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Protector Forsikring
Quarterly Report • Oct 26, 2022
3719_rns_2022-10-26_38aa81f1-6246-442c-8e21-cf5fa3c385b1.pdf
Quarterly Report
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INTERIM REPORT Q3 2022 PROTECTOR FORSIKRING ASA
(UNAUDITED) 26 OCTOBER 2022
Highlights Q3 2022
CR 84.9 % and 8 % volume growth
Protector Forsikring ASA recorded a profit of MNOK 175.2m (NOK 125.1m) for the quarter. The technical result was NOK 210.1m (NOK 211.4m) driven by strong technical results in Scandinavia. The combined ratio was 84.9 % (82.9 %).
The return on investments was NOK 22.9m (NOK ‐7.0m) or 0.2% (0.0 %). Equity markets posted weakened returns while widening spreads and rising interest rates impacted the fixed income portfolio negatively.
In Q3, gross written premiums increased by 8 %, or 12 % in local currencies. The growth is driven by the UK. In the first three quarters the gross written premiums came in at NOK 5,822.6m up 13 %, or 15 % in local currencies.
YTD, the company recorded a profit of NOK 196.3m (NOK 965.2m). The technical result was NOK 490.2m (NOK 493.2m) corresponding to a combined ratio of 87.9 % (85.9 %). The return on investments was NOK ‐162.2m (NOK 717.1m) or ‐1.1 % (5.1 %).
The SCR‐ratio was 222 % (230 %).
Q3 2022 showsfollowing development compared to Q3 2021:
- Premium growth in local currencies 12 % (26 %)
- Net combined ratio 84.9 % (82.9 %)
- Net return on investments incl. COI NOK 22.9m (NOK -7.0m) or 0.2 % (0.0 %)
- Profit for the period NOK 175.2m (NOK 125.1m)
- 222 % (230 %)
Q1-Q3 2022 shows following development compared to Q1-Q3 2021:
- Premium growth in local currencies 15 % (10 %)
- Net combined ratio 87.9 % (85.9 %)
- Net return on investments incl. COI NOK -162.2m (NOK 717.1m) or -1.1 % (5.1 %)
- Profit for the period NOK 196.3m (NOK 965.2m)
Financial highlights and key ratios
| NOKm | Q3 2022 | Q3 2021 | Q1-Q3 22 | Q1-Q3 21 | FY 2021 |
|---|---|---|---|---|---|
| Gross premiums written | 924.0 | 855.9 | 5,822.6 | 5,164.7 | 5,950.6 |
| Earned premiums, net of reinsurance | 1,422.7 | 1,257.3 | 4,187.1 | 3,651.9 | 4,920.7 |
| Claims incurred, net of reinsurance | (1,073.6) | (929.6) | (3,291.3) | (2,783.1) | (3,810.1) |
| Sales cost | (99.9) | (88.6) | (278.7) | (267.0) | (361.7) |
| Administration cost | (63.8) | (60.7) | (188.2) | (189.3) | (256.6) |
| Commission from reinsurer | 30.2 | 37.1 | 76.3 | 104.1 | 130.7 |
| Other insurance related income/expenses | (5.4) | (4.1) | (15.0) | (23.3) | (28.7) |
| Technical result | 210.1 | 211.4 | 490.2 | 493.2 | 594.4 |
| Other income/costs | (16.0) | (11.1) | (43.6) | (41.1) | (56.4) |
| Net financial income | 20.1 | (0.3) | (154.0) | 658.3 | 878.3 |
| Profit before tax | 214.3 | 200.0 | 292.6 | 1,110.4 | 1,416.3 |
| Tax | (39.6) | (68.4) | (69.6) | (209.4) | (251.7) |
| Discontinued operations | (0.1) | (2.8) | (17.0) | 67.4 | 67.4 |
| Net comprehensive income | 0.6 | (3.6) | (9.7) | (3.2) | (28.1) |
| Profit for the period | 175.2 | 125.1 | 196.3 | 965.2 | 1,204.0 |
| Claims ratio, net of reinsurance | (1) 75.5 % |
73.9 % | 78.6 % | 76.2 % | 77.4 % |
| Expense ratio, net of reinsurance | (2) 9.4 % |
8.9 % | 9.3 % | 9.6 % | 9.9 % |
| Combined ratio, net of reinsurance | (3) 84.9 % |
82.9 % | 87.9 % | 85.9 % | 87.3 % |
| Gross claims ratio | (4) 77.1 % |
73.4 % | 77.9 % | 75.1 % | 77.8 % |
| Gross expense ratio | (5) 10.0 % |
10.1 % | 9.8 % | 10.7 % | 10.8 % |
| Gross combined ratio | (6) 87.1 % |
83.5 % | 87.7 % | 85.8 % | 88.5 % |
| Retention rate | (7) 87.1 % |
85.2 % | 87.5 % | 85.4 % | 85.6 % |
| Earnings per share | (8) 2.1 |
1.6 | 2.5 | 11.8 | 15.0 |
(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
(7) Earned premiums, net of reinsurance in % of gross earned premiums
(8) Profit before other comprehensive income divided by weighted number of shares
Premiums
In Q3, gross premiums written increased by 8% or NOK 68.1m to a total of NOK 924.0m. In local currencies the growth was 12 %. The growth is driven by the UK. The underlying UK growth is NOK 50 million higher due to the change of inception date for a large customer.
The renewal rate was 83.5 % (99.3 %) supported by price increases accounting for the increased inflation.
The growth per country was;
| Gross premiums written (NOKm) Q3 2022 | Q3 2021 | Growth | |||||
|---|---|---|---|---|---|---|---|
| Norway | 173,0 | 174,2 | -1,2 | -1 % | |||
| Sweden | 230,6 | 247,6 | -17,0 | -7 % | |||
| Denmark | 59,2 | 60,7 | -1,6 | -3 % | |||
| UK | 459,4 | 367,8 | 91,6 | 25 % | |||
| Finland | 1,8 | 5,5 | -3,7 | -68 % | |||
| Total | 924,0 | 855,9 | 68,1 | 8 % | |||
| growth. The growth in local currencies was 15 %. | |||||||
| The renewal rate was 91.7% (90.7%). | |||||||
| The growth by country was: | |||||||
| Gross premiums written (NOKm) Q1-Q3 22 Q1-Q3 21 | Growth |
In the three first quarters, gross written premiums totalled NOK 5,822.6m, representing a 13 % growth. The growth in local currencies was 15 %.
| Growth | ||||
|---|---|---|---|---|
| Norway | 1 466,5 | 1 292,9 | 173,6 | 13 % |
| Sweden | 1 689,1 | 1 544,7 | 144,5 | 9 % |
| Denmark | 934,6 | 826,9 | 107,7 | 13 % |
| UK | 1 518,5 | 1 326,8 | 191,7 | 14 % |
| Finland | 213,8 | 173,4 | 40,5 | 23 % |
| Total | 5 822,6 | 5 164,7 | 657,9 | 13 % |
Results
In Q3 the profit for the quarter totalled to NOK 175.2m against NOK 125.1m in Q3 2021. The technical result was NOK 210.1m (NOK 211.4m), corresponding to a net combined ratio of 84.9 %, 2 percentage points higher than 82.9 % as reported in Q3 2021. The technical result was driven by strong results in the Scandinavian countries.
