Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Non-Deal Roadshow (May 2023)
25 slides from Protector Forsikring Asa's roadshow presentation, May 23, 2023
Slide 1: Protector Insurance UK
Protector Insurance UK Investor presentation – Manchester & London| 22 & 23 May 2023
Slide 2: Vision, Business Idea, Targets and Values
Vision The Challenger Business Idea This will happen through unique relationships, best in class decision- making and cost effective solutions Main targets Cost and quality leadership Profitable growth Top 3 Values Credible Innovative/Open Bold Committed
Slide 3: Important information - Disclaimer
Important information - Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Protector Forsikring ASA (the "Company”). Such information is being provided to you solely for your information and may not be reproduced, retransmitted,
Slide 4: The UK Market Overview
PROTECTOR insurance The UK Market Overview
Slide 5: The UK Market – a £50bn opportunity
The UK Market – a £50bn opportunity With circa £10bn in scope? Breakdown of UK Non-Life Insurance Market | Total GWP (2016) In-scope Commercial Market | Line of business breakdown Property Commercial property £4.0bn £32bn £46bn Casualty Commercial casualty £3.2bn £3bn £1bn Motor Commercial specialty
Slide 6: The UK Market – £10bn in scope
The UK Market – £10bn in scope Comprising of many ‘segments’ 6
Slide 7: Our UK Market opportunity
Our UK Market opportunity A large volume that will expand as we diversify Sector Available GWP In scope GWP Protector UK share (‘22) Global £1bn Nil Nil UK Major Corporate UK Corporate £1bn } £8bn } £89m UK Commercial £2bn SME <£10k GWP £2bn Nil Nil Personal lines (non life) £30bn Nil Nil Public Sec
Slide 8: A cyclical Market
A cyclical Market Public = Orange & Commercial = Yellow 8
Slide 9: Year 7 update
Year 7 update Good progress – Tailwinds in Housing Market
Slide 10: GWP 250m in 10 Years
GWP 250m in 10 Years Disciplined growth / investment in people Our new HQ opened in 3 Hardman Our new London office opened, Claims Street, Manchester 28 Lime St handling We insure 1st Broker fully 1/3rd London Satisfaction First UK client on insourced First London 5th Broker Survey board office open
Slide 11: 2022 Highlights
2022 Highlights On track, ahead of plan – with a positive outlook Company highlights: • Combined ratio: 89.4% • GWP: 7 098 MNOK (£575M) • Solvency ratio 206% • Profit after tax: 1 379 MNOK (£112M) UK Highlights: • Combined ratio 88.8% • 30% growth in local currency – disciplined • Continued ’ One Te
Slide 12: Planning for the future – starting 2023 ahead
Planning for the future – starting 2023 ahead Understand, adjust and move forward
Slide 13: Follow the Protector philosophy
Follow the Protector philosophy £250m in 10 years – Then double in 5? 13
Slide 14: The journey ahead – based upon 2022 results
The journey ahead – based upon 2022 results £267m by 2025 14
Slide 15: Public Sector & Housing strategy
Public Sector & Housing strategy Build & grow
Slide 16: Public Sector & Housing strategy – Reward and Risk
Public Sector & Housing strategy Focus on our Hedgehog – £100m to £200 – but gradually expand into the right areas Reward Risk 16
Slide 17: Public Sector & Housing
Public Sector & Housing Various colours of our ‘hedgehog’ Red Yellow Green & White £100m £150m £550m No-go For the right clients Bread and butter 17
Slide 18: PSH exceptional GWP growth Q1 & April 1st 2023
PSH exceptional GWP growth Q1 & April 1st 2023 Overnight success… that was 5 years in the making! • Q1 in the UK is small and boring from the outside – ‘hunting mindset’ on the inside • 2 times the volume quoted YTD 2023 compared with historic average – £100M+ vs £50M • 3 times the count of policies
Slide 19: Commercial Sector strategy
Commercial Sector strategy Broaden & expand
Slide 20: Commercial Sector
Commercial Sector Who are we and where do we want to go next? What we are Good at now: We want to get better at in 2023: Underwriting “specialty” risks Underwriting “simpler” risks • UK Risks > £50k GWP • Higher volume - £10k + GWP, to start • Green - Yellow • White+ industries • Agile response • Be
Slide 21: The next part of the journey
The next part of the journey Strategic development & distribution growth Non-Con Rationale: Motor • Size of opportunity? Convert co- Contractors • Level of risk? insurance ‘All Risks’ • Alignment to core strategy / values? • Ease of access? • Ability to differentiate? Products Public / Sector Segmen
Slide 22: Planning for the future – 2023-2030
Planning for the future – 2023-2030 Same destination, different journey
Slide 23: The journey ahead – revised
The journey ahead – revised £320M by 2025 23
Slide 24: 2030 Plan
2030 Plan Maintain discipline – Focus upon profitability 24
Slide 25: UK Regulatory Status
UK Regulatory Status Protector Insurance – Authorised 3rd country branch After a comprehensive regulatory application process, which included substantiating Protector Insurance’s ability to meet both the PRA Threshold Conditions and the FCA Threshold Conditions, which are considered the minimum requ