Protector Forsikring

Quarterly Report • Jul 10, 2023

INTERIM REPORT Q2 2023 PROTECTOR FORSIKRING ASA

(UNAUDITED) 10 JULY 2023

Highlights Q2 2023

CR 83.9% and 56% volume growth in local currencies

kr de d f f ( ) fo he he lt Pro Fo i ing A S A it N O K 2 1 8. 5m N O K 1 9 9. 5m T is te cto t rte r rs rec or a p ro o r q ua r. res u dr ive by ins ice ( hn ica l ) lt f fse by ive inv str te t at ret tm ts. n a on g ur an ce se rv c res u o a ne g ur n on es en
he lt ( ) d b d f T ins ice N O K 3 8 3. 8m N O K 2 4 8. 5m ing ine io to rat ur an ce se rv res u wa s co rre sp on a co m o % ( % ). 8 3. 9 8 4. 8
fro de ( ) Ne inc N O K ‐ 1 8 0. 2m N O K ‐ 1 7 5. 2m t ts t om e m as se un r ma na g em en wa s or (‐ ). ‐1 0 % 1. 2 %
he l lu d f ( ). T inv inc ing ins ina N O K ‐ 3 7. 7m N O K 2 9. 7m to ta tm t ret es en ur n ur an ce nc e wa s
he d ( loc l ) In Q 2, itt ium N O K 3 0 5 7. 2 7 1 % 5 6 % in ies t nte to g ro ss wr en p re m s am ou up a cu rre nc lat he h dr by he ( f he h ), bu l l ive Q 2 2 0 2 2. T is ive U K 8 4 % ies to str t t t t t tr re on g g row n o g row a co un bu i nt te co r
th he d ha l d ho d by he l l h d T Bo i ize its iza ion An Ge Me ing 3 0 Ma 2 0 2 3 ut t t te t et ar s au r g ran nu a ne ra rc an ha lve d d bu l d de d f d ha ist i ia iv i N O K 1 6 4. 9m ing N O K 2. 0 0 to te to s res o r a sp ec n o co rre sp on p er s re ,
he d f he ( ), d de ds At Q 2 2 0 2 3, S C R‐ io 1 9 2 % 2 0 6 % iv i t t rat t en o wa s p os n

Highlights H1 2023

CR 88.1% and 34% volume growth in local currencies

kr de d f f ( ) fo he f ha l f he Pro Fo i ing A S A it N O K 8 4 4. 7m N O K 4 0 7. 6m irs T te cto t t r rs rec or a p ro o r y ea r. lt dr by ( hn l ) lt d d is ive ins ice ica inv str te ret tm ts. res u n a on g ur an ce se rv c res u an a g oo ur n on es en
he lt ( ) d b d f T ins ice N O K 5 1 9. 7m N O K 3 1 7. 8m ing ine io to rat ur an ce se rv res u wa s co rre sp on a co m o ( ). 8 8. 1 % 9 0. 1 %
fro de ( ) (‐ ). Ne inc N O K 4 8 0. 6m N O K ‐ 1 8 5. 1m 3. 1 % 1. 2 % t ts t om e m as se un r ma na g em en wa s or
he l lu d f ( ). T inv inc ing ins ina N O K 4 8 4. 0m N O K 2 7 8. 7m to ta tm t ret es en ur n ur an ce nc e wa s
he d ( loc l ) In H 1, itt ium N O K 7, 0 0 0. 7 4 3 % 3 4 % in ies t nte to g ro ss wr en p re m s am ou up a cu rre nc lat he h dr by he ( f he h ) d d ive H 1 2 0 2 2. T is ive U K 5 9 % Sc ina ia. to str t t t t re on g g row n o g row an an v

Financial highlights ‐ Protector Forsikring ASA

N O Km		Q 2 2 0 2 3	Q 2 2 0 2 2	H 1 2 0 2 3	H 1 2 0 2 2	F Y 2 0 2 2
itt ium Gr os s wr en p re m	( 1)	3 0 5 7, 2	1 7 8 8, 0	7 0 0 0, 7	4 8 9 8, 6	7 0 9 7, 8
Ins ur an ce rev en ue		2 3 8 7, 4	1 6 3 8, 7	4 3 7 3, 6	3 2 2 2, 8	6 6 1 9, 1
la Ins im ur an ce c s ex p en se s		( ) 1 5 5 5, 8	( ) 1 1 7 6, 3	( ) 3 3 8 7, 0	( ) 2 4 3 7, 8	( ) 5 0 4 4, 8
Ins ing at ur an ce op er ex p en se s		( ) 2 6 9, 8	( ) 1 7 5, 5	( ) 4 7 5, 6	( ) 3 4 7, 3	( ) 7 3 4, 5
ice lt be fo ins he l d Ins nt ts ur an ce se rv res u re re ur an ce co rac		5 6 1, 7	2 8 7, 0	5 1 1, 0	4 3 7, 7	8 3 9, 9
lt fro he l d Ne ins t nt ts res m re ur an ce co rac u		( ) 1 7 7, 9	( ) 3 8, 4	8, 7	( ) 1 1 9, 8	( ) 1 3 9, 1
ice lt Ins ur an ce se rv res u		3 8 3, 8	2 4 8, 5	5 1 9, 7	3 1 7, 8	7 0 0, 8
fro Ne inc inv t tm ts om e m es en		( ) 1 6 9, 9	( ) 1 6 4, 9	4 6 5, 2	( ) 1 7 4, 1	4 7 7, 0
f Ne ins ina inc t ur an ce nc e om e or ex p en se s		1 3 2, 2	1 9 4, 6	1 8, 8	4 5 2, 8	6 0 7, 0
/ he Ot inc r om e ex p en se s		( ) 1 5, 7	( ) 1 6, 0	( ) 3 1, 7	( ) 3 2, 2	( ) 7 4, 0
/ f it ( los ) be fo Pr ta o s re x ex p en se s		3 3 0, 5	2 6 2, 2	9 7 2, 0	5 6 4, 3	1 7 1 0, 7
Ta x		( ) 1 0 3, 9	( ) 5 2, 8	( ) 1 3 5, 2	( ) 1 5 1, 5	( ) 3 4 1, 4
d D isc inu ion t at on e op er s		( ) 8, 0	( ) 9, 9	7, 9	( ) 5, 2	9, 7
/ f ( los ) Pr it o s		2 1 8, 5	1 9 9, 5	8 4 4, 7	4 0 7, 6	1 3 7 9, 0
los f La ins t rg e se s, ne o re ur an ce	( 1)	( ) 1 1 1, 7	( ) 4 4, 4	( ) 1 3 5, 3	( ) 2 0 7, 2	( ) 4 2 5, 9
/ f f los f Ru ins ins t n‐o g a se s, ne o re ur an ce	( 1)	7 0, 3	4 8, 7	2 5, 8	9 6, 9	1 3 3, 7
ha k d f C in is j ins tm t, t ng e r a us en ne o re ur an ce	( 1)	( ) 4 8, 8	( ) 1 2, 1	( ) 6 4, 2	( ) 3 1, 4	( ) 7 9, 6
f fec f D isc ing ins nt t, t ou e ne o re ur an ce	( 1)	1 4 9, 6	2 1, 8	2 0 8, 6	3 4, 4	1 5 4, 5
Lo io, rat ss g ro ss	( 2)	6 5, 2 %	7 1, 8 %	7 7, 4 %	7 5, 6 %	7 6, 2 %
Ne ins io t rat re ur an ce	( 3)	% 7, 5	% 2, 3	% ‐0, 2	% 3, 7	% 2, 1
f Lo io, ins rat t ss ne o re ur an ce	( 4)	% 7 2, 6	% 7 4, 1	% 7 7, 2	% 7 9, 4	% 7 8, 3
io Co st rat	( 5)	% 1 1, 3	% 1 0, 7	% 1 0, 9	% 1 0, 8	% 1 1, 1
b ine d io Co t m ra	( 6)	% 8 3, 9	% 8 4, 8	% 8 8, 1	% 9 0, 1	% 8 9, 4
ion Re te nt rat e	( 7)	% 9 3, 1	% 8 8, 0	% 9 3, 5	% 8 7, 9	% 8 7, 5

(1) Defined as alternative performance measure (APM). APMs are described on www.protectorforsikring.no in document named APMs Protector Forsikring Q2 2023

(2) "Insurance claims expenses" in % of "Insurance revenue"

(3) "Net result from reinsurance contracts held" in % of "Insurance revenue"

(4) "Loss ratio, gross" + "Net reinsurance ratio"

• (5) "Insurance operating expenses" in % of "Insurance revenue"
• (6) "Loss ratio, net of reinsurance" + "Cost ratio"
• (7) ("Insurance revenue" + "Reinsurance premium") / "Insurance revenue"

Premiums

Gross premiums written increased by 71% or NOK 1,269.3m to a total of NOK 3,057.2m. In local currencies the growth was 56%. The growth is driven by all countries with UK, which has it'slargest inception date 1st of April, as the largest contributor. The renewal rate was 106% (92.8%), supported by price increases to counter claims inflation.

