Protector Forsikring ASA · OSL:PROT
Protector Forsikring ASA — Q2 2008 Earnings Presentation
20 slides from Protector Forsikring ASA's earnings presentation, Aug 28, 2008
Slide 1: Protector Forsikring ASA - Best quarter ever
Protector Forsikring ASA Best quarter ever Interim results for the second quarter 2008 August 28th 2008 1
Slide 2: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary Q2 2008 2
Slide 3: Highlights Q2 2008
Highlights Q2 2008 • Strong growth, GPW NOK 198.4m, up 37% -Product change Change of ownership insurance, NOK 33m in extra volume, year-end effect NOK 20m. • Operating profit, NOK 56.2m, up 409% - best quarter ever - Net run-off-losses of NOK 25.7m - Equity portfolio sold out, positive effect of NOK
Slide 4: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary Q2 2008 4
Slide 5: 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 5
Slide 6: Commercial and public lines of business
Commercial and public lines of business Highlights Q2 2008 Gross written premium (MNOK) • 32% volume growth (stronger than expected) • 2 new large customers on board (approx 10 mill GWP). No new trend – still very difficult in top end of market 364 368 • As expected in lower end of market 259 • Rene
Slide 7: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary Q2 2008 7
Slide 8: Change of ownership insurance
Change of ownership insurance • Market leader • Quality leader - Sale & service - Claims handling • Cost leader • Best database 8
Slide 9: Change of ownership insurance
Change of ownership insurance Highlights Q2 2008 Gross written premium (MNOK) • Volume up 43% from Q2 2007 - One-off increase 33 mill based on product change April 1.st. Year-end effect approx 20 mill. 297 - Underlying volume Q2 down 3% • Market slowing down 153 - Sold property down 2,7% 1H 100 124
Slide 10: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary Q2 2008 10
Slide 11: Results Q2 2008
Results Q2 2008 MNOK Q2 2008 Q2 2007 YTD 2008 YTD 2007 2007 Premiums written gross 198,4 144,7 516,9 382,8 664,9 Premiums earned gross 204,8 157,1 369,1 295,7 649,6 Claims incurred gross (153,8) (177,2) (281,5) (278,9) (533,6) Premiums earned for own account 146,2 86,5 352,0 158,3 375,8 Claims incur
Slide 12: Balance sheet Q2 2008
Balance sheet Q2 2008 MNOK 30.06.2008 30.06.2007 31.12.2007 Financial assets 1 307,8 1 068,1 1 143,0 Bank deposits 90,0 103,1 91,2 Other assets 480,8 530,4 474,5 Total assets 1 878,6 1 701,5 1 708,7 Total equity 528,1 555,4 544,4 Total reserves 1 072,1 770,5 832,4 Other liabilities 278,3 375,6 331,8
Slide 13: Allocation of investments and investment result
Allocation of investments and investment result Allocation of investments 30 June 08 Investment result Q2 08 Fixed income bonds - held to maturity; Q2 2008 Fixed income - funds Investment portfolios 15,9 % 15,3 % 17,8 % 18,0 % Fixed income - bonds 15,0 % 6,5 % 12,0 % 9,0 % 6,0 % 3,3 % 3,0 % 1,5 % Fi
Slide 14: Shareholder matters Aug 25th 2008
Shareholder matters Aug 25th 2008 Option program Shareholder No. shares Percent Verdipapirfond Odin Norden 7 527 755 7,9 % • Outstanding options: 3.236.001 Protector Forsikring ASA 6 060 400 6,3 % – Strike price of NOK 7,10 – 28 Aug 2008 Bank of New York, Brussels Branch 4 360 410 4,6 % DNB NOR Luxe
Slide 15: Shareholder matters, 36% growth in EPS
Shareholder matters, 36% growth in EPS • Capital write down registered in the Register of Business Enterprises July 11th – Share capital reduced by NOK 7.674.047 by cancellation of 7.674.047 own shares – New registered share capital, NOK 95.690.005 – Share capital ex holding of own shares, NOK 89.62
Slide 16: Combined ratio 1. half year 2008
Combined ratio 1. half year 2008 160,0 % 140,0 % 120,0 % 70 % 100,0 % 40,5 % 8,6 % 17,0 % 21,6 % 23,0 % 21,6 % 80,0 % 20,1 % 60,0 % 85,2 % 40,0 % 72,2 % 72,3 % 74,1 % 78,7 % 74,0 % 79 % 69,0 % 20,0 % 0,0 % KL Pro Sp If ( Ve Gje Bl u Sto P( tec a re 95 s ta ns ew reb 89 tor Ba ,3% (95 idi g ate r an
Slide 17: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary Q2 2008 17
Slide 18: Outlook 2008 unchanged
Outlook 2008 unchanged • Volume GWP up 15% in 2008 – Premium for own account up from 58% to 77% – Status per Q2 (including known renewal losses in Q3) - slightly ahead of schedule • Significant stronger growth in operating profit – Operating profit growth will mainly take place in Q2-Q3 – Status per
Slide 19: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook Summary Q2 2008 19
Slide 20: Summary Q2 2008
Summary Q2 2008 • Strong growth, GPW NOK 198,4m, up 37% • Operating profit NOK 56,2m, best quarter ever • Operating profit per share H108 up 36% • Outlook – Slightly ahead of schedule 20