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IR - Q2 2025: CR 84.9%, earnings per share NOK 8.7 – dividend NOK 2.00 per share - Attachment: Interim Report Q2 2025 (PROT).pdf

Company: Protector Forsikring Date: 2025-07-10 Language: English Register to download
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**Interim Report (unaudited)**

**Q2 and H1 2025**

Protector Forsikring

| Highlights Q2 and H1 2025 3                               |  |
|-----------------------------------------------------------|--|
| Income overview 5                                         |  |
| Premiums 5                                                |  |
| Results 6                                                 |  |
| Investments7                                              |  |
| Equity and capital position7                              |  |
| Dividend 8                                                |  |
| Transaction subject to approval8                          |  |
| Prospects8                                                |  |
| Income statement 9                                        |  |
| Statement of comprehensive income 9                       |  |
| Statement of financial position 10                        |  |
| Statement of changes in equity 202411                     |  |
| Statement of changes in equity 202511                     |  |
| Cash flow statement12                                     |  |
| Notes 13                                                  |  |
| Accounting principles 13                                  |  |
| Segment information - Q214                                |  |
| Segment information - H115                                |  |
| Financial assets, fair value estimation15                 |  |
| Solvency margin16                                         |  |
| Quarterly outline17                                       |  |
| Other alternative performance measures and key figures 18 |  |
| The Board of Directors and the CEO's statement 19         |  |

# <span id="page-2-0"></span>**Highlights Q2 and H1 2025**

![](_page_2_Figure_2.jpeg)

Protector Forsikring ASA recorded a profit of NOK 716 m (254 ) for the quarter. The result is driven by a strong insurance service result and a good return on investments. Gross written premiums amounted to NOK 4,218 m, up 19% (16% in local currencies). All segments contribute to the growth, with UK and Sweden as the largest contributors. The insurance service result was NOK 515 m (157 ), corresponding to a combined ratio of 84.9 % (94.5 %). Net income from assets under management was NOK 642 m (271 ) or 2.4 % (1.3 %). Total investment return (including insurance finance expenses) was NOK 468 m (242 ).

In H1 2025, the company recorded a profit of NOK 1,457 m (710 ). For the first half year, gross written premium, came in at NOK 9,489 m up 19% (16% in local currencies). The insurance service result was NOK 973 m (398 ), corresponding to a combined ratio of 85.4 % (92.9 %). Total investment return (including insurance finance expenses) was NOK 1,004 m (614 ) and net income from assets under management was NOK 1,219 m (621 ) or 4.8 % (3.0 %).

At the end of Q2 the SCR-ratio was 220% (191%), post dividends.

The Board has utilized its authorisation granted by the Annual General Meeting 10 April 2025 and has decided to distribute a dividend of NOK 165m, corresponding to NOK 2.00 per share.

| Combined ratio                          | Q2<br>84.9 %<br>(94.5 %) | H1<br>85.4 %<br>(92.9 %) |
|-----------------------------------------|--------------------------|--------------------------|
|                                         |                          |                          |
| Premium growth<br>(in local currencies) | Q2<br>16%<br>(16%)       | H1<br>16%<br>(12%)       |
|                                         |                          |                          |
| Insurance service result                | Q2<br>515<br>(157 )      | H1<br>973<br>(398 )      |
|                                         |                          |                          |
| Total investment return                 | Q2<br>468<br>(242 )      | H1<br>1,004<br>(614 )    |
|                                         |                          |                          |
| Profit                                  | Q2<br>716<br>(254 )      | H1<br>1,457<br>(710 )    |
|                                         |                          |                          |
| Earnings per share                      | Q2<br>8.7<br>(3.1 )      | H1<br>17.7<br>(8.6 )     |

Amounts in NOKm, except earnings per share which is in NOK. Comparable figures from corresponding period last year in parentheses.

![](_page_3_Figure_3.jpeg)

# <span id="page-4-0"></span>**Income overview**

| NOKm                                                       | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|------------------------------------------------------------|---------|---------|---------|---------|---------|
| Gross written premium¹                                     | 4,218   | 3,551   | 9,489   | 7,981   | 12,333  |
| Insurance revenue                                          | 3,413   | 2,865   | 6,668   | 5,600   | 11,783  |
| Insurance claims expenses                                  | (2,383) | (2,225) | (4,633) | (4,315) | (8,606) |
| Insurance operating expenses                               | (394)   | (304)   | (736)   | (594)   | (1,253) |
| Insurance service result before reinsurance contracts held | 637     | 335     | 1,298   | 691     | 1,924   |
| Net result from reinsurance contracts held                 | (122)   | (178)   | (325)   | (293)   | (520)   |
| Insurance service result                                   | 515     | 157     | 973     | 398     | 1,404   |
| Net income from investments                                | 642     | 271     | 1,219   | 621     | 1,059   |
| Net insurance finance income or expenses                   | (174)   | (29)    | (215)   | (7)     | (213)   |
| Other income/expenses                                      | (60)    | (52)    | (93)    | (91)    | (198)   |
| Profit/(loss) before tax                                   | 923     | 348     | 1,884   | 921     | 2,052   |
| Tax                                                        | (206)   | (94)    | (427)   | (211)   | (513)   |
| Profit/(loss)                                              | 716     | 254     | 1,457   | 710     | 1,539   |
| Loss ratio, gross²                                         | 69.8 %  | 77.7 %  | 69.5 %  | 77.0 %  | 73.0 %  |
| Net reinsurance ratio³                                     | 3.6 %   | 6.2 %   | 4.9 %   | 5.2 %   | 4.4 %   |
| Loss ratio, net of reinsurance⁴                            | 73.4 %  | 83.9 %  | 74.4 %  | 82.3 %  | 77.5 %  |
| Cost ratio⁵                                                | 11.5 %  | 10.6 %  | 11.0 %  | 10.6 %  | 10.6 %  |
| Combined ratio ⁶                                           | 84.9 %  | 94.5 %  | 85.4 %  | 92.9 %  | 88.1 %  |
| Large losses, net of reinsurance¹                          | 6.1 %   | 12.5 %  | 4.7 %   | 9.5 %   | 7.2 %   |
| Run-off gains/losses, net of reinsurance¹                  | -2.2 %  | -2.1 %  | -1.9 %  | -0.2 %  | -0.9 %  |
| Change in risk adjustment, net of reinsurance¹             | 1.4 %   | 1.9 %   | 1.3 %   | 1.8 %   | 1.5 %   |
| Discounting effect, net of reinsurance¹                    | -4.2 %  | -4.4 %  | -4.1 %  | -4.3 %  | -3.8 %  |
| Retention rate⁷                                            | 93.4 %  | 94.6 %  | 93.8 %  | 94.5 %  | 94.5 %  |

1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor.

