Protector Forsikring

Investor Presentation • Jan 29, 2025

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Investor Presentation

Henrik Høye Chief Executive Officer

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

This presentation contains restated figures as defined within IFRS from 2021 onwards. Restated IFRS-figures are not audited.

Premium growth and composition

Disciplined underwriting and risk management

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t C

*Includes Finland

• FY growth at 15% (LCY)
  • Renewal rate at 99%, supported by price increases to counter claims inflation

• Q4 growth at 30% Renewal rate at 104%

  • UK makes up 82% of total growth in GWP this quarter

• 1 January 2025 growth in GWP at 19% in LCY

  • Driven by high renewal rate and entry to French market
  • New sales in France account for 8%-points (EUR 25m)

Segment	FY 24	FY 23		Growth NOK %	LCY%
Norway	2 355	1 941	414	21%	21%
Sweden*	2 895	2 754	141	5%	3%
Denmark	1 627	1 407	219	16%	14%
UK	5 457	4 321	1 136	26%	21%
Protector	12 333	10 423	1 910	18%	15%

NOKm, Gross written premiums
Segment	Q4 24 24			Q4 23 Growth NOK %	···· CY%
Norway	269	213	56	26%	26%
Sweden*	523	480	43	9%	9%
Denmark	250	235	15	6%	6%
UK	1 646	1 132	514	45%	39%
Protector	2 688	2 060	628	30%	27%

France – Copying a winning formula

One Team; existing and new people contributing cross-border and function

7

• Recruit, develop and retain the right people
  • French personnel undergoing training in Copenhagen and Manchester
  • Core team already on site in Paris
  • Key personnel will move from existing markets to Paris
• France will develop Protector
  • Underwriting & Claims handling, cross border resources
  • Risk Management integrated with UK
  • HQ & IT, similar operation as other markets
• Profitable growth comes first, as always
  • Collecting data and defining our competitive edge
  • Building relations with brokers and clients
  • T am, c t an ot cto 's A s t y to s cc ss
• Lon t m am t on of 'Top ' n o s m nts

France – New sales January 2025

Our selected brokers and clients are welcoming The Challenger

• Current in scope market size estimated to be EUR 1.5BN
  • 2/3 within the motor fleet market
  • 1/3 within municipalities and social housing
• Market conditions are manageable
  • We are getting access to the market through brokers
  • At this point we perceive competitors are rational
• Total new sales 1 January EUR 25m
  • W of p op ty ≈ m an moto f t ≈ m
• Volatility should be expected
  • Underwritten in line with company targets
  • Critical mass cost ratios within 3-4 years
  • High share of volume on 1 January inceptions

Targeting France from our Paris office

Quarterly net loss ratio development

Volatility must be expected, even on a company level

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Net loss ratio Net loss (ex large loss¹ and run-off) Run-off Large loss¹

Large losses and run-off

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* Lines in figures indicate large loss and run-off accumulations within outlined periods

Claims update

• FY large losses¹ NOK 851m or 7.2% (550 or 5.9%)
  • 26 large loss events
  • Majority property DK and UK

• FY run-off gains at 0.9% (losses at 0.3%)

  • Driven by property and liability
  • Run-off gains in SE, NO and DK, loss in UK

• Q4 large loss NOK 101.5m or 3.2% (269 or 10.2%)

  • Three large loss events, both property and liability
  • Events in DK, SE and UK
• Q4 run-off gains at 0.4% (gains at 0.4%)
  • Run-off gains in SE and DK, losses in NO and UK.

