Protector Forsikring — Investor Presentation 2021

Mar 9, 2021

Disclaimer

This presentation and the information contained herein have been prepared by and is the sole responsibility of Protector Forsikring ASA (the "Company"). Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. The Company assumes no obligationsto update or correct any of the information set out herein.

These materials may contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. While the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, its affiliates or any of their respective advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in any offering documents published in relation to such an offering. For further information about the Company, reference is made public disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages.

Capital Markets Day March 10th 2021

Our DNA

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Cost and quality leadership

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed

Capital Markets Day 2021 Virtual Webcast| March 10th | From 10:00

10:00 –	Protector –
10:30	We have only just begun
10:30 –	Nordics –
10:45	Back on Track
10:45 –	UK –
11:00	A Disciplined Team Journey
11:00 –	Investments –
11:15	Core business
11:15 – 11:40	Long-term target and shareholder distribution
11:40 – 12:00	Summary, Succession and Q&A

New information released today

SCR-ratio up 19% points, YTD equity return > MNOK 350, 3-year CR 90-92%

• New BNOK 1.9 reinsurance deal on WC Denmark/Norway signed March 9th
• The deal confirm reserve quality
• Protectors SCR-ratio increases with 19%-points, everything else equal
• Very attractive cost of capital
• YTD equity portfolio return > MNOK 350
• Remember, these gains are mainly unrealized and volatility must be expected
• Long-term (3 years) combined ratio target changed from 94% to 90-92%
• New dividend policy decided in the board
• A flexible policy where priority 1 is Insurance growth if possible
• Excess capital (SCR-ratio > 180%) will be distributed to shareholders over time
• Quarterly dividend will be considered (but remember, flexibility comes first)

Reinsurance deal reduces risk and increases SCR-ratio 70% of WC tail in Denmark and Norway sold

• Reserves sized BNOK 1.9 sold to DARAG Germany (70% of reserves transferred)
• Similar to our deal with DARAG on Change of Ownership reserves
• SCR-ratio post dividend increases from 190% to 209%
• Cut off date is end Q3 2020, 70% on all reserves prior to October 1st transferred
• Very limited impact on P&L
• Funds are withheld, meaning Protector do not transfer money to DARAG;
• Except for a pre-defined risk premium (normally between 5-15%)
• Protector pays a certain agreed interest rate on funds withheld (normal procedure)
• It's a "real risk transfer contract", meaning upsides and downsides on reserves are shared 70%/30%
• Cost of capital on this deal is very attractive

Capital Markets Day 2021 Virtual Webcast| March 10th | From 10:00

10:00 –	Protector –
10:30	We have only just begun
10:30 –	Nordics –
10:45	Back on Track
10:45 –	UK –
11:00	A Disciplined Team Journey
11:00 –	Investments –
11:15	Core business
11:15 – 11:40	Long-term target and shareholder distribution
11:40 – 12:00	Summary, Succession and Q&A

Claims handling – the moment of truth

Claims handling in Protector Moment of truth

Main targets in Claims Handling:

• High customer quality
• Correct, avoid leakage and follow up on any possibility
• High efficiency (when critical mass is reached)

Resources to deliver on Main Targets:

	Norway	Sweden	Denmark	Finland	PF Nordics	UK	PF Total
Total	34	48	28	14	124	41	165
Claim Handlers	25	34	19	12	90	30	120
Technisians/supporters	3	8	3	0	14	7	21
Managers incl. controllers	6	6	6	2	20	4	24

Project Falcon 2020 Our way to world leading Claims handling

Rolls Royce	Cost control through Recovery and Reduction
Clean Desk	No delays in Claims handling – without compromising on quality
ICF	Instant customer feedback. Customer satisfaction, follow up dissatisfied
Pharaoh	Counter fraud within Claims handling, through "Key Fraud Indicators"

Project Falcon 2020 Our way to world leading claims handling

Rolls Royce	14 % improvement
Clean Desk	91% clean. 26.000 of 28.500 working days
ICF	88% satisfied ("Good" or "Very good")
Pharaoh	1% savings, OK result. Higher potential

Management reporting Control is key

All relevant KPI's available to managers 24/7

• – presented on 1 "page".
• Protector level
• Business Unit level
• Line of business level
• Individual level

Large Loss follow-up tools to ensure perfect control and learning loops

• Registration spreadsheet per claim
• Large Loss quadrant

ClaimHeader ID+C1:C1:F50 912494 Template last updated 23.02.2021 Customer Name Rauma Boliger AS Concern name Rauma kommune Customer ID 441469 Concern segment Original Client evaluation: Green Did UW deliver? Green Did renewal resp. deliver? Green Did RM deliver? Green

Customer info

UW, RM and/or renewal assesment

• Monthly reports, incl. yellow / red flags

Monthly reports –Top Down and Bottom Up

• Protector level
• Business Unit level
• Line of business level
• Individual level

