Protector Forsikring

Earnings Release • Feb 9, 2017

2016: 21% growth and 21% ROE

2016: 21% growth and 21% ROE

The operating result (profit before tax) for the year

amounted to NOK 541,1m, up from NOK 536,1m.

For the quarter operating result totaled to NOK 70,5m.

The net combined ratio for the year ended at 97,0%, up from

88,7% last year. Net combined ratio for the quarter was

109,4%, up from 96,6%, mainly due to further reserve

strengthening of workers compensation in Denmark. The

underlying profitability is considered to be better since

2016 underwriting year ended up with a combined ratio sized

91%. The company's combined ratio guiding for 2017 is 92%.

The strong investment return totaled to NOK 499,3m (7,0%)

for the year and NOK 149,9m (2,0%) for the quarter.

Gross premiums written growth was 21,0% in 2016 and 20,6% in

the quarter.

The company's position as cost- and quality leader in

the Scandinavian market is considered a good basis for

a breakthrough in the UK market. Protector will from April

1st 2017 insure large parts of London. UK volume estimate

for 2018 is NOK 400-500m.

Based on the company's dividend policy, strong result

for the full year 2016 and strong financial position,

the Board considers recommending a dividend of NOK

2,25 per share for 2016.

For further information, please see the attached

report and presentation including description and

calculation of key financial ratios.

Oslo, February 9th 2017

Protector Forsikring ASA

This information is subject of the disclosure

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

Trading Act)

Contact:

Sverre Bjerkeli (CEO), Phone: +47 928 38 072,

Vibeke Krane (CFO), Phone +47 975 71 784