2) "Insurance claims expenses" in % of "Insurance revenue"

3) "Net result from reinsurance contracts held" in % of "Insurance revenue"

4) "Loss ratio, gross" + "Net reinsurance ratio"

5) "Insurance operating expenses" in % of "Insurance revenue"

6) "Loss ratio, net of reinsurance" + "Cost ratio"

7) ("Insurance revenue" + "Reinsurance premium") / "Insurance revenue"

#### <span id="page-4-1"></span>**Premiums**

In Q2, gross written premiums increased by 19% or NOK 666 m to a total of NOK 4,218 m. All countries contribute to the growth. The UK, which has the largest inception quarter in Q2, represented over 70% of the growth in the quarter. In local currencies total growth was 16%. The renewal rate for the total portfolio was 103% (101%) supported by price increases to counter claims inflation.

| Gross written premium (NOKm) | Q2 2025 | Q2 2024 | Growth | NOK % | LCY % |
|------------------------------|---------|---------|--------|-------|-------|
| UK                           | 2,855   | 2,387   | 469    | 20%   | 17%   |
| Sweden                       | 659     | 556     | 103    | 19%   | 9%    |
| Norway                       | 529     | 505     | 24     | 5%    | 5%    |
| Denmark                      | 156     | 103     | 53     | 51%   | 59%   |
| France                       | 18      | -       | 18     |       |       |
| Protector                    | 4,218   | 3,551   | 666    | 19%   | 16%   |

In H1 2025, gross written premiums totalled NOK 9,489 m ( 7,981 ), representing a 19% growth (16% in local currencies). The renewal rate was 99% (99%).

| Gross written premium (NOKm) | H1 2025 | H1 2024 | Growth | NOK % | LCY % |
|------------------------------|---------|---------|--------|-------|-------|
| UK                           | 3,331   | 2,816   | 515    | 18%   | 15%   |
| Sweden                       | 2,279   | 2,055   | 224    | 11%   | 7%    |
| Norway                       | 2,109   | 1,855   | 255    | 14%   | 14%   |
| Denmark                      | 1,453   | 1,255   | 198    | 16%   | 14%   |
| France                       | 316     | -       | 316    |       |       |
| Protector                    | 9,489   | 7,981   | 1,508  | 19%   | 16%   |

#### <span id="page-5-0"></span>**Results**

In Q2, the profit was NOK 716 m (254 ). The insurance service result was NOK 515 m (157 ), corresponding to a combined ratio of 84.9 % (94.5 %). The insurance service result was driven by good results in the UK and the Nordics.

The loss ratio net of reinsurance ended at 73.4 % (83.9 %). Large losses amounted to NOK -209 m, or 6.1 % (12.5 %), comprising of 7 large loss events in the UK, Norway and Sweden. Total run-off contributed with gains at 2.2 % (2.1 % gains).

The cost ratio amounted to 11.5 % (10.6 %). Exclusive of commissions the cost ratio was 7.3 % (6.0 %). The increase in cost ratio is mainly affected by the development in the company's share price on which the long-term bonus scheme is dependent and the establishment of the French branch.

|           | Loss ratio, net |         | Cost ratio |         | Combined ratio |         |
|-----------|-----------------|---------|------------|---------|----------------|---------|
|           | Q2 2025         | Q2 2024 | Q2 2025    | Q2 2024 | Q2 2025        | Q2 2024 |
| UK        | 69.3 %          | 73.2 %  | 11.5 %     | 10.8 %  | 80.8 %         | 84.0 %  |
| Sweden    | 70.0 %          | 70.6 %  | 15.2 %     | 14.6 %  | 85.2 %         | 85.1 %  |
| Norway    | 80.3 %          | 81.2 %  | 8.0 %      | 7.6 %   | 88.3 %         | 88.8 %  |
| Denmark   | 82.9 %          | 145.6 % | 7.9 %      | 7.6 %   | 90.7 %         | 153.2 % |
| France    | 72.6 %          | 0.0 %   | 26.7 %     | 0.0 %   | 99.2 %         | 0.0 %   |
| Protector | 73.4 %          | 83.9 %  | 11.5 %     | 10.6 %  | 84.9 %         | 94.5 %  |

In H1 2025, the profit totalled NOK 1,457 m (710 ). The insurance service result was NOK 973 m (398 ), corresponding to a combined ratio of 85.4 % (92.9 %).

The company had run‐off gains of 1.9 % (0.2 % gains) first half year. The loss ratio (gross) was 69.5 % (77.0 %), while the loss ratio net of reinsurance ended at 74.4 % (82.3 %). The large loss ratio year to date ended at 4.7 %.

The cost ratio first half year amounted to 11.0 % (10.6 %). Exclusive of commissions the cost ratio was 6.8 % (6.2 %). The increase in cost ratio is mainly affected by the development in the company's share price on which the long-term bonus scheme is dependent and the establishment of the French branch.

|           | Loss ratio, net | Cost ratio |         |         | Combined ratio |         |
|-----------|-----------------|------------|---------|---------|----------------|---------|
|           | H1 2025         | H1 2024    | H1 2025 | H1 2024 | H1 2025        | H1 2024 |
| UK        | 69.3 %          | 71.8 %     | 10.9 %  | 11.4 %  | 80.2 %         | 83.2 %  |
| Sweden    | 72.0 %          | 77.0 %     | 14.8 %  | 13.7 %  | 86.8 %         | 90.7 %  |
| Norway    | 80.5 %          | 87.3 %     | 7.8 %   | 7.2 %   | 88.2 %         | 94.5 %  |
| Denmark   | 82.0 %          | 116.8 %    | 7.0 %   | 7.5 %   | 89.0 %         | 124.3 % |
| France    | 97.6 %          | 0.0 %      | 27.4 %  | 0.0 %   | 125.0 %        | 0.0 %   |
| Protector | 74.4 %          | 82.3 %     | 11.0 %  | 10.6 %  | 85.4 %         | 92.9 %  |

#### <span id="page-6-0"></span>**Investments**

The assets under management amounted to a total of NOK 26,956 m ( 22,261 ). Compared to the end of Q1 2025, the portfolio is up 9%.