Reported - Closed - Open 45 658 - 49 927 - 10 572			82.1 mill. 8405 stk. $(1396)$ $(1796)$			Coming soon		Score 384 Avg. EResponses 94% 3.4 1.244		0.0% 0.0m # 0			$0.0%10.0m$ 1#4
Monthly Report							Monthly Report - Detail
	Ported	$ -$	Purked V/17th	710	VID IV	Arm Africa	ENgineer		STATE	Postal LY	Printed V/174	$rac{1}{2}$	VID LY	ALLENTA
· Reported Closed 1, time Dram claims Open / Reported To Avg. time closed list time RR % of perments ER. amount (mill) 107 To Hanny Hill seved of payments Hill-sevings (mill) Pharach saved of payments Phanady savings (mil) Closed / PTR hotel Closed / FTS allocated Paid (mill) Democratismal Fears	45 658 49.927 10.572 23% 102 12% 82.1 SFS m D.D. öü. to. 164 Det. 640.8 3.0	53,332 52.242 34,809 28% Ŧ. y. 63.3 525 m ïΰ ñ 0.0 220 $-433$ 663.6 3.6	154% $-476$ -39% $\overline{1}$ 196 250 32% 'n, m $\sim$ on. $\sim$ on. 266 $-25$ $-1750$	$-5.655$ 49.924 10.572 23% 102 12% 83.1 SENS ÷ 0.0 m. 0.0 2.044 3.146 043.5 3.0	\$3,219 52.235 14.828 塑料 220 62.3 50% - 0.0 m. D.D 1.292 iest 663.6 3.6	10476 $-256$ SONS 111 m $250 -$ $3250 - 325$ 258 ÷ $\sim$ on. $\sim$ $+15$ 256 $-276$ $-0.796$	ECHILISANA CF CD. Payments	# Renoted Closed 1, time Coan claims Open / Reported for Aug. Sing closed bill time. Reported @ net Re-cowned claims # Open claims + Elisar Closed / FTE Total Closed / ETE allocated F19 total FTE allocated	45,658 49.927 93 \$72 22% 122 496 $\overline{\phantom{a}}$ 574 2364 3.346 22.1 14.9 $-2000$	53,332 \$2,242 14 000 28% w 52% ă ïй 3400 $-222$ 15.3	$-2476$ $-15$ $-29%$ 45a m a. on $-229$ $\rightarrow$ $-256$ $-116$ $-264$	gt ent 49.924 \$3,572 22% 112 a. $\overline{\phantom{a}}$ $\sim$ 166 2246 22.1 58.5	53.329 62.238 54 909 2816 w 53% 7% эä 1166 2.400 22.3 16.3	$-2476$ $\sim$ 17% 456 ĸ ×. on. $45\%$ $\sim$ $-256$ $-2$ $\overline{\phantom{a}}$

		Coverage
Coverage position:	Certain	EML:
		Broker
Company	Aon Norway AS	Broker Name	Bjørg Bersvendsen
		Claims handler
Current claims handler Fredrik Messel		Decision maker	Fredrik Messel
Previous claims handler None			Decision maker, role Large claim meeting
External loss adjuster	No	Name, external loss adj.
		Claim info
Claim type	Brann	Claim cause	Brann
Damage date	2020-10-01	Customer behaviour Green
Reported date	2020-10-01	Reported to Pharaoh? No
Claim size	20 MNOK	Claim size last updated 20201204
Claim size, documented Yes		Claim size, doc. date 08.10.2020
1st time reservation 20,00		Current Incurred 20,00
Current reserve	18,00	Current RR-assesment
Worst case reserve	25,00	Best case reserve: 16,00
Brief comments:	Inventory 0,7 mkr		Large loss, 1/3 with minor damages, reserve 14 mkr on building, VAT 3,5 mkr , Loss of rent 1,8 mkr,
		Follow up structure
Involved parties:	Ease-it Help AS	Right people onboard? 5
Plan for claims handling Yes		Quality on plan:	3
Activities:		Plan for reinstatement Mthl eval. by Dec.Maker Green
		Technical reports, restoration quotes etc.
		Report 1
Company	Ease It Help AS	Appraiser	Lars A Borgen
Requested by	Internal	Report type	Quote
Order date	01.10.2020	Delivered date	08.10.2020
Level of cost in report 19500000		Level, choosen Report 19500000
Cost of Report		Quality of Report Green
		Counterpartys report
Company		Appraiser
Level of cost in report		Level, choosen Report
		Rolls Royce
Total	0,0	Recovery	0,0
Hardway	0,0	Pharaoh	0,0
		Payments
Total	0,0	Compensation	0,0
Consultants	0,0	Others	0,0
		UW Learning Loop
UW LL	Yes	Reported to UW No
Policy Quality	Green	Microscope
		Final evaluation of the Claims handling
Data Quality		Time spent
Quality		Innovative

				LAGAN								ppen								LIU-LU
	Month			Quarter		YTD								Mthly evaluation (#)			Month		Quarter		YTD
	A Inc.	A Inc. all	п	$\Delta$ Inc.	A Inc. all.		A Inc.	A Inc. all	Inc	Paid	Resv.	AResy	# RedF				N/A	Inc.		In c.		Inc.
Property		5,1				$\circ$		5.1				4,0						253.6		253,6		253,6
Motor	0.0	0,3	0	0.0	0.3	$\Omega$	0.0	0.3				$-0.2$	ol			0		3.6		3,6		3.6
Liability	0,0	0,0	0	0,0	0.0	$\Omega$	0,0	0,0				$-0,1$	٥l					0,0	o	0,0	$^{\circ}$	0,0
$\leq$ WC	0,0	0,0	0	0,0	0,0	$\theta$	0,0	0,0			19.8	0,0	ol	0.		0		0,0	$\Omega$	0,0	$\theta$	0.0
Group life	0,0	0,0	0	0,0	0,0	$\circ$	0,0	0,0			0,0	0,0	ol			0	Ο	0,0	$^{\circ}$	0,0	$^{\circ}$	0.0
Other	0.0	0.0	0	0.0	0.0	$\circ$	0.0	0.0		- 45	6.	0.0	ΩÎ					0.0	0	0.0	$\theta$	0.0
TOTAL	3,7	5,4		3,7	5,4	$\Omega$	3,7	5.4			132.6							257,2		257,2		257,2