In accordance with IFRS 17, the insurance revenue (earned premium) for Q2 2023 has been adjusted for seasonal variations with NOK 18m (NOK 23m) which is mainly related to Motor insurance in Norway and Sweden. The retention rate for Q2 2023 was 93.1% (88.0%). The increase is driven by non‐renewal of the solvency‐based reinsurance agreement with effect from January 1st, 2023.

Growth (LCY)

103 %

12 %

10 %

42 %

56 %

Growth (LCY)

99 %

19 %

19 %

11 %

34 %

2 %

‐59 %

( ) ium it Gr N O Km te os s p re m wr n	Q 2 2 0 2 3	Q 2 2 0 2 2	Gr ow	h t
U K	1 9 2 4, 8	8 6 3, 3	1 0 6 1, 5	1 2 3 %
de Sw e n	6 2 4, 5	5 1 5, 5	1 0 9, 1	2 1 %
No rw ay	3 7 2, 6	3 3 8, 3	3 4, 3	1 0 %
k De nm ar	1 2 4, 9	6 3, 2	6 1, 7	9 8 %
lan d F in	1 0, 4	7, 7	2, 7	3 5 %
Pro te cto r	3 0 5 7, 2	1 7 8 8, 0	1 2 6 9, 3	7 1 %

ium it ( ) Gr N O Km te os s p re m wr n	H 1 2 0 2 3	H 1 2 0 2 2	h Gr t ow
U K	2 2 9 2 4,	0 9, 1 5 1	2 3 1 5, 1	% 1 1 7
Sw de e n	1 8 1 8 5,	1 8, 4 5 5	3 3 5 7,	2 % 4
No rw ay	1 3 9, 1 5	1 2 9 3, 5	2 4 5, 5	1 9 %
k De nm ar	1 1 0 5, 1	8 7 5, 4	2 2 9, 7	2 6 %
lan d F in	2 4 6, 5	2 1 2, 0	3 4, 4	1 6 %
Pro te cto r	7 0 0 0, 7	4 8 9 8, 6	2 1 0 2, 0	4 3 %

Results

The profit totaled to NOK 218.5m against NOK 199.5m in Q2 2022. The insurance service result was NOK 383.8m (NOK 248.5m), corresponding to a combined ratio of 83.9%, 0.9 percentage points lower than 84.8%, as reported in Q2 2022. The technical result is mainly driven by strong results in the UK.

For H1 2023 the profit totaled NOK 844.7m against NOK 407.6m in H1 2022. The insurance service result was NOK 519.7m (NOK 317.8m), corresponding to a combined ratio of 88.1%, 2.0 percentage points lower than 90.1%, as reported in H1 2022.

After implementing IFRS 17, the result is affected by interest rate changes and risk adjustment, which for Q2 2023 improved the combined ratio with 3.6 percentage points compared to Q2 2022.

	b ine Co m	d io t ra	io Lo t ss ra		Ne ins t re	io t ur an ce ra	io Co t t s ra
	Q 2 3 2 0 2	Q 2 2 2 0 2	Q 2 3 2 0 2	Q 2 2 2 0 2	Q 2 3 2 0 2	Q 2 2 2 0 2	Q 2 3 2 0 2	Q 2 2 2 0 2
U K	6 8, 3 %	9 3, 6 %	4 1, 0 %	7 2, 4 %	1 3, 6 %	4, 8 %	1 3, 7 %	1 6, 4 %
de Sw e n	% 9 9, 8	% 7 9, 0	% 8 1, 7	% 6 4, 8	% 3, 9	% 2, 8	% 1 4, 2	% 1 1, 4
No rw ay	% 8 9, 1	% 8 1, 0	% 8 2, 1	% 7 2, 4	% 1, 6	% 2, 9	% 5, 5	% 5, 7
k De nm ar	% 9 5, 7	% 8 4, 5	% 8 2, 1	% 8 1, 0	% 6, 4	% ‐2, 9	% 7, 2	% 6, 4
in lan d F	% 6 1, 2	% 9 8, 3	% 4 8, 3	% 8 5, 2	% 0, 9	% ‐1, 3	% 1 2, 0	% 1 4, 4
Pro te cto r	% 8 3, 9	% 8 4, 8	% 6 5, 2	% 7 1, 8	% 7, 5	% 2, 3	% 1 1, 3	% 1 0, 7

	b Co ine m	d io t ra	Lo io t ss ra		Ne ins t re	io t ur an ce ra	Co t s	io t ra
	H 1 3 2 0 2	H 1 2 2 0 2	H 1 3 2 0 2	H 1 2 2 0 2	H 1 3 2 0 2	H 1 2 2 0 2	H 1 3 2 0 2	H 1 2 2 0 2
U K	7 2, 9 %	9 3, 2 %	6 2, 1 %	6 9, 4 %	‐2, 8 %	8, 4 %	1 3, 5 %	1 5, 4 %
de Sw e n	1 0 0, 3 %	8 7, 0 %	8 2, 8 %	7 4, 1 %	4, 0 %	1, 3 %	1 3, 5 %	1 1, 6 %
No rw ay	9 0, 5 %	8 7, 2 %	8 2, 1 %	7 7, 6 %	2, 5 %	3, 3 %	5, 9 %	6, 3 %
k De nm ar	1 0 0, 7 %	9 5, 2 %	9 9, 8 %	8 6, 0 %	‐6, 1 %	2, 2 %	7, 0 %	7, 0 %
lan d F in	7 6, 5 %	9 1, 6 %	6 4, 8 %	7 5, 8 %	0, 6 %	‐0, 1 %	1 1, 1 %	1 5, 8 %
Pro te cto r	8 8, 1 %	9 0, 1 %	7 7, 4 %	7 5, 6 %	‐0, 2 %	3, 7 %	1 0, 9 %	1 0, 8 %

In Q2 2023, the company had run‐off gains (undiscounted) of 2.9%, net of reinsurance against 3.0% in Q2 2022. The loss ratio (gross) was 65.2% (71.8%), while the loss ratio net of reinsurance ended at 72.6% (74.1%). The result is driven by strong property results, partially offset by weak motor results.

Large losses (defined as absolute net losses > MNOK 10) for Q2 amounted to NOK 111.7m, or 4.7% (2,8%), and include the company's share of a natural peril event in Norway totaling at NOK 34m.

The cost ratio amounted to 11.3%, up from 10.7% in Q2 2022. The increase is mainly due to increased broker commissions in Sweden and the UK.

In H1 2023, the company had run‐off gains (undiscounted) of 0.6%, net of reinsurance against 3.0% in H1 2022. The loss ratio (gross) was 77.4% (75.6%), while the loss ratio net of reinsurance ended at 77.2% (79.4%).

The cost ratio for H1 2023 amounted to 10.9%, slightly up from 10.8% in H1 2022.

Investments

The assets under management amounted to a total of NOK 17,920m on 30 June, up 6.0% compared to the portfolio at the end of Q1 2023.

In Q2, the investment activities yielded a total return of NOK ‐180.2m (‐1.0%) compared to NOK ‐175.2m (‐1.2%) in Q2 2022. Equities accounted for a NOK 157.2m loss (‐5.4%) including put options against a NOK 94.6m loss (‐3.9%) in Q2 2022. The return on the fixed income portfolio totaled NOK ‐22.9m (‐0.2%) against NOK ‐80.6m (‐0.7%) in Q2 2022.

In H1, the investment activities yielded a total return of NOK 480.6m (3.1%) compared to NOK ‐185.1m (‐1.2%) in H1 2022. Equities accounted for a NOK 269.5m gain (11.1%) including put options against a NOK 106.9m loss (‐4.6%) in H1 2022. The return on the fixed income portfolio totaled to NOK 211.1m gain (1.6%) against a NOK ‐78.2m loss (‐0.6%) in H1 2022.

