Protector Forsikring ASA · OSL:PROT
Protector Forsikring ASA — Q1 2009 Earnings Presentation
22 slides from Protector Forsikring ASA's earnings presentation, May 7, 2009
Slide 1: Protector Forsikring ASA Results Q1 2009
Protector Forsikring ASA Results Q1 2009 7 May 2009
Slide 2: Agenda
Agenda Highlights Q1 2009 Commercial and public lines Change of ownership insurance Financial information Outlook 2009 Summary 2
Slide 3: Highlights Q1 2009
Highlights Q1 2009 • Strong growth, GWP NOK 388m, up 22% – Commercial and public lines of business, up 26% – Change of ownership insurance, down 9% • Operating profit of NOK 30.9m, up from NOK 11.2m • Net combined ratio, 97,6 %, up from 93,2 % • Return on investments, 2,1%, up from -0,4% 3
Slide 4: Volume development (GWP) historical to date
Volume development (GWP) historical to date MNOK 900 Total 800 700 600 Commercial and puclic lines of business 500 400 300 200 Change of ownership insurance 100 0 20 20 20 20 20 20 Es 03 04 05 06 07 08 t 20 09 4
Slide 5: Agenda
Agenda Highlights Q1 2009 Commercial and public lines Change of ownership insurance Financial information Outlook 2009 Summary 5
Slide 6: Commercial and public lines of business
Commercial and public lines of business • Fast growing • Top class in-house underwriting • Cost leadership • Preferred by the broker • Scalable business model 6
Slide 7: Commercial and public lines of business
Commercial and public lines of business Highlights Q1 2009 Gross written premium (NOKm) • 26 % volume growth (stronger than guided) 466 - Property rates to low in the municipality segment and upper commercial 337 segment, hit ratio close to 0 -Strong growth and good hit-ratio in SMB 266 -Renewal rat
Slide 8: Agenda
Agenda Highlights Q1 2009 Commercial and public lines Change of ownership insurance Financial information Outlook 2009 Summary 8
Slide 9: Change of ownership insurance
Change of ownership insurance • Market leader • Quality leader - Sale & service - Claims handling • Cost leader • Best database 9
Slide 10: Change of ownership insurance
Change of ownership insurance Highlights Q1 2009 Gross written premium (NOKm) • Market share 50%, strengthened 263 position in the beginning of 2009 • Volume down 9%, better than guiding - One off improvement of NOK 8.6m, 48 52 due to product change 1. April 2008 - Hit ratio stable Q1 2009 Q1 2008 2
Slide 11: Evaluation of Protector among Real Estate Brokers
Evaluation of Protector among Real Estate Brokers What value-proposition would you say your customer receives by change of ownership insurance Which level of return do you as a real-estate broker receive from change of ownership insurance? If asked about Protector, to what degree would your comments
Slide 12: Agenda
Agenda Highlights Q1 2009 Commercial and public lines Change of ownership insurance Financial information Outlook 2009 Summary 12
Slide 13: Results Q1 2009
Results Q1 2009 MNOK Q1 2009 Q1 2008 2008 Premiums written gross 388,0 318,5 729,0 Premiums earned gross 180,8 164,3 720,5 Claims incurred gross (141,7) (127,7) (549,1) Premiums earned for own account 139,6 205,8 592,4 Claims incurred for own account (116,1) (178,5) (477,1) Operating costs (20,1) (1
Slide 14: Balance sheet Q1 2009
Balance sheet Q1 2009 MNOK 31.03.2009 31.03.2008 31.12.2008 Financial assets 1 362,1 1 238,2 1 221,3 Bank deposits 154,9 94,4 37,2 Other assets 447,1 477,2 362,4 Total assets 1 964,1 1 809,8 1 620,9 Total equity 373,3 500,7 355,9 Total reserves 1 284,0 1 028,5 1 025,5 Other liabilities 306,8 280,5 2
Slide 15: Investment results Q1 2009
Investment results Q1 2009 Net investment result of NOK 25,9m compared with NOK - 4,6m in Q1 2008 • Investment portfolio of NOK 1.36 bn • Equities; Return of 5,1%, OSEBX 0,38% • Bonds; Reduced risk exposure Return Q1 2009 per Asset Class Return Q1 2008 per Asset Class 5,1 % 1,0 % 1,2 % 0,8 % -0,4 %
Slide 16: Asset allocation
Asset allocation Asset allocation 31 March 09 Asset allocation 31 Dec 08 Equities Equities 15,8 % 16,8 % Money market Money Bonds 38,4 % Bonds market HTM 50,4 % HTM 19,5 % 21,7 % Bonds Bonds 14,3 % 23,1 % Total financial assets 31.03.2009 Total financial assets 31.12.2008 NOK 1.362m NOK 1.221 m 16
Slide 17: Shareholder matters April 2009
Shareholder matters 29 April 2009 Shareholder No. shares Percent Verdipapirfond Odin Norden 7 633 355 8,9 % Morgan Stanley & Co INTL PLC 4 514 333 5,2 % Bank of New York, Brussels Branch 4 479 410 5,2 % Option program DNB NOR Luxembourg SA 4 027 456 4,7 % Ojada AS 3 563 116 4,1 % • Outstanding optio
Slide 18: Agenda
Agenda Highlights Q1 2009 Commercial and public lines Change of ownership insurance Financial information Outlook 2009 Summary 18
Slide 19: Outlook 2009, Volume growth up from 5% to 10%
Outlook 2009, Volume growth up from 5% to 10% • Volume GWP up from 5% to 10% in 2009 – Status per Q1, ahead of schedule • Commercial and public lines up 26% • Change of ownership insurance down 9% • Combined ratio stable on 92% – Status Q1, slightly behind schedule • Return on investments stable on
Slide 20: Outlook 2009
Outlook 2009 NOKm 2008 2009 - Feb 2009 - May* Positive Negative scenario scenario Premium growth 10% 5% 10% Operating profit 9.4 120 120 150 90 Investment income -28.2 70 70 Gross cost ratio(%) 18 17 17 Combined ratio (%) 94.9 92 92 88 96 * Guidance for 2009 assumes zero run-off for the remainder of
Slide 21: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2009 Summary 21
Slide 22: Summary
Summary • Q1 Volume up 22% • Guiding 2009, Volume growth up from 5% to 10% – Strong Q2 volume start – Other guided key figures unchanged • Operational quality on high level, but still areas to improve • “Spring is in the air” 22