Claims KPIs																					PROTECTOR			HE insurance
Very good RR, efficiency appears good but
			Total					Motor					Preperty					Lishifty					Personal
Claims KPIs	Oct-20 Targ.									Targ.	Oct-20		Park, 96			Dct-20	Tang.	$O(1-1)$		Tare.				Oct-19 YID 20 1617
I renoving itains	1131		483	9767	10,845	562	612	751	\$197	5.468				1 225	1176	58	52	$\overline{K}$	491	627	345	404	534	2.854	1,380
dosed claims (1st time)	1014	1.181	(463)	10571	10,200	534		720	5.792	9.221	112	153	124	1 1 1 1	037	45	śά		660	580	303	150	520	3,008	3 3 5 2
Coon claims	4 150		5 165	4 1 5 0	5.050	1815	500	2.56	1815	2.500	517			517	400	391	550	616	391	sse	1.427		1518	1.477	1,600
Doen / reported (%)	367%	5705	349%	42%	47%	323%	573%	\$415	35%	46%	311%	501%	414%	42%	343	674%	BRON	242%	80%	\$25	414%		2845	sos.	45%
Prig. time closed 1st time	106		105	121		46		100	105		109		157	117		218		224	223		98			132	$-0.544$
JeanDesk (%)	81%	95%	96%	79%	95%	99%	95%	90%	GRYS	95%	99%	\$5%	925	94%	95%	95%	95%	EFS	94%	\$5%	66%	95%	97%	65%	95%
FTE's total	29.1	26.7	27.5	29.3	267	6.0	$60 - 60$	75	6.3	6.0	47	45	4.7	4.4	4,5	3.1	Đ	29	3.2	27	15.4	13.6	22.4	15.5	13.6
Dosed / FTE_total	34.8	27.8	53.2	360.4	395.9	86.4	٢R	96	924.5	869	28.1	23.6	27	251.4	246.	21.3		16.6	206.	244.4	19.7	16.6	41.9	194.4	221.2
Bill 16 of payments	18%	13 2	15%	19%	13%	BN		9%	12%		13%		48%	22%	182	83%		12%	46%	32%	11%		on.	2.975	13h
SR amount Imilions	13.71	9.80	15.75	145.70	101.48	232		2.71	33.35	27.74		3.52	12.39	41.87	34,28				16.86		2.83	3.27		53.62	35.89
CT - Totality (score 3 & 4)	tom:	92%	84%	91%	02%	100%	ops	ARTS	93%	aps			89%	\$6%	92%	100%	son	50%	ons	90%	100%	ages	\$25	gers.	92%
KAnswered	25		18	319		15		16	195					56					35				11	11
Paid lamounti	75.18		104,52	780.60		28.01		31.50	277.38		19.58		25.70	190.45		2.59		4.25	M.65		25.18			45.07 276.11
that for a strong who a finite standard	3.44		or due	NAMES		Building		A Act 1	Building		$-10$		$-0.001$	A few street		COLLEGE		$-2.04$	But they		$-$			plant of a money

	#nye	#avsluttet		#åpne		RR %		CD
Navn									Jan YTD Jan Target YTD Endr # # + 1Y Jan Target YTD Jan YTD Leders kommentar
Name 1		163 163 118 105 124				415 6 10,5 % 9,9 % 10,5 % 76 % 76 % …
Name 2		160 160 112 125 112				454 31 9,9 % 9,9 % 9,9 % 100 % 100 % …
Name 3		169 169 121 125 121				458 17 12,4 % 9,9 % 12,4 % 95 % 95 % …
Name 4		20 20 94 88 94				167 10 9,7 % 9,9 % 9,7 % 95 % 95 % …

Project Falcon 2021 IQ Falcon

Our DNA

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Cost and quality leadership

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed

Value creation in the long run We have only just begun

• Cost leader in the world not good enough
• Quality leader in Scandinavia & UK
• Average CR last 10 years at 91.6 %
• Price increases still higher than claims inflation entering 2021, churn back to normal in Nordics
• Growing organically from 0 to > 5.5 BNOK in premiums; building a significant float
• UW discipline and Claims Handling are moments of truth
• Investment is core and delivers better than benchmark HTD
• It's also a story of capital consumption and risk
• HTD ROE at 19%
• HTD CAGR share price at 27%

Cost Leadership – World leader, but…

• Define strategy, design value chains and implement

Not good enough – new target 2023

• In-house IT with cost ratio of ≈ 1% vs 3.2% for industry (Gartner Inc.)
• The real cost "secret" is a mix of culture and IT
• Increased cost 2019-2020
• Investing in UK
• Increased client churn in the Nordics
• Portfolio clean-up consume resources

Gross expense ratio

	2014	2015	2016	2017	2018	2019	2020
Protector Nordics (ex. COI)	6.4 %	7.3 %	6.0 %	7.3 %	7.6 %	7.7 %	9.6 %
Tryg Corporate	11.1 %	10.8 %	11.0 %	10.2 %	9.9 %	10.4 %	11.4 %
If Industrial2	16.1 %	17.3 %	17.6 %	17.1 %	16.0 %	14.6 %	na

¹ Gross cost incl. claims handling ex. broker commission costs w. normalized LBP

² Cost ratio excl. annual avg. claims handling cost for If

Quality leader in Scandinavia and UK Humble and proud

17

Profitability challenged 2020 - A turning point, CR 2021 expected at 90-92%

Profitable 9 out the 10 last years Profitability improvements

• Some challenges entering 2018
• Poor UW discipline in Norway & Finland
• Claims inflation motor higher than expected

• Grenfell Tower and Grey Silverfish

• Significant Nordic price increases

• Stronger UW discipline in some markets/segments
• Margin management and Capital allocation
• Exit COI market in Norway

18

Net Combined Ratio 2011-2021

Volume growth 17 % GWP CAGR last 5 years, 10% growth expected for 2021

Protector Nordic vs. Peers

Growing to a nr. 3 position in the market

• Protector vs. If Industrial and Tryg Corporate
• Same product mix
• Same broker based sales channel
• Same commission structure
• Same average size of clients
• Profitable Nordic market
• However with significant rate pressure 2013-2017
• Prices started to increase in 2018 and have continued in 2019-2021
• Protector with a competitive Combined ratio
• Despite growing fast
• Despite expansion across borders
• Due to our cost advantage

Top 3 in any segment we enter Brokered Insurance Nordics & Public sector UK

Nr. 1 Motor fleet Nordic Nordic bus market Many others

P&C Nordic Nordic municipalities Public sector UK

Product mix development¹ – towards short tail

Reduced risk profile and reduced capital consumption

• Short tail from 34% in 2008 to 80% in 2021
• Long tail attractiveness decreasing as risk free interest rate decline or disappear.
• Geographical diversification increased; four countries at critical mass
• Motor increasing from 9% in 2008 to 35% in 2021
• Avg. capital consumption per GWP in current portfolio at 31%, versus 45% in 2014

Capital consumption going down quickly Increased ROE and shareholder distribution

How did it happen?

Our DNA

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Culture eats strategy for breakfast!