Loss ratios
	FY 24	FY 23	FY 24	FY 23
Segment	Gross	Gross	Net	Net
Norway	78%	89%	79%	90%
Sweden*	69%	74%	71%	78%
Denmark	106%	79%	110%	79%
UK	62%	70%	70%	70%
Protector	73.0%	76.5%	77.5%	77.7%
Whereof large loss %			7.2 %	5.9 %
Whereof run-off %			-0.9 %	0.3 %
Loss ratios
	04 24	04 23	04 24	04 23
Segment	Gross	Gross	Net	Net
Norway	79%	92%	80%	91%
Sweden*	65%	70%	68%	73%
Denmark	77%	52%	84%	63%
UK	61%	77%	69%	75%
Protector	67.4%	74.2%	72.6%	75.7%
Whereof large loss %			3.2 %	10.2 %
Whereof run-off %	-0.4%	-0.4 %

Quarterly cost ratio development

Cost ratio improvement driven by volume growth

Cost a o comm ss ons Comm ss ons to o s an a nts n

Cost update

• FY cost ratio at 10.6% (10.8%), 6.4% exclusive of commissions
  • 4.2 % (4.4%) in commissions
• Quality- and development investments > volume growth

• Cost allocated towards establishing a new branch is incorporated in ' t ncom / p ns s'

• Q4 cost ratio at 11.6% (10.7%), 7.5% exclusive of commissions

  • 4.1% (4.7%) in commissions

• Accounting technicalities affecting Q4 cost ratio

  • Adjusted for one-offs, cost ratio is flat relative to Q4 2023

*Includes Finland
**Commissions to brokers and agents

	FY 24	FY 23	FY 24	FY 23
Segment	Cost %		Cost % Comm% ** Comm% **
Norway	7%	7%	3%	2%
Sweden*	14%	13%	8%	7%
Denmark	8%	7%	0%	0%
UK	11%	12%	4%	5%
Protector	10.6%	10.8%	4.2%	4.4%

	04 24	04 23	Q4 24	04 23
Segment	Cost %*		Cost % * Comm% **	Comm% **
Norway	8%	9%	2%	4%
Sweden*	16%	14%	8%	7%
Denmark	9%	8%	0%	0%
UK	11%	10%	4%	5%
Protector	11.6%	10.7%	4.1%	4.7%

Quality Leadership Easy to do business with, commercially attractive and trustworthy

Broker satisfaction index Why measure quality perceived by brokers? ¹

• The brokers are our only distribution channel
  • The relative ranking gives a competitive edge
• Learning from surveys and following dialogue is key
  • Understanding and improving our common value chain

Key metrics per segment Quarterly volatility must be expected, especially by segment

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ns anc n s
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Loss a o , oss
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Cost a o

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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

Investments AUM: NOK 22 033m at year-end | Float increasing

* Protector Forsikring ASA in-sourced investments during 2014

Investment performance

FY: 4.9% return | Q4: -0.4% return

• FY: NOK 1 059m, or 4.9% gain
  • Equities: NOK 155m, or 4.8%
  • Put options: NOK -39m
  • Bonds: NOK 944m, or 5.1%
    • Interest rate swaps: NOK -180m
• Strong year for Nordic HY bonds
  • DNB Nordic HY index up 12.1% in 2024 and 2.1% in Q4
• Q4: NOK -96m, or -0.4% loss
  • Equities: NOK -152m, or -4.4%
  • Put options: NOK -7m
  • Bonds: NOK 63m, or 0.3%
    • Interest rate swaps: -142 MNOK

2024 investment results

Investment portfolio statistics

Bond portfolio yield at 5.2%, before cost of risk

• Bond portfolio yielding 5.2% (5.8%), before cost of risk

  • Spread -37bps, and underlying ref rate -16bps
  • Slightly reduced bond risk
    • Y po tfo o tota n ≈ ( )
  • Duration at 2.4 (2.2)
    • Steering interest rate risk from a solvency capital perspective

• Equity share at 16.2% (16.3%)

  • Upside to estimated intrinsic value at 69%

	Investment portfolio statistics	31.12.24	31.12.23	30.09.24
	Size bond & cash eq. (NOKm)2	18 365	15 650	19 087
	Avg. ref. rate (NIBOR, STIBOR, etc.)	3.8%	3.9%	3.9 %
	Avg. spread/risk premium (bps)	149	186	131
Bonds 1	Yield3	5.2%	5.8%	5.2 %
	Duration3	2.4	2.2	2.3
	Credit duration	1.9	1.9	1.7
	Avg. rating4	A+	A-	A+