At the end of Q2 2023, 15.5% of Protector's financial assets were invested in equities, against 17.4% at the end of Q1 2023. 23% of the total financial assets were allocated to high yield (NOK 4.1 bn.), up from 21% (NOK 3.5 bn.) at the end of Q1 2023.

The insurance finance result impacted the total investment return positively with NOK 132.2m in Q2 2023 and NOK 18.8m in H1 2023, against a positive effect in Q2 2022 of NOK 194.6m and NOK 452.8 in H1 2022. The decrease is mainly due to interest curve changes.

Equity and capital position

At the end of Q2 2023, the volatility adjusted SCR‐ratio using the standard formula was 192% post dividends, down from 198% at the end of Q1 2023. 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 4,045.4m, an increase of NOK 1,230.2m compared to the equity at the end of Q2 2022.

Protectors BBB+ Long‐Term Issuer Credit rating from A.M. Best was affirmed 22 June 2023. Outlooks were revised from stable to positive.

Dividend

Based on the company's strong financial position, competitive position in the market and dividend policy the Board has resolved to distribute a dividend of NOK 164.9 million, corresponding to NOK 2.00 per share.

The resolved dividend is included in other equity and the payment will take place on July 21st, 2023.

Prospects

The underlying profitability is good, and with continued price increases to counter claims inflation, the technical result is expected to stay strong.

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 2023.

Oslo, 10th July 2023

The Board of Directors of Protector Forsikring ASA

Income statement

	Q 2	Q 2	H 1	H 1	F Y
N O Km	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 2
Ins ur an ce rev en ue	2 3 8 7, 4	1 6 3 8, 7	4 3 7 3, 6	3 2 2 2, 8	6 6 1 9, 1
la Ins im ur an ce c s ex p en se s	( ) 1 5 5 5, 8	( ) 1 1 7 6, 3	( ) 3 3 8 7, 0	( ) 2 4 3 7, 8	( ) 5 0 4 4, 8
Ins ing at ur an ce op er ex p en se s	( ) 2 6 9, 8	( ) 1 7 5, 5	( ) 4 6 7 5,	( ) 3 4 3 7,	( ) 3 4, 7 5
ice lt be fo ins he l d Ins nt ts ur an ce se rv res re re ur an ce co rac u	5 6 1, 7	2 8 7, 0	5 1 1, 0	4 3 7, 7	8 3 9, 9
ins ium Re ur an ce p re m	( ) 1 6 4, 6	( ) 1 9 3 7,	( ) 2 8 3, 5	( ) 3 8 9, 1	( ) 8 2 6, 4
fro Am d ins nts ou rec ov er e m re ur an ce	( ) 1 3, 3	1 5 8, 9	2 9 2, 2	2 6 9, 2	6 8 7, 3
lt fro he l d Ne ins t nt ts res u m re ur an ce co rac	( ) 1 7 7, 9	( ) 3 8, 4	8, 7	( ) 1 1 9, 8	( ) 1 3 9, 1
lt Ins ice ur an ce se rv res u	3 8 3, 8	2 4 8, 5	5 1 9, 7	3 1 7, 8	7 0 0, 8
fro lt inv in iat d j int Re tm ts nt su m es en as so c es an o ve ur e	‐	6, 1	‐	1 1 5,	2 0, 1
fro f l Int inc d d iv i de d ina ia t etc ts er es om e an n m nc as se	2 2 0, 9	1 2 4, 5	3 4 8, 3	2 4 7, 0	4 5 7, 8
ha fa lue f Ne in ir inv t tm ts c ng es va o es en	( ) 6 0 7, 9	( ) 2 9 2, 1	( ) 4 2 2, 3	( ) 5 5 5, 8	( ) 1 2 2, 8
l d d los Ne ise in inv t tm ts rea g a an s on es en	2 3 2, 5	2, 1	5 7 5, 4	1 2 7, 6	1 5 6, 3
d lat d Int inv t to tm ts er es ex p en se s an ex p en se s re e es en	( ) 1 5, 4	( ) 5, 5	( ) 3 6, 3	( ) 8, 0	( ) 3 4, 4
fro Ne inc inv t tm ts om e m es en	( ) 1 6 9, 9	( ) 1 6 4, 9	4 6 5, 2	( ) 1 7 4, 1	4 7 7, 0
f Ins ina inc ur an ce nc e om e or ex p en se s	1 3 9, 8	2 1 5, 5	2 2, 9	4 9 0, 8	6 7 2, 2
f Re ins ina inc ur an ce nc e om e or ex p en se s	( ) 7, 6	( ) 2 0, 9	( ) 4, 1	( ) 3 8, 0	( ) 6 5, 2
f Ne ins ina inc t ur an ce nc e om e or ex p en se s	1 3 2, 2	1 9 4, 6	1 8, 8	4 5 2, 8	6 0 7, 0
he / Ot inc r om e ex p en se s	( ) 1 5, 7	( ) 1 6, 0	( ) 3 1, 7	( ) 3 2, 2	( ) 7 4, 0
/ f ( los ) be fo Pr it ta o s re x ex p en se s	3 3 0, 5	2 6 2, 2	9 7 2, 0	5 6 4, 3	1 7 1 0, 7
Ta x	( ) 1 0 3, 9	( ) 5 2, 8	( ) 1 3 5, 2	( ) 1 5 1, 5	( ) 3 4 1, 4
d D isc inu ion t at on e op er s	( ) 8, 0	( ) 9, 9	7, 9	( ) 5, 2	9, 7
/ f ( los ) Pr it o s	2 1 8, 5	1 9 9, 5	8 4 4, 7	4 0 7, 6	1 3 7 9, 0

Statement of comprehensive income

	Q 2	Q 2	H 1	H 1	F Y
N O Km	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 2
/ f los fo he d Pr it io t o s r p er	2 1 8, 5	1 9 9, 5	8 4 4, 7	4 0 7, 6	1 3 7 9, 0
he he h h bs ly be las f d O ive inc ic i ie t nt r co mp re ns om e w ca n su eq ue rec s as p	f los it ro or s
ha fro fo Cu ig ise te rre nc y c ng es m re n en rp r	2, 6	1 8, 2	1 2 3, 0	( ) 1 1, 0	( ) 4 0, 6
f he ive inc Ta ts xe s on co mp on en o co mp re ns om e	( ) 0, 5	( ) 4, 6	( ) 3 0, 7	3, 5	1 1, 1
l he he To ive inc ta t o r co mp re ns om e	2, 1	1 3, 5	9 2, 2	( ) 7, 5	( ) 2 9, 5
he ive inc Co mp re ns om e	2 2 0, 7	2 1 3, 1	9 3 6, 9	4 0 0, 1	1 3 4 9, 5

Statement of financial position

O N Km	3 0. 0 6. 2 3	3 0. 0 6. 2 2	3 2. 2 2 1. 1
As ts se
l F ina ia ts nc as se
ha d S in iat ies res as so c e co mp an	0, 0	1 3 8, 3	0, 0
ha S res	2 6 8 6 7,	2 0 1 1, 4	2 2 2, 9 5
bo ds Se it ies etc cu r n ,	1 3 9 9 5, 4	9 9 7 2, 2	1 0 8 3 2, 1
l de F ina ia iva ive t nc r s	2 7, 5	1 4 1, 6	6 5, 7
k de its Ba n p os	6 6 1, 6	1 8 6, 5 5	8 3 9, 8
l f l To ina ia ta ts nc as se	1 7 3 7 2, 1	1 3 8 5 0, 0	1 4 2 6 0, 6
ins Re nt t ts ur an ce co rac as se	1 1 0, 4 7	1 0 6 7 7,	1 0 2 9, 1
b le f d Int i ixe ts an g as se	1 0 2, 9	8 4, 9	9 5, 9
b le f d Ta i ixe ts ng as se	1 3 8, 4	1 5 1, 2	1 3 2, 2
h d ba k de Ca its s an n p os	4 6, 4	1 0 5, 4	1 9 8, 5
he b les Ot iva r rec e	5 8, 4	1 1 7, 9	2 9, 5
l d To i ta p re p a ex p en se s	3 6 6, 4	7 1 7, 6	6 8 4, 5
d d As isc inu ion ts t at se on e op er s	5 1 7, 2	1 1 0 2, 2	8 8 8, 1
l To ta ts as se	1 9 7 7 2, 2	1 7 2 0 6, 7	1 7 3 1 8, 4

