 | |
| Gross claims incurred | (617,0) | (451,6) | (2.283,6) | (1.854,5) | |
| Earned premiums, net of reinsurance | 535,1 | 453,4 | 2.176,0 | 1.775,3 | |
| Claims incurred, net of reinsurance | (475,7) | (337,7) | (1.861,0) | (1.439,5) | |
| Net commission income | 15,6 | 4,5 | 112,9 | 98,4 | |
| Operating expenses | (56,9) | (42,0) | (182,0) | (158,7) | |
| Other income/costs | (4,4) | (2,0) | (13,5) | (10,2) | |
| Net financial income | 152,8 | 13,6 | 303,8 | 236,8 | |
| Operating profit before security provision etc | 166,5 | 89,8 | 536,1 | 502,0 | |
| Claims ratio, net of ceded business | (1) | 88,9 % | 74,5 % | 85,5 % | 81,1 % |
| Expense ratio, net of ceded business | (2) | 7,7 % | 8,3 % | 3,2 % | 3,4 % |
| Combined ratio, net of ceded business | (3) | 96,6 % | 82,7 % | 88,7 % | 84,5 % |
| Gross claims ratio | (4) | 88,3 % | 76,1 % | 81,8 % | 80,4 % |
| Gross expense ratio | (5) | 9,6 % | 8,2 % | 7,5 % | 7,6 % |
| Gross combined ratio | (6) | 97,9 % | 84,3 % | 89,4 % | 88,0 % |
| Retention rate | (7) | 76,6 % | 76,4 % | 78,0 % | 77,0 % |
| Solvency capital | (8) | 2.158,3 | 1.575,9 | ||
| Capital adequacy ratio (risk w eighted) |
(9) | 24% | 18% | ||
| Solvency margin | (10) | 364% | 296% | ||
| Earnings per share | (11) | 2,25 | 1,24 | 5,49 | 4,63 |
(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) Equity + security provision etc
(9) Net primary capital (including net profit/loss for the period) in % of risk weighted assets.
(10) Solvency margin calculated according to regulations from the FSA of Norway (including net profit/loss for the period)
(11) Profit before other comprehensive income divided by weighted number of shares
Protector Forsikring ASA is a general insurance company (P&C) operating in Scandinavia. Protector started in Norway in 2004, entered the Swedish insurance market in 2011 and the Danish insurance market in 2012. The company has two business areas: commercial and public lines of business, and affinity arrangements for private and commercial clients. Protector is listed on the Oslo Stock Exchange.
In 2015 gross premiums written increased by 20% to a total of NOK 2.843,4m. Gross premiums earned increased by 21% to a total of NOK 2.791,1m. Premiums earned for own account totalled NOK 2.176,0m, an increase of 27 % compared to 2014. The retention rate for 2015 is 78%, increasing slightly from 77% in 2014.
Gross premiums written within the commercial and public sector totalled NOK 2.131,5m, a 25% growth from 2014. The growth is due to high level of new sales in both the commercial and public sector markets. The premium growth in Sweden was 60% compared to 2014, whilst in Denmark the premium growth was 62% from 2014.
In the affinity segment, gross premium written amounted to NOK 711,4m, a 7% growth compared to 2014. Gross premiums written within the change of ownership insurance totalled NOK 525,4m, up 3% from 2014. The growth is primarily driven by higher real estate prices. In 2015, the company experienced a hit ratio in excess of 80%.
In Q4, gross written premiums totalled NOK 325,3m, representing 15% growth compared to Q4 2014. Gross premiums earned increased by 18% to a total of NOK 698,7m. Premiums earned for own account were NOK 535,1m, an increase of 18% compared to Q4 2014.
Gross premiums written in Q4 within the commercial and public sector totalled NOK 193,5m, up 40% compared to Q4 2014. All countries experienced increases in gross premiums written. The premium growth in Sweden was 93% and 27% in Denmark. Norway showed growth of 33%.
Within the affinity segment, gross premiums written in Q4 amounted to NOK 131,7m, down -8% compared to Q4 2014. Premium income within change of ownership insurance, the company's largest affinity programme, totalled NOK 107,0m, down -12 % compared to Q4 2014. The decrease is primarily driven by a lower number of real-estate transactions.
