Volume, profitability and option agreement, update

Volume update: January 1st renewal date is

significant for Protector and therefore we will give

an early volume statement to the market. The January

volume is stronger than expected which means that

Protector expects a double digit growth on a company

level in Q1 2011 and through the full year. The

result also includes a start up in the Swedish

Municipality market. A more detailed volume update

will be given ultimo January.

Option agreement update: The Board of Protector

Forsikring ASA has decided to end the company's stock

option scheme. The reason is the new legislation

regarding remuneration schemes in financial

institutions. The termination of the option scheme

will be accounted for in Q4 2010 and represents a pre-

tax charge of NOK 8 - 10 million. Following the

transaction, few or no options are expected to be

outstanding. When the transaction is fulfilled the

company will give a more detailed update to the

market.

Profitability update: Despite a cost allocation sized

NOK 8 - 10 million related to the termination of the

option agreement, Protector expects a full year

operating result stronger than the previously

guided NOK 180 million.

Oslo, 28 December 2010

Protector Forsikring ASA

Contact:

Sverre Bjerkeli (CEO), phone: +47 928 38 072

Ditlev de Vibe Vanay (CFO), phone: +47 934 80 393

AI Terminal