Equities	Portfolio size (NOKm)2	3 553	2 983	3 413
	Share of total	16.2 %	16.3 %	15.1 %
	Estimated intrinsic value discount	41 %	35 %	38 %
	No. of companies	35	32	36

¹ Bank deposits included

²Size includes currency swaps

3 Interest rate swap effect included

⁴ A n a at n as on off c a at n (> ) an ' ot cto at n ' (<55%)

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

NOKm	Q4 24	Q4 23	FY 24	FY 23
Gross written premium	2 688	2 060	12 333	10 423
Insurance revenue	3 181	2 646	11 783	9 386
Insurance claims expenses	(2 146)	(1 963)	(8 606)	(7 182)
Insurance operating expenses	(370)	(282)	(1 253)	(1 011)
Insurance service result before reinsurance contracts held	666	401	1 924	1 193
Net result from reinsurance contracts held	(164)	(40)	(520)	(113)
Insurance service result	502	361	1 404	1 080
Net income from investments	(96)	860	1 0559	1 328
Net insurance finance income or expenses	29	(356)	(213)	(384)
Other income/expenses	(60)	(26)	(198)	(91)
Profit/(loss) before tax	375	840	2 052	1 933
Tax	(127)	(182)	(513)	(439)
Discontinued operations		18		15
Profit/(loss) for the period	248	676	1 539	1 509
Loss ratio	67.4%	74.2%	73.0%	76.5%
Net reinsurance ratio	5.1%	1.5%	4.4%	1.2%
Loss ratio, net of reinsurance	72.6%	75.7%	77.5%	77.7%
Cost ratio	11.6%	10.7%	10.6%	10.8%
Combined ratio	84.2%	86.4%	88.1%	88.5%
Large losses, net of reinsurance	3.3%	10.2%	7.2%	5.9%
Run-off gains/losses, net of reinsurance	-0.4%	-0.4%	-0.9%	0.3%
Change in risk adjustment, net of reinsurance	1.0%	1.6%	1.5%	1.5%
Discounting effect, net of reinsurance	-3.1%	-4.4%	-3.8%	-4.2%

Balance sheet SCR ratio¹ at 193%

nanc a ass ts
a s
an pos ts
t ass ts
scon n op a ons
Tota ty
cap ta nat o oan
a ns anc cont act s
a s
t a s
scon n op a ons

• Profit for the quarter
• Dividend NOK 4 per share, NOK 329.7m in total
• Solvency capital requirement driven by growth

66 %; Insurance 26 %; Market 6 %; Operational 2 %; CD Tier 1 Tier 1 R Tier 2 SCR OF SCR ratio: 193%

SCR ratio composition

22

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

Solvency II SCR ratio at 193%

Composition of SCR:

• Net insurance risk 66%
• Net market risk 26%
• Other risks 8%

Eligible solvency capital:

• Guarantee provision and proposed dividend subtracted from own funds

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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

Long term (3 years) financial targets Disciplined growth

Flexible shareholder distribution policy Quarterly assessment of capital position vs. capital need

• Build solvency capital

• Following Q4 2024 the Board has decided to distribute a dividend of NOK 329.7m, corresponding to NOK 4.00 per share.
  • To be paid 13 February (ex. date 6 February)

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Solvency ratio zone assessment:

• o to a s 'Green' f s e.g. profitable insurance growth, risk-taking in investment portfolio, other attractive allocation opportunities and/or market/macro turbulence.
• o to a s 'Pink' f s e.g. limited growth opportunities, very low risk, no near-term allocation opportunities and have good future visibility

Combined Ratio Combined Ratio Earnings per share Earnings per share Amounts in NOKm, Earnings per share NOK Other highlights • 1 January 2025, growth in GWP at 19% in LCY • New sales in France accounted for 8%-points (EUR 25m) • The Board has decided to distribute a dividend of NOK 329.7m, corresponding to NOK 4.00 per share • The payment will take place 13 February 2025 Total investment return Profit for the period Gross premiums written LCY GWP growth Total investment return Profit for the period Gross premiums written LCY GWP growth

This presentation contains restated figures as defined within IFRS from 2021 onwards. Restated IFRS-figures are not audited.