Statement of financial position

N O Km	3 0. 0 6. 2 3	3 0. 0 6. 2 2	3 1. 1 2. 2 2
d l b l Eq ity ia i it ies an u
ha ho l de ' ity S re rs eq u
ha l [ ha ] S ita 8 2. 5 0 0. 0 0 0 re ca p s res	8 2, 5	8 2, 5	8 2, 5
ha Ow n s res	( ) 0, 1	( ) 0, 1	( ) 0, 1
he d‐ Ot i in ity r p a eq u	2 6 7, 7	2 6 7, 7	2 6 7, 7
l i d‐ in ity To ta p a eq u	3 5 0, 1	3 5 0, 1	3 5 0, 1
d Ea ity rn e eq u
l ls l Na i ita tu ra p er ca p	1 0 1, 3	9 7, 3	6 0, 7
he Gu is ion nte ara e sc me p rov	7 3, 5	7 5, 0	7 2, 8
d fo lua d f fe Fu ion i t n r va re nc es	‐	1 8, 6	‐
he Ot ity r eq u	3 5 2 0, 5	2 2 7 4, 2	3 2 7 7, 9
l d To ity ta ea rn e eq u	3 6 9 5, 3	2 4 6 5, 2	3 4 1 1, 4
l To ity ta eq u	4 0 4 5, 4	2 8 1 5, 2	3 7 6 1, 5
bo d d loa l Su ina ita te r n ca p	1 2 4 4, 7	1 2 4 4, 7	1 2 4 4, 7
b l fo ( ) L ia i it ies in ing L R C r re ma co ve rag e	2 9 9 1, 5	2 5 8 1, 9	1 4 2 0, 6
b l fo d la ( ) L ia i it ies inc im L I C r ur re c s	8 8 2 2, 2	7 9 0 4, 9	8 1 2 7, 7
b l fo d la k d ( ) L ia i it ies inc im is j R A tm t r ur re c s r a us en	9 9 6, 0	8 2 9, 0	8 8 1, 6
l ia b i l it ies Ins nt t ur an ce co rac	1 2 8 0 9, 7	1 1 3 1 5, 7	1 0 4 3 0, 0
l b l Cu ia i ity nt tax rre	‐	‐	1 2 0, 2
fe d l b l De ia i ity tax rre	1 4 8, 8	1 7 3, 1	1 4 7, 8
ina ia l de iva ive F t nc r s	5 8, 2	1 0 0, 4	5 4, 8
he l ia b i l it ies Ot r	7 5 6, 6	6 5 6, 8	4 8 1, 9
he inc d d i d inc Ot r ur re ex p en se s an p re p a om e	3 7 9, 0	2 5 1, 5	5 5 5, 2
ia b i l it ies d isc inu d ion L t at on e op er s	3 2 9, 8	6 4 9, 2	5 2 2, 4
l ity d l ia b i l it ies To ta eq u an	1 9 7 7 2, 2	1 7 2 0 6, 7	1 7 3 1 8, 4

Statement of changes in equity

N O Km	Sha re Cap ita l	Ow n sha res	Oth id‐ er pa in uit eq y	al Na tur ils ita l per cap	Gu nte ara e sch em e	d for Fun val ion uat	Oth er uit eq y	al Tot
Eq ity 3 1. 1 2. 2 0 2 1 N G A A P at u	8 2, 5	( ) 0, 1	2 6 7, 7	9 7, 7	vis ion pro 7 8, 2	dif fer enc es 1 0, 0	3 0 4 6, 2	3 5 8 2, 1
d I F R S A j tm ts us en				( ) 2, 9			( ) 2 2 0, 4	( ) 2 2 3, 3
Eq ity 1. 1. 2 0 2 2 I F R S at u	8 2, 5	( ) 0, 1	2 6 7, 7	9 4, 9	7 8, 2	1 0, 0	2 8 2 5, 8	3 3 5 8, 9
f fo he d Pro it io t r p er				( ) 9, 0	( ) 1, 4	9, 0	2 0 9, 5	2 0 8, 1
he he Ot ive inc r co mp re ns om e							( ) 2 1, 0	( ) 2 1, 0
de d d D iv i i n p a							( ) 2 4 7, 1	( ) 2 4 7, 1
ity Eq 3 1. 0 3. 2 0 2 2 t u a	8 2, 5	( ) 0, 1	2 6 7, 7	8 5, 9	7 6, 8	1 8, 9	2 7 6 7, 1	3 2 9 8, 8
f it fo he io d Pro t r p er				1 1, 4	( ) 1, 8	( ) 0, 3	1 9 0, 3	1 9 9, 5
he he Ot ive inc r co mp re ns om e							1 3, 5	1 3, 5
de d d D iv i i n p a							( ) 7 0 0, 2	( ) 7 0 0, 2
lue ha ha lon bo he Va nt te c ng es sy s res g rm nu s sc me							3, 5	3, 5
Ow ha n s res		0, 0					0, 0	0, 0
Eq ity 3 0. 0 6. 2 0 2 2 at u	8 2, 5	( ) 0, 1	2 6 7, 7	9 7, 3	7 5, 0	1 8, 6	2 2 7 4, 3	2 8 1 5, 2
f fo he d Pro it io t r p er				3, 9	( ) 1, 5	( ) 1 8, 6	3 7 4, 4	3 5 8, 2
Ot he he ive inc r co mp re ns om e							6, 7	6, 7
las f f i ica ion dm in. Re t st c s o a co				( ) 4 7, 5			4 7, 5	‐
lue ha ha lon bo he Va nt te c ng es sy s res g rm nu s sc me				‐			( ) 0, 5	( ) 0, 5
Eq ity 3 0. 0 9. 2 0 2 2 at u	8 2, 5	( ) 0, 1	2 6 7, 7	5 3, 6	7 3, 6	‐	2 7 0 2, 3	3 1 7 9, 6
f fo he d Pro it io t r p er				8, 0	( ) 0, 8		6 0 6, 0	6 1 3, 2
he he Ot ive inc r co mp re ns om e							( ) 2 8, 7	( ) 2 8, 7
lue ha ha lon bo he Va nt te c ng es sy s res g rm nu s sc me							( ) 2, 5	( ) 2, 5
Eq ity 3 1. 1 2. 2 0 2 2 t u a	8 2, 5	( ) 0, 1	2 6 7, 7	6 1, 6	7 2, 8	‐	3 2 7 7, 1	3 7 6 1, 5
f fo he d Pro it io t r p er				( ) 4, 2	0, 5		6 2 9, 9	6 2 6, 2
he he Ot ive inc r co mp re ns om e							9 0, 1	9 0, 1
de d d D iv i i n p a							( ) 4 9 4, 3	( ) 4 9 4, 3
lue ha ha lon bo he Va nt te c ng es sy s res g rm nu s sc me		( ) 0, 0					0, 5	0, 5
ity Eq 3 1. 0 3. 2 0 2 3 t a u	8 2, 5	( ) 0, 1	2 6 7, 7	5 7, 5	7 3, 3	‐	3 5 0 3, 3	3 9 8 4, 0
f fo he d Pro it io t r p er				( ) 1, 9	0, 3		2 2 0, 2	2 1 8, 5
he he Ot ive inc r co mp re ns om e							2, 1	2, 1
las f f dm Re i ica ion in. t st c s o a co				4 5, 7			( ) 4 5, 7	‐
de d d D iv i i n p a							( ) 1 6 4, 8	( ) 1 6 4, 8
ha Ow n s res							9, 8	9, 8
lue ha ha lon bo he Va nt te c ng es sy s res g rm nu s sc me							( ) 4, 4	( ) 4, 4
ity Eq 3 0. 0 6. 2 0 2 3 t u a	8 2, 5	( ) 0, 1	2 6 7, 7	1 0 1, 3	7 3, 5	‐	3 5 2 0, 5	4 0 4 5, 4