The net combined ratio by country is provided in the table below.
| Net combined ratio | Net claims ratio | Net expense ratio | ||||
|---|---|---|---|---|---|---|
| Q3 2022 | Q3 2021 | Q3 2022 | Q3 2021 | Q3 2022 | Q3 2021 | |
| Norway | 72,2 % | 80,4 % | 67,8 % | 74,1 % | 4,4 % | 6,3 % |
| Sweden | 82,5 % | 69,5 % | 70,6 % | 61,1 % | 11,9 % | 8,4 % |
| Denmark | 90,8 % | 79,6 % | 84,1 % | 74,4 % | 6,7 % | 5,2 % |
| UK | 94,0 % | 103,8 % | 80,1 % | 88,2 % | 13,9 % | 15,6 % |
| Finland | 104,6 % | 89,6 % | 99,4 % | 85,7 % | 5,2 % | 3,9 % |
| Total | 84,9 % | 82,9 % | 75,5 % | 73,9 % | 9,4 % | 8,9 % |
In Q3, the company had run‐off gains of 3.8 % against 4.9 % in Q3 2021.
The claims ratio for own account increased from 73.9 % in Q3 2021 to 75.5 % in Q3 2022. The large loss‐ratio for own account decreased from 7.9 % in Q3 2021 to 7.0 % in Q3 2022. The large loss ratio was driven by 2 large claims in Sweden and 1 in the UK.
The net expense ratio was 9.4 %, up from 8.9 %. The increase is due to higher broker commissions due to premium growth (earned premiums) in Sweden and in the UK, and by lower reinsurance commissions.
In the first three quarters, the profit for the period totalled NOK 196.3m (NOK 965.2m). The net combined ratio was 87.9% (85.9%).
| Net combined ratio | Net claims ratio | Net expense ratio | ||||
|---|---|---|---|---|---|---|
| Q1-Q3 22 Q1-Q3 21 Q1-Q3 22 Q1-Q3 21 Q1-Q3 22 Q1-Q3 21 | ||||||
| Norway | 82,9 % | 86,7 % | 77,9 % | 79,9 % | 5,0 % | 6,8 % |
| Sweden | 85,3 % | 73,1 % | 74,1 % | 63,1 % | 11,2 % | 10,0 % |
| Denmark | 93,3 % | 86,6 % | 86,7 % | 80,6 % | 6,6 % | 5,9 % |
| UK | 92,2 % | 101,4 % | 78,1 % | 85,5 % | 14,1 % | 15,8 % |
| Finland | 93,1 % | 86,5 % | 89,1 % | 82,3 % | 4,1 % | 4,2 % |
| Total | 87,9 % | 85,9 % | 78,6 % | 76,2 % | 9,3 % | 9,6 % |
The net combined ratio for the first three quarters by country was:
In the first three quarters, the company had run-off gains of NOK 151.1m (3.6%) compared to run-off gains of NOK 40.1m (1.1%) in the same period in 2021.
The claims ratio for own account increased by 2.4 percentage points to 78.6%. The large loss‐ratio for own account increased from 3.7 % in the same period last year to 6.9 %.
The expense ratio for own account amounted to 9.3 % (9.6 %). The decrease is mainly due to premium growth and lower personnel costs, while higher broker commissions and lower reinsurance commissions have the opposite effect.
Discontinued operations
In Q3, the technical result for discontinued operations (change of ownership insurance) was NOK ‐5.7m (NOK 7.4m) and the profit for the quarter was NOK ‐0.1m (NOK ‐2.8m).
In the first three quarters, the technical result was NOK‐10.6m (NOK 28.1m). The profit was NOK ‐17.0m (NOK 67.4m).
Investment return
The net investment portfolio amounted to a total of NOK 14 604m at 30 September 2022, up 0.6% compared to the portfolio at the end of Q3 2021.
In Q3, the investment activities yielded a total return of NOK 22.9m (0.2 %) compared to NOK ‐7.0m (0.0 %) in Q3 2021. Equities accounted for a NOK 18.2m gain (0.8 %) against a NOK ‐98.9m loss (‐4.6 %) in Q3 2021. The return on the fixed income portfolio totalled NOK 4.7m (0.0 %) against NOK 91.9m (0.7 %) in Q3 2021.
As from 4 October the company's ownership in B3 Consulting is below 20 %. Due to the down sale the investment in B3 Consulting is per 30.09.2022 valued at market value. Change in valuation
method (from the equity method to market value) has a NOK 91.9 m positive effect on net financial income.
In the three first quarters the investment result was NOK ‐162.2m (‐1.1 %) against NOK 717.1m (5.1 %) YTD 2021. Equities accounted for a NOK ‐88.7m loss (‐3.7 %) against a NOK 458.1m gain (25.8 %) YTD 2021. The return on the fixed income portfolio totalled NOK ‐73.5m or ‐0.6 % against NOK 259.0m or 2.1 % YTD 2021.
Our investment portfolio has a very limited direct exposure to Ukraine and/or Russia.
At the end of Q3 2022, 16.3 % of Protector's financial assets were invested in equities, against 15.1 % at the year‐end of 2021. 28 % of our total financial assets were allocated to high yield (NOK 4.1 bn.), up from 24 % (NOK 3.5 bn.) at the end of 2021.
Equity and capital position
At the end of Q3, the volatility adjusted SCR‐ratio using the standard formula was 222 %, down from 230 % in Q3 2021 and up from 206 % at year‐end 2021.
The company's long‐term objective is to maintain a SCR‐ratio (calculated according to the Solvency II regulations) above 150 %.
The company's equity amounted to NOK 2,834.1m, a decrease of NOK 748.0m compared to the equity at the end of 2021. The reduction is due to dividends paid out during the first half‐year (NOK 947.3m in total corresponding to NOK 11.50 per share).
Protector has a BBB+ rating from A.M. Best.
Dividend
The company's financial position is strong and the dividend capacity is good. Due to the uncertain geopolitical situation and volatile financial markets the Board of Director's has this quarter decided not to pay out dividends.
Prospects
The underlying profitability is good and Protector's expects a net CR in the lower end of 90‐92 % for the full year.
The 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 2022.
