Quarterly Report • Feb 4, 2021
Quarterly Report
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(UNAUDITED) 3 FEBRUARY 2021
Protector Forsikring ASA recorded a profit of NOK 442.2m (NOK 37.3m) for the quarter. The strong result is driven by a strong return on investments and an acceptable technical result. The return on investments was NOK 448.5m (NOK 156.6m) or 3.4% (1.4%). The technical result was NOK 53.6m (NOK -120.6m) corresponding to a combined ratio of 95.4% (111.1%).
In Q4, gross written premiums increased by 30% in local currencies. The growth is driven by the UK, Sweden and Norway. The unusually high client churn we have encountered in 2020 has come down to normal levels. Furthermore, premium growth is supported by good new sales and Nordic price increases. For the full year gross written premium came in at MNOK 5,516.3, up 8% (2% in local currencies) relative to 2019.
The Covid-19 pandemic had a positive impact on the net claims ratio estimated at approximately 3 percentage points in Q4 and 1 percentage point for the full year. The impact was primarily related to motor insurance, partly offset by business interruption in the UK.
The landslide at Gjerdrum in Norway in December, defined as a natural peril event, incurred a large loss of NOK 45m. The impact on the claims ratio was 3.8 percentage points in Q4 corresponding to 1 percentage point for the full year.
In 2020, the company recorded a profit of NOK 981.6m (NOK -4.9m). The return on investments was NOK 969.6m (NOK 157.2m) or 8.0% (1.5%). The technical result was NOK 246.6m (NOK -163.0m) corresponding to a combined ratio of 94.8% (103.8%).
The SCR-ratio was 188% (172%) year-end before any capital distribution.
The Board considers recommending a dividend of NOK 3,00 per share and quarterly dividend assessments going forward.
Q4 2020 shows following development compared to Q4 2019:
FY 2020 shows following development compared to FY 2019:
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 2 of 20
| NOKm | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Gross premiums written | 728,9 | 548,8 | 5 516,3 | 5 100,5 |
| Earned premiums, net of reinsurance | 1 189,0 | 1 132,9 | 4 613,5 | 4 147,5 |
| Claims incurred, net of reinsurance | (996,3) | (1 129,7) | (3 901,4) | (3 949,1) |
| Sales cost | (93,3) | (65,3) | (331,3) | (233,5) |
| Administration cost | (71,0) | (61,0) | (221,3) | (179,9) |
| Commission from reinsurer | 26,2 | (2,3) | 81,6 | 57,2 |
| Other insurance related income/expenses | (0,9) | 4,9 | 5,5 | (5,2) |
| Technical result | 53,6 | (120,6) | 246,6 | (163,0) |
| Other income/costs | (19,1) | (8,3) | (67,0) | (50,3) |
| Net financial income | 413,6 | 107,3 | 865,2 | 141,4 |
| Profit before tax | 448,0 | (21,5) | 1 044,8 | (71,9) |
| Tax | (36,2) | 29,4 | (160,0) | (4,1) |
| Discontinued operations | 31,0 | 29,1 | 94,3 | 71,5 |
| Net comprehensive income | (0,5) | 0,3 | 2,4 | (0,3) |
| Profit for the period | 442,2 | 37,3 | 981,6 | (4,9) |
| Claims ratio, net of reinsurance (1) |
83,8 % | 99,7 % | 84,6 % | 95,2 % |
| Expense ratio, net of reinsurance (2) |
11,6 % | 11,4 % | 10,2 % | 8,6 % |
| Combined ratio, net of reinsurance (3) |
95,4 % | 111,1 % | 94,8 % | 103,8 % |
| Gross claims ratio (4) |
82,3 % | 103,6 % | 82,2 % | 94,6 % |
| Gross expense ratio (5) |
11,7 % | 9,6 % | 10,3 % | 8,3 % |
| Gross combined ratio (6) |
94,0 % | 113,2 % | 92,5 % | 102,8 % |
| (7) Retention rate |
84,7 % | 86,1 % | 85,8 % | 83,0 % |
| Earnings per share (8) |
5,4 | 0,5 | 12,0 | (0,1) |
(1) Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
(2) Operating expenses in % of earned premiums, net of reinsurance
(3) Net claims ratio + net expense ratio
(4) Gross claims incurred in % of gross premiums earned
(5) Sales and administration costs in % of gross premiums earned
In Q4, gross written premiums increased by 33% to a total of NOK 728.9m. The growth in local currencies was 30% and is driven by the UK, Sweden and Norway. We recognize that the unusually high client churn which we have encountered in 2020 has come down to normal levels throughout Q4. Furthermore, premium growth is supported by good new sales and Nordic price increases.
Growth per country is presented in the table below.
| Gross premiums written (NOKm) | Q4 2020 | Q4 2019 | Growth | |
|---|---|---|---|---|
| Norway | 133,8 | 96,1 | 37,6 | 39 % |
| Sweden | 249,4 | 191,3 | 58,1 | 30 % |
| Denmark | 59,7 | 68,7 | -9,0 | -13 % |
| UK | 276,9 | 188,3 | 88,6 | 47 % |
| Finland | 9,2 | 4,4 | 4,8 | 110 % |
| Total | 728,9 | 548,8 | 180,1 | 33 % |
Premiums earned for own account amounted to NOK 1,189.0m, an increase of 5% compared to Q4 2019.
Development in premiums earned for own account per country is presented in the table below.
| Net premiums earned (NOKm) | Q4 2020 | Q4 2019 | Growth | |||||
|---|---|---|---|---|---|---|---|---|
| Norway | 320,1 | 344,8 | -24,7 | -7 % | ||||
| Sweden | 357,3 | 347,4 | 9,9 | 3 % | ||||
| Denmark | 221,5 | 214,1 | 7,4 | 3 % | ||||
| UK | 238,5 | 170,6 | 67,9 | 40 % | ||||
| Finland | 51,5 | 55,9 | -4,4 | -8 % | ||||
| Total | 1189,0 | 1132,9 | 56,0 | 5 % | ||||
| Full year | ||||||||
| 2020 was significantly higher than normal but has normalized entering 2021. | ||||||||
| Growth per country is presented in the table below. | ||||||||
| Gross premiums written (NOKm) | Q1-Q4 2020 Q1-Q4 2019 | Growth |
Gross written premiums totalled NOK 5,516.3m, representing an 8% growth (2% in local currencies). The growth in the Nordics was negative at -1% (NOK -59m) and in the UK the growth was 56% (NOK 475m). In local currencies the growth was -7% in the Nordics and 45% in the UK. The renewal rate was 83.0% (94.7%) supported by price increases of approx. 13.7% in the Nordics. The churn in 2020 was significantly higher than normal but has normalized entering 2021.
| Growth | ||||
|---|---|---|---|---|
| Norway | 1382,6 | 1540,5 | -157,9 | -10 % |
| Sweden | 1607,4 | 1549,5 | 57,9 | 4 % |
| Denmark | 972,5 | 937,1 | 35,4 | 4 % |
| UK | 1327,8 | 852,7 | 475,1 | 56 % |
| Finland | 226,0 | 220,7 | 5,3 | 2 % |
| Total | 5516,3 | 5100,5 | 415,9 | 8 % |
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 4 of 20
The premiums earned for own account totalled to NOK 4,613.5m, an increase of 11% compared to the previous year. The increase is driven by the overall premium growth and an increased retention rate due to changes in the reinsurance structure in 2019 with full effect on net premiums earned from 2020. The retention rate increased by 3.3% and ended at 85.8% (83.0%).
