Protector Forsikring

Earnings Release • Oct 28, 2016

Profitable growth continues

Profitable growth continues

Protector delivers an operating profit of MNOK 170.5 in the

third quarter of 2016, primarily driven by a strong

investment result. Premium growth continues with gross

written premiums up 12.6% compared to Q3 2015, whilst

combined ratio is up due to a higher number of property

claims and Denmark showing weak results.

Q3 2016 shows the following development compared to Q3 2015:

- Gross premiums written MNOK 412.8, up 12.6% from MNOK

366.5

- Net combined ratio 97.1%, up from 88.7%

- Operating profit MNOK 170.5, up from MNOK 40.7

- Net financial income of MNOK 160.7 (2.2%), up from MNOK

-19.9 (-0.3%)

The company maintain its guiding for 2016 when it comes to

premium growth of 22% and gross cost ratio below 7.5%, but

the combined ratio is adjusted from 90% to 95% for the year.

The return on equity YTD is 18.3% (not annualized) and the

first 9 months operating profit is the best ever (MNOK

470.6).

For further information, please see the attached report and

presentation.

Oslo, October 28th 2016

Protector Forsikring ASA