Oslo, 26th October 2022
The Board of Directors of Protector Forsikring ASA
Income statement
| NOKm | Q3 2022 | Q3 2021 | Q1-Q3 22 | Q1-Q3 21 | FY 2021 |
|---|---|---|---|---|---|
| Premium income | |||||
| Gross premiums earned | 1,634.0 | 1,474.9 | 4,785.6 | 4,277.8 | 5,746.1 |
| Ceded insurance premiums | (220.4) | (229.0) | (650.3) | (635.4) | (825.2) |
| Change in reinsurers' share of provisions for unearned premiums | 9.1 | 11.4 | 51.7 | 9.4 | (0.1) |
| Reinsurers' share of earned premiums | (211.3) | (217.7) | (598.5) | (626.0) | (825.3) |
| Earned premiums, net of reinsurance | 1,422.7 | 1,257.3 | 4,187.1 | 3,651.9 | 4,920.7 |
| Other insurance-related income | 1.7 | 2.9 | 10.7 | 7.4 | 8.7 |
| Gross claims incurred | (1,260.1) | (1,082.5) | (3,729.2) | (3,211.9) | (4,468.4) |
| Reinsurers' share of claims incurred | 186.4 | 152.8 | 437.9 | 428.8 | 658.3 |
| Claims incurred, net of reinsurance | (1,073.6) | (929.6) | (3,291.3) | (2,783.1) | (3,810.1) |
| Operating expenses | |||||
| Sales costs | (99.9) | (88.6) | (278.7) | (267.0) | (361.7) |
| Administration costs | (63.8) | (60.7) | (188.2) | (189.3) | (256.6) |
| Commission from reinsurers | 30.2 | 37.1 | 76.3 | 104.1 | 130.7 |
| Total operating expenses, net of reinsurance | (133.5) | (112.2) | (390.6) | (352.2) | (487.6) |
| Other insurance-related expenses | (7.1) | (7.1) | (25.6) | (30.8) | (37.4) |
| Technical result | 210.1 | 211.4 | 490.2 | 493.2 | 594.4 |
| Income from associated companies | 5.0 | 12.9 | 20.1 | 12.9 | 10.8 |
| Interest income and dividend from financial assets | 84.0 | 49.2 | 331.0 | 215.6 | 331.7 |
| Changes in value on investments | (22.1) | (105.2) | (577.9) | (52.8) | (21.8) |
| Realised gain and loss on investments | (34.6) | 51.5 | 93.1 | 537.0 | 620.6 |
| Administration expenses related to investments | (12.2) | (8.6) | (20.2) | (54.5) | (62.9) |
| Net income from financial assets | 20.1 | (0.3) | (154.0) | 658.3 | 878.3 |
| Other income | (0.2) | 1.5 | 2.0 | 1.5 | 2.0 |
| Other expenses | (15.7) | (12.6) | (45.6) | (42.5) | (58.4) |
| Other income/expenses | (16.0) | (11.1) | (43.6) | (41.1) | (56.4) |
| Non-technical result | 4.2 | (11.4) | (197.6) | 617.2 | 821.9 |
| Profit before tax | 214.3 | 200.0 | 292.6 | 1,110.4 | 1,416.3 |
| Tax | (39.6) | (68.4) | (69.6) | (209.4) | (251.7) |
| Discontinued operations | (0.1) | (2.8) | (17.0) | 67.4 | 67.4 |
| Profit before components of comprehensive income | 174.6 | 128.8 | 206.0 | 968.5 | 1,232.1 |
| Actuarial gain and loss from defined benefit pension plans | - | (1.0) | - | (1.0) | (1.0) |
| Currency changes from foreign enterprise | 0.9 | (3.8) | (12.9) | (3.3) | (36.5) |
| Taxes on components of comprehensive income | (0.2) | 1.2 | 3.2 | 1.1 | 9.4 |
| Profit for the period | 175.2 | 125.1 | 196.3 | 965.2 | 1,204.0 |
| Earnings per share | 2.12 | 1.56 | 2.50 | 11.76 | 14.96 |
| Earnings per share, diluted | 2.12 | 1.56 | 2.50 | 11.76 | 14.96 |
Balance Sheet
| NOKm | 30.09.2022 | 30.09.2021 | 31.12.2021 |
|---|---|---|---|
| Assets | |||
| Intangible fixed assets | |||
| Other intangible fixed assets | 89.1 | 67.0 | 73.3 |
| Total intangible fixed assets | 89.1 | 67.0 | 73.3 |
| Financial assets | |||
| Shares in associated companies | - | 140.7 | 127.3 |
| Shares | 2,305.7 | 1,749.2 | 1,824.4 |
| Securities, bonds etc | 9,567.9 | 9,446.2 | 9,179.3 |
| Financial derivatives | 273.6 | 64.0 | 94.1 |
| Bank deposits | 2,192.2 | 1,955.0 | 1,935.5 |
| Total financial assets | 14,339.4 | 13,355.1 | 13,160.7 |
| Reinsurers share of gross technical provisions | |||
| Reinsurers share of gross premium provisions | 279.6 | 254.5 | 177.1 |
| Reinsurers share of gross claims provisions | 2,799.3 | 2,942.7 | 2,972.2 |
| Total reinsurers share of gross technical provisions | 3,078.9 | 3,197.2 | 3,149.3 |
| Receivables | |||
| Policyholders | 571.0 | 570.5 | 523.2 |
| Other receivables | 87.7 | 79.3 | 95.3 |
| Total receivables | 658.7 | 649.7 | 618.5 |
| Other assets | |||
| Tangible fixed assets | 31.0 | 37.1 | 34.0 |
| Cash and bank deposits | 103.7 | 101.4 | 300.0 |
| Total other assets | 134.8 | 138.5 | 333.9 |
| Total prepaid expenses | 691.5 | 469.6 | 462.5 |
| Assets discontinued operations | 950.3 | 1,516.3 | 1,448.0 |
| Total assets | 19,942.6 | 19,393.5 | 19,246.3 |
Balance Sheet
| NOKm | 30.09.2022 | 30.09.2021 | 31.12.2021 |
|---|---|---|---|
| Equity and liabilities | |||
| Shareholders' equity | |||
| Share capital [82,500,000 shares] | 82.5 | 82.5 | 82.5 |
| Own shares | (0.1) | (0.1) | (0.1) |
| Other paid-in equity | 267.7 | 267.7 | 267.7 |
| Total paid-in equity | 350.1 | 350.0 | 350.0 |
| Earned equity | |||
| Natural perils capital | 55.6 | 97.1 | 97.7 |
| Guarantee scheme provision | 73.6 | 79.7 | 78.2 |
| Fund for valuation differences | 23.7 | 12.3 | 10.0 |
| Other equity | 2,331.1 | 2,928.0 | 3,046.2 |
| Total earned equity | 2,484.1 | 3,117.1 | 3,232.1 |
| Total equity | 2,834.1 | 3,467.1 | 3,582.1 |
| Subordinated loan capital | 1,244.7 | 1,244.2 | 1,384.7 |
| Technical provisions | |||
| Provisions for unearned premiums | 2,636.1 | 2,264.8 | 1,575.5 |
| Provisions for claims | 9,171.9 | 8,230.1 | 8,404.1 |
| Total technical provisions | 11,808.1 | 10,494.9 | 9,979.6 |
| Provisions for other risks and liabilities | |||