In Q2, the investment activities yielded a positive return of NOK 642 m (271 ) or 2.4 % (1.3 %). Equities accounted for a NOK 246 m gain (10 ) or 6.1 % (0.3 %), including put options. The return on the fixed income portfolio was NOK 395 m (261 ) or 1.8 % (1.5 %).

In H1 2025, the investment activities yielded a positive return of NOK 1,219 m (621 ) or 4.8 % (3.0 %). Equities accounted for a NOK 556 m gain (201 ) or 13.7 % (6.7 %) including put options. The fixed income portfolio returned a NOK 662 m gain (420 ) or 3.1 % (2.4 %).

At the end of Q2, 15.5 % (14.1 %) of Protector's financial assets were invested in equities, down from 16.0 % at the end of Q1 2025. Approximately NOK 5.8 bn ( 4.1 ) of the financial assets were allocated to high yield securities at the end of Q2, up from NOK 3.8 bn last quarter.

The insurance finance result impacted the total investment return negatively with NOK -174 m (-29 ) in Q2 and negatively with NOK -215 m (-7 ) in H1 2025. The fluctuations are mainly due to interest curve changes.

#### <span id="page-6-1"></span>**Equity and capital position**

At the end of Q2, the SCR-ratio was 220% (191%). Own funds totalled NOK 9,810 m ( 7,478 ) at the end of the quarter, while the solvency capital requirement (SCR) was NOK 4,450 m ( 3,921 ).

On 11 February, Protector Forsikring ASA successfully placed a subordinated loan of NOK 800m. The terms of the loan comply with existing and expected future requirements for subordinated debt eligible as Tier 2 capital. The new Tier 2 bond issue will be applied for listing at Oslo Børs. The Tier 2 capacity is linked to the total solvency requirement of the company.

The company's equity amounted to NOK 6,289 m (4,688 ) an increase of NOK 506m compared to the equity at the end of 2024. Dividend paid out in H1 2025 has reduced the equity by NOK 577 m.

In June 2025 AM Best upgraded the Long-Term Issuer Credit Rating to A- (Excellent) from BBB+ (Good) and the Financial Strength Rating to A- (Excellent) from B++ (Good). The outlook of these Credit Ratings has been revised to stable from positive.

# <span id="page-7-0"></span>**Dividend**

Based on the company's strong financial position, competitive position in the market and dividend policy, the Board has utilized its authorisation granted by the Annual General Meeting 10 April 2025 and has decided to distribute a dividend of NOK 165m, corresponding to NOK 2.00 per share.

The decided dividend is included in other equity.

# <span id="page-7-1"></span>**Transaction subject to approval**

Protector has 2 April 2025 entered into a portfolio transfer agreement with DARAG Deutschland for the entire workers' compensation (WC) portfolio in Denmark. Completion of the agreement is subject to conditions, including approvals by Norwegian and German financial regulators. After Completion, Protector will no longer have exposure to Danish WC. The portfolio transfer is expected to be completed and booked in Q3 2025. The transfer has limited impact on the solvency margin and result. However, the balance sheet will be reduced by the transaction amount and DARAG's share of the existing LPTA (loss portfolio transfer agreement).

# <span id="page-7-2"></span>**Prospects**

The underlying profitability is good, and with continued underwriting discipline the insurance service result is expected to remain at a good level.

The 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 2025. The rapid development of technology represents both a risk and an opportunity, requiring investments beyond previous efforts. There is inherent uncertainty related to future market conditions, but the Board is of the opinion that the company is well equipped to meet the competition going forward.

Oslo, 10.07.2025

The Board of Directors of Protector Forsikring ASA

# <span id="page-8-0"></span>**Income statement**

| NOKm                                                                     | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|--------------------------------------------------------------------------|---------|---------|---------|---------|---------|
| Insurance revenue                                                        | 3,413   | 2,865   | 6,668   | 5,600   | 11,783  |
| Insurance claims expenses                                                | (2,383) | (2,225) | (4,633) | (4,315) | (8,606) |
| Insurance operating expenses                                             | (394)   | (304)   | (736)   | (594)   | (1,253) |
| Insurance service result before reinsurance contracts held               | 637     | 335     | 1,298   | 691     | 1,924   |
| Reinsurance premium                                                      | (224)   | (155)   | (411)   | (310)   | (648)   |
| Amounts recovered from reinsurance                                       | 102     | (23)    | 86      | 16      | 128     |
| Net result from reinsurance contracts held                               | (122)   | (178)   | (325)   | (293)   | (520)   |
| Insurance service result                                                 | 515     | 157     | 973     | 398     | 1,404   |
| Interest income and dividend etc. from financial assets                  | 355     | 249     | 618     | 411     | 855     |
| Net changes in fair value of investments                                 | 393     | (297)   | 829     | (219)   | (537)   |
| Net realised gain and loss on investments                                | (71)    | 342     | (162)   | 481     | 824     |
| Interest expenses and expenses related to investments                    | (35)    | (23)    | (66)    | (52)    | (83)    |
| Net income from investments                                              | 642     | 271     | 1,219   | 621     | 1,059   |
| Insurance finance income or expenses - unwinding                         | (88)    | (76)    | (172)   | (144)   | (305)   |
| Insurance finance income or expenses - change in financial assumptions   | (94)    | 55      | (43)    | 153     | 86      |
| Insurance finance income or expenses                                     | (182)   | (21)    | (215)   | 9       | (219)   |
| Reinsurance finance income or expenses - unwinding                       | 9       | 9       | 18      | 17      | 35      |
| Reinsurance finance income or expenses - change in financial assumptions | 6       | (10)    | (4)     | (19)    | (6)     |
| Reinsurance finance income or expenses - other income and expenses       | (7)     | (7)     | (14)    | (15)    | (23)    |
| Reinsurance finance income or expenses                                   | 8       | (8)     | 0       | (17)    | 6       |
| Net insurance finance income or expenses                                 | (174)   | (29)    | (215)   | (7)     | (213)   |
| Total investment return                                                  | 468     | 242     | 1,004   | 614     | 846     |
| Other income/expenses                                                    | (60)    | (52)    | (93)    | (91)    | (198)   |
| Profit/(loss) before tax                                                 | 923     | 348     | 1,884   | 921     | 2,052   |
| Tax                                                                      | (206)   | (94)    | (427)   | (211)   | (513)   |
| Profit/(loss) for the period                                             | 716     | 254     | 1,457   | 710     | 1,539   |
| Earnings per share (basic and diluted)                                   | 8.7     | 3.1     | 17.7    | 8.6     | 18.7    |