Statement of cashflow

N O Km	Q 2	Q 2	H 1	H 1	F Y
	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 2
h f low fro Ca ion t s m op er a s
Ins ur an ce rev en ue	2 6 9 9, 7	1 7 7 9, 9	6 3 5 0, 1	4 3 2 5, 0	6 5 0 5, 1
la Ins im ur an ce c s ex p en se s	( ) 1 4 3 0, 3	( ) 1 1 1 9, 7	( ) 3 4 2 4, 4	( ) 2 2 9 9, 5	( ) 4 5 3 5, 3
fro Ne ins t nt ts ex p en se m re ur an ce co rac	2 3 3, 9	0, 3	1 3 4, 4	( ) 5 9, 7	( ) 4 6, 7
Ins ing at ur an ce op er ex p en se s	( ) 3 8 8, 4	( ) 3 4 0, 6	( ) 4 7 0, 4	( ) 3 6 6, 2	( ) 4 1 3, 9
/ d de d Int iv i inc t er es n om e	2 2 7, 4	1 3 4, 0	3 6 3, 1	2 6 4, 6	4 8 2, 4
fro f ina ia l ins Ne t nts tru nts p ay me m nc me	( ) 2 2 8 7, 5	( ) 1 2 8, 6	( ) 2 3 2 5, 4	( ) 1 0 1, 2 7	( ) 1 9 2, 2 7
b le Pa tax y a	( ) 8 5 5,	( ) 8 7,	( ) 3 3 6, 8	( ) 2 6 2, 4	( ) 3 2 0, 6
f fro h low ion Ne t t ca s m op er a s	( ) 1 0 0 1, 0	3 1 7, 5	2 9 0, 6	3 0, 5 4	( ) 1 2 1, 4
h f low fro Ca inv iv it ies tm t t s m es en ac
f d Inv in ixe tm ts ts es en as se	( ) 1 5, 0	( ) 1 1, 8	( ) 2 7, 3	( ) 2 2, 4	( ) 4 3, 8
h f low fro inv iv it ies Ne t tm t t ca s m es en ac	( ) 0 1 5,	( ) 8 1 1,	( ) 2 3 7,	( ) 2 2, 4	( ) 3, 8 4
h f low fro f l Ca ina ia iv it ies t s m nc ac
de d d D iv i i n p a	( ) 1 6 4, 8	( ) 7 0 0, 2	( ) 6 5 9, 0	( ) 9 4 7, 3	( ) 9 4 7, 3
bo d ina d loa ita l Ne t nt te p ay me on su r n ca p	‐	( ) 0, 1			( ) 0, 0 1 4
Int bo d ina d loa ita l t nts te er es p ay me on su r n ca p	( ) 2 2, 2	( ) 1 5, 7			( ) 6 6, 6
h f low fro f l Ne ina ia iv it ies t t ca s m nc ac	( ) 1 8 7, 0	( ) 7 1 6, 0	( ) 6 5 9, 0	( ) 9 4 7, 3	( ) 1 1 5 3, 9
h f low fo he d Ne io t t	( ) 1 2 0 3, 0	( ) 4 1 0, 3	( ) 3 9 8	( ) 4 3 9, 2	( ) 1 3 1 9, 0
ca s r p er			5,
ha h d h len Ne in iva t ts c ng e ca s an ca s eq u	( ) 1 2 0 3, 0	( ) 4 1 0, 3	( ) 4 3 9, 6	( ) 6 1 0, 1	( ) 1 3 1 9, 0
h d h len ba lan Ca iva ing ts s an ca s eq u op en ce	1 9 1 8, 3	2 1 9 4, 7	1 0 8 0, 3	2 4 0 7, 2	2 4 0 7, 2
f fec f ha ha h d h len E iva ts rat ts o ex c ng e e c ng es on ca s an ca s eq u	1 5, 1	1 0, 8	8 9, 7	( ) 2, 0	( ) 7, 9
h d h len los ba lan Ca iva ing ts s an ca s eq u c ce	7 3 0, 4	1 7 9 5, 2	7 3 0, 4	1 7 9 5, 2	1 0 8 0, 3

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), IAS 34 Interim Financial Reporting and IFRS.

The Ministry of Finance adopted changes to the accounting rules for insurance companies as a result of IFRS 17. The changes came into force with effect for accounting years starting from January 1st, 2023 or later. This means that Protector reports according to full IFRS from January 1st, 2023. Comparable figures for 2022 have been restated to IFRS.

The main change from NGAAP to full IFRS is related to IFRS 17 Insurance contracts. This new standard replaces IFRS 4 Insurance contracts and introduces new requirements for recognition, measurement, presentation and information about issued insurance contracts. The purpose of the new standard is to establish a uniform practice for accounting for insurance contracts.

Other standards that have been implemented in 2023, as a result of the transition to full IFRS, are IFRS 9 Financial Instruments and IFRS 16 Leases. IFRS 9 has not had any significant effect on the balance sheet or profit and loss due to the fact that Protector previously has chosen to measure all financial assets at fair value through profit or loss (FVTPL). The implementation of IFRS 9 will not affect Protector's recognition and measurement.

The implementation of IFRS 16 does not affect the profit and loss significant but has some effects on the balance sheet and classification in the profit and loss statement.

Please see transition note in the Interim Report Q1 2023, note 28 in the annual report for 2022 and material regarding the transition to IFRS published separately on www.protectorforsikring.no for further information on effects of implementing IFRS.

Discontinued operation

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. At January 1st, 2022, when the new Real Property Sale Act entered into force, Protector stopped writing new COI business.

Income statement discontinued operations

O N Km	Q 2	Q 2	H 1	H 1	F Y
	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 2
Ins ur an ce rev en ue	( ) 0, 0	0, 4	0, 1	2, 2	2, 6
la Ins im ur an ce c s ex p en se s	4, 3	0, 3	( ) 6, 1	( ) 0, 5	( ) 2 5, 4
Ins ing at ur an ce op er ex p en se s	‐	( ) 1, 2	‐	( ) 1, 2	( ) 1, 6
lt be fo he l d Ins ice ins nt ts ur an ce se rv res u re re ur an ce co rac	4, 3	( ) 0, 4	( ) 6, 1	0, 5	( ) 2 4, 4
lt fro he l d Ne ins t nt ts res u m re ur an ce co rac	( ) 6, 7	( ) 0, 8	( ) 5, 2	2, 0	8, 9
lt Ins ice ur an ce se rv res u	( ) 2, 4	( ) 1, 3	( ) 1 1, 3	2, 5	( ) 1 5, 6
fro Ne inc inv t tm ts om e m es en	( ) 1 0, 3	( ) 1 0, 4	1 5, 4	( ) 1 1, 0	2 3, 6
f Ne ins ina inc t ur an ce nc e om e or ex p en se s	4, 6	2, 2	2, 0	8, 2	3, 8
he / Ot inc r om e ex p en se s	‐	( ) 0, 8	‐	( ) 1, 9	( ) 3, 2
/ ( ) f it los be fo Pr ta o s re x ex p en se s	( ) 8, 1	( ) 1 0, 3	6, 1	( ) 2, 2	8, 7
Ta x	0, 1	0, 4	1, 8	( ) 3, 0	1, 0
/ ( ) f it los Pr o s	( ) 8, 0	( ) 9, 9	9 7,	( ) 2 5,	9, 7

Financial assets, fair value estimation

ina ia l hr h f it los [ ] F N O Km ts t nc as se ou g p ro or s	Cu rre nc y	l Le 1 ve	l Le 2 ve	l Le 3 ve	l To ta
ha S res	N O K	3 0 9, 7	2 4 2 7, 7	3 9, 3	2 7 7 6, 7
ds d he f d Bo ixe inc it ies ot n an r om e se cu r	N O K	‐	1 4 1 3 8, 1	3 2 1, 6	1 4 4 5 9, 7
h d h len Ca iva ts s an ca s eq u	N O K	6 8 3, 5	‐	‐	6 8 3, 5
iva ive De t r s:
Int t rat er es e sw ap s	N O K	‐	‐	‐	‐
Fo ig nt ts re n cu rre nc y co rac	N O K	‐	1 2, 2	‐	1 2, 2
ion Op t s	N O K	‐	1 6, 2	‐	1 6, 2
l To 3 0. 0 6. 2 0 2 3 ta ts as se	N O K	9 9 3, 3	6 9 3 1 5 4,	3 6 0, 8	9 8, 1 7 4 4
l To 3 0. 0 6. 2 0 2 2 ta ts as se	N O K	2 0 9 7, 1	1 2 1 6 4, 4	3 1 9, 1	1 4 5 8 0, 5
[ ] ina ia l l ia b i l it ies fa ir lue hr h f it los O F N Km t t nc a va ou g p ro or s	Cu rre nc y	l Le 1 ve	l 2 Le ve	l 3 Le ve	l To ta
iva ive De t r s:
Int t rat er es e sw ap s					0
ha Fo ig nt ts re n ex c ng e co rac	N O K	‐	( ) 5 8, 2	‐	( ) 5 8, 2
he f l l b l Ot ina ia ia i it ies r nc	N O K	0, 0	‐	‐	0, 0
l f l l b l To ina ia ia i it ies 3 0. 0 6. 2 0 2 3 ta nc	N O K	0, 0	( ) 5 8, 2	‐	( ) 5 8, 2
l f l l b l To ina ia ia i it ies 3 0. 0 6. 2 0 2 2 ta nc	N O K	( ) 4 7, 4	( ) 1 1 6, 8	‐	( ) 1 6 4, 2

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 recognized 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. certificates or equivalent instruments issued by national governments are generally classified as level 1.

