Protector Forsikring

Earnings Release • Apr 27, 2017

Profitable growth continues, UK ahead, Denmark on track and updated guiding

Profitable growth continues, UK ahead, Denmark on track and updated guiding

Protector delivers an operating profit of MNOK 107.3 in the first

quarter of 2017. Premium growth continues with gross written

premiums up 9.2% compared to Q1 2016 (12.6% local currency). UK is

ahead of plan with an accumulated volume of GBP 13,5m, including

April 1st. Denmark is on track with 8% premium growth, primarily

driven by price increases.

Q1 2017 shows the following development compared to Q1 2016:

- Gross premiums written MNOK 2,087.4, up 9.2% from MNOK 1,912.2

- Net combined ratio 87.0%, down from 88.3%

- Operating profit MNOK 107.3, up from MNOK 45.2

- Net financial income of MNOK 26.6 (0.4%), up from MNOK -31.9

(-0.5%)

A solvency capital ratio of 185% as of quarter end, driven by a

successful placing of Tier 1 and Tier 2 bonds (MNOK 750), makes the

company prepared for future growth.

The company maintain its guiding for 2017 when it comes to gross

cost ratio below 7% and a combined ratio at 92%, but premium

growth is adjusted from 16% (18% local currency) to 20% (22% local

currency) for the year.

For further information, please see the attached report and

presentation.

Oslo, April 27th 2017

Protector Forsikring ASA