Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Protector Forsikring Ord — Q1 2024 Earnings Presentation
16 slides from Protector Forsikring Asa's earnings presentation, Apr 24, 2024
Slide 1: Disclaimer
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, further distributed to a
Slide 2: Investor Presentation
Investor Presentation Henrik Høye Chief Executive Officer
Slide 3: Vision, Business Idea, Main 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 4: Other highlights
Other highlights • Special dividend of NOK 165m or NOK 2 per share Combined Ratio • April 1st growth in UK at NOK 477m (28% in LCY) Gross premiums written • Driven by Public sector and Housing LCY GWP growth • Protector is one of the insurers with covers related to Børsen in Copenhagen, which tragic
Slide 5: Claims update
Claims update • UK property largest positive effect • Motor behind target in all segments, no change in risk appetite • Continued claims inflation and lagged effect of actions *Includes Finland • Large losses1 at 6.6% (1.0%) • Eight (8) large loss events across all segments • Run-off losses at 1.8%
Slide 6: Large losses and run-off
Large losses1 and run-off Large Loss % • Large losses of NOK 181m, or 6.6% (19.5 or 1.0%) • 49% of large losses related to four (4) weather events across the UK, Denmark and Norway • Run-off losses at 1.8% (losses of 2.2%) • Majority from motor (changes in previous years’ large losses) NGAAP IFRS17
Slide 7: Q1 growth at 12% – renewal rate at 96%
• Q1 growth at 12% – Renewal rate at 96% • Low churn, and price increases to counter claims inflation • Low new sales in UK and Sweden – disciplined growth • Underlying growth in Q1 at 14% (11% in LCY) • Technicalitites, and run-off of Swedish consumer schemes *Includes Finland • January 1st growth
Slide 8: Key metrics per segment
Key metrics per segment PROTECTOR Quarterly volatility must be expected, especially by segment Insurance Protector Qi24 Gross premium written 1349 1167 1499 1427 1152 980 429 369 4430 3.943 Insurance revenues 534 463 713 651 382 292 1107 581 2735 1986 Insurance service result (2) 38 29 2 18 (19) 196
Slide 9: Vision, Business Idea, Main 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 10: Investment performance and statistics
Investment performance and statistics 1.7% return in Q1 | Bond portfolio yield at 5.8%, before cost of risk • NOK 350m, or 1.7 % gain in Q1 Q1 investment results • Equities: NOK 203m, or 6.9 % 10% • Put options: NOK -12m 6.9 % • Bonds: NOK 159m, or 0.9 % 5% • Interest rate swaps: NOK -112m 1.7 % 0.9
Slide 11: Profit and loss Q1
Profit and loss Q1 24 Profit of NOK 456m (626) | EPS at NOK 5.5 (7.6) NOKm Qi24 Q123 FY 23 Insurance revenue 2735 1986 9 386 Insurance claims expenses (2.090) (1.831) (7 182) Insurance operating expenses (290) (206) (1.011) Insurance service result before reinsurance contracts held 356 (51) 1193 Rei
Slide 12: Balance sheet
Balance sheet SCR ratio1 at 196% NOKm 31.03.2024 31.03.2023 31.12.2023 Financial assets 21 000 16 524 18 042 SCR ratio composition Derivatives 251 235 265 Bank deposits 187 195 324 9.000 Other assets 1 919 2 052 1 589 SCR ratio: 196% Discontinued operations 0 745 655 Total assets 23 357 19 750 20 87
Slide 13: Solvency II
Solvency II SCR ratio at 196% Composition of SCR: Eligible solvency capital: • Net insurance risk 64% • Guarantee provision and special dividend subtracted from own funds • Net market risk 28% • Other risks 8% SCR composition and development1 Eligible own funds composition and development1 7.000 7.0
Slide 14: Vision, Business Idea, Main 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 15: Other highlights
Other highlights • Special dividend of NOK 165m or NOK 2 per share Combined Ratio • April 1st growth in UK at NOK 477m (28% in LCY) Gross premiums written • Driven by Public sector and Housing LCY GWP growth • Protector is one of the insurers with covers related to Børsen in Copenhagen, which tragic
Slide 16: Protector insurance
PROTECTOR insurance
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