Development in premiums earned for own account per country is presented in the table below.
| Net premiums earned (NOKm) | Q1-Q4 2020 Q1-Q4 2019 | Growth | ||
|---|---|---|---|---|
| Norway | 1292,6 | 1367,1 | -74,5 | -5 % |
| Sweden | 1401,9 | 1264,8 | 137,1 | 11 % |
| Denmark | 861,1 | 786,0 | 75,1 | 10 % |
| UK | 863,8 | 504,9 | 358,9 | 71 % |
| Finland | 194,0 | 224,6 | -30,6 | -14 % |
| Total | 4613,5 | 4147,5 | 466,0 | 11 % |
| Results The net combined ratio by country is provided in the table below. |
||||
| Net combined ratio | Q4 2020 | Q4 2019 |
In Q4 the profit for the quarter totalled NOK 442.2m against NOK 37.3m in Q4 2019. The technical result was NOK 53.6m (NOK -120.6m), corresponding to a net combined ratio of 95.4%, 15.7 percentage points lower than the 111.1% reported in Q4 2019. Strong technical results in Norway, the UK and Sweden were to some degree offset by weak results in Denmark and Finland.
| Norway | 76,8 % | 125,9 % |
|---|---|---|
| Sweden | 86,2 % | 86,0 % |
| Denmark | 145,5 % | 105,0 % |
| UK | 84,8 % | 94,8 % |
| Finland | 109,1 % | 248,4 % |
| Total | 95,4 % | 111,1 % |
In Q4 the company had run-off losses of 3.5% against 3.2% in Q4 2019.
The claims ratio for own account is improving significantly and decreased from 99.7% in Q4 2019 to 83.8 % in Q4 2020. Price increases in the Nordics and other profitability measures drive the claims ratio downwards.
The Covid-19 pandemic had in Q4 a positive impact on the net claims ratio estimated at approximately 3 percentage points. The impact was primarily related to motor insurance, partly offset by business interruption in the UK.
The landslide at Gjerdrum in Norway in December, defined as a natural peril event, incurred a large loss of NOK 45m. The impact on the net claims ratio was 3.8 percentage points in Q4.
The net expense ratio was 11.6%, up from 9.6% driven by higher personnel costs and broker commissions. Growth in the UK drives broker commissions up but the relative UK cost level (administrative costs and internal sales cost) will on the other hand continue to decline.
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 5 of 20
In 2020 the profit totalled NOK 981.6m against NOK - 4.9m in 2019. The technical result was NOK 246.6m (NOK -163.0m), corresponding to a net combined ratio of 94.8% (103.8%). The technical result is driven by very strong results in the UK and Norway, good results in Sweden, reserve gains in Finland and large reserve losses in Denmark. In total, the underlying profitability is considered somewhat better as reserve losses and large claims are above normal and in total exceed the positive effects of Covid-19.
The net combined ratio for the full year by country is provided in the table below.
| Net combined ratio | Q1-Q4 2020 Q1-Q4 2019 | |
|---|---|---|
| Norway | 86,3 % | 105,3 % |
| Sweden | 92,7 % | 94,7 % |
| Denmark | 124,7 % | 104,7 % |
| UK | 84,9 % | 99,1 % |
| Finland | 77,5 % | 153,7 % |
| Total | 94,8 % | 103,8 % |
In 2020 the company had run-off losses of 2.2% against 1.2% in run-off-losses in 2019.
The claims ratio for own account was 84.6%, down from 95.2 % in 2019. Price increases and portfolio clean-up drive the claims ratio downwards. The large loss ratio was some higher than normal including the landslide at Gjerdrum in Norway with 1 percentage point negative impact. The Covid-19 pandemic had a positive estimated impact at approximately 1 percentage point.
The net expense ratio was 10.2%, up from 8.6% due to higher personnel costs and broker commissions. Growth in the UK drives broker commissions up but the relative UK cost level will on the other hand continue to decline.
In Q4, the technical result for discontinued operations (change of ownership insurance) was NOK -2.2m (NOK -15.3m) and the profit for the quarter was NOK 31.0m (NOK 29.1m). The company continued in Q4 to sell change of ownership insurance due to existing agreements with some real estate brokers.
In 2020, the technical result was NOK 14.2m (NOK 90.9m). The strong technical result last year was due to run-off gains of NOK 61m as a result of a win in the court of appeal regarding grey silverfish. The profit for the period was 94.4m (71.6m). The profit for the year is driven by a strong return on investments.
Net investment portfolio amounted to a total of NOK 13,498m at 31 December 2020, up 23.6% compared to the portfolio at the end of 2019. 2.1 percentage points of the growth is driven by the issue of a new Tier 2 loan in December.
In Q4, investment activities yielded a total return of NOK 448.5m or 3.4% compared to NOK 156.6m or 1.4% in Q4 2019. Equities accounted for a NOK 390.4m gain (27.7%) against NOK 118.6m (11.5%)
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 6 of 20
in Q4 2019. The return on the fixed income portfolio totalled NOK 58.1m or 0.5% against NOK 38.0m or 0.4% in Q4 2019.
For the full year 2020, the investment activities yielded a total return of NOK 969.6m, or 8.0% compared to a return of NOK 157.2m or 1.5% in 2019. Equities accounted for a NOK 433.8m gain (34.9%) against a NOK -44.5m loss (-3.9%) in 2019. Return on the fixed income portfolio totalled NOK 535.7m or 5% against NOK 201.7m or 2.1% in 2019.
Our investments, both equities and bonds, are very little exposed to industries and companies directly affected by Covid-19.
At the end of 2019, about 16% of our total financial positions where allocated to High Yield (HY). By the end of Q4 2020, we have increased this allocation to 30%.
End of Q4 2020, 13.5% of Protector's financial assets were invested in equities, against 10.1% yearend 2019. The increase is mainly driven by increase in the market value of the investments.
End of Q4, the volatility adjusted SCR-ratio using the standard formula was 188%, up from 172% year-end 2019 before any capital distribution. The company's long term objective is to maintain a SCR-ratio (calculated according to the Solvency II regulations) above 150 %.
In December, Protector Forsikring ASA successfully placed a subordinated loan of NOK 500m. The terms of the loan comply with existing and expected future requirements for subordinated debt eligible as tier 2 capital. NOK 269m of the proceeds from the tier 2 issue has been used for a buyback of the tier 2 bond (NOK 500m) which has the first call date in April 2021. The increase in tier 2 capital has a limited effect on the SCR-ratio.
The company's equity amounted to NOK 3,030.5m, an increase of NOK 1,011.1m compared to the equity at the end of 2019.
