Protector Forsikring

Investor Presentation • Oct 22, 2025

Q3 2025 Interim results

Investor Presentation

Oslo, 23 October 2025

We will always be

The Challenger

We will deliver through unique relationships, best in class decision-making and cost effective solutions

Main targets

Cost and quality leadership Profitable growth Top 3

Values

Credible Innovative/Open Bold Committed

Highlights Q3 & Q1-Q3 2025

Q3: Combined ratio at 83.1% | Total investment return of 105 | EPS at 5.6

Q3	Q1-Q3	Other highlights
Combined Ratio	Combined Ratio	• Successfully placed a new Solvency II compliant Tier 2 bond of NOK 500m.
Gross written premium	Gross written premium	• Portfolio transfer agreement for the Danish workers'
LCY GWP growth	LCY GWP growth	compensation portfolio (as communicated in April) is still subject to conditions, including approval by Norwegian and German financial regulators.
Total investment return	Total investment return	• Completion and booking now expected in Q4 2025.
Profit for the period	Profit for the period	• The Board has decided to distribute a dividend of NOK 247m, corresponding to NOK 3.00 per share.
Earnings per share	Earnings per share

Volume update

Q3: GWP growth at 1% | 3% in local currencies (LCY)

• Q3 growth at 3% (LCY) a small volume quarter.
• Renewal rate at 80%.
  • Driven by higher client churn, incl. loss of three > NOK 10m accounts, and inception date movements.
• Underlying GWP growth in LCY is high single-digit.
• First client won within UK Real Estate.
• In-scope market sized ~ £ 1bn.
• French tenders (with January 2026 inception) seen representing ~ € 460m.
• We will quote 70-75% of this.

Segment	Q3 25	Q3 24	Growth	NOK %	LCY%
UK	940	995	-56	-6%	-2%
Sweden	315	316	-2	-0%	-3%
Norway	229	231	-3	-1%	-1%
Denmark	122	121	1	1%	3%
France	71	-	71	-	-
Protector	1 676	1 664	12	1 %	3 %

Segment	Q1-Q3 25	Q1-Q3 24	Growth	NOK %	LCY%
UK	4 270	3 811	459	12%	11%
Sweden	2 594	2 372	222	9%	6%
Norway	2 338	2 086	252	12%	12%
Denmark	1 575	1 376	199	14%	13%
France	388	-	388	-	-
Protector	11 165	9 645	1 520	16 %	14 %

Claims update

Q3: Loss ratio, net of reinsurance at 72.2% | Large losses of NOK 205m (5.8%) | Run-off gains of NOK 91m (2.6%)

• Q3 positively influenced by property, supported by lower-than-expected large losses.
• Q3 large losses¹ NOK 205m, or 5.8% (215 or 7.1%).
• 4 large loss events.
• Property Sweden, Norway and the UK.
• Q3 run-off gains at 2.6% (2.8%).
• Gains on property and general liability.
• Gains in all countries.
• Natural damage compensation in Norway following the extreme weather "Amy" in October estimated at NOK 1.8 billion, according to the Norwegian Natural Perils Pool
• The pool has a 50% quota share reinsurance agreement up to NOK 2bn. XL-agreement in place from NOK 2bn.
• We will compensate our share of the pool (4.51%), adjusted for the reinsurers' share.

Loss ratios

Segment	Q3 25 Gross	Q3 24 Gross	Q3 25 Net	Q3 24 Net
UK	64%	64%	69%	68%
Sweden*	67%	60%	73%	64%
Norway	76%	64%	79%	63%
Denmark	57%	126%	64%	122%
France	89%		94%
Protector	66.6%	71.5%	72.2%	73.6%
Whereof large loss %	,	5.8%	7.1%
Whereof run-off %		-2.6%	-2.8%

Loss ratios

Segment	Q1-Q3 25 Gross	Q1-Q3 24 Gross	Q1-Q3 25 Net	Q1-Q3 24 Net
UK	64%	63%	69%	70%
Sweden*	69%	71%	72%	72%
Norway	77%	78%	80%	79%
Denmark	66%	117%	76%	119%
France	89%		96%
Protector	68.5%	75.1%	73.6%	79.3%
Whereof large loss %	ź	5.1%	8.9%
Whereof run-off %		-2.1%	-1.1%

Large losses and run-off

Best estimate reserving practice; run-off neutral over time.