| Current tax liability | - | 134.0 | 191.2 |
| Deferred tax liability | 121.6 | 124.4 | 121.6 |
| Total provisions for other risks and liabilities | 121.6 | 258.4 | 312.8 |
| Liabilities | |||
| Liabilities in connection with insurance | 108.4 | 86.2 | 73.4 |
| Liabilities in connection with reinsurance | 2,220.8 | 2,420.9 | 2,238.3 |
| Financial derivatives | 252.4 | 70.1 | 26.1 |
| Other liabilities | 501.7 | 208.9 | 286.6 |
| Total liabilities | 3,083.3 | 2,786.2 | 2,624.4 |
| Incurred expenses and prepaid income | |||
| Other incurred expenses and prepaid income | 293.9 | 271.7 | 528.9 |
| Total incurred expenses and prepaid income | 293.9 | 271.7 | 528.9 |
| Liabilites discontinued operations | 556.9 | 870.9 | 833.8 |
| Total equity and liabilities | 19,942.6 | 19,393.5 | 19,246.3 |
Cash flow statement
| NOKm | Q3 2022 | Q3 2021 | 30.09.2022 | 30.09.2021 | FY 2021 | |
|---|---|---|---|---|---|---|
| Cash flow from operations | ||||||
| Premiums paid | 1,303.8 | 911.0 | 5,601.0 | 4,738.6 | 5,884.3 | |
| Claims paid | (1,063.6) | (756.9) | (3,378.7) | (2,821.3) | (3,934.5) | |
| Paid reinsurance | (40.3) | 1.4 | (146.6) | (273.4) | (351.8) | |
| Paid operating expenses including commissions | (209.4) | (211.2) | (485.6) | (405.4) | (440.1) | |
| Interest / dividend income | 88.9 | 50.9 | 353.5 | 234.0 | 358.1 | |
| Net payments from financial instruments | 583.1 | (409.6) | (488.1) | (515.4) | (372.1) | |
| Payable tax | (21.1) | (16.7) | (283.6) | (191.2) | (173.9) | |
| Net cash flow from operations | 641.4 | (431.0) | 1,171.8 | 765.9 | 969.9 | |
| Cash flow from investment activities | ||||||
| Investments in fixed assets | (9.8) | (8.1) | (32.2) | (42.3) | (52.8) | |
| Net cash flow from investment activities | (9.8) | (8.1) | (32.2) | (42.3) | (52.8) | |
| Cash flow from financial activities | ||||||
| Dividend paid | - | (137.5) | (947.3) | (522.0) | (659.5) | |
| Net payment on subordinated loan capital | - | - | (140.0) | (228.8) | (88.4) | |
| Interest payments on subordinated loan capital | (15.8) | (12.6) | (46.7) | (45.1) | (61.6) | |
| Net cash flow from financial activities | (15.8) | (150.1) | (1,133.9) | (795.9) | (809.5) | |
| Net cash flow for the period | 615.7 | (589.2) | 5.6 | (72.3) | 107.6 | |
| Net change in cash and cash equivalents | 615.7 | (589.2) | 5.6 | (72.3) | 107.6 | |
| Cash and cash equivalents opening balance | 1,795.2 | 2,822.5 | 2,407.2 | 2,312.1 | 2,312.1 | |
| Effects of exchange rate changes on cash and cash equivalents | 2.8 | (5.5) | 0.8 | (12.1) | (12.5) | |
| Cash and cash equivalents closing balance | 2,413.7 | 2,227.7 | 2,413.7 | 2,227.7 | 2,407.2 |
Statement of changes in equity
| NOKm | Share Capital Own shares Other paid-in equity |
Natural perils capital |
Guarantee scheme provision |
Fund for valuation differences |
Other equity | Total | ||
|---|---|---|---|---|---|---|---|---|
| Equity at 31.12.2020 | 86.2 | (4.3) | 267.7 | 70.2 | 84.9 | - | 2,525.9 | 3,030.5 |
| Profit for the period | 6.3 | (1.3) | 567.8 | 572.8 | ||||
| Currency changes | (20.4) | (20.4) | ||||||
| Own shares | 0.4 | 1.3 | 1.7 | |||||
| Equity at 31.03.2021 | 86.2 | (3.8) | 267.7 | 76.4 | 83.6 | - | 3,074.5 | 3,584.5 |
| Profit for the period | (3.7) | 9.0 | (2.1) | 260.4 | 267.3 | |||
| Dividend paid | (384.4) | (384.4) | ||||||
| Currency changes | 10.8 | 10.8 | ||||||
| Own shares | 3.7 | 4.9 | 5.0 | |||||
| Equity at 30.06.2021 | 82.5 | (0.1) | 267.7 | 85.4 | 81.5 | - | 2,966.2 | 3,483.2 |
| Profit for the period | 11.7 | (1.8) | 12.3 | 103.0 | 125.1 | |||
| Dividend paid | (137.5) | (137.5) | ||||||
| Currency changes | (3.6) | (3.6) | ||||||
| Equity at 30.09.2021 | 82.5 | (0.1) | 267.7 | 97.1 | 79.7 | 12.3 | 2,928.0 | 3,467.2 |
| Profit for the period | 0.6 | (1.5) | (2.3) | 242.0 | 238.8 | |||
| Dividend paid | (137.6) | (137.6) | ||||||
| Currency changes | 13.2 | 13.2 | ||||||
| Own shares | 0.5 | 0.5 | ||||||
| Equity at 31.12.2021 | 82.5 | (0.1) | 267.7 | 97.7 | 78.2 | 10.0 | 3,046.2 | 3,582.1 |
| Profit for the period | (7.9) | (1.4) | 9.0 | (44.4) | (44.7) | |||
| Dividend paid | (247.1) | (247.1) | ||||||
| Equity at 31.03.2022 | 82.5 | (0.1) | 267.7 | 89.8 | 76.8 | 18.9 | 2,754.7 | 3,290.3 |
| Profit for the period | - | 10.4 | (1.8) | (0.3) | 57.5 | 65.8 | ||
| Dividend paid | (700.2) | (700.2) | ||||||
| Value changes in synthetic shares¹ | 3.5 | 3.5 | ||||||
| Own shares | 0.0 | 0.0 | 0.0 | |||||
| Equity at 30.06.2022 | 82.5 | (0.1) | 267.7 | 100.2 | 75.0 | 18.6 | 2,115.5 | 2,659.4 |
| Profit for the period | - | 2.9 | (1.5) | 5.1 | 168.7 | 175.2 | ||
| Reclassification of admin.cost | (47.5) | 47.5 | - | |||||
| Value changes in synthetic shares¹ | - | (0.5) | (0.5) | |||||
| Equity at 30.09.2022 | 82.5 | (0.1) | 267.7 | 55.6 | 73.6 | 23.7 | 2,331.2 | 2,834.1 |
¹ Synthetic shares in long term bonus scheme
Notes
Accounting principles
These interim accounts have been prepared in accordance with the Financial Statement Regulation for Non‐life Insurance Companies (Forskrift om årsregnskap for skadeforsikringsselskaper) and IAS 34 and in line with the accounting principles described in the annual report for 2021. 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 2021 annual report.
Segment information
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.