In 2015, the operating profit before changes in security provision and tax totalled NOK 536,1m, compared to NOK 502,0m in 2014. Norway with NOK 497,5m (480,3m), Sweden NOK 64,1m (14,5m) and Denmark NOK -25,5m (7,2m). The strong result in Norway and Sweden is primarily driven by increased volumes and stable claims ratios. Denmark's result has been affected by some medium and large claims as well as a one-off payroll tax from previous years. Returns on investment increased by 67,0m. The technical result before allocated return on investment and changes in security provisions was NOK 275,9m a decrease of NOK -54,1m or -16,4% compared to 2014. Net profit for the year amounted to NOK 483,0m, compared to NOK 358,8m in 2014. The return on the company's average solvency capital was 24,9%, a decrease from 28% in 2014.
In Q4 2015, the operating result was NOK 166,5m, up 76,7m compared to NOK 89,8m in Q4 2014. The Q4 result is driven by a stronger financial result.
In 2015, the net combined ratio was 88,7%, compared to 84,5% in 2014. Net claims ratio in 2015 was 85,5%, compared to 81,1% in 2014. Net run-off gains in 2015 amounted to NOK 11m (0,5 percentage points on the net claims ratio), against NOK 91m in 2014. The run-off from Change of Ownership Insurance was a loss of NOK 65m whereas Commercial/Public business showed run-off gains of NOK 76m. Net cost ratios was 3,2%, compared to 3,4% in 2014.
In Q4, the combined net ratio was 96,6%, a 13,9 percentage points increased from 2014. The net claims ratio for the period was 88,9% compared to 74,5% in Q4 2014. Q4 was affected by negative run-off as well as some medium and large losses.
Net investment portfolio amounted to a total of NOK 6,3bn at 31 December 2015, up 29 % compared to the portfolio end of 2014.
In full year 2015, the investment result was NOK 303,8m (5,2%) against NOK 236,8m (5,3%) full year 2014. Equities accounted for a NOK 317,3m gain (43,8 %) against a NOK 130,8m gain (26,8%) in 2014. Return on the fixed income portfolio totalled NOK -13,5m or -0,3% against NOK 106,0m or 2,6% in 2014. End of Q4, 13,7% of Protector's financial assets were invested in equities.
In Q4, investment activities yielded a total return of NOK 152,8m or 2,5% compared to a return of 13,6m or 0,3% in Q4 2014. Equities accounted for a gain of NOK 139,7m (16,3%) against a NOK 73,9m gain (14,6%) in Q4 2014. The return on the fixed income portfolio was NOK 13,1 (0,2%) in Q4 2015 compared to a return of NOK -60,3m (-1,6%) in Q4 2014.
The solvency capital, defined as the total equity and total security provision, has in Q4 increased by NOK 151,3m to NOK 2.158,3m. In 2015, the solvency capital has increased by NOK 582,4m.
At the end of 2015 the capital adequacy ratio result was 15% excl. result for the period, against a minimum requirement of 8%. Including the result for the period the capital adequacy ratio was 24%.
Based on the company's dividend policy, strong results for the full year 2015 and strong financial position, the Board considers recommending a dividend of NOK 2.25 per share for 2015.
Protector expects continued strong growth in 2016, despite strong competition in all markets. The expected growth is based on a very good start in 2016 in all three geographic markets and continued good access to profitable business.
The company's underlying profitability is expected to be maintained.
Claims development and substantial changes in capital markets are regarded as the most important risk factors that could affect the company's profit in 2016.
The Board of Directors is satisfied with the premium growth and the operating profit and expects continued profitable growth.