## <span id="page-8-1"></span>**Statement of comprehensive income**

| NOKm                                                                                | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |  |  |
|-------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|--|--|
| Profit/(loss) for the period                                                        | 716     | 254     | 1,457   | 710     | 1,539   |  |  |
| Other comprehensive income which can subsequently be reclassified as profit or loss |         |         |         |         |         |  |  |
| Exchange differences from foreign operations                                        | 46      | (34)    | (28)    | 43      | 171     |  |  |
| Taxes on components of comprehensive income                                         | (12)    | 9       | 7       | (10)    | (42)    |  |  |
| Total other comprehensive income                                                    | 35      | (25)    | (21)    | 33      | 129     |  |  |
| Comprehensive income                                                                | 751     | 229     | 1,436   | 743     | 1,668   |  |  |

## <span id="page-9-0"></span>**Statement of financial position**

| NOKm                                           | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|------------------------------------------------|------------|------------|------------|
| Assets                                         |            |            |            |
| Financial assets                               |            |            |            |
| Loans at amortized cost                        | 615        | 103        | 98         |
| Shares in associated companies                 | 0          | 0          | 0          |
| Shares                                         | 4,164      | 3,106      | 3,566      |
| Securities, bonds etc                          | 21,423     | 18,470     | 17,716     |
| Financial derivatives                          | 381        | 79         | 224        |
| Bank deposits                                  | 566        | 573        | 722        |
| Total financial assets in investment portfolio | 27,150     | 22,331     | 22,326     |
| Cash and bank deposits                         | 139        | 163        | 456        |
| Other receivables                              | 69         | 72         | 84         |
| Total operational financial assets             | 208        | 235        | 540        |
| Reinsurance contract assets                    | 1,537      | 1,256      | 1,318      |
| Intangible assets                              | 114        | 114        | 116        |
| Tangible fixed assets                          | 267        | 95         | 84         |
| Total prepaid expenses                         | 398        | 310        | 270        |
| Total non-financial assets                     | 2,316      | 1,775      | 1,788      |
| Total assets                                   | 29,675     | 24,341     | 24,654     |
|                                                |            |            |            |
| NOKm                                           | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|                                                |            |            |            |

| Equity and liabilities                          |        |        |        |
|-------------------------------------------------|--------|--------|--------|
| Shareholders' equity                            |        |        |        |
| Share capital [82.500.000 shares]               | 83     | 83     | 83     |
| Own shares                                      | (0)    | (0)    | (0)    |
| Other paid-in equity                            | 268    | 268    | 268    |
| Total paid-in equity                            | 350    | 350    | 350    |
| Earned equity                                   |        |        |        |
| Natural perils fund                             | 28     | 25     | 32     |
| Guarantee scheme provision                      | 93     | 80     | 86     |
| Other equity                                    | 5,817  | 4,233  | 4,971  |
| Total earned equity                             | 5,939  | 4,338  | 5,089  |
| Total equity                                    | 6,289  | 4,688  | 5,439  |
| Subordinated loan capital                       | 2,688  | 1,892  | 1,892  |
| Liabilities for remaining coverage              | 4,751  | 4,135  | 2,453  |
| Liabilities for incurred claims                 | 12,730 | 10,909 | 12,070 |
| Liabilities for incurred claims risk adjustment | 1,308  | 1,140  | 1,245  |
| Insurance contract liabilities                  | 18,789 | 16,184 | 15,768 |
| Current tax liability                           | 16     | 99     | 22     |
| Deferred tax liability                          | 79     | 181    | 79     |
| Financial derivatives                           | 104    | 120    | 33     |
| Other liabilities                               | 1,313  | 768    | 981    |
| Other incurred expenses and prepaid income      | 396    | 410    | 440    |
| Total other liabilities                         | 1,908  | 1,577  | 1,555  |
|                                                 |        |        |        |

## <span id="page-10-0"></span>**Statement of changes in equity 2024**

|                                            |               | Own    |                      |                        |                            |              |       |
|--------------------------------------------|---------------|--------|----------------------|------------------------|----------------------------|--------------|-------|
| NOKm                                       | Share Capital | shares | Other paid-in equity | Natural perils capital | Guarantee scheme provision | Other equity | Total |
| Equity at 31.12.2023                       | 83            | (0)    | 268                  | 26                     | 82                         | 4,070        | 4,529 |
| Profit for the period                      |               |        |                      | (13)                   | (4)                        | 473          | 456   |
| Other comprehensive income                 |               |        |                      |                        |                            | 58           | 58    |
| Dividend paid                              |               |        |                      |                        |                            | (412)        | (412) |
| Value changes synt. shares long term bonus |               | (0)    |                      |                        |                            | (13)         | (13)  |
| Equity at 31.03.2024                       | 83            | (0)    | 268                  | 13                     | 78                         | 4,177        | 4,618 |
| Profit for the period                      |               |        |                      | 12                     | 2                          | 240          | 254   |
| Other comprehensive income                 |               |        |                      |                        |                            | (25)         | (25)  |
| Dividend paid                              |               |        |                      |                        |                            | (165)        | (165) |
| Own shares                                 |               | (0)    |                      |                        |                            | (3)          | (3)   |
| Value changes synt. shares long term bonus |               |        |                      |                        |                            | 9            | 9     |
| Equity at 30.06.2024                       | 83            | (0)    | 268                  | 25                     | 80                         | 4,233        | 4,688 |
| Profit for the period                      |               |        |                      | 5                      | 3                          | 573          | 581   |
| Other comprehensive income                 |               |        |                      |                        |                            | 89           | 89    |
| Dividend paid                              |               |        |                      |                        |                            | (165)        | (165) |
| Value changes synt. shares long term bonus |               |        |                      |                        |                            | (2)          | (2)   |
| Equity at 30.09.2024                       | 83            | (0)    | 268                  | 31                     | 83                         | 4,727        | 5,191 |
| Profit for the period                      |               |        |                      | 1                      | 3                          | 244          | 248   |
| Other comprehensive income                 |               |        |                      |                        |                            | 7            | 7     |
| Value changes synt. shares long term bonus |               |        |                      |                        |                            | (7)          | (7)   |
| Equity at 31.12.2024                       | 83            | (0)    | 268                  | 32                     | 86                         | 4,971        | 5,439 |

