Q3 2019 Interim Results

Investor presentation Oslo, 25th October 2019

Our DNA

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decision-making and cost effective solutions

Main targets

Cost and quality leadership Profitable growth

Top 3

Values

Credible

Open

Bold

Committed

«Vi er forskellige»

«Vi är annorlunda»

«Vi er annerledes»

«Olemme erilaisia»

«We are different»

Highlights Q3 2019 17% growth, combined ratio 91,6%

GWP growth of 17% (16 % local currency)
Net Combined ratio 91,6%
- Run-off gains f.o.a amounted to 1,9% incl. Arbitration aftermath
Profit before tax 54,1 MNOK
Investment return -15,3 MNOK or -0,2%
Solvency ratio of 164% (incl. COI)
Poor profitability in Nordics Price increases kicking in
Strong UK development Q3 & YTD

Guiding 2019 – unchanged from Q2 19
Net combined ratio	100 %
Volume growth	18 %

Highlights Q3 2019 – incl. COI Norway

9% growth, combined ratio 92,1%

GWP growth of 9% (8 % local currency)
Net Combined ratio 92,1%
- Run-off gains f.o.a amounted to 1,2% incl. Arbitration aftermath
Profit before tax 18,6 MNOK
Investment return -41,4 MNOK or -0,4%
Solvency ratio of 164% (incl. COI)
Poor profitability in Nordics Price increases kicking in

Gross written premiums Q3 2019

Growth of 17 % (16 % LCY) – continued price increases

GWP 732 MNOK up 17%
YTD growth 19%
UK 31 MNOK low hit ratio (UW discipline)
Denmark 31 MNOK high level of new sales at new prices
Finland underlying growth 0,5 MNOK
Nordic Price increases 40 MNOK (6 %)

Business unit Q3 19 MNOK Q3 18 MNOK NOK growth NOK % growth LCY % growth Norway Comm. & Publ. 306 296 11 4 % 4 % Sweden 170 161 8 5 % 5 % Denmark 67 36 31 85 % 72 % UK 178 146 31 21 % 20 % Finland 11 -15* 26 Protector 732 624 108 17 % 16 %

*Technical issues.

Q3 GWP (NOK m)

Protector's volume development 2x volume October 1st 2015 to October 1st 2019

• 22 % CAGR last 10 years • 16 % CAGR from 2014 to 1st Oct. 2019

Last billion NOK took 22 months
Now price increases do support present growth
Profitability initiatives entering 2020 top priority

Claims development Q3 2019

Claims ratio 84,1%, one very large claim

Gross claims ratio 88,2%, down from 89,9%
- Unaffected by Arbitration aftermath result
Net claims ratio 84,1%, down from 88,9%
- 89,5 % excl. Arbitration aftermath
Run-off gains f.o.a amounted to 21,7 MNOK or 1,9 %
- Grenfell Tower arbitration settlement (~60 MNOK)
- Run-off losses Personal lines Norway/Denmark (~47 MNOK)
Clean up in case reserves in Finland
Large loss ratio higher than "normalized"
- Grenfell tower arbitration result does not affect gross result since it has been booked on gross level earlier
- One 40 MNOK Property claim in Sweden

Gross large loss ratio*

Cost development Q3 2019

Cost the real way this is what matters
- Gross cost incl. Claims handling ex. Broker commissions

Cost leader in the world – improving competitive position

Broker commission neutral seen from a competitive point of view
Cost the real way 7,9 %, down from 9,0 %
Gross cost ratio 7,1%, down from 8,1%
- Will increase due to higher broker commission going forward
Net cost ratio 7,5%, up from 6,7%
- Will increase due to less Reinsurance commissions going forward
Cost levels supported by very low expected bonus level for 2019
- Underlying reality 1% higher

Combined Ratio development Q3 2019

Net CR 91,6% - guiding unchanged

	Norway		Sweden		Denmark		UK		Finland		Protector
Excl. COI	Q3 2019	Q3 2018	Q3 2019	Q3 2018	Q3 2019	Q3 2018	Q3 2019	Q3 2018	Q3 2019	Q3 2018	Q3 2019	Q3 2018
Net claims ratio	96,2 %	80,5 %	84,6 %	81,9 %	85,7 %	91,6 %	35,1 %	165,0 %	111,8 %	136,5 %	84,1 %	88,9 %
Net cost ratio	5,5 %	0,6 %	11,2 %	13,7 %	4,1 %	4,1 %	9,0 %	23,6 %	6,7 %	17,4 %	7,5 %	6,7 %
Net combined ratio	101,7 %	81,1 %	95,8 %	95,6 %	89,8 %	95,6 %	44,0 %	188,6 %	118,4 %	153,9 %	91,6 %	95,7 %

Gross claims ratio	97,4 %	95,6 %	89,2 %	90,4 %	82,7 %	81,6 %	65,0 %	77,0 %	110,6 %	120,6 %	88,2 %	89,9 %
Gross cost ratio	4,1 %	2,8 %	10,1 %	11,7 %	5,0 %	5,1 %	11,4 %	19,7 %	4,3 %	16,5 %	7,1 %	8,1 %
Gross combined ratio	101,5 %	98,4 %	99,2 %	102,2 %	87,7 %	86,7 %	76,3 %	96,6 %	114,9 %	137,1 %	95,3 %	98,0 %

• Reinsurance commissions significantly down – change of Property Reinsurance solution

• UK Net CR 88,6% excl. Arbitration aftermath

Pricing increases – YTD results Q3 Price increases according to guiding after Q2

	Q3	YTD	Q4
Continued high renewal rates following acceptance of price increases.	≈12,1%	≈ 10,8%	Higher than YTD
Q3 price increases heavily influenced by significant price increases on unprofitable clients.	≈15,7%	≈ 8,0%	Higher than YTD
Q3 volume on a low level. Small volumes remaining in 2019.	≈9,3%	≈ 13,5%	Lower
Close to 0 volume in Q3 & Q4	NA	≈ 7,2%	NA
Building a new portfolio	Individual	Individual	Individual
Average claims inflation (all products) 4 % in the Nordics, significant higher in Motor

Market Prices up in all Nordic countries

Protects cost advantage to our benefit

Norway
	General;	Price increases all over in line with market
	Motor/bus/long haul;	Significant higher including uplift on high value vehicles and electrical cars
	Health;	Significant higher
	Public property;	Higher, unsustainable rates at the moment
Sweden Sweden Sweden
	Motor/bus/long haul;	Significant claims inflation and increased claims level
	Property;	Both frequency- and large loss driven
Norway


