Protector Forsikring

Earnings Release • Jan 27, 2011

Operating result 2010 30% stronger than guided - 15% growth in 2011

The premium volume and operating result are stronger

than earlier communicated to the market.

Volume update: Within the commercial and public lines

of business the January volume amounted to NOK 411

million, up 20 % compared to January 2010. In 2011

the company expects a total premium growth of 15 %.

The growth expectation includes also Protectors start

up in Sweden.

The company experienced a strong premium growth in Q4

2010. GWP amounted to NOK 163 million, up 29 %

compared with Q4 2009. GWP in 2010 were NOK 1.011

million, up 16 % compared to 2009.

Update operating profit: The operating profit in Q4

is driven by a strong return on investments. The

company's operating profit in 2010 is expected to be

approx 30% stronger than the previously guided NOK

180 million.

The cost related to the termination of the option

scheme in Q4 2010, will not be recognized in the P&L

account (notification to Oslo Stock Exchange 28

December 2010, 3 January 2011), NOK 9 million will be

booked against the equity.

Further and more detailed guiding for 2011 will be

given 24 February together with preliminary annual

result figures for 2010.

Oslo, 27 January 2011

Protector Forsikring ASA

Contact:

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

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