# <span id="page-10-1"></span>**Statement of changes in equity 2025**

|                                            |               | Own    |                      |                        |                            |              |       |
|--------------------------------------------|---------------|--------|----------------------|------------------------|----------------------------|--------------|-------|
| NOKm                                       | Share Capital | shares | Other paid-in equity | Natural perils capital | Guarantee scheme provision | Other equity | Total |
| Equity at 31.12.2024                       | 83            | (0)    | 268                  | 32                     | 86                         | 4,971        | 5,439 |
| Profit for the period                      |               |        |                      | (2)                    | 4                          | 738          | 740   |
| Other comprehensive income                 |               |        |                      |                        |                            | (56)         | (56)  |
| Dividend paid                              |               |        |                      |                        |                            | (330)        | (330) |
| Value changes synt. shares long term bonus |               |        |                      |                        |                            | (11)         | (11)  |
| Equity at 31.03.2025                       | 83            | (0)    | 268                  | 30                     | 90                         | 5,313        | 5,783 |
| Profit for the period                      |               |        |                      | (2)                    | 3                          | 715          | 716   |
| Other comprehensive income                 |               |        |                      |                        |                            | 35           | 35    |
| Dividend paid                              |               |        |                      |                        |                            | (247)        | (247) |
| Own shares                                 |               |        |                      |                        |                            | 2            | 2     |
| Value changes synt. shares long term bonus |               |        |                      |                        |                            | 0            | 0     |
| Equity at 30.06.2025                       | 83            | (0)    | 268                  | 28                     | 93                         | 5,817        | 6,289 |

# <span id="page-11-0"></span>**Cash flow statement**

| NOKm                                                          | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|---------------------------------------------------------------|---------|---------|---------|---------|---------|
| Cash flow from operations                                     |         |         |         |         |         |
| Insurance revenue                                             | 4,433   | 3,466   | 9,041   | 8,046   | 12,581  |
| Insurance claims expenses                                     | (1,994) | (1,681) | (4,086) | (3,459) | (7,285) |
| Insurance operating expenses and other income/expense         | (346)   | (328)   | (547)   | (637)   | (1,179) |
| Net expense from reinsurance contracts                        | (195)   | (79)    | (560)   | (390)   | (621)   |
| Interest / dividend received                                  | 359     | 246     | 620     | 410     | 869     |
| Net payments from financial instruments                       | (1,557) | (1,472) | (4,587) | (3,086) | (2,264) |
| Payable tax                                                   | (387)   | (219)   | (433)   | (291)   | (806)   |
| Net cash flow from operations                                 | 313     | (66)    | (553)   | 592     | 1,294   |
| Cash flow from investment activities                          |         |         |         |         |         |
| Investments in fixed assets                                   | (26)    | (15)    | (42)    | (34)    | (72)    |
| Net cash flow from investment activities                      | (26)    | (15)    | (42)    | (34)    | (72)    |
| Cash flow from financial activities                           |         |         |         |         |         |
| Dividend paid                                                 | (247)   | (165)   | (577)   | (577)   | (742)   |
| Subordinated loan capital                                     | (0)     | -       | 796     | -       | -       |
| Interest payments on subordinated loan capital                | (53)    | (40)    | (94)    | (81)    | (166)   |
| Net cash flow from financial activities                       | (300)   | (205)   | 125     | (658)   | (908)   |
| Net cash flow for the period                                  | (13)    | (287)   | (470)   | (100)   | 314     |
| Net change in cash and cash equivalents                       | (13)    | (287)   | (470)   | (100)   | 314     |
| Cash and cash equivalents opening balance                     | 701     | 1,036   | 1,178   | 833     | 832     |
| Effects of exchange rate changes on cash and cash equivalents | 17      | (14)    | (2)     | 3       | 31      |
| Cash and cash equivalents closing balance                     | 705     | 736     | 705     | 736     | 1,178   |

# <span id="page-12-0"></span>**Notes**

### <span id="page-12-1"></span>**Accounting principles**

The interim financial statements have been prepared in accordance with the Financial Statement Regulation for Non‐life Insurance Companies (Forskrift om årsregnskap for skadeforsikringsselskaper), IAS 34 Interim Financial Reporting and IFRS.

The interim report does not include all the information required in a complete annual report and should be read in conjunction with the annual report for 2024.

There are no changes in or new issued standards with significant effect on the financial statements in 2025, and the accounting policies applied in the interim report are the same as those used in the annual report for 2024.

The preparation of interim accounts involves the application of assessments, estimates and assumptions that affect the use of accounting policies and the amounts recognized for assets and liabilities, revenues and expenses. The actual results may deviate from these estimates. The most material assessments involved in applying accounting policies and the most important sources of uncertainty in the estimates are the same in connection with preparing the interim report as in the annual report for 2024.