Oslo, 11 February 2016 The Board of Directors of Protector Forsikring ASA
| [1.000.000 NOK] | Q4 2015 | Q4 2014 | FY 2015 | FY 2014 |
|---|---|---|---|---|
| Premium income | ||||
| Gross w ritten premiums |
325,3 | 281,8 | 2.843,4 | 2.374,5 |
| Ceded insurance premiums Change in provisions for unearned premiums |
(67,0) 373,4 |
(32,2) 311,9 |
(592,1) (52,3) |
(510,5) (67,7) |
| Change in reinsurers' share of provisions for unearned premiums | (96,6) | (108,1) | (23,0) | (20,9) |
| Earned premiums, net of reinsurance | 535,1 | 453,4 | 2.176,0 | 1.775,3 |
| Allocated return on investment transferred from non-technical | 7,3 | 12,5 | 32,7 | 55,3 |
| Other income | 0,9 | 1,2 | 3,9 | 3,7 |
| Claims incurred | ||||
| Claims paid | (500,8) | (353,1) | (1.657,5) | (1.243,0) |
| Reinsurers' share of paid claims | 90,1 | 99,7 | 306,7 | 307,4 |
| Change in provisions for claims | (116,2) | (98,5) | (626,1) | (611,5) |
| Change in reinsurers' share of claims provisions | 51,2 | 14,2 | 115,9 | 107,6 |
| Claims incurred, net of reinsurance | (475,7) | (337,7) | (1.861,0) | (1.439,5) |
| Operating expenses | ||||
| Sales costs | (9,9) | (6,7) | (28,2) | (17,4) |
| Administration costs | (56,9) | (42,0) | (182,0) | (158,7) |
| Commission from reinsurers | 25,5 | 11,2 | 141,1 | 115,8 |
| Total operating expenses, net of reinsurance | (41,3) | (37,5) | (69,1) | (60,3) |
| Other expenses | (2,5) | (1,2) | (6,5) | (4,5) |
| Technical result before changes in security provision etc. | 23,7 | 90,7 | 275,9 | 330,0 |
| Changes in security provision etc. | 57,9 | 27,0 | - | (26,3) |
| Technical result | 81,6 | 117,7 | 275,9 | 303,7 |
| Net income from financial assets | 152,8 | 13,6 | 303,8 | 236,8 |
| Allocated return on investment transferred to technical account | (7,3) | (12,5) | (32,7) | (55,3) |
| Other income | - | 1,0 | 0,5 | 2,3 |
| Other costs | (2,8) | (3,0) | (11,4) | (11,8) |
| Non-technical result | 142,8 | (0,9) | 260,3 | 172,0 |
| Profit before tax | 224,4 | 116,8 | 536,1 | 475,7 |
| Tax | (30,7) | (14,1) | (70,6) | (93,0) |
| Profit before components of comprehensive income | 193,7 | 102,7 | 465,5 | 382,8 |
| Actuarial gain and loss from defined benefit pension plans- benefits to employees 3,4 | (4,9) | 9,6 | (11,3) | |
| Currency changes from foreign enterprise | (0,7) | (15,6) | 14,4 | (21,7) |
| Taxes on components of comprehensive income | 0,9 | 5,5 | (6,5) | 9,0 |
| Profit for the period | 197,3 | 87,8 | 483,0 | 358,8 |
| Earnings per share | 2,25 | 1,24 | 5,49 | 4,63 |
| Earnings per share, diluted | 2,25 | 1,24 | 5,49 | 4,63 |
| [1.000.000 NOK] | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Assets | ||
| Intangible fixed assets | ||
| Other intangible fixed assets | 15,8 | 13,3 |
| Total intangible fixed assets | 15,8 | 13,3 |
| Financial assets | ||
| Ow ner-occupied property |
13,6 | |
| Shares | 860,9 | 693,9 |
| Securities, bonds etc | 5.362,5 | 3.754,7 |
| Financial derivatives | 252,6 | 60,1 |
| Other financial assets | 147,1 | 449,3 |
| Total financial assets | 6.636,6 | 4.957,9 |