Q3
| Norway | Sweden | Denmark | UK | Finland | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOKm | Q3 2022 | Q3 2021 | Q3 2022 | Q3 2021 | Q3 2022 | Q3 2021 | Q3 2022 | Q3 2021 | Q3 2022 | Q3 2021 | |
| Gross premiums written | 173.0 | 174.2 | 230.6 | 247.6 | 59.2 | 60.7 | 459.4 | 367.8 | 1.8 | 5.5 | |
| Gross premiums earned | 403.5 | 354.4 | 471.6 | 450.3 | 263.0 | 226.7 | 445.6 | 389.9 | 50.2 | 53.6 | |
| Gross claims incurred | (262.6) | (259.0) | (320.7) | (265.4) | (245.3) | (184.8) | (381.5) | (327.7) | (50.0) | (45.6) | |
| Earned premiums, net of reinsurance | 366.5 | 316.1 | 413.9 | 394.2 | 235.4 | 195.3 | 360.7 | 303.4 | 46.2 | 48.3 | |
| Other insurance related income | 1.2 | 0.8 | 0.2 | 0.0 | 0.0 | 0.0 | 0.1 | 1.9 | 0.1 | 0.2 | |
| Claims incurred, net of reinsurance | (248.5) | (234.3) | (292.3) | (241.0) | (197.9) | (145.3) | (289.0) | (267.7) | (45.9) | (41.4) | |
| Sales cost | (12.6) | (15.0) | (40.6) | (31.5) | (7.5) | (6.0) | (37.9) | (35.2) | (1.2) | (1.0) | |
| Administration cost | (13.1) | (13.2) | (18.9) | (18.3) | (11.6) | (10.2) | (19.1) | (17.4) | (1.1) | (1.5) | |
| Commission from reinsurer | 9.6 | 8.4 | 10.3 | 16.8 | 3.3 | 6.0 | 7.0 | 5.2 | (0.1) | 0.7 | |
| Other insurance related expenses | (2.4) | (4.0) | (0.1) | 0.7 | (2.4) | (1.7) | (2.1) | (1.8) | (0.2) | (0.2) | |
| Technical result | 100.7 | 58.8 | 72.6 | 120.8 | 19.4 | 38.2 | 19.7 | (11.5) | (2.2) | 5.0 | |
| Other income/costs | (14.7) | (12.7) | (0.5) | 0.2 | (0.2) | 0.5 | (0.4) | 0.9 | (0.1) | 0.0 | |
| Net financial income | (16.2) | (43.3) | 37.5 | 35.0 | 15.1 | 1.8 | (20.9) | 4.6 | 4.7 | 1.6 | |
| Profit before tax | 69.7 | 2.8 | 109.6 | 156.0 | 34.2 | 40.6 | (1.7) | (6.0) | 2.5 | 6.7 | |
| Claims ratio, net of reinsurance | (1) | 67.8 % | 74.1 % | 70.6 % | 61.1 % | 84.1 % | 74.4 % | 80.1 % | 88.2 % | 99.4 % | 85.7 % |
| Expense ratio, net of reinsurance | (2) | 4.4 % | 6.3 % | 11.9 % | 8.4 % | 6.7 % | 5.2 % | 13.9 % | 15.6 % | 5.2 % | 3.9 % |
| Combined ratio, net of reinsurance | (3) | 72.2 % | 80.4 % | 82.5 % | 69.5 % | 90.8 % | 79.6 % | 94.0 % | 103.8 % | 104.6 % | 89.6 % |
| Gross claims ratio | (4) | 65.1 % | 73.1 % | 68.0 % | 58.9 % | 93.3 % | 81.5 % | 85.6 % | 84.0 % | 99.5 % | 85.0 % |
| Gross expense ratio | (5) | 6.4 % | 8.0 % | 12.6 % | 11.1 % | 7.3 % | 7.1 % | 12.8 % | 13.5 % | 4.7 % | 4.7 % |
| Gross combined ratio | (6) | 71.5 % | 81.1 % | 80.6 % | 70.0 % | 100.5 % | 88.6 % | 98.4 % | 97.5 % | 104.2 % | 89.8 % |
(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
Q1-Q3
| Norway | Sweden | Denmark | UK | Finland | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NOKm | Q1-Q3 22 Q1-Q3 21 Q1-Q3 22 Q1-Q3 21 Q1-Q3 22 Q1-Q3 21 Q1-Q3 22 Q1-Q3 21 Q1-Q3 22 Q1-Q3 21 | ||||||||||
| Gross premiums written | 1,466.5 | 1,292.9 | 1,689.1 | 1,544.7 | 934.6 | 826.9 | 1,518.5 | 1,326.8 | 213.8 | 173.4 | |
| Gross premiums earned | 1,173.0 | 1,047.1 | 1,428.7 | 1,306.8 | 764.1 | 649.6 | 1,256.3 | 1,076.1 | 163.5 | 198.3 | |
| Gross claims incurred | (885.4) | (745.1) (1,037.7) | (781.6) | (689.4) | (656.1) | (970.5) | (867.9) | (146.1) | (161.2) | ||
| Earned premiums, net of reinsurance | 1,064.7 | 932.4 | 1,285.5 | 1,133.1 | 683.9 | 562.1 | 1,003.3 | 846.8 | 149.7 | 177.4 | |
| Other insurance related income | 3.5 | 3.2 | 0.3 | 0.2 | 0.1 | 0.5 | 5.6 | 2.2 | 1.1 | 1.4 | |
| Claims incurred, net of reinsurance | (829.3) | (744.9) | (952.5) | (714.7) | (592.7) | (453.3) | (783.4) | (724.3) | (133.3) | (146.0) | |
| Sales cost | (34.3) | (41.9) | (114.7) | (100.8) | (19.6) | (20.9) | (106.8) | (100.6) | (3.3) | (2.9) | |
| Administration cost | (38.3) | (34.3) | (57.3) | (57.6) | (33.2) | (31.6) | (55.4) | (58.1) | (4.0) | (7.7) | |
| Commission from reinsurer | 19.2 | 12.4 | 28.0 | 44.9 | 7.6 | 19.1 | 20.3 | 24.7 | 1.1 | 3.1 | |
| Other insurance related expenses | (11.1) | (12.8) | (0.8) | 1.1 | (7.6) | (11.2) | (3.4) | (7.0) | (2.7) | (0.8) | |
| Technical result | 174.4 | 114.1 | 188.5 | 306.2 | 38.5 | 64.7 | 80.1 | (16.3) | 8.7 | 24.5 | |
| Other income/costs | (44.4) | (43.0) | (0.3) | (0.6) | 0.5 | 0.3 | 0.6 | 2.3 | (0.0) | 0.0 | |
| Net financial income | (103.0) | 551.4 | 5.2 | 92.4 | (7.2) | (3.5) | (40.9) | 2.4 | (8.1) | 15.6 | |
| Profit before tax | 27.0 | 622.4 | 193.4 | 398.0 | 31.9 | 61.5 | 39.8 | (11.6) | 0.6 | 40.1 | |
| Claims ratio, net of reinsurance | (1) | 77.9 % | 79.9 % | 74.1 % | 63.1 % | 86.7 % | 80.6 % | 78.1 % | 85.5 % | 89.1 % | 82.3 % |
| Expense ratio, net of reinsurance | (2) | 5.0 % | 6.8 % | 11.2 % | 10.0 % | 6.6 % | 5.9 % | 14.1 % | 15.8 % | 4.1 % | 4.2 % |
| Combined ratio, net of reinsurance | (3) | 82.9 % | 86.7 % | 85.3 % | 73.1 % | 93.3 % | 86.6 % | 92.2 % | 101.4 % | 93.1 % | 86.5 % |
| Gross claims ratio | (4) | 75.5 % | 71.2 % | 72.6 % | 59.8 % | 90.2 % | 101.0 % | 77.2 % | 80.7 % | 89.4 % | 81.3 % |
| Gross expense ratio | (5) | 6.2 % | 7.3 % | 12.0 % | 12.1 % | 6.9 % | 8.1 % | 12.9 % | 14.7 % | 4.4 % | 5.3 % |
| Gross combined ratio | (6) | 81.7 % | 78.4 % | 84.7 % | 71.9 % | 97.1 % | 109.1 % | 90.2 % | 95.4 % | 93.8 % | 86.6 % |
Discontinued operations
Protector decided in 2018 to exit the change of ownership insurance (COI) market. After the decision 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 July 1st 2020. Protector has from January 1st 2022, when the new Real Property Sale Act entered into force, stopped writing new COI business.