Cost and quality leadership

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed

It's our DNA - We are The Challenger

The real secret Know, understand and live our DNA – every day

Never ever compromise on our DNA (TIME)

Values embedded in our every day work

Value creation in the long run We have only just begun

• Cost leader in the world not good enough
• Quality leader in Scandinavia & UK
• Average CR last 10 years at 91.6 %
• Price increases still higher than claims inflation entering 2021, churn back to normal in Nordics
• Growing organically from 0 to > 5.5 BNOK in premiums; building a significant float
• UW discipline and Claims Handling are moments of truth
• Investment is core and delivers better than benchmark
• It's also a story of capital consumption and risk
• HTD ROE at 19%
• HTD CAGR share price at 27%

Capital Markets Day 2021 Virtual Webcast| March 10th | From 10:00

10:00 –	Protector –
10:30	We have only just begun
10:30 –	Nordics –
10:45	Back on track
10:45 –	UK –
11:00	A Disciplined Team Journey
11:00 –	Investments –
11:15	Core business
11:15 – 11:40	Long-term target and shareholder distribution
11:40 – 12:00	Summary, Succession and Q&A

Executive summary Nordics – Back on track

• Profitability entering 2021 Turn-around completed

• Cost efficiency measures Cost ratio down 1.5%-points in 2022

• Quality towards market Measured monthly through "Broker Instant Feedback".

• Nordic profitability outlook 2021 Combined ratio < 90%

• Price increases in 2021 4-5%-points higher than claims inflation

• Underwriting discipline Further de-risking, but now on a moderate level
• Growth opportunities in the Nordics Maintain discipline, low single digit 2021 Protector

«We are different»

Our DNA

«Olemme erilaisia»

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Cost and quality leadership

«Vi er annerledes»

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed

«Vi är annorlunda»

«Vi er anderledes»

Cost Leadership Turn trend around in the Nordics

Creating cost leadership Cost the real way¹

• Define strategy, design value chains and implement .
• High premium volume per employee when critical mass is reached.
• Low overhead Managers are operational.
• In-house IT with Cost ratio of ≈ 1%, vs 3.2% for industry (Gartner Inc.)

Gross expense ratio

	2013	2014	2015	2016	2017	2018	2019	2020	Avg. '13- '20
Protector Nordics (ex. COI)	7,5 %	6,4 %	7,3 %	6,0 %	7,3 %	7,6 %	7,7 %	9,6 %	7,6 %
Tryg Corporate	11,8 %	11,1 %	10,8 %	11,0 %	10,2 %	9,9 %	10,4 %	11,4 %	10,8 %
If Industrial	16,1 %	16,1 %	17,3 %	17,6 %	17.1 %	16.0 %	14,6 %	na	16,3 %

¹ Gross cost incl. claims handling ex. broker commission cost w. normalized bonus scheme.

Quality leader in Scandinavia Elements of dissatisfaction following price increases

Claims results deteriorated

2021 – Profitability turn around completed

• Average Return on Equity previous 10 years at 18%.
• Underlying realities worse in 2014-2016 and better 2018-2020.
• Denmark very poor claims results in 2020 driven by early years.

Gradually worsening Profitability improvements

• ROE focus makes long-tail less attractive.
• Significant Nordic price increases.
• Stronger UW discipline in some markets/segments

33

Net Combined Ratio

Volume growth 12.5 % CAGR 2016-2020, single digit going forward

Cost efficiency Right-sizing to strengthen cost leadership.

Cost the real way	2018	2019	2020	2021	2022
NO	6.1%	6.9%	7.6%	6.5%	5.7%
SE	8.7%	7.8%	8.1%	7.2%	6.5%
DK	9.1%	9.3%	11.0%	8.6%	7.5%
FI	13.1%	11.1%	9.3%	11.5%	9.4%
Nordics	7.9%	8.0%	8.6%	7.5%	6.6%

• Manning has increased while growth halted.
• Efficiency has not been prioritized during 2018-2020.
• Price increases and #policy decreases support efficiency.
• 2%-points improvement from 2020-2022 is possible.
• "Low hanging fruit" has been taken.
• Further right-sizing based on 2021-2022 volume.

Quality Leadership Broker Instant Feedback supports quality control.

• Monthly pulse to all brokers based on activity level.
• SMS for easy access and response, scale 1-4.
• Immediate follow-up of all "1" very unhappy.
• Individual follow-up on broker satisfaction too learn and train.

Svar totalt	17
Medelvärde	0.00
Standardawikelse	0.00
$\overline{4}$ $\vert \bm{A} \vert$	12 (71%)
3 В.	3 (18%)
$2^2$	1(6%)
$\overline{1}$ 1	0(0%

Initial feedback is very good.

Price increases Will improve profitability 4-5% in 2021

	2020	2021
Very low churn on P&C. High churn on Workers Comp.	≈ 14.5%	Slightly less than 2020
Very large variation on products and segments. Motor much lower. Real estate average +40%.	≈ 13.0%	Less than 2020 in total. Larger variation.
Very high churn driven by Workers Comp. Deliberate due to capital consumption.	≈ 11.9%	Slightly less than 2020
Very low churn on all products.	≈ 21.7%	Less than 2020
Low churn. Majority unprofitable.	≈ 13.7%	8.7% in January Higher going forward.

• Average claims inflation (all products) 3-4 % in the Nordics, higher on Motor and Real Estate

Portfolio Quality Further de-risking on a moderate level.

Microscoping	#Contracts to renewal	#Microscoped	#Deviations found
NO	5 102	3 925	1 895
SE	648	648	1 950
DK	423	340	184
FI	75	75	77
Protector	6 248	4 988	4 106

38

• 80% of contract controlled for deviations.
• All large exposures covered.

• 4106 deviations clarified before renewal.

• Exposures controlled and pricing risk adjusted where relevant.
• Policy data improved.
• IT's highest priority is to improve data structure.

Market position Market share at 12% – opportunities in Public Housing and Motor

• Public sector is dominated by 2-3 insurers in each market.
• Mutual insurers are much more represented in all markets.

• Cost efficiency is critical to succeed.

• Commercial and Affinity is dominated by 3-4 local insurers.

• International subsidiaries are focusing on niches.
• Cost and quality is key for profitable growth.