Key metrics per segment

Quarterly volatility must be expected, especially by segment.

	Ul	(	Swe	den	Norv	vay	Denn	nark	Fran	nce	Prote	ctor
NOKm	Q3 25	Q3 24	Q3 25	Q3 24	Q3 25	Q3 24	Q3 25	Q3 24	Q3 25	Q3 24	Q3 25	Q3 24
Gross premium written	940	995	315	316	229	231	122	121	71	-	1 676	1 664
Insurance revenues	1 489	1 293	812	704	665	589	469	415	94		3 529	3 002
Insurance service result	295	284	108	168	78	178	132	(126)	(16)		598	504
Loss ratio, gross	63.6%	64.0%	66.9%	59.7%	76.2%	63.8%	57.4%	125.8%	89.3%		66.6%	71.5%
Net reinsurance ratio	5.9%	4.0%	6.5%	4.0%	3.1%	-0.3%	6.8%	-3.5%	5.2%		5.6%	2.1%
Loss ratio, net of reinsurance	69.5%	68.0%	73.5%	63.6%	79.3%	63.5%	64.2%	122.3%	94.5%		72.2%	73.6%
Cost ratio	10.7%	10.1%	13.2%	12.5%	8.9%	6.3%	7.6%	8.0%	22.7%		10.9%	9.6%
Whereof commissions to brokers and agents	4.4%	4.0%	7.9%	7.6%	2.8%	2.3%	0.0%	0.1%	8.7%		4.4%	4.0%
Combined ratio	80.2%	78.1%	86.7%	76.1%	88.2%	69.8%	71.9%	130.3%	117.1%		83.1%	83.2%

	UI	(	Swed	den	Norv	vay	Denn	nark	Fran	ice	Prote	ctor
NOKm	Q1-Q3 25	Q1-Q3 24	Q1-Q3 25	Q1-Q3 24	Q1-Q3 25	Q1-Q3 24	Q1-Q3 25	Q1-Q3 24	Q1-Q3 25	Q1-Q3 24	Q1-Q3 25	Q1-Q3 24
Gross premium written	4 270	3 811	2 594	2 372	2 338	2 086	1 575	1 376	388	-	11 165	9 645
Insurance revenue	4 344	3 639	2 327	2 095	1 932	1 687	1 348	1 181	246		10 197	8 601
Insurance service result	860	677	309	298	228	239	228	(312)	(54)		1 571	902
Loss ratio, gross	64.2%	62.6%	68.5%	70.8%	77.1%	78.2%	66.2%	116.7%	88.7%		68.5%	75.1%
Net reinsurance ratio	5.2%	7.8%	4.0%	1.7%	3.0%	0.8%	9.6%	2.0%	7.7%		5.1%	4.1%
Loss ratio, net of reinsurance	69.4%	70.4%	72.5%	72.5%	80.1%	79.0%	75.8%	118.7%	96.4%		73.6%	79.3%
Cost ratio	10.8%	11.0%	14.2%	13.3%	8.2%	6.9%	7.2%	7.7%	25.6%		11.0%	10.3%
Whereof commissions to brokers and agents	4.3%	4.5%	7.9%	7.6%	2.4%	2.6%	0.1%	0.1%	8.6%		4.3%	4.3%
Combined ratio	80.2%	81.4%	86.7%	85.8%	88.2%	85.9%	83.1%	126.4%	122.0%		84.6%	89.5%

Investments

Investment results and portfolio statistics

Q3: Return of NOK 117m (0.4%) | Bond portfolio yield at 5.0%, before cost of risk

• NOK 117m, or 0.4% gain.
• Equities: NOK -72m, or -1.9 %.
• Put options: NOK -24m.
• Bonds: NOK 213m, or 0.9 %.
  • Interest rate swaps: NOK -56m.
• Slight reduction in bond risk during Q3.
• HY portfolio totalling ≈ NOK 5.3bn.
• Duration at 2.0, -0.1 from Q2.
• Steering interest rate risk from solvency capital perspective.
• Strong quarter for Nordic HY bonds.
• DNB Nordic HY index +2.7% in Q3.