The annual report for 2024 is available at [https://investor.protectorforsikring.no/financials.](https://investor.protectorforsikring.no/financials)

# <span id="page-13-0"></span>**Segment information - Q2**

|                                                   | UK      |         | Sweden  |         | Norway  |         | Denmark |         | France  |         |
|---------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| NOKm                                              | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 |
| Gross written premium                             | 2,855   | 2,387   | 659     | 556     | 529     | 505     | 156     | 103     | 18      |         |
| Insurance revenue                                 | 1,469   | 1,238   | 773     | 678     | 652     | 564     | 440     | 384     | 80      |         |
| Insurance claims expenses                         | (1,028) | (774)   | (505)   | (465)   | (492)   | (450)   | (307)   | (535)   | (50)    |         |
| Insurance operating expenses                      | (169)   | (134)   | (117)   | (99)    | (52)    | (43)    | (35)    | (29)    | (21)    |         |
| Whereof commissions to brokers and                |         |         |         |         |         |         |         |         |         |         |
| agents                                            | (63)    | (58)    | (62)    | (53)    | (12)    | (20)    | (0)     | (1)     | (7)     |         |
| Insurance service result before                   |         |         |         |         |         |         |         |         |         |         |
| reinsurance contracts held                        | 272     | 331     | 150     | 114     | 108     | 71      | 98      | (181)   | 9       |         |
| Reinsurance premium                               | (120)   | (113)   | (38)    | (15)    | (22)    | (7)     | (31)    | (19)    | (12)    |         |
| Amounts recovered from reinsurance                | 131     | (20)    | 3       | 2       | (9)     | (1)     | (26)    | (5)     | 4       |         |
| Net result from reinsurance contracts             |         |         |         |         |         |         |         |         |         |         |
| held                                              | 11      | (133)   | (36)    | (14)    | (31)    | (8)     | (57)    | (24)    | (8)     |         |
| Insurance service result                          | 283     | 198     | 114     | 101     | 76      | 63      | 41      | (204)   | 1       |         |
| Loss ratio¹                                       | 70.0 %  | 62.5 %  | 65.4 %  | 68.6 %  | 75.5 %  | 79.9 %  | 69.8 %  | 139.4 % | 62.4 %  |         |
| Net reinsurance ratio¹                            | -0.7 %  | 10.7 %  | 4.6 %   | 2.0 %   | 4.8 %   | 1.4 %   | 13.0 %  | 6.2 %   | 10.2 %  |         |
| Loss ratio, net of reinsurance¹                   | 69.3 %  | 73.2 %  | 70.0 %  | 70.6 %  | 80.3 %  | 81.2 %  | 82.9 %  | 145.6 % | 72.6 %  |         |
| Cost ratio¹                                       | 11.5 %  | 10.8 %  | 15.2 %  | 14.6 %  | 8.0 %   | 7.6 %   | 7.9 %   | 7.6 %   | 26.7 %  |         |
| Combined ratio¹                                   | 80.8 %  | 84.0 %  | 85.2 %  | 85.1 %  | 88.3 %  | 88.8 %  | 90.7 %  | 153.2 % | 99.2 %  |         |
| Large losses, net of reinsurance¹                 | 10.2 %  | 7.3 %   | 1.7 %   | 3.7 %   | 7.1 %   | 0.0 %   | 0.0 %   | 63.0 %  | 0.0 %   |         |
| Run-off gains/losses, net of reinsurance¹         | -1.1 %  | 2.2 %   | -7.2 %  | -8.2 %  | -1.3 %  | -2.7 %  | 1.4 %   | -4.5 %  | 0.0 %   |         |
| Change in risk adjustment, net of<br>reinsurance¹ | 2.6 %   | 3.2 %   | 0.2 %   | -0.3 %  | 0.5 %   | 0.6 %   | -0.1 %  | 3.4 %   | 5.3 %   |         |
| Discounting effect, net of reinsurance¹           | -6.4 %  | -6.8 %  | -1.4 %  | -1.5 %  | -3.9 %  | -3.1 %  | -2.1 %  | -3.9 %  | -7.9 %  |         |
| Retention rate¹                                   | 91.8 %  | 90.8 %  | 95.0 %  | 97.7 %  | 96.6 %  | 98.7 %  | 93.0 %  | 95.2 %  | 85.1 %  |         |

(1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor.

#### <span id="page-14-0"></span>**Segment information - H1**

|                                                               | UK      |         | Sweden  |         | Norway  |         | Denmark |         | France  |         |
|---------------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| NOKm                                                          | H1 2025 | H1 2024 | H1 2025 | H1 2024 | H1 2025 | H1 2024 | H1 2025 | H1 2024 | H1 2025 | H1 2024 |
| Gross written premium                                         | 3,331   | 2,816   | 2,279   | 2,055   | 2,109   | 1,855   | 1,453   | 1,255   | 316     |         |
| Insurance revenue                                             | 2,855   | 2,345   | 1,515   | 1,391   | 1,268   | 1,098   | 879     | 766     | 151     |         |
| Insurance claims expenses                                     | (1,842) | (1,452) | (1,051) | (1,064) | (983)   | (943)   | (623)   | (856)   | (134)   |         |
| Insurance operating expenses                                  | (310)   | (268)   | (224)   | (190)   | (98)    | (78)    | (62)    | (57)    | (41)    |         |
| Whereof commissions to brokers and<br>agents                  | (122)   | (113)   | (121)   | (105)   | (28)    | (30)    | (2)     | (1)     | (13)    |         |
|                                                               |         |         |         |         |         |         |         |         |         |         |
| Insurance service result before<br>reinsurance contracts held | 702     | 625     | 239     | 137     | 187     | 76      | 194     | (148)   | (24)    |         |
| Reinsurance premium                                           | (233)   | (244)   | (45)    | (15)    | (46)    | (14)    | (64)    | (37)    | (22)    |         |
| Amounts recovered from reinsurance                            | 96      | 12      | 6       | 8       | 9       | (1)     | (34)    | (2)     | 8       |         |
| Net result from reinsurance contracts                         |         |         |         |         |         |         |         |         |         |         |
| held                                                          | (137)   | (232)   | (39)    | (7)     | (37)    | (16)    | (98)    | (39)    | (14)    |         |
| Insurance service result                                      | 565     | 393     | 200     | 130     | 149     | 61      | 97      | (186)   | (38)    |         |
| Loss ratio¹                                                   | 64.5 %  | 61.9 %  | 69.4 %  | 76.5 %  | 77.5 %  | 85.9 %  | 70.9 %  | 111.8 % | 88.4 %  |         |
| Net reinsurance ratio¹                                        | 4.8 %   | 9.9 %   | 2.6 %   | 0.5 %   | 2.9 %   | 1.4 %   | 11.1 %  | 5.1 %   | 9.2 %   |         |
| Loss ratio, net of reinsurance¹                               | 69.3 %  | 71.8 %  | 72.0 %  | 77.0 %  | 80.5 %  | 87.3 %  | 82.0 %  | 116.8 % | 97.6 %  |         |
| Cost ratio¹                                                   | 10.9 %  | 11.4 %  | 14.8 %  | 13.7 %  | 7.8 %   | 7.2 %   | 7.0 %   | 7.5 %   | 27.4 %  |         |
| Combined ratio¹                                               | 80.2 %  | 83.2 %  | 86.8 %  | 90.7 %  | 88.2 %  | 94.5 %  | 89.0 %  | 124.3 % | 125.0 % |         |
| Large losses, net of reinsurance¹                             | 7.9 %   | 6.8 %   | 0.9 %   | 5.3 %   | 3.6 %   | 1.8 %   | 0.0 %   | 36.7 %  | 20.1 %  |         |
| Run-off gains/losses, net of reinsurance¹                     | -0.8 %  | 2.5 %   | -5.7 %  | -3.7 %  | -2.6 %  | -0.8 %  | 2.0 %   | -1.2 %  | 0.0 %   |         |
| Change in risk adjustment, net of<br>reinsurance¹             | 2.3 %   | 3.0 %   | 0.4 %   | 0.3 %   | 0.3 %   | 0.5 %   | -0.2 %  | 2.5 %   | 7.2 %   |         |
| Discounting effect, net of reinsurance¹                       | -6.1 %  | -6.4 %  | -1.6 %  | -2.1 %  | -3.6 %  | -3.3 %  | -1.8 %  | -3.4 %  | -7.4 %  |         |
| Retention rate¹                                               | 91.8 %  | 89.6 %  | 97.0 %  | 98.9 %  | 96.4 %  | 98.7 %  | 92.7 %  | 95.2 %  | 85.2 %  |         |

