Protector Forsikring

Earnings Release • Jul 16, 2010

H1 2010: Strong technical result and continued growth

- Gross premiums written in H1 2010 totalled NOK

659.2m, representing 9% growth compared to H1 2009.

In Q2, gross premiums written rose by NOK 16.2m, or

8% compared to Q2 2009.

- Operating profit in H1 totalled NOK 49.6m, down

from 127.5m in H1 2009. In Q2, the operating result

was NOK -7.4m against a profit of NOK 96.6m in Q2

- The combined ratio net was in H1 87.3%, compared

with 96.1% in H1 2009. In Q2, the combined ratio net

was 85.2% down from 94.8% in Q2 2009.

- The investment portfolio amounted to a total of NOK

1.78bn at 30 June, up 19% compared to the portfolio

end of H1 2009.

- The investment return was in H1 0.1% against 8.8%

in H1 2009. In Q2 the return was -2.1% against 6.6%

in Q2 2009.

" 8% premium growth in Q2 together with a significant

improvement in net combined ratio to 85.2% gives a

very good basis for an other strong year, says CEO

Sverre Bjerkeli

Protectors operating result of NOK 49.6m in H1

(NOK -7.4m in Q2) is hit by the instability in the

financial markets which leads to an investment result

close to zero. Despite this, the return on the

solvency capital was approx. 7%.

With 19% growth in the investment portfolio, we are

soon close to a NOK 2 bn. investment portfolio, which

gives a good basis to generate profit in the future.

Within the commercial and public lines of business,

Q2 is characterized by a significant improvement in

the claims level and a reduced cost ratio. None of

the many and large municipality fires have hit

Protector. The start on Q3 is also very satisfactory

with new contracts won. The growth in GWP is expected

to be above 30%. Approx. 2/3 of Protector's volume

in 2010 is coming from this business area.

Within change of ownership insurance, the growth is

strong due to increased number of properties sold in

the market and increased real estate prices. The real

estate prices are in H1 up approx. 9%. Still the

claims level are some high within the change of

ownership market, but the operational improvements

within claims handling are very good and the results

in court are strong.

The overall expectations to 2010 are an operating

profit of NOK 150m, a 10% growth in GWP, a net

combined ratio of 90% and continued dividend pay outs

to the shareholder's."

For further information, please see the attached

report and presentation.

Oslo, 16 July 2010

Protector Forsikring ASA

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)