Protector Forsikring — Earnings Release 2018

Oct 25, 2018

17.0 % growth; combined ratio 117,6 % - significant reserve loss in Change of Ownership

17.0 % growth; combined ratio 117,6 % - significant reserve loss in Change of Ownership

As previously reported the company has booked a reserve loss on Change of Ownership Insurance related to Ctenolepisma longicaudata (known as gray silverfish) in Q3-2018. This drives the net combined ratio to 117.6 % for the quarter and 104.1 % year-to-date. Measures were implemented immediately and the company has, as announced, excluded gray silverfish from the policy terms from November 1st, as well as changed the claims handling practice from October 18th.

The net combined ratio excluding Change of Ownership Insurance ended at 95.7 % for the quarter and 95.9 % year-to-date.

The gross expense ratio is at the same level as last year's quarter at 7.3 % and 7.6 % year-to-date.

The gross written premium increased with 17.0 % (18.0 % in LCY) in the third quarter of 2018, driven by UK.

Overall, the company has a small profit of MNOK 9.2 before tax year-to-date.

The solvency capital requirement ratio was 183 % by the end of the quarter.

For further information, please see the attached report and presentation including description and calculation of key financial ratios.  

Oslo, October 25th 2018 Protector Forsikring ASA  

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)