| Reinsurers share of gross technical provisions | ||
| Reinsurers share of gross premium provisions | 102,5 | 91,2 |
| Reinsurers share of gross claims provisions | 563,5 | 438,1 |
| Total reinsurers share of gross technical provisions | 666,0 | 529,3 |
| Receivables | ||
| Policyholders | 32,5 | 33,2 |
| Intermediaries | 59,8 | 58,1 |
| Other receivables | 3,5 | 18,0 |
| Total receivables | 95,9 | 109,3 |
| Other assets | ||
| Tangible fixed assets | 14,2 | 8,2 |
| Cash and bank deposits | 144,1 | 207,9 |
| Deferred tax benefit | 35,1 | 20,1 |
| Total other assets | 193,4 | 236,2 |
| Total prepaid expenses | 132,5 | 106,7 |
| Total assets | 7.740,1 | 5.952,7 |
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Equity and liabilities | ||
| Shareholders' equity | ||
| Share capital [86.155.605 shares] | 86,2 | 86,2 |
| Ow n shares |
- | (3,6) |
| Other paid-in equity | 4,8 | 4,8 |
| Total paid-in equity | 91,0 | 87,4 |
| Earned equity | ||
| Natural perils fund | 0,2 | 16,7 |
| Guarantee scheme | 77,7 | 70,5 |
| Other equity | 1.404,8 | 816,9 |
| Total earned equity | 1.482,8 | 904,0 |
| Total equity | 1.573,8 | 991,4 |
| Subordinated loan capital | 148,1 | 148,1 |
| Technical provisions | ||
| Provisions for unearned premiums | 448,1 | 352,4 |
| Provisions for claims | 3.858,4 | 3.176,5 |
| Security provision etc. | 584,4 | 584,4 |
| Total technical provisions | 4.891,0 | 4.113,3 |
| Provisions for other risks and liabilities | ||
| Pension liabilities | 10,9 | 19,0 |
| Total provisions for other risks and liabilities | 10,9 | 19,0 |
| Liabilities | ||
| Liabilities in connection w ith insurance |
29,0 | 15,3 |
| Liabilities in connection w ith reinsurance |
318,8 | 197,4 |
| Financial derivatives | 260,1 | 63,9 |
| Other liabilities | 221,9 | 174,9 |
| Total liabilities | 829,7 | 451,5 |
| Incurred expenses and prepaid income | ||
| Other incurred expenses and prepaid income | 286,7 | 229,4 |
| Total incurred expenses and prepaid income | 286,7 | 229,4 |
| Total equity and liabilities | 7.740,1 | 5.952,7 |
| [1.000.000 NOK] | Q4 2015 | Q4 2014 | FY 2015 | FY 2014 |
|---|---|---|---|---|
| Cash flow from operations | ||||
| Paid in premiums | 533,4 | 397,2 | 2.849,5 | 2.434,2 |
| Paid claims | (502,3) | (348,5) | (1.694,2) | (1.234,6) |
| Paid reinsurance | 43,8 | 30,1 | (60,9) | (75,7) |
| Paid operating expenses including commissions | (35,8) | (42,5) | (161,2) | (211,6) |
| Interest / dividend income | 39,1 | 38,9 | 68,9 | 61,7 |
| Net payments from financial instruments | 9.266,7 | 3.503,4 | 8.053,9 | 6.040,7 |
| Payments out from financial instruments | (9.354,7) | (3.012,2) | (9.354,7) | (6.312,3) |
| Payable tax | (48,8) | (44,1) | (124,5) | (78,5) |
| Net cash flow from operations | (58,7) | 522,1 | (423,2) | 623,9 |
| Cash flow from investment activities | ||||
| Net investments in equities | - | - | 262,8 | - |
| Invested in ow ner-occupied property |
(0,2) | - | (13,8) | - |
| Invested in inventory | (2,0) | (0,6) | (5,4) | (3,1) |
| Invested in intangible assets | (1,5) | (3,2) | (10,0) | (8,7) |