39

Public Sector Consistent risk selection comes first, growth is secondary

WIN-rate

• One UW all lines, Director or Chief UW in all processes

• 400 factors per UW-case simple overview

• Approximately 500 000 claims in our database

15 years on consistent approach to risk selection Consistently beating the market on large loss frequency

• Loyal to methodology no «red» risk written.
• Portfolio development and avoiding large losses.

Executive summary Nordics – Back on Track

• Profitability entering 2021 Turn-around completed

• Cost efficiency measures Cost ratio down 1.5%-points in 2022

• Quality towards market Measured monthly through "Broker Instant Feedback".

• Nordic profitability outlook 2021 Combined ratio < 90%

• Price increases in 2021 4-5%-points higher than claims inflation

• Underwriting discipline Further de-risking, but now on a moderate level

41

• Growth opportunities in the Nordics Maintain discipline, low single digit 2021 Protector

Capital Markets Day 2021 Virtual Webcast| March 10th | From 10:00

10:00 –	Protector –
10:30	We have only just begun
10:30 –	Nordics –
10:45	Back on Track
10:45 –	UK –
11:00	A Disciplined Team Journey
11:00 –	Investments –
11:15	Core business
11:15 – 11:40	Long-term target and shareholder distribution
11:40 – 12:00	Summary, Succession and Q&A

Our DNA

Vision

The Challenger

Business Idea

This will happen through unique relationships, best in class decisionmaking and cost effective solutions

Main targets

Cost and quality leadership

Profitable growth

Top 3

Values

Credible

Innovative/Open

Bold

Committed

UK Summary 2016-2020 A disciplined Team Journey has just begun

• £10bn market in scope, £3bn market in focus, many years of growth ahead
• Three segments
• Public UW & cost advantage # 3 today • Housing: UW & cost advantage # 3 today
• Profitable in 2019 and 2020
• Profitable in year 4 and 5 (like in Sweden)
• Some luck on large losses
• Good underlying profitability
• Improved Reinsurance terms
• Culture is key
• Quality leader
• Up-front investment in people for future

Lessons learned from entering Sweden and Denmark Making mistakes is ok – if they are shared and not repeated

45

Our Segments and brokers Selected Brokers, search for Competitive Edge, do it well

Home Market

Cost advantage key (low deductibles)

46

Risk managed clients Property & Motor largest LOBs

Public Sector & Housing Association

Top 3, disciplined UW, risk selection & cost advantage

UW Excellence

Home Market

Cost advantage key

(low deductibles)

47

• Market leader with > 50 % share

• Clients selection through consistent UW methodology
• One UW, all products
• Focused RM approach

Commercial Sector Large Clients, focused distribution, Risk Management focus

Commercial Sector

Large clients (£250k avg.) Risk managed clients Property & Motor largest LOBs

• Core Products Property, Casualty & Motor
• Gradually expanding distribution
• Wide risk appetite Narrow customer focus
• Strong analytical bias
• Major customer proposition
• Embedded Risk Management approach

Disciplined growth in a large market 61% avg. annual growth since 2017 with lots more potential

The UK Market £10bn+ – Growing despite Brexit & Covid 19

The UK Market Huge opportunity, targeted focus – Underwrite the client

• In scope UK Market	GWP £10 bn +
• In Focus • Whereof Commercial • Whereof Public	GWP £2.9bn + GWP £2.0bn + GWP £0.9bn +

• Competitive landscape: 15-20 providers (reducing)
• Top 5 50 %
• 6-10 25 %
• 11-15 10 %
• The rest 10 %

Current Risk Appetite	High	Medium	Low
	Manufacturing Retail & Wholesale Public Administration	Real Estate Specialist Areas	Financial Institutions / Professional Services
High	1.2	0.6	0
Medium	0.8	0.3	0
Low	1.9	0.9	4.3
Total	3.9	1.8	4.3
Protector's current viewpoint	Core appetite Focus: Property, Casualty, Motor	High distribution costs Products outside of scope	Products outside of scope PI – Largest exposure

UK 'One Team' Development Prepared for the future, committed to the culture and curious

Action	What is it?	Comment	Focus / Project
Cultural onboarding	UK Journey / BU's Overview	Remote presentation for new starters	Cultural Lead
TIME champion	Living the values nominations	One Team meeting. Included in Q2 lockdown	Cultural Lead
Deep work	6hrs per week to do complex work.	No distractions	Cultural Lead
Monthly Wellbeing chats	Support bubbles/groups	Utilise existing buddy systems	RTO project
Monthly team meetings	Business updates and recognition & reward	Last Friday of the month. End on a social theme	RTO project
One Team break	Daily 15 min slot with a champion owner	Cross team social chat	RTO project
Embedded
Lockdown initiative

• Protector Cultural Lead 2019 & 2020
• 80+ employees (33 on-boarded in 2020)
• Seamless transition to WFH
• Advancing training & Development through internal & external programs
• Two locations One team culturally embedded

Broker Satisfaction Perception is reality, strong results in 2020, never compromise on quality

53

BSI UK 2020 - Totality

UK Summary 2016-2020 A disciplined Team Journey has just begun

• £10bn market in scope, £3bn market in focus, many years of growth ahead
• Three segments

• Public UW & cost advantage # 3 today • Housing: UW & cost advantage # 3 today

• Profitable in 2019 and 2020

• Profitable in year 4 and 5 (like in Sweden)
• Some luck on large losses
• Good underlying profitability
• Improved Reinsurance terms 2021
• Culture is key
• Quality leader
• Up-front investment in people for future

Capital Markets Day 2021 Virtual Webcast| March 10th | From 10:00

10:00 –	Protector –
10:30	We have only just begun
10:30 –	Nordics –
10:45	Back on Track
10:45 –	UK –
11:00	A Disciplined Team Journey
11:00 –	Investments –
11:15	Core business
11:15 – 11:40	Long-term target and shareholder distribution

Investment is core CAGR AUM last 5 years of 15.2%

• Equity share between 8.9 and 25.1% historically
• Direct equity investments under consideration
• High Yield (HY) share between 15% and 34% historically
• Equity and HY share will vary according to assessed attractiveness > 20% RoE
• Capital consumption differ substantially between asset classes