Protector has a BBB+ rating from A.M. Best.
Based on the company's strong results for the full year 2020 and strong financial position, the Board considers recommending a dividend of NOK 3,00 per share for the accounting year 2020.
Strong price increases and other profitability measures in the Nordics improve the claims ratio significantly. The underlying profitability is good and with continued high/moderate price increases the technical result is expected to further improve in 2021.
Entering 2021, the company has experienced a significantly reduced client churn and a hardening market. A higher growth rate in local currencies must be expected.
The Covid-19 situation has to this point had a limited effect on the company's insurance business. Products in our portfolio that may be adversely affected by Covid-19 are limited. The situation may lead to some increase in pay-outs within products like other illness and business interruption but at
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 7 of 20
the same time reduced economic activity has led to stronger profitability expectations on other products.
Claims development, and the inherent volatility of capital markets continue to be the most important risk factors that could affect the company's profit in 2021.
Oslo, 3 February 2021
The Board of Directors of Protector Forsikring ASA
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 8 of 20
| NOKm | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Premium income | ||||
| Gross written premiums | 728,9 | 548,8 | 5 516,3 | 5 100,5 |
| Change in provisions for unearned premiums | 675,5 | 766,8 | (136,8) | (104,7) |
| Gross premiums earned | 1 404,5 | 1 315,6 | 5 379,6 | 4 995,8 |
| Reinsurers' share of earned premiums | (215,5) | (182,6) | (766,0) | (848,2) |
| Earned premiums, net of reinsurance | 1 189,0 | 1 132,9 | 4 613,5 | 4 147,5 |
| Other insurance-related income | 7,4 | 2,0 | 19,5 | 10,5 |
| Gross claims incurred | (1 155,3) | (1 363,2) | (4 424,6) | (4 723,9) |
| Reinsurers' share of claims incurred | 159,0 | 233,4 | 523,2 | 774,8 |
| Claims incurred, net of reinsurance | (996,3) | (1 129,7) | (3 901,4) | (3 949,1) |
| Operating expenses | ||||
| Sales costs | (93,3) | (65,3) | (331,3) | (233,5) |
| Administration costs | (71,0) | (61,0) | (221,3) | (179,9) |
| Commission from reinsurers | 26,2 | (2,3) | 81,6 | 57,2 |
| Total operating expenses, net of reinsurance | (138,2) | (128,7) | (471,0) | (356,2) |
| Other insurance-related expenses | (8,3) | 2,9 | (14,0) | (15,7) |
| Technical result | 53,6 | (120,6) | 246,6 | (163,0) |
| Net income from financial assets | 413,6 | 107,3 | 865,2 | 141,4 |
| Other income | 4,9 | 1,0 | 0,9 | 1,7 |
| Other expenses | (24,0) | (9,3) | (67,9) | (52,1) |
| Other income/expenses | (19,1) | (8,3) | (67,0) | (50,3) |
| Non-technical result | 394,4 | 99,0 | 798,2 | 91,1 |
| Profit before tax | 448,0 | (21,5) | 1 044,8 | (71,9) |
| Tax | (36,2) | 29,4 | (160,0) | (4,1) |
| Discontinued operations | 31,0 | 29,1 | 94,3 | 71,5 |
| Profit before components of comprehensive income | 442,7 | 37,0 | 979,2 | (4,5) |
| Actuarial gain and loss from defined benefit pension plans | (0,5) | (1,8) | (0,5) | (1,8) |
| Currency changes from foreign enterprise | (0,4) | 2,2 | 3,7 | 1,3 |
| Taxes on components of comprehensive income | 0,4 | (0,1) | (0,8) | 0,1 |
| Profit for the period | 442,2 | 37,3 | 981,6 | (4,9) |
| Earnings per share | 5,4 | 0,5 | 12,0 | (0,1) |
| Earnings per share, diluted | 5,4 | 0,5 | 12,0 | (0,1) |
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 9 of 20
| NOKm | 31.12.2020 | 31.12.2019 |
|---|---|---|
| Assets | ||
| Intangible fixed assets | ||
| Other intangible fixed assets | 53,7 | 34,6 |
| Total intangible fixed assets | 53,7 | 34,6 |
| Buildings and other real estates | ||
| Owner-occupied property | - | 12,8 |
| Total buildings and other real estates | - | 12,8 |
| Financial assets | ||
| Shares | 1 601,7 | 916,9 |
| Securities, bonds etc | 8 574,7 | 6 773,5 |
| Financial derivatives | 47,9 | 32,6 |
| Bank deposits | 1 812,1 | 1 529,4 |
| Total financial assets | 12 036,4 | 9 252,5 |
| Reinsurers share of gross technical provisions | ||
| Reinsurers share of gross premium provisions | 159,0 | 130,3 |
| Reinsurers share of gross claims provisions | 1 380,8 | 1 686,9 |
| Total reinsurers share of gross technical provisions | 1 539,8 | 1 817,2 |
| Receivables | ||
| Policyholders | 310,2 | 416,2 |
| Intermediaries | 3,2 | 5,1 |
| Other receivables | 112,3 | 48,3 |
| Total receivables | 425,6 | 469,7 |
| Other assets | ||
| Tangible fixed assets | 30,4 | 34,1 |
| Cash and bank deposits | 263,2 | 343,3 |
| Total other assets | 293,6 | 377,4 |
| Total prepaid expenses | 505,3 | 349,7 |
| Assets discontinued operations | 1 895,7 | 2 428,5 |
| Total assets | 16 750,3 | 14 742,2 |
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 10 of 20
| NOKm | 31.12.2020 | 31.12.2019 |
|---|---|---|
| Equity and liabilities | ||
| Shareholders' equity | ||
| Share capital [86.155.605 shares] | 86,2 | 86,2 |
| Own shares | (4,3) | (4,4) |
| Other paid-in equity | 267,7 | 267,7 |
| Total paid-in equity | 349,6 | 349,4 |
| Earned equity | ||
| Natural perils fund | 70,2 | 76,9 |
| Guarantee scheme | 84,9 | 89,2 |
| Other equity | 2 525,9 | 1 503,8 |
| Total earned equity | 2 680,9 | 1 669,9 |