Denmark Denmark Denmark
	WC;	Negative interest rates and very high capital requirement is a very challenging mix
	Motor;	Significant claims inflation
	Affinity;	Some very unprofitable affinity programs

Finland
Finland	Individual;	Client driven price increases
	Affinity;	Some very unprofitable affinity programs

In-depth view into UK

Henrik Høye Director Public lines & UK

~ 60 people in Manchester and London
- Strong mix of individuals in great offices
- Embracing the culture and gradually living our DNA
Quality leader by far
Slightly behind schedule on growth
- Disciplined behaviour in a big market
- Nr 3 in Public sector

• GFT arbitration settled, focus on profitable growth

Slightly ahead of schedule on profitability
- Partially due to few large losses last 18 months

Claims handling

Manage claim and client
Keep legal cost at low level
Process is key
Align with reinsurance
Proactive and professional communication
Full property settlement 17.8.18
Liability will take many years

Reinsurance

Claims handling involvement/support
Align reinsurance with Risk Management, UW and renewal season
UK Casualty Reinsurance contract renewal completed twice
Property XL, 2bn NOK capacity from January 19
Arbitration Loss with Munich Re
- Other solution in place (85 % of disputed amount covered)

World leading reinsurance partners

Inspection examples

Construction Cladding

The four Ensure correct settlements to BSRs and Clients on valid claims

Grenfell Tower Minimize the expenditure on legal costs

projects Learn for the future – Use Risk Management to mitigate future events

Risk Management/ UW

RBKC still our client
UW well done
Lessons learned re Tower Blocks
Post GT RM report released

Media/Communication

Reactive and open
- On the spot and credible
No media advisor
- All requests handled internally
Brokers, Reinsurance companies and "insurance industry" updated
Potential Defendants

Grenfell Tower

Property afterplay settled, releasing key resources for the right focus

Almost 2 years process
2 500 pages of documentation
Key resources tied up in process
Some internal lessons learned, but…
Ok final solution, more important; it is behind us
Focus is now on profitable growth in UK and the Nordics

Grenfell Tower Arbitration Aftermath

Following the Grenfell Tower arbitration award in Protector's disfavor (see message to Oslo Børs 5 th July 2019), Protector has concluded settlement terms with other [involved] parties under which Protector will recover 85 % of the disputed amount, corresponding to approximately 60 MNOK. The amount will be paid to Protector and booked in Q3. Having concluded this matter, we look forward to focusing on profitable growth in UK and the Nordics.

Creating Culture as one Team Team embracing the cultural journey, Protector is different

Protector Network

• Cross team mentoring and meeting attendance.

Lunch & Learn

• Cross team knowledge share and social

TIME Champion

• Linked to values, monthly nomination of champions using @Workplace

The UK team A strong composition, two locations, one team

Local experience and expertise in all major areas
- Underwriting all classes of business Manchester & London
- Claims all classes of business + engineer expertise Only Manchester
- Risk management all major fields Manchester & London
- Finance and regulatory Manchester
- Management and relationships Manchester & London
Experience challenged and supported by well educated graduates in all areas
- Steep learning curves and rapid development
Key resources from Oslo integral part of the team long term
- Leading by example
"One team" as a competitive advantage and engine for feedback and 1+1 > 2

Public Sector We are here for the long run, profitability comes first

~ 100 public sector clients in the portfolio
- Top 3 position reached
Underwriting of 250 tenders annually avg of 2 products pr. tender
Evaluation of approximately 350 factors per product…
«Best in class» underwriting
Soft market for certain clients and products
Resulting in low hit-ratio
Good renewal processes for 2020 inceptions

Housing Associations Developing further competitive advantages

~70 Housing Associations in portfolio
Underwriting based on Public Sector, but adjusted
High share of attritional losses makes cost advantage key
Value chain in claims handling possible to improve

