Protector Forsikring - Earnings Release 2016

Growth 26% - First UK client on board

Protector delivers a strong premium growth for the first

quarter of 2016, with first clients on board in both Finland

and the UK. Operating profits are down due to a weak claims

ratio from reserve losses in the Change of ownership segment

and negative financial income. Adjusted for one off gains-

and losses, underlying net combined ratio is 81.4% compared

to 82.4% after Q1 2015.

Q1 2016 shows the following development compared to Q1 2015:

- Gross premiums written NOK 1.912,2m, up 26% from NOK 1.515,8m

- Net combined ratio 88,3%, up from 82,4%

- Operating profit NOK 45,2m, down from NOK 210,5m

- Net financial income of NOK -31.9m (-0,5%), down from NOK 122,2m (2,2%)

- Gross expense ratio improved to 6,1% (7,5%)

Since the end of the quarter, net financial income have

developed positive and YTD return by end of April 25th is

2.5%.

The company maintain its guiding for 2016, with expected premium growth 22%, gross cost ratio below 7,5% and a combined ratio of 90%.

For further information, please see the attached report and

presentation.

Oslo, April 29th 2016

Protector Forsikring ASA

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