| Total equity | 3 030,5 | 2 019,3 |
| Subordinated loan capital | 1 473,0 | 1 243,3 |
| Technical provisions | ||
| Provisions for unearned premiums | 1 396,7 | 1 211,5 |
| Provisions for claims | 7 788,4 | 7 127,7 |
| Total technical provisions | 9 185,1 | 8 339,2 |
| Provisions for other risks and liabilities | ||
| Pension liabilities | 17,9 | 16,0 |
| Current tax liability | 103,3 | - |
| Deferred tax liability | 124,5 | 103,1 |
| Total provisions for other risks and liabilities | 245,7 | 119,2 |
| Liabilities | ||
| Liabilities in connection with insurance | 43,1 | 70,5 |
| Liabilities in connection with reinsurance | 934,0 | 727,7 |
| Financial derivatives | 61,4 | 45,5 |
| Other liabilities | 250,5 | 325,7 |
| Total liabilities | 1 289,0 | 1 169,4 |
| Incurred expenses and prepaid income | ||
| Other incurred expenses and prepaid income | 415,4 | 299,6 |
| Total incurred expenses and prepaid income | 415,4 | 299,6 |
| Liabilites discontinued operations | 1 111,6 | 1 552,2 |
| Total equity and liabilities | 16 750,3 | 14 742,2 |
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 11 of 20
| NOKm | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Cash flow from operations | ||||
| Premiums paid | 975,1 | 1 097,4 | 5 888,0 | 5 343,9 |
| Claims paid | (1 138,0) | (1 259,9) | (4 558,2) | (4 004,0) |
| Paid reinsurance | 40,8 | 249,8 | 208,5 | 659,2 |
| Paid operating expenses including commissions | (49,2) | (107,1) | (473,7) | (581,5) |
| Interest / dividend income | 80,7 | 75,3 | 270,1 | 268,9 |
| Net payments from financial instruments | 233,8 | 179,8 | (1 337,1) | (278,3) |
| Payable tax | 11,1 | (2,1) | (39,4) | 4,2 |
| Net cash flow from operations | 154,3 | 233,3 | (41,7) | 1 412,5 |
| Cash flow from investment activities | ||||
| Investments in fixed assets | 0,3 | (9,3) | (15,8) | (47,8) |
| Net cash flow from investment activities | 0,3 | (9,3) | (15,8) | (47,8) |
| Cash flow from financial activities | ||||
| Net payment on subordinated loan capital | 229,8 | - | 229,8 | - |
| Interest payments on subordinated loan capital | (13,5) | (10,8) | (61,7) | (66,6) |
| Net cash flow from financial activities | 216,2 | (10,8) | 168,1 | (66,6) |
| Net cash flow for the period | 370,8 | 213,1 | 110,5 | 1 298,1 |
| Net change in cash and cash equivalents | 370,8 | 213,1 | 110,5 | 1 298,1 |
| Cash and cash equivalents opening balance | 1 929,1 | 1 937,1 | 2 155,1 | 859,5 |
| Effects of exchange rate changes on cash and cash equivalents | 12,2 | 4,9 | 46,5 | (2,5) |
| Cash and cash equivalents closing balance | 2 312,1 | 2 155,1 | 2 312,1 | 2 155,1 |
| NOKm | Share Capital | Own shares | Other paid-in equity |
Natural perils fund |
Guarantee scheme |
Other equity | Total |
|---|---|---|---|---|---|---|---|
| Equity at 31.12.2018 | 86,2 | (4,4) | 267,7 | 54,8 | 88,5 | 1 540,4 | 2 033,0 |
| Profit for the period | 24,3 | 0,5 | 67,1 | 91,9 | |||
| Currency changes | (10,5) | (10,5) | |||||
| Equity at 31.03.2019 | 86,2 | (4,4) | 267,7 | 79,1 | 89,0 | 1 597,0 | 2 114,5 |
| Profit for the period | (11,3) | 0,2 | (114,6) | (125,7) | |||
| Currency changes | (0,8) | (0,8) | |||||
| Equity at 30.06.2019 | 86,2 | (4,4) | 267,7 | 67,8 | 89,2 | 1 481,6 | 1 988,0 |
| Profit for the period | 5,2 | 0,2 | (13,8) | (8,3) | |||
| Currency changes | (1,2) | (1,2) | |||||
| Equity at 30.09.2019 | 86,2 | (4,4) | 267,7 | 73,0 | 89,5 | 1 466,6 | 1 978,5 |
| Profit for the period | 3,9 | (0,3) | 33,7 | 37,3 | |||
| Currency changes | 3,6 | 3,6 | |||||
| Equity at 31.12.2019 | 86,2 | (4,4) | 267,7 | 76,9 | 89,2 | 1 503,8 | 2 019,3 |
| Profit for the period | 3,9 | (0,7) | (388,1) | (384,9) | |||
| Currency changes | (4,1) | (4,1) | |||||
| Equity at 31.03.2020 | 86,2 | (4,4) | 267,7 | 80,8 | 88,5 | 1 111,7 | 1 630,4 |
| Profit for the period | 2,2 | (0,9) | 579,1 | 580,4 | |||
| Currency changes | 21,0 | 21,0 | |||||
| Own shares | 0,1 | 0,1 | |||||
| Equity at 30.06.2020 | 86,2 | (4,3) | 267,7 | 83,0 | 87,6 | 1 711,7 | 2 231,9 |
| Profit for the period | (1,9) | (1,7) | 347,4 | 343,8 | |||
| Currency changes | (1,1) | (1,1) | |||||
| Equity at 30.09.2020 | 86,2 | (4,3) | 267,7 | 81,1 | 85,9 | 2 057,9 | 2 574,6 |
| Profit for the period | (11,0) | (1,0) | 454,3 | 442,2 | |||
| Currency changes | 13,7 | 13,7 | |||||
| Equity at 31.12.2020 | 86,2 | (4,3) | 267,7 | 70,2 | 84,9 | 2 525,9 | 3 030,5 |
These interim accounts have been prepared in accordance with the Financial Statement Regulation for Non-life Insurance Companies (Forskrift om årsregnskap for skadeforsikringsselskaper), IAS 34 and in line with the accounting principles described in the annual report for 2019. The company's financial statements are prepared in accordance with the Norwegian Accounting Act, Financial Statement Regulation for Non-life Insurance Companies and generally accepted accounting principles. For further information, please see the 2019 annual report.
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 13 of 20
Protector Forsikring ASA's operations comprise the segments Norway, Sweden, Denmark, Finland and the UK. The segments are evaluated regularly by Protector's executive management based on financial and operational information specially prepared for each segment for the purpose of following up performance and allocating necessary resources.