Jurna Irisured		Profit Rate							Maintenence Rate					Average rent (4) Average Voids Comment		Total	Total	Total	Assessment
	20 -				2010 2010 Awerage Trend		2000 2002					2010 2010 Average Trend
633,195,102	1.64%	2.20%	2.32%	1.98%		0.00%	0.74%	0.82%	0.81%	0.79%	0.79%		87	18	Higher profit rate than average with lower ma	Green	White	Green	Green
227,298,088	0.54%	-0.10%	1.19%	0.92%	And	5.12%	5.72%	5.55%	5.22%	4,74%	5.29%		107		High revenue and costs due to care facilites p	White	Write	White	Green
7,859,517,315	0.00%	1.10%	1.50%	2.53%		0 0046	0.00%	0.00%	0.70%	0.67%	0.69%		05	26	Profit rate around average, maintenance sligh	White	White	Green	Green
1896 655 968	2.325	2.50%	2.65%	2 49%		0.00%	0.00%	0.92%	0.95%	0.85%	0.91%		107		Strong financial perfromance with a better thi	Green	White	Green	Green
208.693.250	0.51%	0.83%	0.32%	0.43%		0.00%	0.00%	0.58%	0 64%	0.71%	0.64%		82	56	Low profit rate, high number of void days. Low	Yellow	White	N/A	White
895,261,612	0.83%	1.44%	1.52%	1.24%				1 02%	0.86%	0.85%	0.69%		BC		Revenue and costs fairly steady, profit in line	White	White	Green	Green
475,714,717	1.51%	0.82%	111%	1.28%		1.42%	1.42%	137%	1.54%	126%	1.41%		96	22	Profit is average. Maintenance spend rate is a	White	Green	Green	Graen
1.028.597.196	1.21%	1.20%	2.47%	1.32%		0.00%	0.3494	0.41%	0.41%	0.42%	0.40%		123	15	Average profits, low income and cost. Maintel	Yellow	William	Green	White
196,972,705	0.00%	0.12%	0.36%	0.46%		0.66%	0.74%	0.80%	0.93%	0.91%	0.82%		89	19	Profit/surplus rate is low, but this is a not-for	White	Green	NIA	White
2,408,763,403	1.28%	2.66%	1.64%	1.42%		0.00%	0.00%	0.00%	1.14%	1.16%	1.15%		75		Average profit rate intine with the group. Mail	White	White	Green	Green
1.077,988,147	2.68%	8.17%	4.06%	3.40%		0.00%	0.0096	0.67%	0.63%	0.74%	0.68%		06	17	Very high Encreasing) revenue and profit rans	White	Green	Yellow	White
137.152.715	0.45%	0.50%	0.81%	0.56%		0.00%	1.10%	1.16%	1.05%	092%	1.07%			19	Average Income, high cost and maintenance	White	White	Green	Green
639,787,666	1.91%	187%	1.82%	2.83%		0 00%	1.05%	1.10%	1.17%	0.97%	1.08%		100		Profit and maintenance rate above the average	White	White	Green	Green
978,728,590	2.28%	2.77%	3.15%	2.57%		0.0016	1.52%	1.06%	1.00%	1.05%	2.19%		104	17	Profit and maintenance above data set and et	Green	White		White
530,807,000	0.86%	0.83%	1.19%	1.26%		0.00%	0.00%	0.00%	082%	0 93%	0.88%		135	25	Maintenance and profits around average. Fur	Yellow	White
776,397,020	1.66%	1.64%	1.33%	1.48%		0 00%	1.08%	1.53%	1.15%	1.08%	1.25%		155	28	High vold days and high rent (London). Pinang	White	Vallage	Green	White
72,908,891	1.68%	2.49%	1.59%	1.57%		0.00%	0.59%	0.54%	0.54%	0.71%	0.60%		113		Small portfolio, revenue and costs increasing	White	White		White
667.955.677	0.17%	0.25%	0.20%	0.22%			0.51%	0.56%	0.549	0.69%	0.58%		90		Profit and maintenance low: Unable to get vol	Yellow	White		Yellow
4,443,977,843	1.74%	1.91%	2.96%	1.90%		1.45%	1.57%	2.45%	1.37%	1.37%	2.44%		00	29	Higher revenue and costs but also profits that	Green	White	Grean	Green
225,272,580	0.76%	2.96%	2.68%	2.09%		0 42%	0.51%	0.39%	0.69%	0.78%	0.60%		95	80	High profits - low income and low cost due to:	White	Green	84/2	White
173,886,875	0.42%	0.55%	0.63%	0.47%		0 19%	0.23%	0.18%	0.25%	0.24%	0.22%		BO	12	Low revenue, costs & profit below total averal	Walte	Green	NIL	White
179,202,770	0.48%	0.47%	018%	0.50%			0.53%	0.56%	0.68%	0.72%	0:68%	1		11	Low on all financial parameters, revenue and	Yellow	White	N/A	White
56,155,000			0.00%												No financial accounts available	N/A	White	84/2	White
200/000/000	0:61%	8.65%	1.79%	625%											No maintenance spend or void information as	White	White	raffa	White
469,519,000	2.06%	1.95%	2.22%	1.92%				2.64%	2.62%	192%	2,44%				Revenue, Cost, Profit Rate consistently above	Green	White	Green	Green
1153.953.864	0.67%	0.36%	0.37%	0.44%		0.00%	0.49%	0.48%	0.48%	0.47%	0.48%		77	16	Revenue, costs and maintenance rates on the	Yellow	White	Green	White
609,534,255	0.38%	0.58%	0.49%	0.4996		2.99%	3.00%	3.30%	3.49%	3.60%	3.29%		72		Revenue and costs are below weish average,	White	White	Green	Green
2.027.742.219	1.19%	2.18%	2.20%	2 20%		0 00%	0.82%	0.71%	0.75%	0.66%	0.74%		122		Revenue and cost rate slightly above average.	While	White	Green	White
842,322,417	1.01%	1,06%	1.15%	0.65%					1.10%	107%	1.09%		153	16	Low void days and high rent luest london sp a	White	White	White	White
129/071.206	1,40%	1.47%	1.70%	1,44%									94		Low cost rate and high profit rate on upward !	White	White	White	White
2,364,786,990	2.14%	2.50%	2.72%	2.37%				1.50%	1.36%	1.40%	1.42%	2	09	15	Profit rate 100% higher, maintenance 60% high	Green	Yellow	Green	Green
51,050,000	1.15%	1.62%	172%	2.43%									87		Worse than average revenue rate, better than	White	White	N/A	White
1.148,800,000	0.14%	0.24%	0.24%	0.28%					2.47%	2.47%	2,47%		82		Revenue rate is lower than date set, cost cate	Yellow	Green	Gener	White
338,789,689	0.89%	1.01%	1.18%	0.95%			0.97%	0.74%	0.72%		0.85%		BC	33	High average volds. According to LHA annual	White	White	84/2	White
545,000,000	1.70%	1.96%	2.11%	1.7496			0.45%		0.73%	0.69%	0.64%		00		Average turnover with a lower than average of	White	Green	Green	Green

					Середности (2) Вайна сава с председари (2), Рександр. 25, Рекейского (2) и 2008. Всександра (2008) 2008. Всександра (2008) 2000 г. 1992. 1992. 1992. 1992. 199. 199. 199. 199.																												1.148,800,000 0.14% 0.24% 0.24% 0.24%		0.28%	}		2.47%	2,47% 2,47%				Revenue rate is lower than date set, cost rate Yellow Green Green					White
																							M Copillid line that Couplin Inco Conntie M Copitid lare Hal Capitial M Capitial Inc. Capitial. Inc. Capition										338.789.689 0.89% 1.01% 1.13%		0.95%	1		0.97% 0.74% 0.72%	0.85%	125	BD		High average volds. According to LHA annual White White White N/A					White
																							GRE GSL 1.9 RE 202 32/ RE 5.5 3.5 1.9 1.8 2.8 2.50 2.50 2.50 2.50 2.50 2.80 236 3.80 (250 236 2.80 (250 2.50 2.88 125.0										545,000,000 1.70% 1.96% 2.11% 1.74%		1		0.45%	0.73%	0.69% 0.64%				Average surnover with a lower than average of White			Green Green		Green
																							316 552 121 18. 18. 31. 35. 5.2 12. 15. 18. 18. 150. 256. 83.50 23.5 32.50 18. 3.60 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50								14.129.734		100% 2.19% 4.48% 3.73%										Lack of Information only two years. Heavy res White Yellow Yellow N/A					Yellow
	45.54 45.85				1.8 1.5 1.9 1.8 1.50 6.6 6.8 1.8 1.8 1.8 1.8 1.61 2.61 2.53 2.58 2.58 3.88 3.80 2.80 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50																		2,556 3558 35,047												1,760.169,777 1.28% 1.47% 126% - 126% 0.18% 0.12% 0.15% 0.15% 0.15% 0.78% 0.78%						- 85		Slightly lower revenue than total data set and White White White Green

