Protector Forsikring — Earnings Release 2014

May 9, 2014

Q1 result: 34 % growth, strong results and increased guiding

Q1 result: 34 % growth, strong results and increased guiding

Q1 2014 shows following development compared to Q1

2013:

- Gross premiums written NOK 1 208,6m, up 34% from

NOK 904m

- Net combined ratio 79,9%, up from 77,4%

- Operating profit of NOK 162,4m, up from NOK 143m

- Return on investments NOK 83,8 (1.9%), up from

NOK 77,9m (2.2%)

The overall expectations to 2014 are an operating

profit of NOK 430m up from previously guided NOK

330m, a 20% growth (up from 16%) in GWP and a net

combined ratio of 88% (down from 90%).

For further information, please see the attached

report and presentation.

Oslo, 9 May 2014

Protector Forsikring ASA

This information is subject of the disclosure

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

Trading Act).