(1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor.

#### <span id="page-14-1"></span>**Financial assets, fair value estimation**

| Financial assets through profit or loss [NOKm]                    | Currency | Level 1 | Level 2 | Level 3 | Total  |
|-------------------------------------------------------------------|----------|---------|---------|---------|--------|
| Shares                                                            | NOK      | 874     | 3,202   | 88      | 4,164  |
| Bonds and other fixed income securities                           | NOK      | -       | 21,423  | -       | 21,423 |
| Cash and cash equivalents                                         | NOK      | 566     | -       | -       | 566    |
| Derivatives:                                                      |          |         |         |         |        |
| Interest rate swaps                                               | NOK      |         | 145     |         | 145    |
| Foreign currency contracts                                        | NOK      |         | 206     |         | 206    |
| Options                                                           | NOK      |         | 30      |         | 30     |
| Total financial assets 30.06.2025                                 | NOK      | 1,440   | 25,007  | 88      | 26,535 |
| Total financial assets 30.06.2024                                 | NOK      | 1,169   | 20,993  | 65      | 22,228 |
| Financial liabilities at fair value through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total  |
|                                                                   |          |         |         |         |        |
| Derivatives:                                                      |          |         |         |         |        |
| Interest rate swaps                                               | NOK      |         | -       |         | -      |
| Foreign exchange contracts                                        | NOK      |         | -104    |         | -104   |
| Other financial liabilities                                       | NOK      | -       | -       |         | -      |
| Total financial liabilities 30.06.2025                            | NOK      | -       | -104    | -       | -104   |
| Total financial liabilities 30.06.2024                            | NOK      | -       | -120    |         | -120   |
| Financial assets at amortized cost [NOKm]                         | Currency | Level 1 | Level 2 | Level 3 | Total  |
| Loan to other companies                                           | NOK      | -       | -       | 615     | 615    |
| Total financial assets 30.06.2025                                 | NOK      | -       | -       | 615     | 615    |

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 NOK 20m 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.

The instrument is included in level 3 if one or more essential data are not based on observable market data.

#### <span id="page-15-0"></span>**Solvency margin**

| NOKm                                 | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|--------------------------------------|------------|------------|------------|
| Total solvency capital requirement   | 4,450      | 3,921      | 4,214      |
| Total eligible own funds to meet SCR | 9,810      | 7,478      | 8,143      |
| Ratio of eligible own funds to SCR   | 220%       | 191%       | 193%       |
|                                      |            |            |            |
| Total minimum capital requirement    | 2,002      | 1,764      | 1,896      |