| Net cash flow from investment activities | (3,6) | (3,8) | 233,6 | (11,7) |
| Cash flow from financial activities | ||||
| Dividend paid | - | - | (165,2) | (144,5) |
| Interest payments on subordinated loan | (2,9) | (3,0) | (11,7) | (12,0) |
| Net cash flow from financial activities | (2,9) | (3,0) | (176,9) | (156,5) |
| Net cash flow for the period | (65,2) | 515,4 | (366,4) | 455,7 |
| Net change in cash and cash equivalents | (65,0) | 515,4 | (366,1) | 456,0 |
| Cash and cash equivalents opening balance | 356,2 | 141,8 | 657,2 | 201,2 |
| Cash and cash equivalents closing balance | 291,1 | 657,2 | 291,1 | 657,2 |
| Share | Ow n |
Other paid | Natural | Guarantee | |||
|---|---|---|---|---|---|---|---|
| Capital | shares | in equity | perils fund | scheme | Other equity | Total | |
| Equity at 31.12.2013 | 86,2 | (3,6) | 4,8 | 15,4 | 61,6 | 612,7 | 777,2 |
| Profit for the period | 0,2 | 2,1 | 96,1 | 98,4 | |||
| Equity at 31.03.2014 | 86,2 | (3,6) | 4,8 | 15,6 | 63,7 | 708,8 | 875,5 |
| Dividend pay out | (144,5) | (144,5) | |||||
| Profit for the period | 3,6 | 2,3 | 123,4 | 129,3 | |||
| Equity at 30.06.2014 | 86,2 | (3,6) | 4,8 | 19,2 | 66,0 | 687,7 | 860,3 |
| Profit for the period | 2,9 | 2,3 | 38,1 | 43,3 | |||
| Equity at 30.09.2014 | 86,2 | (3,6) | 4,8 | 22,1 | 68,4 | 725,8 | 903,7 |
| Profit for the period | (5,5) | 2,1 | 91,1 | 87,8 | |||
| Equity at 31.12.2014 | 86,2 | (3,6) | 4,8 | 16,7 | 70,5 | 816,9 | 991,4 |
| Profit for the period | (21,5) | 5,3 | 157,8 | 141,6 | |||
| Equity at 31.03.2015 | 86,2 | (3,6) | 4,8 | (4,9) | 75,8 | 974,7 | 1.133,0 |
| Dividend pay out | (165,2) | (165,2) | |||||
| Ow n shares |
3,6 | 262,8 | 266,4 | ||||
| Profit for the period | 5,3 | (1,2) | 96,5 | 100,6 | |||
| Equity at 30.06.2015 | 86,2 | - | 4,8 | 0,4 | 74,5 | 1.168,9 | 1.334,8 |
| Profit for the period | 0,6 | 1,8 | 27,3 | 29,7 | |||
| Equity at 30.09.2015 | 86,2 | 0,0 | 4,8 | 1,0 | 76,3 | 1.196,2 | 1.364,6 |
| Profit for the period | (0,8) | 1,4 | 208,6 | 209,2 | |||
| Equity at 31.12.2015 | 86,2 | 0,0 | 4,8 | 0,2 | 77,7 | 1.404,8 | 1.573,8 |
These interim accounts have been prepared in accordance with IAS 34 and in line with the accounting principles described in the annual report for 2014. The company's financial statements are prepared in accordance with the Norwegian Accounting Act, financial statement regulations for insurance companies and generally accepted accounting principles. For further information, please see the 2014 annual report.
| Norway | Sweden | Denmark | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| [1.000.000 NOK] | Q4 2015 | FY 2015 | FY 2014 | Q4 2015 | FY 2015 | FY 2014 | Q4 2015 | FY 2015 | FY 2014 | |
| Gross premiums w ritten |
221,7 | 1.891,7 | 1.783,2 | 42,5 | 520,7 | 325,4 | 61,1 | 430,9 | 265,9 | |
| Gross premiums earned | 441,0 | 1.863,3 | 1.770,1 | 142,1 | 493,9 | 298,9 | 115,6 | 433,9 | 237,8 | |
| Gross claims incurred | (379,2) | (1.506,7) | (1.449,4) (107,6) | (386,5) (233,8) (130,2) | (390,4) | (171,4) | ||||