| Norway | Sweden | Denmark | UK | Finland | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOKm | Q4 2020 | Q4 2019 | Q4 2020 | Q4 2019 | Q4 2020 | Q4 2019 | Q4 2020 | Q4 2019 | Q4 2020 | Q4 2019 |
| Gross premiums written | 133,8 | 96,1 | 249,4 | 191,3 | 59,7 | 68,7 | 276,9 | 188,3 | 9,2 | 4,4 |
| Earned premiums, net of reinsurance | 320,1 | 344,8 | 357,3 | 347,4 | 221,5 | 214,1 | 238,5 | 170,6 | 51,5 | 55,9 |
| Other insurance related income | 1,7 | 1,6 | 0,0 | 0,1 | 0,0 | 0,1 | 5,2 | 0,0 | 0,4 | 0,1 |
| Claims incurred, net of reinsurance | (230,6) | (400,2) | (253,9) | (257,4) | (294,2) | (207,2) | (165,0) | (137,7) | (52,5) | (127,3) |
| Sales cost | (18,9) | (11,4) | (37,1) | (34,9) | (5,9) | (3,1) | (30,2) | (14,9) | (1,1) | (1,0) |
| Administration cost | (15,7) | (17,5) | (25,0) | (13,5) | (15,3) | (15,8) | (13,0) | (11,7) | (2,0) | (2,5) |
| Commission from reinsurer | 19,5 | (5,0) | 7,9 | 6,9 | (6,8) | 1,2 | 6,1 | 2,6 | (0,6) | (8,1) |
| Other insurance related expenses | (4,6) | (1,0) | (0,2) | (0,3) | (2,5) | 5,1 | (0,7) | (0,6) | (0,3) | (0,2) |
| Technical result | 71,5 | (88,7) | 49,1 | 48,3 | (103,2) | (5,5) | 40,8 | 8,3 | (4,6) | (83,1) |
| Other income/costs | (18,9) | (8,2) | (0,2) | (0,0) | (0,0) | (0,0) | 0,0 | - | (0,1) | (0,0) |
| Net financial income | 391,6 | 96,7 | 17,2 | 8,2 | 0,6 | 1,3 | 1,5 | (0,5) | 2,7 | 1,6 |
| Profit before tax | 444,3 | (0,2) | 66,1 | 56,5 | (102,7) | (4,2) | 42,3 | 7,8 | (2,0) | (81,5) |
| Claims ratio, net of reinsurance | (1) 72,1 % |
116,1 % | 71,1 % | 74,1 % | 132,8 % | 96,7 % | 69,2 % | 80,7 % | 102,0 % | 227,6 % |
| Expense ratio, net of reinsurance | (2) 4,7 % |
9,8 % | 15,2 % | 11,9 % | 12,7 % | 8,2 % | 15,6 % | 14,1 % | 7,2 % | 20,8 % |
| Combined ratio, net of reinsurance | (3) 76,8 % |
125,9 % | 86,2 % | 86,0 % | 145,5 % | 105,0 % | 84,8 % | 94,8 % | 109,1 % | 248,4 % |
| Gross claims ratio | (4) 74,2 % |
131,7 % | 68,5 % | 77,6 % | 130,7 % | 93,5 % | 67,8 % | 76,8 % | 100,7 % | 223,6 % |
| Gross expense ratio | (5) 9,7 % |
7,4 % | 15,1 % | 12,4 % | 8,5 % | 7,6 % | 13,3 % | 11,9 % | 5,4 % | 5,5 % |
| Gross combined ratio | (6) 83,8 % |
139,1 % | 83,6 % | 90,0 % | 139,2 % | 101,1 % | 81,1 % | 88,7 % | 106,1 % | 229,2 % |
(1) Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
(2) Operating expenses in % of earned premiums, net of reinsurance
(3) Net claims ratio + net expense ratio
(4) Gross claims incurred in % of gross premiums earned
(5) Sales and administration costs in % of gross premiums earned
(6) Gross claims ratio + gross expense ratio
| Norway | Sweden | Denmark | UK | Finland | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOKm | FY 2020 | FY 2019 | FY 2020 | FY 2019 | FY 2020 | FY 2019 | FY 2020 | FY 2019 | FY 2020 | FY 2019 |
| Gross premiums written | 1 382,6 | 1 540,5 | 1 607,4 | 1 549,5 | 972,5 | 937,1 | 1 327,8 | 852,7 | 226,0 | 220,7 |
| Earned premiums, net of reinsurance | 1 292,6 | 1 367,1 | 1 401,9 | 1 264,8 | 861,1 | 786,0 | 863,8 | 504,9 | 194,0 | 224,6 |
| Other insurance related income | 5,0 | 4,2 | 0,5 | 0,7 | 0,4 | 1,7 | 8,6 | 2,3 | 5,0 | 1,7 |
| Claims incurred, net of reinsurance | (1 036,2) (1 356,6) (1 119,3) (1 058,1) | (991,3) | (776,5) | (611,0) | (436,4) | (143,6) | (321,5) | |||
| Sales cost | (66,4) | (37,6) | (141,0) | (127,6) | (22,3) | (16,7) | (97,4) | (47,5) | (4,2) | (4,0) |
| Administration cost | (58,0) | (45,8) | (63,4) | (42,9) | (43,9) | (42,5) | (48,9) | (39,2) | (7,1) | (9,5) |
| Commission from reinsurer | 45,2 | 0,5 | 24,6 | 31,3 | (16,5) | 12,9 | 23,9 | 22,7 | 4,5 | (10,3) |
| Other insurance related expenses | (1,1) | (7,1) | (1,8) | (3,0) | (5,9) | (2,1) | (2,9) | (2,0) | (2,3) | (1,5) |
| Technical result | 181,0 | (75,4) | 101,4 | 65,3 | (218,3) | (37,2) | 136,1 | 4,8 | 46,3 | (120,6) |
| Other income/costs | (63,8) | (50,1) | (0,5) | (0,1) | (1,2) | 0,0 | (1,8) | 0,0 | 0,3 | (0,2) |
| Net financial income | 770,0 | 84,9 | 84,1 | 40,0 | 3,7 | 2,2 | 14,8 | 3,7 | (7,5) | 10,7 |
| Profit before tax | 887,2 | (40,6) | 185,0 | 105,1 | (215,7) | (34,9) | 149,2 | 8,5 | 39,1 | (110,0) |
| Claims ratio, net of reinsurance (1) |
80,2 % | 99,2 % | 79,8 % | 83,7 % | 115,1 % | 98,8 % | 70,7 % | 86,4 % | 74,0 % | 143,1 % |
| Expense ratio, net of reinsurance (2) |
6,1 % | 6,1 % | 12,8 % | 11,0 % | 9,6 % | 5,9 % | 14,2 % | 12,7 % | 3,5 % | 10,6 % |
| Combined ratio, net of reinsurance (3) |
86,3 % | 105,3 % | 92,7 % | 94,7 % | 124,7 % | 104,7 % | 84,9 % | 99,1 % | 77,5 % | 153,7 % |
| Gross claims ratio (4) |
81,1 % | 100,5 % | 79,1 % | 90,0 % | 112,5 % | 96,0 % | 63,8 % | 73,1 % | 72,3 % | 141,8 % |
| Gross expense ratio (5) |
8,6 % | 5,3 % | 12,7 % | 11,4 % | 6,7 % | 6,4 % | 12,9 % | 11,7 % | 5,2 % | 5,3 % |
| (6) Gross combined ratio |
89,7 % | 105,7 % | 91,8 % | 101,5 % | 119,2 % | 102,5 % | 76,8 % | 84,7 % | 77,5 % | 147,1 % |
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 14 of 20
Protector decided in 2018 to exit the COI market due to the product's recent years' weak technical performance, and due to the significant uncertainty related to the product's future premium development and profitability. After the decision to exit the COI market, COI is defined as "discontinued operations" in the accounts. Net profit and assets and liabilities associated with COI are presented on separate lines as discontinued operations.
Protector has entered into a 50% quota share agreement (reinsurance) covering all historical business written until 1 July 2020.