Solvency margin

N O Km	3 0. 0 6. 2 3	3 0. 0 6. 2 2	3 1. 1 2. 2 2
l lve ita l ire To ta nt so nc y ca p req u me l l b le fu ds To ig i S C R ta to et e ow n n me	3 0 6 0 5 8 7 2	2 2 0 2 4 5 4 6	2 6 1 1 5 0 9 3
f l b le fu Ra io ig i ds S C R t to o e ow n n	1 9 2 %	2 0 6 %	1 9 5 %
l in im ita l ire To ta nt m um ca p req u me	1 3 7 7	9 9 1	1 1 7 5
f fu io l ig i b le ds C Ra M R t to o e ow n n	3 % 7 5	3 8 0 %	3 3 % 7

Segment information ‐ Quarter

		U K		Sw de e n		No rw ay		k nm ar	in lan d F
	Q 2	Q 2	Q 2	Q 2	Q 2	Q 2	Q 2	Q 2	Q 2	Q 2
O N Km	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2
itt ium Gr os s wr en p re m	1 9 2 4, 8	8 6 3, 3	6 2 4, 5	5 1 5, 5	3 7 2, 6	3 3 8, 3	1 2 4, 9	6 3, 2	1 0, 4	7, 7
Ins ur an ce rev en ue	9 2 4, 1	4 4 9, 5	6 0 5, 6	4 9 9, 4	4 5 7, 0	3 8 8, 8	3 3 6, 7	2 5 8, 2	6 4, 0	4 2, 9
la im Ins ur an ce c s ex p en se s	( ) 3 7 8, 8	( ) 3 2 5, 5	( ) 4 9 4, 6	( ) 3 2 3, 8	( ) 3 7 5, 1	( ) 2 8 1, 4	( ) 2 7 6, 5	( ) 2 0 9, 1	( ) 3 0, 9	( ) 3 6, 5
ing Ins at ur an ce op er ex p en se s	( ) 1 2 6, 8	( ) 7 3, 8	( ) 8 6, 2	( ) 5 6, 7	( ) 2 4, 9	( ) 2 2, 2	( ) 2 4, 2	( ) 1 6, 6	( ) 7, 7	( ) 6, 2
ice lt be fo ins he l d Ins nt ts ur an ce se rv res u re re ur an ce co rac	8, 4 1 5	0, 3 5	2 8 4,	8, 8 1 1	0 5 7,	8 2 5,	3 6, 0	3 2, 5	2 5, 4	0, 2
Re ins ium ur an ce p re m	( ) 9 8, 4	( ) 8 3, 3	( ) 3 0, 4	( ) 4 6, 4	( ) 7, 2	( ) 3 6, 1	( ) 2 8, 1	( ) 2 7, 9	( ) 0, 5	( ) 3, 6
d fro Am ins nts ou rec ov er e m re ur an ce	( ) 2 6, 9	6 1, 9	7, 1	3 2, 5	0, 0	2 5, 0	6, 5	3 5, 4	( ) 0, 1	4, 2
lt fro he l d Ne ins t nt ts res m re ur an ce co rac u	( ) 1 2 5, 3	( ) 2 1, 4	( ) 2 3, 3	( ) 1 4, 0	( ) 7, 1	( ) 1 1, 2	( ) 2 1, 6	7, 5	( ) 0, 6	0, 6
lt Ins ice ur an ce se rv res u	2 9 3, 2	2 8, 9	1, 5	1 0 4, 9	4 9, 9	7 4, 0	1 4, 5	4 0, 0	2 4, 8	0, 7
los f La ins t ( rg e se s, ne o re ur an ce	( ) 3 6, 8 1)	( ) 3 6, 2	( ) 3 1, 0	1, 3	( ) 3 3, 9	‐	( ) 1 0, 0	( ) 9, 6	‐	‐
/ f f los f Ru ins ins t ( n‐o g a se s, ne o re ur an ce	1 0, 4 1)	1 3, 6	2 3, 6	2 6, 4	1 8, 5	5, 9	( ) 1 1, 9	( ) 1, 3	2 9, 7	4, 2
ha k d f C in is j ins tm t, t ( ng e r a us en ne o re ur an ce	( ) 2 7, 9 1)	( ) 1 3, 2	( ) 3, 2	( ) 1, 2	( ) 1 2, 3	( ) 2, 4	( ) 5, 0	4, 2	( ) 0, 5	0, 5
f fec f D isc ing ins nt t, t ( ou e ne o re ur an ce	9 7, 0 1)	1 3, 3	1 2, 9	4, 5	2 1, 1	8, 7	1 2, 9	( ) 5, 1	5, 7	0, 3
Lo io, rat ( ss g ro ss	4 1, 0 % 1)	7 2, 4 %	8 1, 7 %	6 4, 8 %	8 2, 1 %	7 2, 4 %	8 2, 1 %	8 1, 0 %	4 8, 3 %	8 5, 2 %
Ne ins io t rat ( re ur an ce	1 3, 6 % 1)	4, 8 %	3, 9 %	2, 8 %	1, 6 %	2, 9 %	6, 4 %	‐2, 9 %	0, 9 %	‐1, 3 %
f Lo io, ins rat t ( ss ne o re ur an ce	5 4, 6 % 1)	7 7, 2 %	8 5, 5 %	6 7, 6 %	8 3, 6 %	7 5, 2 %	8 8, 5 %	7 8, 1 %	4 9, 2 %	8 3, 9 %
Co io st rat (	% 1 3, 7 1)	% 1 6, 4	% 1 4, 2	% 1 1, 4	% 5, 5	% 5, 7	% 7, 2	% 6, 4	% 1 2, 0	% 1 4, 4
b ine d io Co t ( m ra	% 6 8, 3 1)	% 9 3, 6	% 9 9, 8	% 7 9, 0	% 8 9, 1	% 8 1, 0	% 9 5, 7	% 8 4, 5	% 6 1, 2	% 9 8, 3
ion Re te nt rat ( e	% 8 9, 3 1)	% 8 1, 5	% 9 5, 0	% 9 0, 7	% 9 8, 4	% 9 0, 7	% 9 1, 7	% 8 9, 2	% 9 9, 2	% 9 1, 5