| Earned premiums, net of reinsurance | 334,1 | 1.453,2 | 1.369,4 | 114,3 | 394,5 | 229,7 | 86,7 | 328,3 | 176,1 | |
| Claims incurred, net of reinsurance | (289,8) | (1.235,9) | (1.104,2) | (79,6) | (298,7) (188,7) (106,3) | (326,5) | (146,7) | |||
| Net commission income | 11,7 | 94,9 | 91,1 | (4,5) | (6,6) | (3,8) | 8,4 | 24,5 | 11,1 | |
| Operating expenses | (28,4) | (93,8) | (91,1) | (11,8) | (37,8) | (33,7) | (16,8) | (50,4) | (33,9) | |
| Other income/costs | (4,3) | (13,3) | (10,0) | (0,1) | (0,2) | (0,6) | (0,0) | 0,0 | 0,4 | |
| Net financial income | 145,6 | 292,4 | 225,0 | 4,0 | 12,9 | 11,6 | 3,2 | (1,5) | 0,3 | |
| Operating profit before security prov. etc 168,9 | 497,5 | 480,3 | 22,3 | 64,1 | 14,5 | (24,8) | (25,5) | 7,2 | ||
| Claims ratio, net of ceded business | 86,7 % | 85,0 % | 80,6 % | 69,6 % | 75,7 % | 82,1 % | 122,6 % | 99,4 % | 83,3 % | |
| Expense ratio, net of ceded business | 5,0 % | -0,1 % | 0,0 % | 14,2 % | 11,2 % | 16,3 % | 9,7 % | 7,9 % | 13,0 % | |
| Combined ratio, net of ceded business | 91,7 % | 85,0 % | 80,6 % | 83,9 % | 87,0 % | 98,5 % | 132,3 % | 107,3 % | 96,2 % | |
| Gross claims ratio | 86,0 % | 80,9 % | 81,9 % | 75,7 % | 78,3 % | 78,2 % | 112,6 % | 90,0 % | 72,0 % | |
| Gross expense ratio | 6,6 % | 5,1 % | 5,3 % | 14,9 % | 13,0 % | 16,5 % | 14,5 % | 11,6 % | 14,3 % | |
| Gross combined ratio | 92,5 % | 86,0 % | 87,1 % | 90,6 % | 91,3 % | 94,7 % | 127,1 % | 101,6 % | 86,3 % |
| FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 564 | 297 | - | 861 | ||||||
| Bonds and other fixed income securities | NOK | 2 244 | 3 118 | - | 5 362 | ||||||
| Cash and cash equivalents | NOK | 147 | - | - | 147 | ||||||
| Foreign currency contracts | NOK | - | 253 | - | 253 | ||||||
| Total assets Q4 2015 | 2 955 | 3 668 | - | 6 623 | |||||||
| Total assets Q4 2014 | 1 844 | 3 113 | - | 4 958 | |||||||
| 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 | - | -260 | - | -260 | ||||||
| Liabilities to credit institutions | NOK | -70 | - | - | -70 | ||||||
| Total financial liabilities Q4 2015 | -70 | -260 | - | -330 | |||||||
| Total financial liabilities Q4 2014 | - | -64 | - | -64 |
Fair value of financial assets traded in active markets are based on market value on the accounting day. A market is considered active if the market rates are easily and regularly available from a stock exchange, distributor, broker, industrial classification, price-setting service or regulatory authority, and these prices represent actual and regularly occurring market transactions at arm's length. The market price applied to financial assets is the existing bid price. These instruments are included in level 1.
Fair value of financial instruments not traded in an active market is determined by using valuation methods. These valuation methods maximise the use of observable data where available, and are based as little as possible on own estimates. The instrument is included in level 2 if all essential data are based on observable market data.
The instrument is included in level 3 if one or more essential data are not based on observable market data.