Premium income in 2020 is due to some continued agreements with real estate brokers.
| NOKm | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Gross premiums earned | 49,3 | 69,0 | 240,4 | 356,1 |
| Reinsurers' share of earned premiums | (5,0) | (31,8) | (71,5) | (132,0) |
| Earned premiums, net of reinsurance | 44,3 | 37,2 | 168,9 | 224,1 |
| Gross claims incurred | (55,5) | (97,2) | (226,2) | (269,8) |
| Reinsurers' share of claims incurred | 10,4 | 49,4 | 76,1 | 139,8 |
| Claims incurred, net of reinsurance | (45,2) | (47,8) | (150,1) | (130,0) |
| Total operating expenses, net of reinsurance | 0,2 | (2,6) | 3,2 | 3,5 |
| Other insurance-related income/expenses | (1,5) | (2,1) | (7,8) | (6,6) |
| Technical result | (2,2) | (15,3) | 14,2 | 90,9 |
| Net income from financial assets | 34,9 | 49,3 | 104,4 | 15,7 |
| Other income/expenses | (1,3) | (1,8) | (7,1) | (11,3) |
| Non-technical result | 33,6 | 47,5 | 97,2 | 4,5 |
| Profit before tax | 31,5 | 32,2 | 111,4 | 95,4 |
| Tax | (0,5) | (3,1) | (17,1) | (23,8) |
| Profit for the period | 31,0 | 29,1 | 94,3 | 71,5 |
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 15 of 20
| Financial assets through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Shares | NOK | 248,4 | 1 546,5 | 0,0 | 1 794,9 |
| Bonds and other fixed income securities | NOK | 0,0 | 9 608,9 | 0,0 | 9 608,9 |
| Cash and cash equivalents | NOK | 2 030,6 | 0,0 | 0,0 | 2 030,6 |
| Derivatives: | |||||
| Foreign currency contracts | NOK | 38,8 | 38,8 | ||
| Options | NOK | 14,8 | 14,8 | ||
| Total assets 31.12.2020 | NOK | 2 279,1 | 11 209,1 | 0,0 | 13 488,1 |
| Total assets 31.12.2019 | NOK | 2 071,7 | 8 956,0 | 16,8 | 11 044,6 |
| Financial liabilities at fair value through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Foreign exchange contracts | NOK | (61,4) | (61,4) | ||
| Other financial liabilities | NOK | (4,7) | (4,7) | ||
| Total financial liabilities 31.12.2020 | NOK | (4,7) | (61,4) | (66,1) | |
| Total financial liabilities 31.12.2019 | NOK | (99,5) | (45,5) | (145,0) |
The fair value of listed investments is based on the current sales price. Financial instruments measured at fair value are valued on a daily basis. Directly observable prices in the market are used as far as possible. The valuations for the different types of financial instruments are based on recognised methods and models.
Level 1: Financial instruments valued on the basis of quoted prices for identical assets in active markets.
This category encompasses listed equities that over the previous three months have experienced average daily trading equivalent to approximately NOK 20m or more. Based on this, the equities are regarded as sufficiently liquid to be included at this level. Bonds, certificates or equivalent instruments issued by national governments are generally classified as level 1.
Level 2: Financial instruments valued on the basis of observable market information not covered by level 1.
This category encompasses financial instruments that are valued on the basis of market information that can be directly observable or indirectly observable. Market information that is indirectly observable means that the prices can be derived from observable related markets. Level 2 includes shares or equivalent equity instruments for which market prices are available, but where the volume of transactions is too limited to fulfil the criteria in level 1. Shares in this level will normally have been traded during the last month. Bonds and equivalent instruments are generally classified in this level. Foreign exchange derivatives are classified as level 2. Fund investments are generally classified as level 2.
Level 3: Financial instruments valued on the basis of information that is not observable in accordance with level 2.
The instrument is included in level 3 if one or more essential data are not based on observable market data.
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 16 of 20
| NOKm | 31.12.2020 | 31.12.2019 |
|---|---|---|
| Total solvency capital requirement | 2 107 | 1 726 |
| Total eligible own funds to meet SCR | 3 963 | 2 967 |
| Ratio of eligible own funds to SCR | 188 % | 172 % |
| Totalt minimum capital requirement | 948 | 777 |
| Ratio of eligible own funds to MCR | 327 % | 291 % |
| Q4 2020 | Q4 2019 | 1.1-31.12.2020 1.1-31.12.2019 | |||
|---|---|---|---|---|---|
| Gross premiums written ¹ | |||||
| Norway | NOKm | 133,8 | 96,1 | 1 382,6 | 1 540,5 |
| Sweden | NOKm | 249,4 | 191,3 | 1 607,4 | 1 549,5 |
| Denmark | NOKm | 59,7 | 68,7 | 972,5 | 937,1 |
| UK | NOKm | 276,9 | 188,3 | 1 327,8 | 852,7 |
| Finland | NOKm | 9,2 | 4,4 | 226,0 | 220,7 |
| Total premiums written | NOKm | 728,9 | 548,8 | 5 516,3 | 5 100,5 |
| Gross premiums earned | |||||
| Norway | NOKm | 358,3 | 390,6 | 1 443,4 | 1 583,9 |
| Sweden | NOKm | 411,5 | 390,9 | 1 605,2 | 1 491,9 |
| Denmark | NOKm | 251,5 | 247,2 | 983,0 | 921,5 |
| UK | NOKm | 325,9 | 223,0 | 1 131,0 | 744,4 |
| Finland | NOKm | 57,2 | 63,9 | 217,0 | 254,0 |
| Total gross premiums earned | NOKm | 1 404,5 | 1 315,6 | 5 379,6 | 4 995,8 |
| Earned premiums, net of reinsurance | |||||
| Norway | NOKm | 320,1 | 344,8 | 1 292,6 | 1 367,1 |
