Protector Forsikring

Earnings Release • Jul 6, 2017

23% growth and strong profitability despite the Grenfell Tower tragedy

23% growth and strong profitability despite the Grenfell Tower tragedy

Protector delivers an operating profit of MNOK 169.5 in the second

quarter of 2017. Premium growth continues with gross written

premiums up 23.4% compared to Q2 2016.

Gross combined ratio for the quarter totals to 143,6% driven by the

dramatic fire in UK, while the net combined ratio is strengthened

from 93,7% in Q2 2016 to 90,7% in Q2 2017 despite the Grenfell Tower

accident.

Q2 2017 shows the following development compared to Q2 2016:

- Gross premiums written MNOK 890.5, up 23.4% from MNOK 721.8

- Net combined ratio 90.7%, down from 93.7%

- Operating profit MNOK 169.5, down from MNOK 254.9 (driven by a

very strong investment result)

- Net financial income of MNOK 116.1 (1.3%), down from MNOK 220.5

(3.0%)

The company maintains its guiding for 2016 with 20% premium growth

and a combined ratio of 92%.

For further information, please see the attached report and

presentation.

Oslo, July 6th 2017

Protector Forsikring ASA