																							421 316 12 15 12 63 131 151 132 652 155 123 651 135 236 235 356 353 350 352 353 352 352 352 352 352 3152 352 3152 3152 3152 3152 3152 3152 3152 3152 3152 3152 3152 3152 3152
																							239 288 121 18 155 432 384 324 137 138 135 668 231 235 3853 3838 3838 383 350 350 359 358 359 3529
	55.48 98.07																						1.8 1.2 1.6 1.2 2.11 1.5 1.2 1.6 4.5 2.2 2.6 1.5 2.28 1.61 3.92 1.65 1.51 1.81 1.81 1.28 1.21 1.21 1.21 1.21 1.21 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22 1.22

																										Share of nlaims by slain lape [Cunnl]
																																										In La Charles Collection Collection Collection Collection Commendential Collection Compressional Collection Comprehense Commended Collection Commendent Collection Comments of
			5.51 - 4.15 - 1.85 - 1.85 - 8.34		· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·																																					· 11/5 4/40 11 12 12 11 12 12 12 12 12 12 13 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 111 111 111 111	1.89			8.02		1.15 - 115.277
																																										12 111 12 11 11 11 12 11 11 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12	. 18		8.89	8.84		8.48 25,426

					(3.45 - 5.44 - 5.44 - - - - - - - 22.18 - 5.60 - 42.45 - 5.66												1																									· 128 91388 12 12 12 12 12 12 12 12 12 12 11. 18 18 18 18 18 18 1910 1910 1910 1910 1910	8.15	8.84	8.86	8.84		0.25 - 14.844
					28.48 18.82 1.58 1.58 - 1.58 - 8.18 - 5.84		2.52 28.18 18.02		1.58					1.48 5.84 2.52 2,568 2,568 4,844 35,262						1,872 4,838 42,164 7,668 4,644 35,262						1,872 4,858 42,151 10x 10x 10 51X 51X 100 12X 12X 12X									20X 24X 24X 2X 2X 2X 1X 1X 1X 1X 1X							2X Mille While Yellow Yellem Yellem Yellen Red	ાં તેને	1.00	8.12	0.05		0.35 - 440,450
24.82		49.64 2.18			15.22 15.22	2.18	24.02	19.64	2.18		-	45.27		2.48 8,835 5,845 38,444			2014 2 2 2 3 383 35,856 35,644 53,842 38,644						118 5.856 58.444 1 11X 8 8X						10 12 14X 14X 11 12 12 11				SEX - EX - 38X									8X Re. [While [While Green Geers Green Green While	8.44	8.84		8.85	0.26	20,928
19.88		14.76 1.88	:	8.45	4.88	2.65	15.00	44.76	4.88		8.45	4.88		2.65 8,855 4,844 28,858						532 9,124 14,476 5,835 4,844 28,868		252	5.124 14.476	25X					15X 1 1X 1 1X 2 1X 2X 2X 2X 2				SEX = = EX = 20X =		26x 26x 1x 1x 3x 1x 1x							4X logo Green [While [While Geers Vellem While While		0.09		8.02		0.15 244,500
27.45	29.49	2.98			8.54 - 43.25	4-22	22.45	29.49	2.98								1.54 41.25 4.55 11.585 1.723 22.525 422.35 32.481 5.504 25.95 5.785 3.752 32,252				159,597		37,488 6,344 55,002	2X 2X		18 18 - 55X			3X 22X 2X 2X 2X 4X			37X - 5X -	140 - 34X - 1		15X 2 2X 2X 1X 1X 1X 1X
8.98	6.42	4.67	1.56	1.56	9.54	2.22	8.98	6.12	1.67	8.56	8.56	9.94		2.22 28,838 14,555 555 53,286 - 4,838						2,544 4,852 62,822 22,822 28,838 54,555 53258	1,898	2,314 4,892	67,877	27X	2X				20 20 2X 2 20 20X 200 28X		88	85X	1X			X x x x 7x						IX not Gerea. Gerea. While While While Green	ાં તેને	8.84	8.858	8.89	8.24 24 27,202
14.45	19.55	8.58		:	6.54	2.74	14.49	19.55	8.58		:	6.54		2.74 7,562 5,362 5,348 55,855			2014 2 2 2 2 2 2 2 44 2 2 , 144 2 7, 962 2 2, 546 53, 855						2,449 52.444	45X				25X	CX	.		XXX					X - DX					EX Ber Green While While While Green Yellen While	8.18		8.837	8.84		0.17 35.858
		65.85 65.55 65.55 1.76				2.55							2.55	2,046 2,504 12,568			12,50							4X													1X					a While Yellow While While Yellow Green While			8.04			0.22 250,044
					1.		65.09 65.99		4.76		·	99.02											2,692 45,959							9X		20X											8.47
19.18			11.15 1.45 1.45 1.25	1.25	2.49	1.53	43.48 - 14.42		4.49	8.25	8,25	2.45 1.55		25,201 6,238 26,972			4,835 120,855 1,844 28,264 18,284 5,288 26,272				4,055 428,855		1.744 20,264	15X	2X			19X	11X 12X	19X		29X	24X				2 2 2 2 2 2 2 2 3 2 3 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3					4X Molia Gerea While While While Yellau While Green	8.07	8.04	8.89	1.02		8.16 - 146.183
\$1.25		27.96 4.64	8.82	8.02	13.58	3.29	24.25	27.96	4.64	8.82	8.82	19.98		3.23 8,532 4,482 85,374			42,258 - 645 - 5,521 - 61,552 - 4,532 - 4,187 - 12,251 - 12,751 - 12,751						58,336	44X			26%					25%	10% -		4X 4X 9X							EXI ==	8.42	8.86	8.85	8.84		0.25 187.565
22.09		20.02 - 1 - 1 -	2.00		4.88	6.84	22.05 20.02			2.08		4.88		6.84 46,242 7,583	:	22,585				6,485 47,844 16,242 7,585 - 1	22,505		47,844			27X 22X 18X			3X	CONSTITUTION		29X			2X 2X		4X 4X = EX = 1X = = EX = =					DX Box While While While Green Green While Geeen		1.04	8.89			0.16 - 16.842
		78.88 68.83 1.85	-		8.92 96.69	4.85	20.00 60.05		1.85		0.92 96.69			1.85 19,834 2,234	9,962		1,225,898 2,564 2,504 7,524 43,854 2,259 3,552				4,275,838 2,564		2,574	3X	100 1X 1				3X	200 000		**************************			11X 2X 2X 2X 1X 1X 1X X							1X top - Yellam While Geers Yellau While Red - Red	8.45	8.07	1.14	8.58		8.76 2855
		18.22 19.24 4.52			Company Comments 18,22		48.27 49.74		4.57			48.27	.	19,765 42,542 17,445			1997 - 1998 - 19,255			17,43,765 42,542 17,445			19,769		Company of Children					Concern Concession Comers of Concession Comparison					.							While While While Pollau Wille Gerea While	8.18	1.84	8.84	8.81		8.18 18.684
8.75				0.00 0.46 0 0.46 0 0.12 0 0.12	4.45	1.84	8.75	8.86		8.42	8.42 4.45			4.84 7,348 4,754 44,554 84,554 84,555						6,265 3,488 28,428 2,248 2,248 4,784 44,554 84,555		6,765 5,188		128 128 1 24X -						SX		75X			15X 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1							AX lugs Geree Green While While Vellou Geore Gerra	8.85	8.04	8.02	8.84	:	455,876
99.94		37.00 - 1.54			16.65	4.54	59.54 57.88		તે. તે હતું. હતું દિવેલ			46.69		1.54 4,158 4,165 3,268			4,185 4,324 23,268 23,268 4,198 4,185 3,268						4,924	29,268					BX = 1X = = DX			28X	X	CO CONSULTION
	8.24 8 8.85				9.25		1.24	8.85				9.29					1.11 2,841 2,551 20,928 - - - - - - - - - - - 2,455 40,478 2,554 24,578				1 - 1 - 1 - 1 - 1 - 3,455		44.178	3X .	Company of Concession Company of Concession Company of Concession Company of Concession Company of Concession Company of Concession Company of Concession Company of Concessio				12X - 12X - 12X -			97%	CONSULTION OF COLLECTION OF COLLECTION OF COLLECTION OF COLLECTION OF COLLECTION OF CONSULTION OF CONSULTION OF CONSULTION OF CONSULTION OF CONSULTION OF CONSULTION OF CONSUL	47X 12 12 12 12 12								Green Green While						9.854