| NOKm | Q3 2022 | Q3 2021 | Q1-Q3 22 | Q1-Q3 21 | FY 2021 |
|---|---|---|---|---|---|
| Gross premiums earned | 0.2 | 44.3 | 2.4 | 150.9 | 188.7 |
| Reinsurers' share of earned premiums | (0.0) | (4.4) | (0.2) | (15.0) | (18.8) |
| Earned premiums, net of reinsurance | 0.2 | 39.9 | 2.2 | 135.9 | 169.9 |
| Gross claims incurred | (2.3) | (42.8) | (13.7) | (128.1) | (202.2) |
| Reinsurers' share of claims incurred | (2.5) | 10.8 | 4.7 | 21.2 | 47.5 |
| Claims incurred, net of reinsurance | (4.9) | (32.0) | (9.0) | (106.9) | (154.7) |
| Total operating expenses, net of reinsurance | (0.4) | 0.8 | (0.6) | 2.9 | 1.2 |
| Other insurance-related income/expenses | (0.6) | (1.2) | (3.2) | (3.8) | (5.6) |
| Technical result | (5.7) | 7.4 | (10.6) | 28.1 | 10.8 |
| Net income from financial assets | 2.8 | (6.7) | (8.2) | 58.8 | 76.2 |
| Other income/expenses | (0.5) | (0.8) | (2.4) | (3.8) | (5.0) |
| Non-technical result | 2.2 | (7.5) | (10.7) | 55.1 | 71.2 |
| Profit before tax | (3.5) | (0.0) | (21.3) | 83.1 | 82.0 |
| Tax | 3.4 | (2.8) | 4.3 | (15.7) | (14.6) |
| Profit for the period | (0.1) | (2.8) | (17.0) | 67.4 | 67.4 |
Financial assets, fair value estimation
| Financial assets through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
| Shares | NOK | 324.0 | 2,080.2 | 24.9 | 2,429.1 |
| Bonds and other fixed income securities | NOK | - | 9,785.9 | 294.1 | 10,080.0 |
| Cash and cash equivalents | NOK | 2,309.5 | - | - | 2,309.5 |
| Derivatives: | |||||
| Foreign currency contracts | NOK | - | 245.4 | - | 245.4 |
| Options | NOK | - | 42.9 | - | 42.9 |
| Total assets 30.09.2022 | NOK | 2,633.5 | 12,154.5 | 318.9 | 15,106.9 |
| Total assets 30.09.2021 | NOK | 2,557.3 | 11,850.9 | - | 14,408.2 |
| Financial liabilities at fair value through profit or loss [NOKm] | Currency | Level 1 | Level 2 | Level 3 | Total |
| Derivatives: | |||||
| Interest rate swaps | - | (57.6) | - | (57.6) | |
| Foreign exchange contracts | NOK | - | (194.9) | - | (194.9) |
| Other financial liabilities | NOK | (271.3) | - | - | (271.3) |
| Total financial liabilities 30.09.2022 | NOK | (271.3) | (252.4) | - | (523.7) |
| Total financial liabilities 30.09.2021 | NOK | (23.6) | (70.1) | - | (93.7) |
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 20 million 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.
Solvency Margin
| NOKm | 30.09.2022 | 30.09.2021 | 31.12.2021 |
|---|---|---|---|
| Total solvency capital requirement | 2 185 | 2 058 | 2 081 |
| Total eligible own funds to meet SCR | 4 847 | 4 726 | 4 294 |
| Ratio of eligible own funds to SCR | 222 % | 230 % | 206 % |
| Totalt minimum capital requirement | 983 | 926 | 936 |
| Ratio of eligible own funds to MCR | 419 % | 421 % | 421 % |
Alternative performance measures and key figures
| Q3 2022 | Q3 2021 | Q1-Q3 22 | Q1-Q3 21 | FY 2021 | ||
|---|---|---|---|---|---|---|
| Gross premiums written ¹ | ||||||
| Norway | NOKm | 173.0 | 174.2 | 1,466.5 | 1,292.9 | 1,415.0 |
| Sweden | NOKm | 230.6 | 247.6 | 1,689.1 | 1,544.7 | 1,820.5 |
| Denmark | NOKm | 59.2 | 60.7 | 934.6 | 826.9 | 918.7 |
| UK | NOKm | 459.4 | 367.8 | 1,518.5 | 1,326.8 | 1,618.1 |
| Finland | NOKm | 1.8 | 5.5 | 213.8 | 173.4 | 178.2 |
| Total premiums written | NOKm | 924.0 | 855.9 | 5,822.6 | 5,164.7 | 5,950.6 |
| Gross premiums earned | ||||||
| Norway | NOKm | 403.5 | 354.4 | 1,173.0 | 1,047.1 | 1,398.3 |
| Sweden | NOKm | 471.6 | 450.3 | 1,428.7 | 1,306.8 | 1,749.3 |
| Denmark | NOKm | 263.0 | 226.7 | 764.1 | 649.6 | 880.2 |
| UK | NOKm | 445.6 | 389.9 | 1,256.3 | 1,076.1 | 1,460.5 |
| Finland | NOKm | 50.2 | 53.6 | 163.5 | 198.3 | 257.8 |
| Total gross premiums earned | NOKm | 1,634.0 | 1,474.9 | 4,785.6 | 4,277.8 | 5,746.1 |
| Earned premiums, net of reinsurance | ||||||
| Norway | NOKm | 366.5 | 316.1 | 1,064.7 | 932.4 | 1,245.4 |
| Sweden | NOKm | 413.9 | 394.2 | 1,285.5 | 1,133.1 | 1,512.3 |
| Denmark | NOKm | 235.4 | 195.3 | 683.9 | 562.1 | 761.4 |
| UK | NOKm | 360.7 | 303.4 | 1,003.3 | 846.8 | 1,170.9 |
| Finland | NOKm | 46.2 | 48.3 | 149.7 | 177.4 | 230.7 |
| Total earned premiums, net of reinsurance | NOKm | 1,422.7 | 1,257.3 | 4,187.1 | 3,651.9 | 4,920.7 |
| Gross claims incurred | ||||||
| Norway | NOKm | (262.6) | (259.0) | (885.4) | (745.1) | (1,088.6) |
| Sweden | NOKm | (320.7) | (265.4) | (1,037.7) | (781.6) | (1,038.1) |
| Denmark | NOKm | (245.3) | (184.8) | (689.4) | (656.1) | (904.6) |
| UK | NOKm | (381.5) | (327.7) | (970.5) | (867.9) | (1,237.6) |
| Finland | NOKm | (50.0) | (45.6) | (146.1) | (161.2) | (199.4) |
| Total gross claims incurred | NOKm | (1,260.1) | (1,082.5) | (3,729.2) | (3,211.9) | (4,468.4) |
| Claims incurred, net of reinsurance | ||||||
| Norway | NOKm | (248.5) | (234.3) | (829.3) | (744.9) | (1,021.8) |
| Sweden | NOKm | (292.3) | (241.0) | (952.5) | (714.7) | (949.2) |
| Denmark | NOKm | (197.9) | (145.3) | (592.7) | (453.3) | (631.3) |
| UK | NOKm | (289.0) | (267.7) | (783.4) | (724.3) | (1,027.6) |