Segment information ‐ Half‐year

		U K		Sw de e n		No rw ay		k nm ar	in lan d F
	H 1	H 1	H 1	H 1	H 1	H 1	H 1	H 1	H 1	H 1
O N Km	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2
itt ium Gr os s wr en p re m	2 2 9 4, 2	1 0 5 9, 1	1 8 1 5, 8	1 4 5 8, 5	1 5 3 9, 1	1 2 9 3, 5	1 1 0 5, 1	8 7 5, 4	2 4 6, 5	2 1 2, 0
Ins ur an ce rev en ue	1 5 0 4, 7	8 4 0, 9	1 1 8 5, 4	9 6 7, 4	9 1 9, 6	7 8 4, 2	6 2 8, 8	5 0 2, 9	1 3 5, 1	1 2 7, 3
la im Ins ur an ce c s ex p en se s	( ) 9 3 5, 1	( ) 5 8 3, 5	( ) 9 8 1, 5	( ) 7 1 6, 7	( ) 7 5 5, 1	( ) 6 0 8, 6	( ) 6 2 7, 8	( ) 4 3 2, 5	( ) 8 7, 5	( ) 9 6, 5
ing Ins at ur an ce op er ex p en se s	( ) 2 0 2, 7	( ) 1 2 9, 9	( ) 1 5 9, 8	( ) 1 1 2, 3	( ) 5 4, 0	( ) 4 9, 6	( ) 4 4, 1	( ) 3 5, 4	( ) 1 4, 9	( ) 2 0, 2
ice lt be fo ins he l d Ins nt ts ur an ce se rv res u re re ur an ce co rac	3 6 6, 9	2 1 7, 5	0 4 4,	3 8, 1 5	0, 1 1 5	2 6, 0 1	( ) 3, 0 4	3 5, 1	3 2, 6	0, 6 1
Re ins ium ur an ce p re m	( ) 1 6 3, 5	( ) 1 6 8, 2	( ) 5 4, 6	( ) 8 6, 2	( ) 1 4, 9	( ) 7 2, 2	( ) 4 9, 6	( ) 5 2, 7	( ) 0, 9	( ) 9, 8
d fro Am ins nts ou rec ov er e m re ur an ce	2 0 5, 0	9 7, 8	7, 4	7 3, 7	( ) 8, 2	4 6, 3	8 8, 0	4 1, 6	0, 1	9, 9
lt fro ins he l d Ne t nt ts res u m re ur an ce co rac	4 1, 5	( ) 7 0, 4	( ) 4 7, 2	( ) 1 2, 5	( ) 2 3, 1	( ) 2 6, 0	3 8, 3	( ) 1 1, 1	( ) 0, 8	0, 1
ice lt Ins ur an ce se rv res u	4 0 8, 4	5 7, 1	( ) 3, 2	1 2 6, 0	8 7, 4	1 0 0, 0	( ) 4, 7	2 4, 0	3 1, 8	1 0, 7
los f La ins t ( 1) rg e se s, ne o re ur an ce	( ) 6 0, 4	( ) 9 2, 7	( ) 3 1, 0	( ) 9 5, 1	( ) 3 3, 9	‐	( ) 1 0, 0	( ) 1 9, 4	‐	‐
/ f f ins los f ins Ru t ( 1) n‐o g a se s, ne o re ur an ce	1 6, 9	4 3, 4	( ) 6, 9	6 7, 2	1 8, 7	4, 1	( ) 3 4, 1	( ) 1 6, 9	3 1, 2	( ) 0, 9
ha in is k d j f ins C tm t, t ( 1) ng e r a us en ne o re ur an ce	( ) 3 9, 0	( ) 2 5, 8	( ) 5, 6	( ) 5, 2	( ) 1 3, 2	( ) 5, 1	( ) 6, 2	5, 2	( ) 0, 2	( ) 0, 4
isc ing f fec f ins D nt t, t ( 1) ou e ne o re ur an ce	2 3 1 5,	2 1, 1	2 4, 1	8 4,	3 3, 4	3, 9 1	9, 3 1	( ) 6 5,	6, 5	0, 1
io, Lo rat ( 1) ss g ro ss	6 2, % 1	6 9, % 4	8 2, 8 %	% 7 4, 1	8 2, % 1	6 % 7 7,	9 9, 8 %	8 6, 0 %	6 8 % 4,	8 % 7 5,
ins io Ne t rat ( 1) re ur an ce	‐2, 8 %	8, % 4	0 % 4,	1, 3 %	2, % 5	3, 3 %	‐6, 1 %	2, 2 %	0, 6 %	‐0, 1 %
f Lo io, ins rat t ( 1) ss ne o re ur an ce	9, 4 % 5	8 % 7 7,	8 6, 8 %	4 % 7 5,	8 4, 6 %	8 0, 9 %	9 3, % 7	8 8, 2 %	6 4 % 5,	% 7 5, 7
Co io st rat ( 1)	1 3, 5 %	1 5, 4 %	1 3, 5 %	1 1, 6 %	5, 9 %	6, 3 %	7, 0 %	7, 0 %	1 1, 1 %	1 5, 8 %
b d Co ine io t ( 1) m ra	7 2, 9 %	9 3, 2 %	1 0 0, 3 %	8 7, 0 %	9 0, 5 %	8 7, 2 %	1 0 0, 7 %	9 5, 2 %	7 6, 5 %	9 1, 6 %
Re ion te nt rat ( 1) e	8 9, 1 %	8 0, 0 %	9 5, 4 %	9 1, 1 %	9 8, 4 %	9 0, 8 %	9 2, 1 %	8 9, 5 %	9 9, 3 %	9 2, 3 %

Quarterly outline

		Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2
N O Km		2 0 2 3	2 0 2 3	2 0 2 2	2 0 2 2	2 0 2 2	2 0 2 2	2 0 2 1	2 0 2 1	2 0 2 1
Ins ur an ce rev en ue		2 3 8 7, 4	9 8 6, 2 1	8 1 7 1, 4	6 9 1 1 4,	6 3 8, 1 7	8 1 5 4, 1	9 3, 1 4 7	6 3, 3 1 4	2 1 4 4, 1
la im Ins ur an ce c s ex p en se s		( ) 8 1 5 5 5,	( ) 8 3 2 1 1,	( ) 3 8 1 4, 1	( ) 2 2 2, 9 1	( ) 6, 3 1 1 7	( ) 2 6 1 1, 5	( ) 2 9, 1 4 5	( ) 0 8 3, 6 1	( ) 0 9 8 1 7,
ing Ins at ur an ce op er ex p en se s		( ) 2 6 9, 8	( ) 2 0 5, 7	( ) 2 8, 1 4	( ) 6 8, 1 7	( ) 1 7 5, 5	( ) 8 1 7 1,	( ) 8 1 5, 5	( ) 6, 1 5 4	( ) 6, 6 1 4
fo Ins ice lt be ins he l d nt ts ur an ce se rv res u re re ur an ce co rac		6 1, 5 7	( ) 0, 5 7	1 8, 9 7	2 2 3, 3	2 8 0 7,	1 0, 5 7	8, 5 7	2 2 3, 3	1 9, 8 7
ins ium Re ur an ce p re m		( ) 1 6 4, 6	( ) 1 1 9, 0	( ) 2 2 8, 1	( ) 2 0 9, 3	( ) 1 9 7, 3	( ) 1 9 1, 8	( ) 1 9 9, 5	( ) 2 1 5, 5	( ) 1 9 4, 2
d fro ins Am nts ou rec ov er e m re ur an ce		( ) 1 3, 3	3 0 5, 6	2 1 5, 9	2 0 2, 2	1 5 8, 9	1 1 0, 4	2 4 4, 5	1 7 9, 3	1 8 7, 9
lt fro ins he l d Ne t nt ts res u m re ur an ce co rac		( ) 9 1 7 7,	8 6, 6 1	( ) 2, 2 1	( ) 7, 1	( ) 3 8, 4	( ) 8 1, 4	0 4 5,	( ) 3 6, 2	( ) 6, 3
ice lt Ins ur an ce se rv res u		3 8 3, 8	1 3 5, 9	1 6 6, 7	2 1 6, 2	2 4 8, 5	6 9, 3	1 0 3, 8	1 8 7, 1	1 7 3, 4
fro Ne inc inv t tm ts om e m es en		( ) 1 6 9, 9	6 3 5, 1	6 3 1, 0	2 0, 1	( ) 1 6 4, 9	( ) 9, 2	2 2 0, 1	( ) 0, 3	1 3 5, 5
f Ne ins ina inc t ur an ce nc e om e or ex p en se s		1 3 2, 2	( ) 1 1 3, 4	( ) 8 4, 9	2 3 9, 0	1 9 4, 6	2 5 8, 2	1 3, 4	3 5, 9	( ) 1 0, 2
/ he Ot inc r om e ex p en se s		( ) 1 5, 7	( ) 1 6, 0	( ) 2 3, 1	( ) 1 8, 7	( ) 1 6, 0	( ) 1 6, 2	( ) 1 7, 2	( ) 1 3, 0	( ) 1 4, 5
/ f it ( los ) be fo Pr ta o s re x ex p en se s		3 3 0, 5	6 4 1, 5	6 8 9, 7	4 5 6, 7	2 6 2, 2	3 0 2, 1	3 2 0, 1	2 0 9, 7	2 8 4, 3
los f La ins t rg e se s, ne o re ur an ce	( 1)	( ) 1 1 1, 7	( ) 1 9, 5	( ) 6 4, 5	( ) 9 9, 1	( ) 4 4, 4	( ) 1 4 3, 5	( ) 9 0, 9	( ) 9 9, 2	( ) 2 1, 9
/ f f ins los f ins Ru t n‐o g a se s, ne o re ur an ce	( 1)	7 0, 3	( ) 4 4, 5	( ) 5, 2	4 2, 0	4 8, 7	4 8, 2	( ) 5 4, 9	6 1, 8	( ) 2 2, 7
ha in is k d j f ins C tm t, t ng e r a us en ne o re ur an ce	( 1)	( ) 4 8, 8	( ) 1 5, 3	( ) 2 7, 5	( ) 2 0, 7	( ) 1 2, 1	( ) 1 9, 3	( ) 2 6, 2	( ) 3 1, 8	( ) 2 7, 2
isc ing f fec f ins D nt t, t ou e ne o re ur an ce	( 1)	1 4 9, 6	5 9, 0	7 6, 7	4 3, 4	2 1, 8	1 2, 6	2 1, 6	2 0, 0	1 6, 7
io, Lo rat ss g ro ss	( 1)	6 2 % 5,	9 2, 2 %	% 7 7, 7	% 7 5, 7	8 % 7 1,	9, 6 % 7	8 3, % 7	% 7 4, 1	% 7 7, 1
ins io Ne t rat re ur an ce	( 1)	% 7, 5	‐9, % 4	0, % 7	0, % 4	2, 3 %	% 5, 1	‐3, 0 %	2, % 5	0, % 4
f io, ins Lo rat t ss ne o re ur an ce	( 1)	2, 6 % 7	8 2, 8 %	8, % 7 4	6, 2 % 7	% 7 4, 1	8 8 % 4,	8 0, 6 %	6, % 7 5	% 7 7, 5
Co io st rat	( 1)	1 1, 3 %	1 0, % 4	1 2, 3 %	1 0, % 4	1 0, % 7	1 0, 8 %	1 2, % 4	1 0, % 7	1 0, 3 %
Co b ine d io t m ra	( 1)	8 3, 9 %	9 3, 2 %	9 0, 6 %	8 6, 6 %	8 4, 8 %	9 6 % 5,	9 3, 1 %	8 2 % 7,	8 8 % 7,
Re ion te nt rat e	( 1)	9 3, 1 %	9 4, 0 %	8 7, 2 %	8 7, 0 %	8 8, 0 %	8 7, 9 %	8 6, 6 %	8 5, 3 %	8 6, 4 %