| Sweden | NOKm | 357,3 | 347,4 | 1 401,9 | 1 264,8 |
| Denmark | NOKm | 221,5 | 214,1 | 861,1 | 786,0 |
| UK | NOKm | 238,5 | 170,6 | 863,8 | 504,9 |
| Finland | NOKm | 51,5 | 55,9 | 194,0 | 224,6 |
| Total earned premiums, net of reinsurance | NOKm | 1 189,0 | 1 132,9 | 4 613,5 | 4 147,5 |
| Gross claims incurred | |||||
| Norway | NOKm | (265,8) | (514,4) | (1 170,5) | (1 591,5) |
| Sweden | NOKm | (282,1) | (303,5) | (1 269,1) | (1 343,3) |
| Denmark | NOKm | (328,8) | (231,1) | (1 106,0) | (885,1) |
| UK | NOKm | (221,1) | (171,3) | (722,1) | (543,9) |
| Finland | NOKm | (57,6) | (142,9) | (157,0) | (360,1) |
| Total gross claims incurred | NOKm | (1 155,3) | (1 363,2) | (4 424,6) | (4 723,9) |
| Claims incurred, net of reinsurance | |||||
| Norway | NOKm | (230,6) | (400,2) | (1 036,2) | (1 356,6) |
| Sweden | NOKm | (253,9) | (257,4) | (1 119,3) | (1 058,1) |
| Denmark | NOKm | (294,2) | (207,2) | (991,3) | (776,5) |
| UK | NOKm | (165,0) | (137,7) | (611,0) | (436,4) |
| Finland | NOKm | (52,5) | (127,3) | (143,6) | (321,5) |
| Total claims incurred, net of reinsurance | NOKm | (996,3) | (1 129,7) | (3 901,4) | (3 949,1) |
Q4 2020 and Preliminary Full Year 2020 Report | PROTECTOR FORSIKRING ASA | PAGE 17 of 20
| Q4 2020 | Q4 2019 | 1.1-31.12.2020 1.1-31.12.2019 | |||
|---|---|---|---|---|---|
| Gross expenses | |||||
| Norway | NOKm | (34,6) | (28,9) | (124,5) | (83,4) |
| Sweden | NOKm | (62,1) | (48,4) | (204,4) | (170,5) |
| Denmark | NOKm | (21,3) | (18,9) | (66,2) | (59,2) |
| UK | NOKm | (43,3) | (26,6) | (146,3) | (86,7) |
| Finland | NOKm | (3,1) | (3,5) | (11,3) | (13,5) |
| Total gross expenses | NOKm | (164,3) | (126,3) | (552,6) | (413,4) |
| Net expenses | |||||
| Norway | NOKm | (15,1) | (33,9) | (79,3) | (82,9) |
| Sweden | NOKm | (54,2) | (41,5) | (179,8) | (139,2) |
| Denmark | NOKm | (28,0) | (17,7) | (82,7) | (46,3) |
| UK | NOKm | (37,2) | (24,0) | (122,4) | (64,1) |
| Finland | NOKm | (3,7) | (11,6) | (6,8) | (23,8) |
| Total net expenses | NOKm | (138,2) | (128,7) | (471,0) | (356,2) |
| Gross claims ratio | |||||
| Norway | % | 74,2 % | 131,7 % | 81,1 % | 100,5 % |
| Sweden | % | 68,5 % | 77,6 % | 79,1 % | 90,0 % |
| Denmark | % | 130,7 % | 93,5 % | 112,5 % | 96,0 % |
| UK | % | 67,8 % | 76,8 % | 63,8 % | 73,1 % |
| Finland | % | 100,7 % | 223,6 % | 72,3 % | 141,8 % |
| Total gross claims ratio | % | 82,3 % | 103,6 % | 82,2 % | 94,6 % |
| Claims ratio, net of ceded business ¹ | |||||
| Norway | % | 72,1 % | 116,1 % | 80,2 % | 99,2 % |
| Sweden | % | 71,1 % | 74,1 % | 79,8 % | 83,7 % |
| Denmark | % | 132,8 % | 96,7 % | 115,1 % | 98,8 % |
| UK | % | 69,2 % | 80,7 % | 70,7 % | 86,4 % |
| Finland | % | 102,0 % | 227,6 % | 74,0 % | 143,1 % |
| Total claims ratio, net of ceded business | % | 83,8 % | 99,7 % | 84,6 % | 95,2 % |
| Gross expense ratio | |||||
| Norway | % | 9,7 % | 7,4 % | 8,6 % | 5,3 % |
| Sweden | % | 15,1 % | 12,4 % | 12,7 % | 11,4 % |
| Denmark | % | 8,5 % | 7,6 % | 6,7 % | 6,4 % |
| UK | % | 13,3 % | 11,9 % | 12,9 % | 11,7 % |
| Finland | % | 5,4 % | 5,5 % | 5,2 % | 5,3 % |
| Total gross expense ratio | % | 11,7 % | 9,6 % | 10,3 % | 8,3 % |
| Expense ratio, net of ceded business ¹ | |||||
| Norway | % | 4,7 % | 9,8 % | 6,1 % | 6,1 % |
| Sweden | % | 15,2 % | 11,9 % | 12,8 % | 11,0 % |
| Denmark | % | 12,7 % | 8,2 % | 9,6 % | 5,9 % |
| UK | % | ||||
| Finland | % | 15,6 % | 14,1 % | 14,2 % | 12,7 % |
| 7,2 % | 20,8 % | 3,5 % | 10,6 % | ||
| Total expense ratio, net of ceded business | % | 11,6 % | 11,4 % | 10,2 % | 8,6 % |
| Gross combined ratio | |||||
| Norway | % | 83,8 % | 139,1 % | 89,7 % | 105,7 % |
| Sweden | % | 83,6 % | 90,0 % | 91,8 % | 101,5 % |
| Denmark | % | 139,2 % | 101,1 % | 119,2 % | 102,5 % |
| UK | % | 81,1 % | 88,7 % | 76,8 % | 84,7 % |
| Finland | % | 106,1 % | 229,2 % | 77,5 % | 147,1 % |
| Total gross combined ratio | % | 94,0 % | 113,2 % | 92,5 % | 102,8 % |
| Q4 2020 | Q4 2019 | 1.1-31.12.2020 1.1-31.12.2019 | |||
|---|---|---|---|---|---|
| Combined ratio, net of ceded business ¹ | |||||
| Norway | % | 76,8 % | 125,9 % | 86,3 % | 105,3 % |
| Sweden | % | 86,2 % | 86,0 % | 92,7 % | 94,7 % |
| Denmark | % | 145,5 % | 105,0 % | 124,7 % | 104,7 % |
| UK | % | 84,8 % | 94,8 % | 84,9 % | 99,1 % |
| Finland | % | 109,1 % | 248,4 % | 77,5 % | 153,7 % |
| Total combined ratio, net of ceded business | % | 95,4 % | 111,1 % | 94,8 % | 103,8 % |
| Retention rate ¹ | |||||
| Norway | % | 89,3 % | 88,3 % | 89,6 % | 86,3 % |
| Sweden | % | 86,8 % | 88,9 % | 87,3 % | 84,8 % |
| Denmark | % | 88,1 % | 86,6 % | 87,6 % | 85,3 % |
| UK | % | 73,2 % | 76,5 % | 76,4 % | 67,8 % |
| Finland | % | 90,0 % | 87,5 % | 89,4 % | 88,4 % |
| Total retention rate | % | 84,7 % | 86,1 % | 85,8 % | 83,0 % |
| Run-off gains/(losses) | |||||
| Net run-off-gains/losses | NOKm | (41,3) | (36,8) | (100,0) | (49,8) |
| Net run-off-gains/losses | % | -3,5 % | -3,2 % | -2,2 % | -1,2 % |
| Return on investments ¹ | |||||
| Total net income from investments, continued business | NOKm | 413,6 | 107,3 | 865,2 | 141,4 |
| Total net income from investments, discontinued business | NOKm | 34,9 | 49,3 | 104,4 | 15,7 |
| Total net income from investments | NOKm | 448,5 | 156,6 | 969,6 | 157,1 |