| Finland | NOKm | (45.9) | (41.4) | (133.3) | (146.0) | (180.2) |
| Total claims incurred, net of reinsurance | NOKm | (1,073.6) | (929.6) | (3,291.3) | (2,783.1) | (3,810.1) |
| Gross expenses | ||||||
| Norway | NOKm | (25.7) | (28.2) | (72.6) | (76.2) | (105.6) |
| Sweden | NOKm | (59.5) | (49.8) | (172.0) | (158.4) | (214.3) |
| Denmark | NOKm | (19.1) | (16.2) | (52.8) | (52.5) | (73.9) |
| UK | NOKm | (57.0) | (52.6) | (35.1) | (158.7) | (46.5) |
| Finland | NOKm | (2.3) | (2.5) | (7.2) | (10.6) | (14.3) |
| Total gross expenses | NOKm | (163.7) | (149.3) | (339.8) | (456.3) | (454.7) |
| Net expenses | ||||||
| Norway | NOKm | (16.1) | (19.8) | (53.4) | (63.8) | (89.1) |
| Sweden | NOKm | (100.1) | (33.0) | (144.0) | (113.5) | (154.4) |
| Denmark | NOKm | (15.8) | (10.1) | (45.2) | (33.4) | (52.9) |
| UK | NOKm | (50.0) | (47.4) | (141.9) | (134.0) | (182.0) |
| Finland | NOKm | (2.4) | (1.9) | (6.1) | (7.5) | (9.3) |
| Total net expenses | NOKm | (184.5) | (112.2) | (390.6) | (352.2) | (487.6) |
Alternative performance measures and key figures
| Q3 2022 | Q3 2021 | Q1-Q3 22 | Q1-Q3 21 | FY 2021 | ||
|---|---|---|---|---|---|---|
| Gross claims ratio | ||||||
| Norway | % | 65.1 % | 73.1 % | 75.5 % | 71.2 % | 77.8 % |
| Sweden | % | 68.0 % | 58.9 % | 72.6 % | 59.8 % | 59.3 % |
| Denmark | % | 93.3 % | 81.5 % | 90.2 % | 101.0 % | 102.8 % |
| UK | % | 85.6 % | 84.0 % | 77.2 % | 80.7 % | 84.7 % |
| Finland | % | 99.5 % | 85.0 % | 89.4 % | 81.3 % | 77.3 % |
| Total gross claims ratio | % | 77.1 % | 73.4 % | 77.9 % | 75.1 % | 77.8 % |
| Claims ratio, net of ceded business ¹ | ||||||
| Norway | % | 67.8 % | 74.1 % | 77.9 % | 79.9 % | 82.1 % |
| Sweden | % | 70.6 % | 61.1 % | 74.1 % | 63.1 % | 62.8 % |
| Denmark | % | 84.1 % | 74.4 % | 86.7 % | 80.6 % | 82.9 % |
| UK | % | 80.1 % | 88.2 % | 78.1 % | 85.5 % | 87.8 % |
| Finland | % | 99.4 % | 85.7 % | 89.1 % | 82.3 % | 78.1 % |
| Total claims ratio, net of ceded business | % | 75.5 % | 73.9 % | 78.6 % | 76.2 % | 77.4 % |
| Gross expense ratio | ||||||
| Norway | % | 6.4 % | 8.0 % | 6.2 % | 7.3 % | 7.6 % |
| Sweden | % | 12.6 % | 11.1 % | 12.0 % | 12.1 % | 12.3 % |
| Denmark | % | 7.3 % | 7.1 % | 6.9 % | 8.1 % | 8.4 % |
| UK | % | 12.8 % | 13.5 % | 12.9 % | 14.7 % | 14.4 % |
| Finland | % | 4.7 % | 4.7 % | 4.4 % | 5.3 % | 5.6 % |
| Total gross expense ratio | % | 10.0 % | 10.1 % | 9.8 % | 10.7 % | 10.8 % |
| Expense ratio, net of ceded business ¹ | ||||||
| Norway | % | 4.4 % | 6.3 % | 5.0 % | 6.8 % | 7.2 % |
| Sweden | % | 11.9 % | 8.4 % | 11.2 % | 10.0 % | 10.2 % |
| Denmark | % | 6.7 % | 5.2 % | 6.6 % | 5.9 % | 6.9 % |
| UK | % | 13.9 % | 15.6 % | 14.1 % | 15.8 % | 15.5 % |
| Finland | % | 5.2 % | 3.9 % | 4.1 % | 4.2 % | 4.0 % |
| Total expense ratio, net of ceded business | % | 9.4 % | 8.9 % | 9.3 % | 9.6 % | 9.9 % |
| Gross combined ratio | ||||||
| Norway | % | 71.5 % | 81.1 % | 81.7 % | 78.4 % | 85.4 % |
| Sweden | % | 80.6 % | 70.0 % | 84.7 % | 71.9 % | 71.6 % |
| Denmark | % | 100.5 % | 88.6 % | 97.1 % | 109.1 % | 111.2 % |
| UK | % | 98.4 % | 97.5 % | 90.2 % | 95.4 % | 99.1 % |
| Finland | % | 104.2 % | 89.8 % | 93.8 % | 86.6 % | 82.9 % |
| Total gross combined ratio | % | 87.1 % | 83.5 % | 87.7 % | 85.8 % | 88.5 % |
| Combined ratio, net of ceded business ¹ | ||||||
| % | 72.2 % | 80.4 % | 82.9 % | 86.7 % | 89.2 % | |
| Norway Sweden |
% | 82.5 % | 69.5 % | 85.3 % | 73.1 % | 73.0 % |
| Denmark | % | 90.8 % | 79.6 % | 93.3 % | 86.6 % | 89.8 % |
| UK | % | 94.0 % | 103.8 % | 92.2 % | 101.4 % | 103.3 % |
| Finland | % | 104.6 % | 89.6 % | 93.1 % | 86.5 % | 82.1 % |
| Total combined ratio, net of ceded business Retention rate ¹ |
% | 84.9 % | 82.9 % | 87.9 % | 85.9 % | 87.3 % |
| Norway | % | 90.8 % | 89.2 % | 90.8 % | 89.0 % | 89.1 % |
| Sweden | % | 87.8 % | 87.5 % | 90.0 % | 86.7 % | 86.5 % |
| Denmark | % | 89.5 % | 86.1 % | 89.5 % | 86.5 % | 86.5 % |
| UK | % | 80.9 % | 77.8 % | 79.9 % | 78.7 % | 80.2 % |
| Finland Total retention rate |
% % |
91.9 % 87.1 % |
90.0 % 85.2 % |
91.6 % 87.5 % |
89.5 % 85.4 % |
89.5 % 85.6 % |
Alternative performance measures and key figures
| Q3 2022 | Q3 2021 | Q1-Q3 22 | Q1-Q3 21 | FY 2021 | ||
|---|---|---|---|---|---|---|
| Run-off gains/(losses) | ||||||
| Net run-off-gains/losses | NOKm | 54.2 | 61.8 | 151.1 | 40.1 | 1.1 |
| Net run-off-gains/losses | % | 3.8 % | 4.9 % | 3.6 % | 1.1 % | -0.3 % |
| Return on investments ¹ | ||||||
| Total net income from investments, continued business | NOKm | 20.1 | (0.3) | (154.0) | 658.3 | 878.3 |
| Total net income from investments, discontinued business | NOKm | 2.8 | (6.7) | (8.2) | 58.8 | 76.2 |
| Total net income from investments | NOKm | 22.9 | (7.0) | (162.2) | 717.1 | 954.5 |
| Average investments, continued business | NOKm | 11,793.6 | 13,460.3 | 13,810.6 | 12,929.8 | 12,853.1 |
| Average investments, discontinued business | NOKm | 2,635.4 | 1,106.8 | 739.2 | 1,155.8 | 1,118.1 |