| [1.000.000 NOK] | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 | Q2 2013 | Q1 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross premiums written | 325,3 | 366,5 | 635,8 1.515,8 | 281,8 | 341,8 | 542,2 1.208,6 | 237,7 | 270,4 | 448,5 | 904,0 | ||
| Gross premiums earned | 698,7 | 719,9 | 706,1 | 666,3 | 593,7 | 591,5 | 590,9 | 530,7 | 468,4 | 468,6 | 477,4 | 400,2 |
| Gross claims incurred | (617,0) | (585,2) | (518,7) | (562,8) | (451,6) | (457,7) | (473,2) | (472,0) (362,4) (384,0) (354,4) (349,8) | ||||
| Earned premiums, net of reinsurance | 535,1 | 562,4 | 560,5 | 518,0 | 453,4 | 458,0 | 460,7 | 403,2 | 352,5 | 357,9 | 362,8 | 300,4 |
| Claims incurred, net of reinsurance | (475,7) | (461,5) | (467,9) | (455,9) | (337,7) | (370,6) | (387,8) | (343,5) (291,9) (297,3) (288,8) (255,5) | ||||
| Total operating expenses, net of reinsurance | (41,3) | (37,1) | (19,9) | 29,2 | (37,5) | (36,9) | (7,3) | 21,3 | (36,0) | (36,9) | (7,0) | 23,0 |
| Other income/costs | (4,4) | (3,0) | (3,0) | (3,0) | (2,0) | (3,1) | (2,7) | (2,4) | (1,8) | (2,6) | (2,3) | (2,8) |
| Net income from financial assets | 152,8 | (19,9) | 48,7 | 122,2 | 13,6 | 27,9 | 111,6 | 83,8 | 83,9 | 75,6 | 19,4 | 77,9 |
| Operating profit before changes in security provision | 166,5 | 40,7 | 118,4 | 210,5 | 89,8 | 75,3 | 174,5 | 162,4 | 106,6 | 96,7 | 84,1 | 143,0 |
| Changes in security provision etc. | 57,9 | (20,7) | (11,9) | (25,2) | 27,0 | (12,5) | (12,3) | (28,5) | 19,6 | (31,2) | (2,4) | (40,9) |
| Profit before tax | 224,4 | 20,0 | 106,5 | 185,2 | 116,8 | 62,8 | 162,2 | 133,9 | 126,2 | 65,5 | 81,7 | 102,1 |
| Tax | (30,7) | 12,3 | (16,3) | (35,9) | (14,1) | (17,7) | (30,1) | (31,1) | (32,4) | (9,5) | (26,3) | (20,4) |
| Profit before components of comprehensive income | 193,7 | 32,3 | 90,2 | 149,3 | 102,7 | 45,2 | 132,1 | 102,8 | 93,8 | 56,0 | 55,4 | 81,8 |
| Components of comprehensive income | 2,8 | 15,1 | 13,8 | (7,7) | (20,4) | (2,5) | (4,0) | (6,0) | (2,0) | 3,4 | 3,1 | 3,5 |
| Taxes on components of comprehensive income | 0,9 | (5,7) | (1,6) | - | 5,5 | 0,7 | 1,1 | 1,6 | 0,5 | (1,0) | (0,9) | (1,0) |
| Profit for the period | 197,3 | 41,7 | 102,4 | 141,6 | 87,8 | 43,3 | 129,3 | 98,4 | 92,3 | 58,4 | 57,6 | 84,3 |
| Key ratios | ||||||||||||
| Claims ratio, net of ceded business | 88,9 % | 82,1 % | 83,5 % | 88,0 % | 74,5 % | 80,9 % | 84,2 % | 85,2 % | 82,8 % | 83,1 % | 79,6 % | 85,0 % |
| Expense ratio, net of ceded business | 7,7 % | 6,6 % | 3,5 % | -5,6 % | 8,3 % | 8,1 % | 1,6 % | -5,3 % | 10,2 % | 10,3 % | 1,9 % | -7,6 % |
| Combined ratio, net of ceded business | 96,6 % | 88,7 % | 87,0 % | 82,4 % | 82,7 % | 89,0 % | 85,8 % | 79,9 % | 93,0 % | 93,4 % | 81,5 % | 77,4 % |
| Gross expense ratio | 9,6 % | 6,4 % | 6,7 % | 7,5 % | 8,2 % | 8,4 % | 6,0 % | 8,1 % | 10,0 % | 10,1 % | 5,9 % | 9,1 % |
| Gross claims ratio | 88,3 % | 81,3 % | 73,5 % | 84,5 % | 76,1 % | 77,4 % | 80,1 % | 88,9 % | 77,4 % | 81,9 % | 74,2 % | 87,4 % |
| Gross combined ratio | 97,9 % | 87,6 % | 80,2 % | 92,0 % | 84,3 % | 85,7 % | 86,1 % | 97,0 % | 87,4 % | 92,0 % | 80,1 % | 96,5 % |
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