10.1%

10 925

9 535

9 373

8 975

13.5%

13 492

Protector's financial underwriting method

Overall investment hurdle rate at 20% company RoE

Protector's analysis process

• Portfolio allocation based on risk/reward considerations/ high hurdle rate (min. 20% RoE)
• Stress test to ensure that we withstand any financial crisis
• Thorough bottom-up analysis, the cornerstone of our investment approach
• Watchlist includes light follow-up on all Nordic high-yield bonds, and many European small/mid-cap equities
• Continuous process improvements

57

Bottom-up	analysis		FUW				Difficulty & expertise

Investment strategy – equities Focus on level of difficulty and risk/ reward

Equity portfolio statistics Good performance since inception in 2014

• Equity share of total portfolio varies depending on available investment opportunities reaching hurdle
• Discount to estimated intrinsic value 26% at YE20
• Concentrated portfolio where top 5 positions will normally be 30-50% of total
• No travel-, oil- or oil service companies

Equity portfolio - top 10 holdings 5 are new from CMD in 2018

Top 10 holdings per 02.03.2021 1. Multiconsult, 4.043.344 shares 2. Elanders, 2.150.520 shares 3. Jyske Bank, 757.645 shares, new 2019 4. BankNordik, 1.060.644 shares, new 2019 5. eWork, 1.720.499 shares 6. Columbus, 5.132.389 shares, new 2020 7. B3, 2.008.022 shares 8. Origin, 2.000.000 shares, new 2020 9. Projektengagemang, 3.159.489 shares, new 2020 10.Bank Norwegian, 500.000 shares

• YTD return > MNOK 350
• Remember that these are mostly unrealized gains, volatility must be expected
• Equity share (of total portfolio) will vary

Investment strategy – Bonds

Invest in riskier assets if RoE > 20%. Higher risk requires higher margin of safety

Analysis/Underwriting strategy

Focus areas

Return evaluations

• Bottom-up analysis (underwriting) and quarterly follow up
• Bond market often slow to react to deteriorating fundamentals
• Continuous development of process
• Absolute attractiveness of individual risk, e.g.
  • Terms
  • Redundancy, low Loss Given Default
  • Always ensure large margin of safety to intrinsic enterprise value
• Willingness to
• Sit on the sideline; because of this our expectation is often to show lower returns in good times
• Act aggressively structurally advantaged to take opportunity of periods of fund outflows
• Selective ≈ 5% of new deals
• Capital consumption & return on risk capital
• Company capital allocation alternatives evaluated
• Hurdle rate for investment = company ROE target >20%
• Liquidity / ability to change our mind

Bond portfolio statistics

Immaterial losses the last 5 years. Higher risk in 2020 and start of 2021

• Low losses, -0.11% or less, every year since insourcing in 2015
• Higher risk in 2020 than avg. last 5 years with losses of -12m or -0.11%
  • A year with higher volatility and higher losses for the general market
• "Normalized" annual loss expectation through cycle, -0.2% to -0.5%
• Expect losses to be "chunky" with low losses in most years
• Actual losses of course dependent on risk taking
• Avg. A- rated portfolio and risk up compared to pre-Covid
• High-yield portfolio of NOK 4bn
• Running yield at 2.3%, before cost of risk
• Strong returns historically and relative to capital consumption
• Avg. annual return for high yield portfolio Q115-Q420 at 7.5%

Portfolio data	31.12.20	30.09.20	31.12.19
Size bond & cash eq. (MNOK)1	11 603	11 788	9 757
Avg. ref. rate (NIBOR, STIBOR, etc.)	0.2%	0.1%	1.2%
Avg. spread/risk premium (bps)	210	205	89
Yield	2.3%	2.1%	2.1%
Duration	0.4	0.3	0.4
Credit duration2	1.4	1.6	2.0
Avg. rating3	A-	A	A+

¹ Size excludes forward foreign currency contracts

²Avg. includes bank deposits

³Avg. based on official rating (>60%) and 'Protector rating' (<40%) & is based on linear rating (as usual). WARF methodology would give a somewhat lower IG-rating

¹Avg. based on official rating (>60%) and 'Protector rating' (<40%) & is based on linear rating (as usual). WARF methodology would give a somewhat lower IG-rating

HY bond transactions January to June 2020

Protector will invest aggressively in rare situations when our assessment is outstanding risk/reward

• Severe stress tests avoids forced selling
• No "customer" will withdraw money
• We hedge all currency and have no risk of forced selling if banks demand more collateral.
• We typically have some excess capital to deploy when opportunity arise
• Flexible investment model. In March we bought High Yield. In the next crises it could be equities, buy-backs or something else
• Close cooperation with CEO, CFO and CRO ensures adequate risk evaluation
• All company capital allocation alternatives evaluated at all times

Spread line is Spb1 Markets' 'Norsk Xover Replika'

Bond portfolio – return and capital consumption Focus on return on capital consumed

Protector return ex investments in HY bond funds from March '15

HTD outperformance at lower risk and capital consumption

¹Carnegie Corporate bond fund used as proxy for crossover bond funds

2¨Capital consumption before any diversification effects = after tax loss in stress + capital consumption under SII

Capital Markets Day 2021 Virtual Webcast| March 10th | From 10:00

10:00 –	Protector –
10:30	We have only just begun
10:30 –	Nordics –
10:45	Back on Track
10:45 –	UK –
11:00	A Disciplined Team Journey
11:00 –	Investments –
11:15	Core business
11:15 – 11:40	Long-term target and shareholder distribution
11:40 – 12:00	Summary, Succession and Q&A

Earlier communicated long-term financial objectives

Profitability first. A balance sheet that can handle the unexpected

Long-term financial objectives (looking 3 years ahead from Feb. '20)
Net Combined Ratio:	94 %
Return on Equity (ROE):	> 20 %
Gross Written Premium (GWP) growth:	5 %
Solvency II Capital Ratio (SCR):	> 150 %

¹ Return on Solvency Capital until 2016 when reflecting changes in accounting principles from Jan. 1st 2016 where Shareholder's Equity includes security provisions

