Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Protector Forsikring Ord — Q4 2025 Earnings Presentation
27 slides from Protector Forsikring Asa's earnings presentation, Jan 29, 2026
Slide 1: Preliminary year-end & Q4 2025 results
Preliminary year-end & Q4 2025 results Investor Presentation Oslo, 29 January 2026
Slide 2: The Challenger
We will always be The Challenger We will deliver through unique relationships, best in class decision-making and cost effective solutions Main targets Values Cost and quality leadership Credible Profitable growth Innovative/Open Top 3 Bold Committed
Slide 3: Highlights FY & Q4 2025
Highlights FY & Q4 2025 FY: Combined ratio at 84.7% | Total investment return of 1 575 | EPS at 31.7 FY Q4 Other highlights • Successfully placed a new Solvency II compliant Restricted Combined Ratio Combined Ratio Tier 1 bond of NOK 350m on 28 October • Portfolio transfer agreement for Danish worke
Slide 4: Premium growth and composition
Premium growth and composition Disciplined underwriting and risk management Gross written premium (GWP) development in NOK million Segment distribution Product distribution 2021 2025 4
Slide 5: Volume inception pattern
Volume inception pattern Q1 and Q2 volume together made up 67% of full-year GWP in 2025 • France and the Nordic countries heavily weighted towards 1 January/Q1 • UK with 1 April as most significant inception date • Public Sector and Housing with greatest weight on Q2 Q1 Q2 Q3 Q4 5
Slide 6: Volume update
Volume update FY: GWP growth at 15% | 14% in local currencies (LCY) • FY growth at 14% (LCY) • Renewal rate at 95% • Q4 growth at 12% (LCY) • Renewal rate at 93% • 1 January 2026 growth at 25% in LCY, supported by strong renewal rates • France accounted for 47% (MEUR 45) of the total growth 6
Slide 7: Quarterly net loss ratio development
Quarterly net loss ratio development Volatility must be expected, even on a company level Net loss (ex. large loss and run-off) Large loss Run-off Net loss ratio 7 7
Slide 8: Large losses and run-off
Large losses and run-off Increased retention rate affect average expected large loss rate with ~1%-point (from ~ 7% to ~8%) going forward Large Loss % 6.1% 7.2% 5.9% 6.0% 6.4 % 4.5% Run-off % 0.8% 1.4% 0.9% -0.7% -0.3% -2.0% Nominal run-off (L-axis) Relative run-off (%) Lines in figures indicate lar
Slide 9: Claims update
Claims update FY: Loss ratio, net of reinsurance at 73.6% | Large losses of NOK 827m (6%) | Run-off gain of NOK 199m (1.4%) • FY 2025 positively influenced by Property in the UK and Sweden • FY large losses NOK 827m, or 6.0% (851 or 7.2%) • 27 large loss events, whereof 20 on Property • Highest larg
Slide 10: Low cost drives high profitability
Low cost drives high profitability Limited efficiency improvement, investment in development 10 10
Slide 11: Cost update
Cost update FY: Cost ratio at 11.1%, whereof 4.4% commissions to brokers and agents • FY cost ratio at 11.1% (10.6%), 6.7% (6.4%) exclusive of commissions • 4.4 % (4.2%) in commissions • Investments in data and development leads to underlying flat cost development • Q4 cost ratio at 11.4% (11.6%), 6
Slide 12: Quality Leadership
Quality Leadership Easy to do business with, commercially attractive and trustworthy Why measure quality perceived by brokers? Broker satisfaction index1 • The brokers are our only distribution channel • The relative ranking gives a competitive edge • Feedback provides valuable learning for improvem
Slide 13: Key metrics per segment
Key metrics per segment Quarterly volatility must be expected, especially by segment. 13
Slide 14: Investments
Investments
Slide 15: Investments
Investments AUM: NOK 26 118m at year-end 15
Slide 16: Investment performance
Investment performance 7.3 % return in 2025 | 2.1 % return in Q4 • MNOK 1 890 gain in 2025 2025 investment results • Equities: MNOK 816 20.3 % • Put options: MNOK -73 • Bonds: MNOK 1 147 • Interest rate swaps: MNOK 53 7.3 % 5.2 % • Strong year for Nordic HY bonds • DNB Nordic HY index up 8.4 % in 20
Slide 17: Investment portfolio statistics
Investment portfolio statistics Bond portfolio yield at 4.9 %, before cost of risk • Bond portfolio yielding 4.9 % (5.2 % YE24), before cost of risk Investment portfolio statistics 31.12.25 31.12.24 30.09.25 • Spread -5bps and underlying ref rate -33bps from YE24 Size bond & cash eq. (NOKm)2 21 611
Slide 18: Capital position
Capital position
Slide 19: Income statement
Income statement FY: Profit of NOK 2 646m (1 573) | EPS at NOK 31.7 (18.7) • Change in risk adjustment: NOK 80m positive effect to reflect risk reduction by exiting WC Denmark • Net reinsurance ratio: Effective 1 January 2026, retention rate increased for reinsurance; this increases expected large l
Slide 20: Capital development
Capital development SCR ratio 219% (229%) as dividend offset earnings and SCR increases Eligible Own Funds (OF) • Contribution from NOK 350m RT1 bond issued in October • NOK 236m increase in utilization of T2 due to increased solvency capital requirement • Full effect of Tier 2 loans expected over t
Slide 21: Reinsurance Programs 2026
Reinsurance Programs 2026 Increased retention on selected programs – increased value to Protector in the long run • Protector’s retention level for Property Risk: SEK/NOK/DKK 300m or GBP/EUR 30m • Protector’s retention level for Property CAT: DKK 300m • Retention level reduces to approximately DKK10
Slide 22: Flexible shareholder distribution policy
Flexible shareholder distribution policy Quarterly assessment of capital position vs. capital need SCR-ratio • Capital distributed over time Solvency ratio zone assessment: 200% • Move towards ‘Green’ if we see e.g. profitable insurance growth, risk-taking in investment portfolio, other attractive a
Slide 23: Long term (3 years) financial target
Long term (3 years) financial target Disciplined growth Combined Ratio ROE1 Target Target < 91% ≥ 20% 1 ROE is calculated as: Profit or loss attributable to shareholders (adjusted for Tier 1 dividend)/Average shareholder equity less Tier 1 capital 23
Slide 24: The Challenger
We will always be The Challenger We will deliver through unique relationships, best in class decision-making and cost effective solutions Main targets Values Cost and quality leadership Credible Profitable growth Innovative/Open Top 3 Bold Committed
Slide 25: Summary FY & Q4 2025
Summary FY & Q4 2025 FY: Combined ratio at 84.7% | Total investment return of 1 575 | EPS at 31.7 FY Q4 Other highlights • Successfully placed a new Solvency II compliant Restricted Combined Ratio Combined Ratio Tier 1 bond of NOK 350m on 28 October • Portfolio transfer agreement for Danish workers’
Slide 26: PROTECTOR
PROTECTOR
Slide 27: 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
Protector Forsikring Ord — Q4 2025 Earnings Presentation on 6ix