4.62		4.62 :			4.62		4.62	:	4.62		Company Comments of Children Company Company Company Company Company Company Company Company Company Company Company Company Company Company Company Company Comments of Child			1 - 1 28,542 - 1 - 1 -			8,542 - - - - - - - - - - - - - - - - - - - - - - 28,542		28,542	1		. 28,542		.	CONSTITUTION OF	188X			IX = IX = 1X = 1X = 1X = 1X =						EX
		BREE 1.18				4.71 5.89	BREN		1.18 - - - - - - - 4.24 5.85					BERE				트 트 트 트 트 트 트 트 트 트		BERR BREE BREE BREE	.			BERN ZAX	BY	477			DI 42 41 81 81 81 81 541 621 81 191						II



					68.45 57.58 2.41 2.41 8.34 - 28.96																					110 11.9 2.0 2.0 2.0 1.0 1.1.2 2.11 2.21 2.21 2.21.1 2.2.1.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2.2		100 1000	SX 2X 2X 2X 2X 2X 1X													100 18 12 552 C. C. 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 1	8.18	8.85	8.84		8.28 176,452
			18.87 9.37 9.37 8.45 8 8.45		1 - 1 - 2.72				2.47 18.82 5.57 5.97 8.45								2017 2222 2342 2,482 2,522,82,515 32,546 22,546 2,482 2,85 2,482 2,315 82,815 2,315						1,875 1,675 38,258 258 258 - 25X			25X	2000	19X	19X CONTRACTOR	4X .	19X		100 100 100 4X 400 4X 100 1X 100 1X			Company Concession Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Comparis Co							8.88	8.84	8.14	8.84		8.17 85.749
					248.58 248.28 28 8.28 8.28 8 6 6 6 6 6 6 115.82																		231 211.0 20.21 2.0 11.0 11.0 11.0 11.0 1.25 2.25 9.50 1.5 1.0 1.0 1.25 1.235 1.65 2.35 1.65 1.6 1.6 1.6 1.8 1.0 1.25 1.6 1.6 1.6 1.6 1.8				SEX 28X 20X 45X		Carlos Career Station			A BY - 1 - BY -														8.84		0.62



																										22 2019 11: 18 12 21 21 28 22 22 28 12 16 12 10 100 2017 28 28 28 28 10 16 12 2 1 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10																			1.82 1.82 1.88 1.85 8.85 1.83 1.92 1.92 1.92 1.54 1.54 16.556,225 .

Commercial Sector

Gradual and focussed approach with selected brokers

~150 clients in portfolio
5 major broker houses, 30 offices
2/3 motor, but gaining traction on Property & Liability
High average premium per client vs Scandinavia
New sub-segments considered continuously
Underwriting and Risk Management is one
Manchester & London in same decision meetings