| Total average investments | NOKm | 14,429.0 | 14,567.1 | 14,549.8 | 14,085.6 | 13,971.2 |
| Return on investments, continued business | % | 0.2 % | 0.0 % | -1.1 % | 5.1 % | 6.8 % |
| Return investments, discontinued business | % | 0.1 % | -0.6 % | -1.1 % | 5.1 % | 6.8 % |
| Total return on investments | % | 0.2 % | 0.0 % | -1.1 % | 5.1 % | 6.8 % |
| Total net income from shares | NOKm | 18.2 | (98.9) | (88.7) | 458.1 | 669.5 |
| Total net income from interests | NOKm | 4.7 | 91.9 | (73.5) | 259.0 | 285.1 |
| Total net income from investments | NOKm | 22.9 | (7.0) | (162.2) | 717.1 | 954.5 |
| Average investments shares | NOKm | 2,330.7 | 2,154.8 | 2,341.6 | 1,777.4 | 1,720.0 |
| Average investments interests | NOKm | 12,098.3 | 12,412.3 | 12,208.2 | 12,308.2 | 12,251.2 |
| Total average investments | NOKm | 14,429.0 | 14,567.1 | 14,549.8 | 14,085.6 | 13,971.2 |
| Return on investments, shares | % | 0.8 % | -4.6 % | -3.8 % | 25.8 % | 38.9 % |
| Return investments, interests | % | 0.0 % | 0.7 % | -0.6 % | 2.1 % | 2.3 % |
| Total return on investments | % | 0.2 % | 0.0 % | -1.1 % | 5.1 % | 6.8 % |
| Return on equity, annualised ¹ | ||||||
| Profit before comprehensive income | NOKm | 174.6 | 128.8 | 206.0 | 968.5 | 1,232.1 |
| Average shareholder equity | NOKm | 2,746.8 | 3,475.2 | 3,052.6 | 3,248.8 | 3,460.3 |
| Return on equity, annualised | % | 25.4 % | 14.8 % | 9.0 % | 39.7 % | 35.6 % |
| Equity | NOKm | 2,834.1 | 3,467.1 | 2,834.1 | 3,467.1 | 3,582.1 |
| Equity per share | NOK | 34.4 | 42.1 | 34.4 | 42.1 | 43.5 |
| Earnings per share in the period, basic and diluted ² | NOK | 2.1 | 1.6 | 2.5 | 11.8 | 15.0 |
| Issued shares (excl. own shares), at the end of the period | No. | 82,378,345 | 82,364,602 | 82,378,345 | 82,364,602 | 82,371,969 |
¹ Defined as alternative performance measure (APM). APMs are described on www.protectorforsikring.no in document named APMs Protector Forsikring Q3 2022
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
Quarterly outline continued business
| NOKm | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 Q2 2020 | Q1 2020 | Q4 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross premiums written | 924.0 | 1,788.0 | 3,110.7 | 785.9 | 855.9 | 1,428.6 | 2,880.2 | 728.9 | 671.4 | 1,288.0 | 2,828.0 | 548.8 |
| Gross premiums earned | 1,634.0 | 1,626.7 | 1,525.0 | 1,468.3 | 1,474.9 | 1,415.0 | 1,387.9 | 1,404.5 | 1,339.6 | 1,342.3 | 1,293.2 | 1,315.6 |
| Gross claims incurred | (1,260.1) (1,198.5) (1,270.6) (1,256.5) (1,082.5) (1,094.3) (1,035.2) (1,155.3) (1,080.2) (1,083.3) (1,105.8) (1,363.2) | |||||||||||
| Earned premiums, net of reinsurance | 1,422.7 | 1,427.9 | 1,336.5 | 1,268.9 | 1,257.3 | 1,219.3 | 1,175.2 | 1,189.0 | 1,147.3 | 1,154.9 | 1,122.3 | 1,132.9 |
| Other insurance related income | 1.7 7.1 |
1.8 | 1.3 | 2.9 | 1.5 | 2.9 | 7.4 | 3.9 | 3.9 | 4.2 | 2.0 | |
| Claims incurred, net of reinsurance | (1,073.6) (1,059.8) (1,157.9) (1,026.9) | (929.6) | (930.7) | (922.8) | (996.3) | (952.3) | (946.3) (1,006.4) (1,129.7) | |||||
| Sales cost | (99.9) (86.0) |
(92.8) | (94.7) | (88.6) | (76.9) | (101.5) | (93.3) | (86.5) | (79.8) | (71.7) | (65.3) | |
| Administration cost | (63.8) (64.7) |
(59.7) | (67.3) | (60.7) | (46.8) | (81.8) | (71.0) | (46.0) | (56.0) | (48.3) | (61.0) | |
| Commission from reinsurer | 30.2 | 32.7 | 13.4 | 26.6 | 37.1 | 31.4 | 35.6 | 26.2 | 13.6 | 18.9 | 23.0 | (2.3) |
| Other insurance related expenses | (5.4) (1.6) |
(7.9) | (5.3) | (4.1) | (6.4) | (12.8) | (0.9) | 4.9 | 1.7 | (4.3) | 2.9 | |
| Technical result | 210.1 | 248.5 | 31.6 | 101.2 | 211.4 | 189.8 | 92.0 | 53.6 | 80.9 | 93.4 | 18.8 | (120.6) |
| Other income/costs | (16.0) (13.3) |
(14.4) | (15.3) | (11.1) | (12.7) | (17.2) | (19.1) | (14.4) | (17.1) | (16.3) | (8.3) | |
| Net financial income | 20.1 | (164.9) | (9.2) | 220.1 | (0.3) | 135.5 | 523.0 | 413.6 | 264.7 | 509.8 | (322.8) | 107.3 |
| Profit before tax | 214.3 | 70.4 | 8.0 | 305.9 | 200.0 | 312.6 | 597.8 | 448.0 | 331.2 | 586.0 | (320.3) | (21.5) |
| Claims ratio, net of reinsurance | (1) 75.5 % |
74.2 % | 86.6 % | 80.9 % | 73.9 % | 76.3 % | 78.5 % | 83.8 % | 83.0 % | 81.9 % | 89.7 % | 99.7 % |
| Expense ratio, net of reinsurance | (2) | 9.4 % 8.3 % |
10.4 % | 10.7 % | 8.9 % | 7.6 % | 12.6 % | 11.6 % | 10.4 % | 10.1 % | 8.6 % | 11.4 % |
| Combined ratio, net of reinsurance | (3) 84.9 % |
82.5 % | 97.0 % | 91.6 % | 82.9 % | 83.9 % | 91.1 % | 95.4 % | 93.4 % | 92.1 % | 98.3 % | 111.1 % |
| Gross claims ratio | (4) 77.1 % |
73.7 % | 83.3 % | 85.6 % | 73.4 % | 77.3 % | 74.6 % | 82.3 % | 80.6 % | 80.7 % | 85.5 % | 103.6 % |
| Gross expense ratio | (5) 10.0 % |
9.3 % | 10.0 % | 11.0 % | 10.1 % | 8.7 % | 13.2 % | 11.7 % | 9.9 % | 10.1 % | 9.3 % | 9.6 % |
| Gross combined ratio | (6) 87.1 % |
82.9 % | 93.3 % | 96.6 % | 83.5 % | 86.1 % | 87.8 % | 94.0 % | 90.5 % | 90.8 % | 94.8 % | 113.2 % |
(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