| Average investments, continued business | NOKm | 12 669,9 | 8 772,1 | 10 762,2 | 8 455,1 |
| Average investments, discontinued business | NOKm | 378,4 | 2 080,7 | 1 298,0 | 2 369,9 |
| Total average investments | NOKm | 13 048,3 | 10 852,8 | 12 060,2 | 10 825,0 |
| Return on investments, continued business | % | 3,3 % | 1,2 % | 8,0 % | 1,7 % |
| Return investments, discontinued business | % | 9,2 % | 2,4 % | 8,0 % | 0,7 % |
| Total return on investments | % | 3,4 % | 1,4 % | 8,0 % | 1,5 % |
| Total net income from shares | NOKm | 390,4 | 118,6 | 433,8 | (44,5) |
| Total net income from interests | NOKm | 58,1 | 38,0 | 535,7 | 201,7 |
| Total net income from investments | NOKm | 448,5 | 156,6 | 969,6 | 157,1 |
| Average investments shares | NOKm | 1 407,3 | 1 030,3 | 1 242,2 | 1 146,8 |
| Average investments interests | NOKm | 11 641,0 | 9 822,5 | 10 818,1 | 9 678,1 |
| Total average investments | NOKm | 13 048,3 | 10 852,8 | 12 060,2 | 10 825,0 |
| Return on investments, shares | % | 27,7 % | 11,5 % | 34,9 % | -3,9 % |
| Return investments, interests | % | 0,5 % | 0,4 % | 5,0 % | 2,1 % |
| Total return on investments | % | 3,4 % | 1,4 % | 8,0 % | 1,5 % |
| Return on equity, annualised ¹ | |||||
| Profit before comprehensive income | NOKm | 442,7 | 37,0 | 979,2 | (4,5) |
| Average sharholders equity | NOKm | 2 802,5 | 1 998,9 | 2 524,9 | 2 026,2 |
| Return on equity, annualised | % | 63,2 % | 7,4 % | 38,8 % | -0,2 % |
| Equity | NOKm | 3 030,5 | 2 019,3 | 3 030,5 | 2 019,3 |
| Equity per share | NOK | 37,0 | 24,7 | 37,0 | 24,7 |
| Earnings per share in the period, basic and diluted ² | NOK | 5,41 | 0,45 | 11,96 | -0,06 |
| Issued shares (excl. own shares), at the end of the period | No. | 81 876 329 | 81 761 926 | 81 876 329 | 81 761 926 |
| ¹ Defined as alternative performance measure (APM). APMs are described on www.protectorforsikring.no in | |||||
| document named APMs Protector Forsikring Q4 2020 | |||||
| ² Earnings per share from continuing and discontinued operations, basic and diluted = the shareholders' share of the profit | |||||
| or loss from continuing and discontinued operations in the period/average number of outstanding shares in the period | |||||
| Q4 2020 and Preliminary Full Year 2020 Report PROTECTOR FORSIKRING ASA PAGE 19 of 20 |
| NOKm | Q4 2020 | Q3 2020 | Q2 2020 Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | Q3 2018 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross premiums written | 728,9 | 671,4 | 1 288,0 | 2 828,0 | 548,8 | 732,5 | 1 105,9 | 2 713,4 | 475,1 | 624,3 | |
| Gross premiums earned | 1 404,5 | 1 339,6 | 1 342,3 | 1 293,2 | 1 315,6 | 1 291,4 | 1 241,9 | 1 146,9 | 1 123,2 | 1 042,4 | |
| Gross claims incurred | (1 155,3) (1 080,2) (1 083,3) (1 105,8) (1 363,2) (1 139,0) (1 150,0) (1 071,7) (1 161,7) (937,1) | ||||||||||
| Earned premiums, net of reinsurance | 1 189,0 | 1 147,3 | 1 154,9 | 1 122,3 | 1 132,9 | 1 112,1 | 1 011,9 | 890,6 | 759,0 | 689,7 | |
| Other insurance related income | 7,4 | 3,9 | 3,9 | 4,2 | 2,0 | 2,2 | 3,2 | 3,1 | 12,0 | 9,5 | |
| Claims incurred, net of reinsurance | (996,3) | (952,3) | (946,3) (1 006,4) (1 129,7) | (935,2) | (999,8) | (884,4) | (739,3) (613,2) | ||||
| Sales cost | (93,3) | (86,5) | (79,8) | (71,7) | (65,3) | (53,7) | (65,6) | (48,9) | (49,4) | (55,4) | |
| Administration cost | (71,0) | (46,0) | (56,0) | (48,3) | (61,0) | (38,0) | (42,9) | (38,0) | (46,1) | (28,9) | |
| Commission from reinsurer | 26,2 | 13,6 | 18,9 | 23,0 | (2,3) | 8,4 | 23,1 | 28,0 | 31,1 | 37,7 | |
| Other insurance related expenses | (0,9) | 4,9 | 1,7 | (4,3) | 2,9 | (11,5) | (1,9) | (5,2) | (2,1) | (10,8) | |
| Technical result | 53,6 | 80,9 | 93,4 | 18,8 | (120,6) | 84,2 | (72,0) | (54,7) | (34,8) | 28,6 | |
| Other income/costs | (19,1) | (14,4) | (17,1) | (16,3) | (8,3) | (14,7) | (13,2) | (14,0) | (12,3) | (12,5) | |
| Net financial income | 413,6 | 264,7 | 509,8 | (322,8) | 107,3 | (15,3) | (31,7) | 81,2 | (141,9) | 35,5 | |
| Profit before tax | 448,0 | 331,2 | 586,0 | (320,3) | (21,5) | 54,2 | (116,9) | 12,5 | (189,1) | 51,7 | |
| Claims ratio, net of reinsurance | (1) | 83,8 % | 83,0 % | 81,9 % | 89,7 % | 99,7 % | 84,1 % | 98,8 % | 99,3 % | 97,4 % | 88,9 % |
| Expense ratio, net of reinsurance | (2) | 11,6 % | 10,4 % | 10,1 % | 8,6 % | 11,4 % | 7,5 % | 8,4 % | 6,6 % | 8,5 % | 6,7 % |
| Combined ratio, net of reinsurance | (3) | 95,4 % | 93,4 % | 92,1 % | 98,3 % | 111,1 % | 91,6 % | 107,2 % | 105,9 % | 105,9 % | 95,7 % |
| Gross claims ratio | (4) | 82,3 % | 80,6 % | 80,7 % | 85,5 % | 103,6 % | 88,2 % | 92,6 % | 93,4 % | 103,4 % | 89,9 % |
| Gross expense ratio | (5) | 11,7 % | 9,9 % | 10,1 % | 9,3 % | 9,6 % | 7,1 % | 8,7 % | 7,6 % | 8,5 % | 8,1 % |
| Gross combined ratio | (6) | 94,0 % | 90,5 % | 90,8 % | 94,8 % | 113,2 % | 95,3 % | 101,3 % | 101,0 % | 111,9 % | 98,0 % |
(1) Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
(2) Operating expenses in % of earned premiums, net of reinsurance
(3) Net claims ratio + net expense ratio
(4) Gross claims incurred in % of gross premiums earned
(5) Sales and administration costs in % of gross premiums earned
(6) Gross claims ratio + gross expense ratio
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