• Protector warmly welcomed by our brokers

	Number of Visits P/Year			Brokers Account GVT in Lively Bl	Over Share GVP 2012	New sales GVP		Overall GWP [New plus renewals]			Focus Areas
		Pro Rata Target to d	Actual.	Total Commer	Total	KAM	Total Targer	Result Total	Gos	Re	focus Areas II	Focus Areas 2	Focus Areas 3
Casegov	3	2		15,000,000		Paul			0	0	Understand account make sp - size and broakdown per LOG	Relationship mag	John now business prospecting
Leeds	6			10,000,040		Paul	700,000		700,000		Understand account make sp - size and breakdown per LOB	Belationship map	Joint now business prospecting
Marchaster	4	2	2			Paul			0		Understand account make up - xize and broakdown por LOD	Relationship map	John now business peace occing
Newcastle	2	2		20,000,000		Paul			0	0	Understand account make up - size and breakdown per LOB	Flelationship map	Joint new business prospecting
Shelleld	6			5,000,040		Paul	225,000		225,000		Understand account make In - size and breakdown per LOB	Relationship map	Joint new business prospecting
Earringham	6	4		70,000,000		Matt	250.900		250,000		Broker Visits - StrategulTrading	Increase tender submissions	Increase quote percentage
Clargov	6	4		95,000,000		Matt	450,000	880,000	450,000	880,000	Maintain momentum following recent large win by more visability from relevant UW's	Understand make up of the overall account 50 we can have a move targeted approach for the remainder of H2	אתר וחותנות בקוח בנוקים וראו החוקים וא וועוקר ב office with increase visability and phgone called. Viden
Leade	12	7		000 000 000	525,040	Matt	1,100,000	63.750	1,625,000	906.250	up relationships - Obtain up to date structure ebart	Fil. to meet the team property in Leeds to build Understand make up of the overall account so we can have a mose targeted approach for the remainder of H2	loentify top 3 pipeline accounts for 142 - 2019
Marchaster	25	15	17	80,000 000	1,707_395	Matt	1.400.000	4.661.946	3,992,399	6,413,686	Increase tender submissions	Increase quote percentage	Broker Visits - StratogelTrading
Leads	12	7	-		870,040	Matt	1,825,000	782,000	2,795,000	782,000	Management of Quotes	Management of existing book I claims	Broker Visits - Strategel Trading
Dradion	G				654,540	Craig	150,000	796.197	950,000	796,197	Understand account make sp - size and broakdown per LOE)	Develop a genuine pipeline	Understand Property Owners book
Birtol	G	4			177,040	Crain	175,000	598,000	175,000	598.600	Atrange visit to see Mark Neuitt, Linsag Crew, Rob Cottoral	Develop a genuine pipeline and arrange quarterly meetings to discuss
Leeds	6				176,345	Craig	200,000		200,000		Understand account make sp - size and broakdown per LOB	Develop a genuine pipeline	Property & Casuality to most booker to discuss potential
Sheepiry	6	4			221,495	Craig	50.000	776,187	50,000	776,887	Can we help Jelf attain larger property Casualty -----	Develop a genuine pipeline
Eirmingham	12	7		10.000.000	31,840	Matt	410,000		443,350	30,958	Understand beckees account - GVP and relationship map	As algais of NTUIs	Inscope top 5 accounts
Leede	12	7		8,000,040	1,001,546	Matt	1,950,000		2.001.622	513,055	Understand brokers account - PFG share	Joint new business prospecting	Ensure Otr revious go anoad
Manchester	24	14	17	12,000,040	705,174	Matt	2,150,000	760,740	2,850,433	1,356,478	Raltionship Map	New Broking Director Mer - Phil Vright	Face to face - quotes E751 plus
Nottingham	6		1	2.000.000	305,000	Matt	\$50,000	305,000	370,250	205.000	Understand their account	Relationship mag
Pusding	6			9,000,000	\$2,575	Matt	400,000		45€,254	\$7,958	Understand their account	Relationship map
Beliatt	4	2	2	10.000 000		Paul	COO BOO		600,000		Understand account make ap - size and breakdown per LOB	Flelationship map	Joint new business prospecting
Marchamer		2		10.000.000		Paul	100,000		400,000		Understand account make In - xize and broakdown nor LOO	Relationship man	John now business peoposias
Newcastle	4	2		10,000,000	270,000	Paul	400,000		883,500	0	Understand account make In - size and breakdown per LOB	Flelationship map	Joint new business prospecting
Birmingham	6			20,000,000		Loo	650,000	66,000	650,000	66,000	Arrange office visit to understand account make up and key contacts. Mag be an opportunits to do this initially sia Manchester.	ldentify opportunkles/pipeline until end of 2018.	Paotise any opportunities that arine.
Clasgov	6			20,000,000		140	600,000		600,000		Vo need to priocitise office visit ensuming ve speak to key people Key people from Protector should also attend	Vo need to hetter understand hookers account better than we do at peesent. Obtain realistic pipeline eases. Ast straight forward question how	Ensure we are proactive on quotes that we receive.
Mancheme	10		C	30,000,000	51,702	100	1,550,000	1,005,130	1,604,287	1,005,120	Currently good traction vith this office but little understanding of the account make up. I have requested this via Allisos Castillo.	Arrange visit to build up realistic pipeline	Priority to he given to Marsh Manchester quotes

2019 H2							2019			2019 Q3
	Seen % inbox Won Lost Quoted					QR H/R	Won		Lost H/R	Won	Lost H/F
23	7%	1	6	4	48% 14%		729.412	5,875,386	11%	54.000	283,128 16%
203	58%	13	47	17	38% 22%		4.480.546	22,168,414	17%	1,234,496	8,169,543	13%
105	30%	9	25	5	37%	26%	10.860.079	13,392,366	45%	894,974	3,191,277 22%
20	6%				0%	0%		665,000	0%			0%
351	N/A	23	78	26	36% 23%		16,070,037	42,101,166 28%		2,183,470	11,643,948	16%

			2019 H2					2019			2019 Q3
	Seen % inbox Won Lost Quoted					QR H/R	Won		Lost H/R	Won	Lost H/F
11	8%	1	2	1	36% 33%		170,715	491,797	26%	54.000	107,128	34%
90	65%	12	9	6		30% 57%	1,378,379	2,833,358 33%		1,038,996	228,056 82%
36	26%	5	4	2	31% 56%		943,670	787,260	55%	536,003	120,000 82%
1	1%				0%	0%		20,000	0%			0%
138	N/A	18	15	9	30% 55%		2,492,764	4,132,415	38%	1,628,999	455,184	78%

			2019 H2					2019			2019 Q3
	Seen % inbox Won Lost Quoted				QR	H/R	Won		Lost H/R	Won	Lost H/F
7	7%		2	1	43%	0%	18,697	2,200,000	1%		11,000	0%
62	58%		12	5	27%	0%	762,124	5,661,467	12%	60,500	2.231.687	3%
27	25%	2	6		30%	25%	116.401	2.340.906	5%	78.401	466,777	14%
11	10%				0%	0%		40,000	0%			0%
107	N/A	2	20	6	26%	రిళ్లిన్న	897,222	10,242,373	8%	138,901	2,709,464	5%

2019 H2							2019		2019 Q3
	Seen % inbox Won Lost Quoted				QR	H/R	Won		Lost H/R	Won	Lost H/F
5	5%		2	2	80%	0%	540,000	3.183.589	15%		165,000	0%
51	48%	1	26	6	65%	4%	2.340.043	13.673.589	15%	135.000	5,709,800	2%
42	40%	2	15	3	48%	12%	9.800.008	10.264.200	49%	280,570	2.604.500	10%
8	8%				0%	0%		605,000	0%			0%
106	N/A	3	43	11	54%	7%	12,680,051	27.726.378 31%		415,570	8,479,300	5%

Profitable Growth Status Disciplined Growth, Good Profitability (but early)

in MNOK	FY 17	FY 18	YTD 19
Gross written	252,9	504,6	664,4
Gross earned	154,7	380,4	521,4
Net earned	74,6	184,7	334,3

Slow growth in public sector and housing
Good traction in commercial sector

Net ratios	FY 17	FY 18	YTD 19
Net claims ratio	130,7 %	102,4 %	89,3 %
Net cost ratio	12,7 %	13,1 %	12,0 %
Net CR	143,4 %	115,6 %	101,3 %
Net CR excl. GFT	98,0 %	115,6 %	96,8 %

Few large losses in 2019, but good attritional claims development
- Loss ratios are volatile
Casualty reinsurance is too expensive, but with variations
- Should improve as record is proven