Portfolio size (NOKm)

Equities

3 3 935 3 428 4 184

Share of total 14.5 % 15.1% 15.5 % Estimated intrinsic value discount 35 % 38% 35 % No. of companies 37 34 37

¹ Put option included in total return and excluded in equity return

² Bank deposits included

³Size includes currency swaps

⁴ Interest rate swap effect included

⁵Avg. linear rating based on official rating (>45%) and 'Protector rating' (<55%)

Capital position

Income statement

Q3: Profit of NOK 459m (581) | EPS at NOK 5.6 (7.1)

NOKm	Q3 25	Q3 24	Q1-Q3 25	Q1-Q3 24	FY 24
Gross written premium	1 676	1 664	11 165	9 645	12 333
Insurance revenue	3 529	3 002	10 197	8 601	11 783
Insurance claims expenses	(2 350)	(2 146)	(6 983)	(6 460)	(8 606)
Insurance operating expenses	(383)	(289)	(1 119)	(883)	(1 253)
Insurance service result before reinsurance contracts held	796	567	2 094	1 259	1 924
Net result from reinsurance contracts held	(198)	(63)	(523)	(357)	(520)
Insurance service result	598	504	1 571	902	1 404
Net income from investments	117	534	1 336	1 155	1 059
Net insurance finance income or expenses	(13)	(235)	(228)	(242)	(213)
Other income/expenses	(70)	(48)	(163)	(138)	(198)
Profit/(loss) before tax	632	756	2 516	1 677	2 052
Tax	(173)	(174)	(600)	(386)	(513)
Profit/(loss) for the period	459	581	1 916	1 291	1 539
Loss ratio	66.6%	71.5%	68.5%	75.1%	73.0%
Net reinsurance ratio	5.6%	2.1%	5.1%	4.1%	4.4%
Loss ratio, net of reinsurance	72.2%	73.6%	73.6%	79.3%	77.5%
Cost ratio	10.9%	9.6%	11.0%	10.3%	10.6 %
Combined ratio	83.1%	83.2%	84.6%	89.5%	88.1 %
Large losses, net of reinsurance	5.8%	7.1%	5.1%	8.9%	7.2 %
Run-off gains/losses, net of reinsurance	-2.6%	-2.8%	-2.1%	-1.1%	-0.9 %
Change in risk adjustment, net of reinsurance	1.2%	1.4%	1.2%	1.7%	1.5 %
Discounting effect, net of reinsurance	-3.4%	-3.8%	-3.8%	-4.1%	-3.8 %

Capital development

SCR ratio 229%, up from 220% driven by lower SCR

Eligible Own Funds (OF)

• Dividend NOK 3 per share, NOK 247m in total.
• Contribution from NOK 800m T2 loan issued in February 2025 at NOK 452.
• NOK 110m reduction in utilization in Q3 due to decreased SCR.
• No contribution from the NOK 500m T2 loan issued in August.
• Full effects of Tier 2 loans expected over time.

Solvency Capital Requirement (SCR)

• Solvency capital requirement down due to reduced exposure to currency exchange risk in the balance sheet.

We will always be

The Challenger

We will deliver through unique relationships, best in class decision-making and cost effective solutions

Main targets

Cost and quality leadership Profitable growth Top 3

Values

Credible Innovative/Open Bold Committed

Summary Q3 & Q1-Q3 2025

Q3: Combined ratio at 83.1% | Total investment return of 105 | EPS at 5.6

Q3	Q1-Q3	Other highlights
Combined Ratio	Combined Ratio	• Successfully placed a new Solvency II compliant Tier 2 bond of NOK 500m.
Gross written premium	Gross written premium	• Portfolio transfer agreement for the Danish workers'
LCY GWP growth	LCY GWP growth	compensation portfolio (as communicated in April) is still subject to conditions, including approval by Norwegian and German financial regulators.
Total investment return	Total investment return	• Completion and booking now expected in Q4 2025.
Profit for the period	Profit for the period	• The Board has decided to distribute a dividend of NOK 247m, corresponding to NOK 3.00 per share.
Earnings per share	Earnings per share

Disclaimer

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