Q3 result: 33% growth, increased guiding

- Gross premiums written in Q3 2010 totalled NOK

189.2m, representing 33% growth compared to Q3 2009.

YTD, gross premiums written rose by NOK 103.5m, or

14% compared to the same period in 2009.

- Operating profit in Q3 totalled NOK 89.4m, up from

65.2m in Q3 2009. YTD, the operating result was NOK

138.9m against NOK 192.7m in the same period in 2009.

- The combined ratio net was in Q3 89.9%, compared

with 91.5% in Q3 2009. YTD, the combined ratio net

was 88.3% down from 94.4% the year-earlier period.

- The investment portfolio amounted to a total of NOK

1.93bn at 30 Sept, up 21% compared to the portfolio

end of Q3 2009.

- The investment return was in Q3 3.7% against 3.4%

in Q3 2009. YTD the return was 3.9% against 12% the

year-earlier period.

Protector's operating result of NOK 89.4m in Q3

(NOK138.9m YTD) is driven by a strong combined ratio

(89.9%) and a strong investment result (3.7%). The

return on the solvency capital YTD is 18% with a

normalized investment return (3.9%).

An acceptable result in Q4 is expected. The overall

expectations to 2010 are an operating

profit of NOK 180m, a 12% growth in GWP and a net

combined ratio of 91%. If year-end results are in

line with the guiding, a dividend of NOK 1 per share

is expected for the fiscal year 2010. We are

optimistic about Q1 2011.

For further information, please see the attached

report and presentation.

Oslo, 28 October 2010

Protector Forsikring ASA

This information is subject of the disclosure

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

Trading Act)

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