Gross ratios	FY 17	FY 18	YTD 19
Gross claims ratio	618,0 %	66,8 %	71,5 %
Gross cost ratio	22,1 %	16,9 %	11,5 %
Gross CR	640,1 %	83,7 %	83,0 %

• Gross cost ratio (incl. claims handling) dropping very quickly

Claims Handling Ahead of Sweden and Denmark at the same time

~20 people and growing
Clean Desk is culture
- Possibly only «clean» claims department in the UK
Reduction & Recovery (RR) to be identified in every claim
- Becoming culture
Counter Fraud project progressing well
Focus on efficiency comes later

		Clean Desk
			Yes	No	Total Days
		Jan	221	ਰੇਤ	316	70%
	Q1	Feb	280	0	280	100%
H1		Mar	315	0	315	100%
		Apr	285	0	285	100%
	Q2	May	298	21	319	93%
		lun	287	32	319	90%
		Jul	389	48	437	89%
H2	വ്യാപ്പിച്ചു. തുടർന്നും വിവ്യാനം വിവ്യാപ്പെടുന്നു. അവലംബം വിവ്യത്തിനും വിവ്യാവരുടെ വിവ്യാവരുടെ വിവ്യാവരുടെ വിവ്യത്തിന്റെ വിവ്യാപ്പെടുന്നു. അവലംബം വിവ്യത്തിന്റെ വിവ്യാനം വ	Aug	372	26	398	93%
		Sep	260	25	285	91%
		Ilotal	2707	247	2954	97%

The Quality Leader, two years in a row Proud, but humble

Why will we fail or succeed? It is about people and culture

Recruit, develop and retain the right people
- UK has started well
Learn, …
Understand and …
Live our DNA
- UK is committed, we have a lot to learn

~ 60 people in Manchester and London
- Strong mix of individuals in great offices
- Embracing the culture and gradually living our DNA
Quality leader by far
Slightly behind schedule on growth
- Disciplined behaviour in a big market
- Nr 3 in Public sector

• GFT arbitration settled, focus on profitable growth

Slightly ahead of schedule on profitability
- Partially due to few large losses last 18 months

Financial result & balance sheet

Investment performance Q3 2019

-0,4%, net investment result of NOK -41,4m

• Equity return of -8,1%

Bond portfolio; return of 0,5%
- In-line with the market

Q3 2019 investment performance

Equity portfolio statistics Volatility outside benchmark must be expected

5 th Quarter in a row behind benchmark
- 8 quarters in a row above benchmark in Q4 14-Q3 16
Intrinsic value estimates reduced with 1,5% in Q3
Discount to estimated intrinsic value 49%
Equity share of 9,0%, down from 10,3% in Q2
- Portfolio of 12 companies

Portfolio statistics bonds

3 years with reduced risk

Portfolio data	30.06.19	30.09.19
Size bond & cash eq. (NOK m)	9 694	10 045
Avg. ref. rate (NIBOR, STIBOR etc.)	1,0%	1,1%
Avg. spread/risk premium (bp)	97	95
Yield	2,0%	2,0%
Duration	0,4	0,4
Credit duration	2,3	2,0
Avg. rating	AA-	A+

¹Average based on official rating (>65%) and Protector rating (<35%) & is based on linear rating (as usual). WARF methodology would give a lower rating.

Very strong performance relative to capital consumption
Bond portfolio 91%
Yield up to 2,04% at end of quarter (1,95% in Q2)
- Underlying ref. rate +11bp
HY portfolio reduced further in quarter

Profit & loss Q3 2019 17% growth, Combined Ratio 91,6%

	Q3 2019	Q3 2018	YTD 2019	YTD 2018	FY 2018
Gross premiums written	732,4	624,3	4 551,6	3 811,0		4 286,1 16 % LCY growth, Price incr. YTD 10,3 %
Gross premiums earned	1 291,3	1 042,4	3 680,2	3 016,4	4 139,6
Gross claims incurred	(1 139,0)	(937,1)	(3 360,8)	(2 697,6)	(3 859,3)
Earned premiums, net of reinsurance	1 112,0	689,7	3 014,6	2 058,8	2 817,8
Other insurance related income	2,2	9,5	8,6	13,6	25,5
Claims incurred, net of reinsurance	(935,2)	(613,2)	(2 819,4)	(1 919,1)	(2 658,3)
Sales cost	(53,7)	(55,4)	(168,2)	(156,2)	(205,6)
Administration cost	(38,0)	(28,9)	(118,9)	(97,0)	(143,1)
Commission from reinsurer	8,4	37,7	59,5	198,1		229,2 Solvency Reinsurance contract (SRI)
Other insurance related expenses	(11,6)	(10,8)	(18,6)	(18,1)	(20,2)
Technical result	84,2	28,6	(42,5)	80,0	45,3
Other income/costs	(14,7)	(12,5)	(42,1)	(37,0)	(49,4)
Net financial income	(15,3)	35,5	34,1	122,1	(19,8)	-0,2 % return
Profit before tax	54,1	51,7	(50,4)	165,2	(23,9)
Claims ratio, net of ceded business	84,1 %	88,9 %	93,5 %	93,2 %	94,3 %
Expense ratio, net of ceded business	7,5 %	6,7 %	7,5 %	2,7 %	4,2 %
Combined ratio, net of ceded business	91,6 %	95,7 %	101,1 %	95,9 %	98,6 %	Arbitration settled; 97,0% excl. GFT
Gross claims ratio	88,2 %	89,9 %	91,3 %	89,4 %	93,2 %
Gross expense ratio	7,1 %	8,1 %	7,8 %	8,4 %	8,4 %
Gross combined ratio	95,3 %	98,0 %	99,1 %	97,8 %	101,7 %
Retention rate (premiums not ceded to Reinsurers)	86,1 %	66,2 %	81,9 %	68,3 %	68,1 %	Around 85 % going forward due to SRI