² Volatility adjusted SCR 2019 and YTD 2020

Combined ratio considerations 2021

Improvements on it's way

	2020 net combined ratio at	94.8 %
+	Covid-19 effects	1 %-points
+	Some negative surprises normally occur – "safety margin"	2-4 %-points
0	Quality of customer portfolio slightly better, but what about new clients?	0 %-points
-	Earned premium effect lagging from 2020	1.2 %-point
-	Price increases Nordic higher than price inflation 2021	2 %-points
-	Cost ratio improvements 2021 vs. 2020	1 %-point
-	Net run-off losses 2021 vs. 2020, prudent reserve history	2.2 %-points
-	Large loss ratio higher than normalised 7%	1.8 %-points
	We expect to deliver a combined ratio for 2021 at	90-92%

The situation entering March Combined ratio probably on budget – very good start on investments

• Volume	In line with budget assumptions
• Price increases January 1st	5.8% increase above claims inflation on BNOK 2 premium
• Large losses	Slightly lower than normalized (volatility expected)
• Motor	Good start
• DARAG deal	Will reduce downside (and upside) on WC Denmark and Norway
• Long tail business	No analysis have been made
• Margin of safety	Slightly increased at the moment

Protectors competitive position Strong 2021 entry, significant identified upsides

• Nordic business back on track after trouble.
• Sweden and Norway looks strong
• Denmark about to recover, but still need more work
• Public Nordics look strong with limited competition and significant competitive edge
• UK has started very well.
• Competitive edge arriving in Public and Housing sector.
• No competitive disadvantage in reinsurance.
• Investments doing very well; further improvements identified.
• Capital outlook very strong; comfortable downside protection
• Claims handling quality and efficiency improvements realistic
• No new market expected in period 2021-2023

Market background A hardening market, slightly reduced competition

•	Interest rate level at 0 for a long time leads to increased UW discipline	+
•	Reinsurance trouble supports UW discipline	+
•	Very disciplined Nordic market will continue	+
•	Industry consolidation reduces competition and supports discipline • Trygg-Hansa, Fremtind and some smaller players disappearing	+
•	Covid-19 supports stability and reduces Churn in Nordic short term	+
•	Brexit could reduce risk appetite in UK among some big players	0
•	Undisciplined UK market are growing more disciplined	0
•	Covid-19 reduces new sales (not in Public) short term in UK	-

Risk Level in Protector Risk level slightly down in 2021-2023

• Higher volatility due to some Property volume and (motor) Liability in UK Increased risk
• Higher Nat Cat risk due to increased Housing portfolio in UK Increased risk
• Four countries with (close to) critical mass is a new situation for Protector Reduced risk
• Significant reduced long and medium tail business Reduced risk
• Increased level of frequency business with strong competitive edge (motor) Reduced risk
• Relative level of new (and more risky) business going down Reduced risk
• Moving volume from 1.0 bill to 1.5 bill in 18 moths is very risky
• Moving from 5.5 bill to 6.0 bill in 12 months is not that risky
• Cost ratio the "real way" going down '21-'23. CL8. No risk
• New crises will arrive, but budgets always include a "margin of safety" Risk as always

New long-term financial objectives – 3Y perspective

Profitable growth with a Combined Ratio 90-92%

Long-term financial objectives	Old	New	Guiding 2021
Net Combined Ratio:	94 %	90-92%	90-92%
Return on Equity (ROE):	> 20 %	> 20%
Gross Written Premium (GWP) growth:	5 %	Disciplined	10%
Solvency II Capital Ratio (SCR):	> 150 %	> 150%

Capital Allocation

Maximise shareholder return

Capital allocation – maximize shareholder return Priority 1: Always profitable growth in insurance, if possible

Main capital allocation alternatives:

1

2

5

• Allocation towards profitable growth is preferred; stay disciplined
• Challenging to allocate capital in times of low credit spreads and all-time-high stock markets
• How much capital should be kept for future financial market crises? 3
• An attractive alternative if meeting hurdle; will normally have to bid with significant premium 4
• Capital base discipline; flexible distribution of excess capital if allocation cannot be made elsewhere

	• Determine minimum hurdle rate (RoE>20%)
	• Calculate returns for all internal and external allocation alternatives available, by return and risk
Capital allocation approach	• Deploy capital in the most attractive alternatives above hurdle.
	• Release underperforming capital (COI, Price increases, WC Denmark and Norway as example)

Capital allocation alternatives – what have we done? Maximizing shareholder return

Differing values from P&Ls due to exchange rates applied

3		Buy backs
• Historical buy backs – in all 26.2m shares
Buy backs	2007	2008	2009	2010	2018
# shares	2 718 645	14 762 900	3 348 920	955 782	4 404 622
	10.91	7.22	6.00	9.67	57.50

Differing values from P&Ls due to exchange rates applied

75

4				Dividends
• Dividends of 14.45 per share paid out pre 2020
Dividends	2009	2010	2012	2013	2014	2015	2016	2017	2020
Per share	1.25	1.50	1.20	1.75	2.00	2.25	2.25	2.25	3.00

Other capital allocation initiatives

Optimize sources and cost of capital

• T1 and T2 issuances
• Buying additional Large Loss Reinsurance with "0 risk" for capital reasons
• Solvency based Reinsurance, incl. retroactive option in financial turmoil
• Sale of COI reserves
• Sale of WC reserves
• Put options / investment hedging

Capital allocation – maximize shareholder return Priority 1: Always profitable growth in insurance, if possible

Main capital allocation alternatives:

1

2

5

• Allocation towards profitable growth is preferred; stay disciplined
• Challenging to allocate capital in times of low credit spreads and all-time-high stock markets
• How much capital should be kept for future financial market crises? 3
• An attractive alternative if meeting hurdle; will normally have to bid with significant premium 4
• Capital base discipline; flexible distribution of excess capital if allocation cannot be made elsewhere

	• Determine minimum hurdle rate (RoE>20%) • Calculate returns for all internal and external allocation alternatives available, by return and risk
Capital allocation approach	• Deploy capital in the most attractive alternatives above hurdle.
	• Release underperforming capital (COI, Price increases, WC Denmark and Norway as example)