#### <span id="page-16-0"></span>**Quarterly outline**

| NOKm                                      | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|-------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
| Insurance revenue                         | 3,413   | 3,255   | 3,181   | 3,002   | 2,865   | 2,735   | 2,646   | 2,366   | 2,387   |
| Insurance claims expenses                 | (2,383) | (2,250) | (2,146) | (2,146) | (2,225) | (2,090) | (1,963) | (1,831) | (1,556) |
| Insurance operating expenses              | (394)   | (343)   | (370)   | (289)   | (304)   | (290)   | (282)   | (254)   | (270)   |
| Insurance service result before           |         |         |         |         |         |         |         |         |         |
| reinsurance contracts held                | 637     | 662     | 666     | 567     | 335     | 356     | 401     | 281     | 562     |
| Reinsurance premium                       | (224)   | (187)   | (170)   | (168)   | (155)   | (155)   | (142)   | (158)   | (165)   |
| Amounts recovered from reinsurance        | 102     | (16)    | 7       | 105     | (23)    | 40      | 102     | 76      | (13)    |
| Net result from reinsurance contracts     |         |         |         |         |         |         |         |         |         |
| held                                      | (122)   | (203)   | (164)   | (63)    | (178)   | (115)   | (40)    | (82)    | (178)   |
| Insurance service result                  | 515     | 458     | 502     | 504     | 157     | 240     | 361     | 199     | 384     |
| Net income from investments               | 642     | 577     | (96)    | 534     | 271     | 350     | 860     | 3       | (170)   |
| Net insurance finance income or           |         |         |         |         |         |         |         |         |         |
| expenses                                  | (174)   | (41)    | 29      | (235)   | (29)    | 22      | (356)   | (47)    | 132     |
| Other income/expenses                     | (60)    | (33)    | (60)    | (48)    | (52)    | (39)    | (26)    | (33)    | (16)    |
| Profit/(loss) before tax                  | 923     | 962     | 375     | 756     | 348     | 573     | 840     | 122     | 330     |
| Loss ratio, gross²                        | 69.8 %  | 69.1 %  | 67.4 %  | 71.5 %  | 77.7 %  | 76.4 %  | 74.2 %  | 77.4 %  | 65.2 %  |
| Net reinsurance ratio³                    | 3.6 %   | 6.2 %   | 5.1 %   | 2.1 %   | 6.2 %   | 4.2 %   | 1.5 %   | 3.4 %   | 7.5 %   |
| Loss ratio, net of reinsurance⁴           | 73.4 %  | 75.4 %  | 72.6 %  | 73.6 %  | 83.9 %  | 80.6 %  | 75.7 %  | 80.9 %  | 72.6 %  |
| Cost ratio⁵                               | 11.5 %  | 10.5 %  | 11.6 %  | 9.6 %   | 10.6 %  | 10.6 %  | 10.7 %  | 10.7 %  | 11.3 %  |
| Combined ratio ⁶                          | 84.9 %  | 85.9 %  | 84.2 %  | 83.2 %  | 94.5 %  | 91.2 %  | 86.4 %  | 91.6 %  | 83.9 %  |
| Large losses, net of reinsurance¹         | 6.1 %   | 3.1 %   | 3.2 %   | 7.1 %   | 12.5 %  | 6.6 %   | 10.2 %  | 7.8 %   | 4.7 %   |
| Run-off gains/losses, net of reinsurance¹ | -2.2 %  | -1.6 %  | -0.4 %  | -2.8 %  | -2.1 %  | 1.8 %   | -0.4 %  | 2.6 %   | -2.9 %  |
| Change in risk adjustment, net of         |         |         |         |         |         |         |         |         |         |
| reinsurance¹                              | 1.4 %   | 1.1 %   | 1.0 %   | 1.4 %   | 1.9 %   | 1.7 %   | 1.6 %   | 1.3 %   | 2.0 %   |
| Discounting effect, net of reinsurance¹   | -4.2 %  | -3.9 %  | -3.1 %  | -3.8 %  | -4.4 %  | -4.1 %  | -4.4 %  | -2.8 %  | -6.3 %  |
| Retention rate⁷                           | 93.4 %  | 94.2 %  | 94.6 %  | 94.4 %  | 94.6 %  | 94.3 %  | 94.6 %  | 93.3 %  | 93.1 %  |

1) Defined as alternative performance measure (APM). APMs are described in a separate document published at protectorforsikring.no/Investor.

2) "Insurance claims expenses" in % of "Insurance revenue"

3) "Net result from reinsurance contracts held" in % of "Insurance revenue"

4) "Loss ratio, gross" + "Net reinsurance ratio"

5) "Insurance operating expenses" in % of "Insurance revenue"

6) "Loss ratio, net of reinsurance" + "Cost ratio"

7) ("Insurance revenue" + "Reinsurance premium") / "Insurance revenue"

#### <span id="page-17-0"></span>**Other alternative performance measures and key figures**

|                                         |      | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 |
|-----------------------------------------|------|---------|---------|---------|---------|---------|
| Return on assets under management¹      |      |         |         |         |         |         |
| Total net income from investments       | NOKm | 642     | 271     | 1,219   | 621     | 1,059   |
| Total return on assets under management | NOKm | 642     | 271     | 1,219   | 621     | 1,059   |
| Average investments                     | NOKm | 26,362  | 20,848  | 25,538  | 20,848  | 21,633  |
| Total average assets under management   | NOKm | 26,362  | 20,848  | 25,538  | 20,848  | 21,633  |
| Return on investments                   | %    | 2.4 %   | 1.3 %   | 4.8 %   | 3.0 %   | 4.9 %   |
| Total return on assets under management | %    | 2.4 %   | 1.3 %   | 4.8 %   | 3.0 %   | 4.9 %   |
| Total net income from shares            | NOKm | 246     | 10      | 556     | 201     | 116     |
| Total net income from interests         | NOKm | 395     | 261     | 662     | 420     | 944     |
| Total return on assets under management | NOKm | 642     | 271     | 1,219   | 621     | 1,059   |
| Average investments shares              | NOKm | 4,060   | 3,009   | 4,066   | 3,009   | 3,239   |
| Average investments interests           | NOKm | 22,302  | 17,838  | 21,471  | 17,838  | 18,394  |
| Total average assets under management   | NOKm | 26,362  | 20,848  | 25,538  | 20,848  | 21,633  |
| Return on investments, shares           | %    | 6.1 %   | 0.3 %   | 13.7 %  | 6.7 %   | 3.6 %   |
| Return investments, interests           | %    | 1.8 %   | 1.5 %   | 3.1 %   | 2.4 %   | 5.1 %   |
| Total return on assets under management | %    | 2.4 %   | 1.3 %   | 4.8 %   | 3.0 %   | 4.9 %   |
| Equity                                  | NOKm | 6,289   | 4,688   | 6,289   | 4,688   | 5,439   |
| Equity per share                        | NOKm | 76.3    | 56.9    | 76.3    | 56.9    | 66.0    |
| Return on equity, annualised¹           | %    | 47.5 %  | 21.9 %  | 50.0 %  | 30.8 %  | 31.6 %  |

# <span id="page-18-0"></span>**The Board of Directors and the CEO's statement**

We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1st of January to 30th of June, 2025 has been prepared in accordance with current accounting standards and gives a true and fair view of the Company's assets, liabilities, financial position and profit and loss as a whole.

We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties' transactions.

Oslo, 10.07.2025

The Board of Directors of Protector Forsikring ASA

| Jostein Sørvoll<br>(Chairman) | Arve Ree<br>(Deputy Chairman) | Else Bugge Fougner | Kjetil Garstad                |
|-------------------------------|-------------------------------|--------------------|-------------------------------|
| Hanne Myre                    | Mathews Ambalathil            | Tonje Giertsen     | Henrik Golfetto Høye<br>(CEO) |