Profit & loss Q3 2019

9% growth, Combined Ratio 92,1%

	Q3 2019	Q3 2018	YTD 2019	YTD 2018	FY 2018
Gross premiums written	820,9	754,6	4 838,8	4 233,1		4 799,7 8 % LCY growth
Gross premiums earned	1 379,8	1 172,7	3 967,3	3 438,5	4 653,2
Gross claims incurred	(1 233,4)	(1257,2)	(3 533,3)	(3 312,5)	(4 608,8)
Earned premiums, net of reinsurance	1 159,7	806,9	3 201,5	2 438,7	3 280,1
Other insurance related income	2,2	9,5	8,6	13,6	25,5
Claims incurred, net of reinsurance	(984,6)	(901,4)	(2 901,6)	(2 472,5)	(3 332,9)
Sales cost	(57,1)	(56,6)	(173,6)	(160,6)	(211,3)
Administration cost	(35,4)	(28,9)	(118,9)	(102,0)	(166,4)
Commission from reinsurer	9,1	37,7	71,0	195,5		202,9 Solvency Reinsurance contract (SRI)
Other insurance related expenses	(16,1)	(10,8)	(23,1)	(18,1)	(20,2)
Technical result	77,8	(143,6)	63,8	(105,5)	(222,3)
Other income/costs	(17,8)	(15,6)	(51,6)	(46,5)	(62,2)
Net financial income	(41,4)	46,4	0,6	161,2	(56,2)	-0,4 % return
Profit before tax	18,6	(112,8)	12,8	9,2	(340,6)
Claims ratio, net of ceded business	84,9 %	111,7 %	90,6 %	101,4 %	101,6 %
Expense ratio, net of ceded business	7,2 %	5,9 %	6,9 %	2,8 %	5,3 %
Combined ratio, net of ceded business	92,1 %	117,6 %	97,6 %	104,1 %	106,9 %	Arbitration settled; 97,3% excl. GFT
Gross claims ratio	89,4 %	107,2 %	89,1 %	96,3 %	99,0 %
Gross expense ratio	6,7 %	7,3 %	7,4 %	7,6 %	8,1 %
Gross combined ratio	96,1 %	114,5 %	96,4 %	104,0 %	107,2 %
Retention rate (premiums not ceded to Reinsurers)	84,0 %	68,8 %	80,7 %	70,9 %	70,5 %	Around 85 % going forward due to SRI

Balance sheet Q3 2019

SCR-ratio 164% based on standard formula

In millions	30.09.2019	30.09.2018	31.12.2018
Owner-occupied property	13,0	13,6	13,4
Financial assets	9.318,4	8.158,1	7.591,8
Derivatives	21,2	9,2	25,7
Bank deposits	103,5	89,7	278,6
Other assets	2.812,6	2.775,6	2.805,3
Discontinued operations	2.661,1	2.239,3	2.117,2
Total assets	14.929,8	13.285,4	12.832,1

Total equity	1.978,5	2.305,0	2.033,1
Subordinated loan capital	1.243,3	1.243,3	1.243,3
Total reserves	8 696,2	7.495,6	7.102,1
Derivatives	19,8	19,7	8,6
Other liabilities	1.417,4	1.173,2	1.138,5
Discontinued operations	1.574,6	1.048,6	1.306,5
Total equity and liabilities	14.929,8	13.285,4	12.832,1

SCR coverage ratio 164% pr. 30.09.2019; flat development Q/Q
SCR fully covered by Tier 1 and T1 restricted capital only
Full Tier 2 utilization; some Tier 1 restricted capacity

Solvency II

Composition of SCR:

•Net insurance risk 73%

•Net market risk 16%

•Other risks 11%

SCR composition

Eligible SII capital:

No dividend
Guarantee provision subtracted from own funds

Eligible SII capital

Shareholder's matters Per 30.09.2019

SHAREHOLDER NAME	# SHARES	%
STENSHAGEN INVEST AS	7 126 353	8,27 %
AWILHELMSEN CAPITAL HOLDINGS AS	6 535 816	7,59 %
CITIBANK EUROPE PLC	4 616 123	5,36 %
ODIN NORDEN	4 433 850	5,15 %
PROTECTOR FORSIKRING ASA	4 393 679	5,10 %
HVALER INVEST AS*	3 186 809	3,70 %
OJADA AS	2 060 842	2,39 %
SWEDBANK ROBUR SMABOLAGSFOND	2 020 266	2,34 %
VERDIPAPIRFONDET ALFRED BERG GAMBA	2 000 000	2,32 %
ARTEL AS	1 800 000	2,09 %
PERSHING LLC	1 557 085	1,81 %
UBS AG	1 469 900	1,71 %
UTMOST PANEUROPE DAC - GP11940006	1 410 000	1,64 %
SWEDBANK ROBUR NORDENFON	1 350 000	1,57 %
JOHAN VINJE AS	1 187 841	1,38 %
HANDELSBANKEN NORDISKA SMABOLAG	1 142 868	1,33 %
VERDIPAPIRFONDET PARETO INVESTMENT	1 096 000	1,27 %
CLEARSTREAM BANKING S.A.	1 045 417	1,21 %
ALSØY INVEST AS**	1 040 933	1,21 %
NORE-INVEST AS	1 030 637	1,20 %
20 LARGEST	50 504 419	58,62 %
OTHER	35 651 186	41,38 %
TOTAL SHARES	86 155 605	100,00 %

Related parties shareholding • Management's direct and indirect shareholding totals 3,7m shares or 4% of current outstanding shares • Board members directly own a total of 8,1m shares or 9 % of current outstanding shares. Notification of trades; Primary insiders • Dag Marius Nereng, Chief Investment Officer, acquires 2000 shares (102 000 in total) • Henrik Høye, Country Manager UK & Dir. Comm. & Publ. lines, acquires 2000 shares (20 100 in total) • Anders Palm, Executive assistant & IR, acquires 8 028 shares (10 749 in total) • Line Engelmann-Kokkim, Employee representative in the board, acquires 202 shares (700 in total) 44,58 4 14 24 34 44 54 64 74 84 94 104 0 5 000 10 000 15 000 20 000 25 000 30 000 Share price (NOK) Volume (1.000) Protector share Quarterly volume and share price end of quarter¹

*CEO Sverre Bjerkeli

¹ Share price adjusted for dividends, no reinvestment of dividends

Data pr. 30.09.2019

Summary & QA Q3 2019

17% growth, combined ratio 91,6%

GWP growth of 17% (16 % local currency)
Net Combined ratio 91,6%
- Run-off gains f.o.a amounted to 1,9% incl. Arbitration aftermath
Price increases continues in Nordics
- Market acceptance good so far
- Profitability priority Number 1 Lower growth rate must be expected
Strong UK development Q3 & YTD
Guiding for 2019 maintained

Appendix Oslo, 25th October 2019

This appendix contains numbers inclusive of COI

Protector	821	755	66	9 %	8 %
Finland	11	-15*	26
UK	178	146	31	21 %	20 %
Denmark	67	36	31	85 %	72 %
Sweden	170	161	8	5 %	5 %
COI	88	130	-42	-32 %	-32 %
Norway Comm. & Publ.	306	296	11	4 %	4 %