Alternative performance measures and key figures

		Q 2	Q 2	H 1	H 1	F Y
		2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 2
de Re tu ts t ( 1) rn on as se un r ma na g em en
l fro bu To inc inv inu d ine ta t tm ts, nt ne om e m es en co e s ss	N O Km	( ) 16 9, 9	( ) 16 4, 9	46 5, 2	( ) 17 4, 1	47 7, 0
l fro d d bu To inc inv isc inu ine ta t tm ts, t ne om e m es en on e s ss	N O Km	( ) 10 3 ,	( ) 10 4 ,	15 4 ,	( ) 11 0 ,	23 6 ,
l To de ta tu ts t re rn on as se un r ma na g em en	N O Km	( ) 18 0, 2	( ) 17 5, 2	48 0, 6	( ) 18 5, 1	50 0, 6
Av inv inu d bu ine tm ts, nt er ag e es en co e s ss	O Km N	15 71 2, 9	12 06 7, 3	15 21 1, 5	12 87 5, 2	13 99 8, 1
bu Av inv d isc inu d ine tm ts, t er ag e es en on e s ss	N O Km	1 61 9, 6	2 41 5, 6	50 4, 6	2 30 8, 1	69 2, 0
l de To ta ts t av er ag e as se un r ma na g em en	N O Km	17 33 2, 5	14 48 2, 9	15 71 6, 2	15 18 3, 3	14 69 0, 1
inv inu d bu ine Re tu tm ts, nt rn on es en co e s ss	%	‐1, 1 %	‐1, 4 %	3, 1 %	‐1, 4 %	3, 4 %
inv d isc inu d bu ine Re tu tm ts, t rn es en on e s ss	%	‐0, 6 %	‐0, 4 %	3, 1 %	‐0, 5 %	3, 4 %
l de To ta tu ts t re rn on as se un r ma na g em en	%	‐1, 0 %	‐1, 2 %	3, 1 %	‐1, 2 %	3, 4 %
l inc fro ha To ta t ne om e m s res	O N Km	( ) 15 7, 2	( ) 94 6 ,	26 9, 5	( ) 10 6, 9	32 9, 8
fro l inc int To ta t ts ne om e m er es	O N Km	( ) 22 9 ,	( ) 80 6 ,	21 1, 1	( ) 78 2 ,	17 0, 8
l de To ta tu ts t re rn on as se un r ma na g em en	O N Km	( ) 18 0, 2	( ) 17 5, 2	48 0, 6	( ) 18 5, 1	50 0, 6
inv ha Av tm ts er ag e es en s res	O N Km	2 88 7, 7	2 41 5, 6	2 43 8, 5	2 30 8, 1	2 37 7, 5
inv int Av tm ts ts er ag e es en er es	O N Km	14 44 4, 8	12 06 7, 3	13 27 7, 7	12 87 5, 2	12 31 2, 6
l de To ta ts t av er ag e as se un r ma na g em en	N O Km	17 33 2, 5	14 48 2, 9	15 71 6, 2	15 18 3, 3	14 69 0, 1
ha Re inv tu tm ts, rn on es en s res	%	‐5, 4 %	‐3, 9 %	11 1 % ,	‐4, 6 %	13 9 % ,
Re inv int tu tm ts, ts rn es en er es	%	‐0, 2 %	‐0, 7 %	1, 6 %	‐0, 6 %	1, 4 %
l de To ta tu ts t re rn on as se un r ma na g em en	%	‐1, 0 %	‐1, 2 %	3, 1 %	‐1, 2 %	3, 4 %

Alternative performance measures and key figures

			Q 2	Q 2	H 1	H 1	F Y
			2 0 2 3	2 0 2 2	2 0 2 3	2 0 2 2	2 0 2 2
Eq ity u		N O Km			4 0 4 5, 4	2 8 1 5, 2	3 7 6 1, 5
ha Eq ity u p er s re		N O Km			4 9, 1	3 4, 2	4 5, 7
ha ba d d lut d Ea ing ic i rn s p er s re, s an e		N O Km	2, 7	2, 4	1 0, 3	4, 9	1 6, 7
l d Re ity ise tu rn on eq u an nu a ,	( 1)	%	2 1, 8 %	2 6, 1 %	4 2, 8 %	2 5, 5 %	4 2, 9 %
l l b le fu ds he To ig S C R ta to et t e a ow n n me	( 1)	N O Km			5 8 7 2	4 5 4 6	5 0 9 3
lve l ( ) So Ca ita Re ire S C R nt nc y p q u me	( 1)	N O Km			3 0 6 0	2 2 0 2	2 6 1 1
lve So io t nc ra y	( 1)	%			1 9 2 %	2 0 6 %	1 9 5 %
it ium Gr te os s wr n p re m s	( 1)
U K		N O Km	1 9 2 4, 8	8 6 3, 3	2 2 9 4, 2	1 0 5 9, 1	2 1 1 5, 7
de Sw e n		N O Km	6 2 4, 5	5 1 5, 5	1 8 1 5, 8	1 4 5 8, 5	2 0 7 2, 6
No rw ay		N O Km	3 7 2, 6	3 3 8, 3	1 5 3 9, 1	1 2 9 3, 5	1 6 1 0, 1
k De nm ar		N O Km	1 2 4, 9	6 3, 2	1 1 0 5, 1	8 7 5, 4	1 0 7 7, 2
lan d F in		N O Km	1 0, 4	7, 7	2 4 6, 5	2 1 2, 0	2 2 2, 2
l it ium To Gr ta te os s wr n p re m s		N O Km	3 0 5 7, 2	1 7 8 8, 0	7 0 0 0, 7	4 8 9 8, 6	7 0 9 7, 8

The Board of Directors and the CEO's statement

We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1st of January to 30th of June, 2023 has been prepared in accordance with current accounting standards and gives a true and fair view of the Company's assets, liabilities, financial position and profit and loss as a whole.

We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties' transactions.

Oslo, 10th of July 2023

The Board of Directors of Protector Forsikring ASA

Jostein Sørvoll(Chairman)

Arve Ree(Deputy Chairman)

Else Bugge Fougner

Kjetil Garstad

Randi Helene Røed MathewsAmbalathil Tonje Giertsen Henrik Golfetto Høye (CEO)