Profitable insurance growth the preferred alternative Significant growth opportunities also in future – profitability before growth

Step by step growth

But with discipline to release underperforming capital

• Exit COI

78

• Exit WC Denmark
• Exit WC within health and welfare in Norway (Covid-19 exposure)
• Significant Nordic price increases 2019-2020
• Continuous portfolio discipline to get rid of bad apples

Capital allocation alternatives Excess capital has value, but is also a headwind for returns

Illustration of excess capital

1. Holding too much excess capital is a significant headwind for returns.

2. Patience is also key, when there is nothing intelligent to do it is a mistake to try to be intelligent

New dividend policy in Protector decided March 4th

Flexible Shareholder distribution policy – profitable growth in insurance always priority nr 1

Solvency II ratio

180% 150%	Current level = 203%	• Capital over 180% in SCR ratio distributed over time
	Normal Range	• Shareholder distribution normally 20%-80% of net profit • Quarterly decisions, all allocation alternatives evaluated • Profitable insurance growth always prioritized
		• Build solvency capital, any shareholder distribution only after a careful consideration

Capital allocation – maximize shareholder return

We are good at it and both management and board members are significant sharehoders

Main capital allocation alternatives:

1

2

5

• Allocation towards profitable growth is preferred; stay disciplined
• Challenging to allocate capital in times of low credit spreads and all-time-high stock markets
• How much capital should be kept for future financial market crises? 3
• An attractive alternative if meeting hurdle; will normally have to bid with significant premium 4
• Capital base discipline; flexible distribution of excess capital if allocation cannot be made elsewhere

	• Determine minimum hurdle rate (RoE>20%)
	• Calculate returns for all internal and external allocation alternatives available, by return and risk
Capital allocation approach	• Deploy capital in the most attractive alternatives above hurdle.
	• Release underperforming capital (COI, Price increases, WC Denmark and Norway as example)

Capital Markets Day 2021 Virtual Webcast| March 10th | From 10:00

11:40 – 12:00	Summary, Succession and Q&A
11:15 – 11:40	Long-term target and shareholder distribution
11:00 –	Investments –
11:15	Core business
10:45 –	UK –
11:00	A Disciplined Team Journey
10:30 –	Nordics –
10:45	Back on Track
10:00 –	Protector –
10:30	We have only just begun

New information released today SCR-ratio up 19% points, YTD equity return > MNOK 350, 3-year CR 90-92%

• New BNOK 1.9 reinsurance deal on WC Denmark/Norway signed March 9th
• YTD equity portfolio return > MNOK 350
• Long-term (3 years) combined ratio target changed from 94% to 90-92%
• New flexible dividend policy decided in the board

Summary of today – we have only just begun HTD ROE is 19% - new target is Combined ratio 90-92% and ROE 20%

• Thank you for listening
• HTD CAGR share price at 27% what's your call ?

Succession: McKinsey on "Last 100 days of an CEO"

We started succession many years ago

• Fight the intuitive feeling of "a need to step back" to leave the floor to next CEO
• Continue acting as a CEO and leave the company stronger
• Do not postpone strategy development
• Act on prioritized improvement possibilities (cost cutting, new business, etc.)
• Involve management and board in a transparent structured transfer of roles and responsibilities
• Update new CEO on organization and people
• Make your (Sverre, Henrik, Hans and management) priority action plan for the last 100 days
• Have fun (added by Sverre)

Succession is about 'The Team'

Involve management in a transparent structured transfer of roles and responsibilities

Henrik Høye CEO in September, Hans Didring nr. 2 – One Team approach is what matters

Appendix

Strategy – Well defined and consistent

Like most international companies in the Nordics

• All Property & Casualty products
• Competitive prices (supported by cost leadership)
• Broker distribution only
• USP: Easy to do business with, Commercially attractive and Trustworthy
• Market segments: Medium to large Companies & Public Sector

Nordic

Segments – Public & Commercial

Commercial sector 72 % of Nordic revenues

• Corporate clients minimum size NOK 0.2m
• Standardized products; Workers Compensation, Group Life, Other Insurance, Accident, Health , Property, Motor, Liability & Cargo
• Similar underwriting process in all countries; securing efficiency and quality in decision-making
• Underwriters, risk-engineers, Key Account Managers and management present in underwriting meetings

Revenue development per country – GWP (MNOK)

Summary Market drivers

• Cost and quality leadership
• Protector's market appetite in Nordics is > NOK 30bn
• Market dominated by a few large players in each market with approximately 75% of the market

Public sector 28 % of Nordic revenues

• Protector is the market leader in the Nordics
• Insuring more than 600 municipalities
• 280 Norwegian, 240 Swedish and 80 Danish clients
• Protector quotes all tenders and all product lines
• Underwriting in the Nordics centralized from Oslo
• Service and claims handling locally

Revenue development per country – GWP (MNOK)

Summary Market drivers

• Few players and tough market conditions
• Tender processes are governed by public procurement regulation
• Avg. tender evaluation criteria 30% quality and 70% price
• Nordic market appetite is more than NOK 2bn

Average exchange rates is applied to each year, will not give same result as our books.

Reserve history Prudent

• Protector does not expect run-off gains nor losses in our reserving
• Reserves are volatile in some products, but HTD Protector has run-off gains of ~190 MNOK
• Property & Motor Large gains
• COI Large losses
• Long tail (NOR) Some gains
• WC Denmark Some losses

Reserve outlook next 10 years

• COI exit, commercial portfolio moving towards 100%
• Some volatility should be expected, especially on a quarterly basis
• UK disciplined growth with 80 % short tail and more reinsurance protection

Normalized Large Losses

Gross large losses¹ of MNOK 156 (11.1%)

• Gross large loss definition:
• Reserve changes > MNOK 10 included, excluding Workers' Comp claims (they are normally run-offs)
• Normalized level at ≈ 7%.

94 ¹ Gross large losses defined as losses or loss adjustments > MNOK 10 ² Two very large claims capped at MNOK 100

Prepared for continued growth

The Challenger in the Nordics

Cross-border control will take us from Good to Great

Structure & Technology Profitability UW excellence Claims handling Competence development

96