Protector Forsikring ASA · OSL:PROT
Protector Forsikring ASA — Q3 2008 Earnings Presentation
21 slides from Protector Forsikring ASA's earnings presentation, Nov 6, 2008
Slide 1: Protector Forsikring ASA – Interim results Q3 2008
Protector Forsikring ASA Poor results – good technical quarter Interim results for the third quarter 2008 November 6th 2008 1
Slide 2: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary 2
Slide 3: Highlights Q3 2008
Highlights Q3 2008 Q3 – 2008 YTD - 2008 • Volume down 24% Volume up 18% • Operating profit -9.1 MNOK Operating profit 58.2 MNOK • Net financial income -33.3 MNOK Net financial income 8.6 MNOK • Combined ratio 82.9% Combined ratio 90.9% 3
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 Q3 2008 Gross written premium (MNOK) • 17% volume drop • 2 large customers losses (as communicated after Q2) • Renewal rate 70% (94% YTD) expected to be back on 418 368 324 track Q4 • 2009 index level around 6% 54 65 • Protector rated on top among b
Slide 7: Customer Satisfaction Index, Insurance Brokers 2008
Protector Forsikring ASA Customer Satisfaction Index, Insurance Brokers 2008 87 out of 253 All major brokers External Survey, TNS Gallup 7
Slide 8: Overall satisfaction with the insurance companies
Overall satisfaction with the insurance companies Score from 0-100 (n=87) 66 2008 Protector Forsikring 2007 61 66 Competitor 1 61 63 Competitor 2 59 62 Competitor 3 54 59 Competitor 4 55 55 Competitor 5 50 8 0 10 20 30 40 50 60 70 80 90 100
Slide 9: Broker House - Recommendation
Broker House - Recommendation Score from 0-100 (n=83) 71 Broker House 1 2008 69 2007 70 Broker House 4 73 70 Broker House 6 67 69 Broker House 2 66 68 Broker House 3 52 67 Broker House 8 65 59 Broker House 5 57 52 Broker House 7 68 65 Total 60 9 0 10 20 30 40 50 60 70 80 90 100
Slide 10: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary 10
Slide 11: Change of ownership insurance
Change of ownership insurance • Market leader • Quality leader - Sale & service - Claims handling • Cost leader • Best database 11
Slide 12: Change of ownership insurance
Change of ownership insurance Highlights Q3 2008 Gross written premium (MNOK) • Volume down 28% • NOK 9 m reversed based on product change 297 • Real estate market slowing down 218 215 -Expected to continue and strengthen in Q4 65 91 • Stable & high hit-ratio close to 70% (all time high) • 500 real
Slide 13: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary 13
Slide 14: Results Q3 2008
Results Q3 2008 MNOK Q3 2008 Q3 2007 YTD 2008 YTD 2007 2007 Premiums written gross 119,2 156,3 636,0 539,1 664,9 Premiums earned gross 184,7 180,4 553,7 476,2 649,6 Claims incurred gross (110,0) (107,5) (391,6) (386,4) (533,6) Premiums earned for own account 126,8 110,0 478,8 268,3 375,8 Claims incu
Slide 15: Balance sheet Q3 2008
Balance sheet Q3 2008 MNOK 30.09.2008 30.09.2007 31.12.2007 Financial assets 1 259,7 1 095,3 1 143,0 Bank deposits 122,7 117,3 91,2 Other assets 422,0 505,6 474,5 Total assets 1 804,3 1 718,2 1 708,7 Total equity 443,7 575,4 544,4 Total reserves 1 045,1 792,2 832,4 Other liabilities 315,6 350,5 331,
Slide 16: Allocation of investments and investment result
Allocation of investments and investment result Allocation of investments 30 Sept 08 Investment result Q3 08 20,0 % 16,0 % Q3 2008 Fixed income - funds Equity - funds Investment portfolios 12,0 % 15,9 % 16,2 % 8,0 % 4,0 % 1,4 % 1,4 % 0,0 % -4,0 % -0,3 % Fixed income - money -2,5 % Fixed income bonds
Slide 17: Shareholder matters October 29th 2008
Shareholder matters October 29th 2008 Shareholder No. shares Percent Protector Forsikring ASA 9 534 400 9,96 % Option program Verdipapirfond Odin Norden 7 519 055 7,86 % Bank of New York, Brussels Branch 4 360 410 4,56 % • Outstanding options: 3.261.001 DNB NOR Luxembourg SA 4 025 456 4,21 % Ojada A
Slide 18: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook 2008 Summary 18
Slide 19: Outlook 2008 – changed
Outlook 2008 – changed • Previous guiding - Volume GWP up 15% in 2008 – Status per Q3 – on schedule but weak real estate market will continue in Q4 – New guiding – “volume GWP up 10% in 2008” • Previous guiding - significant stronger growth in operating profit – Status per Q3 behind schedule and poo
Slide 20: Agenda
Agenda Highlights Commercial and public lines Change of ownership insurance Financial information Outlook Summary 20
Slide 21: Summary
Summary Q3 – 2008 YTD - 2008 • Volume down 24% Volume up 18% • Operating profit -9.1 MNOK Operating profit 58.2 MNOK • Combined ratio 82.9% Combined ratio 90.9% • Hunting and renewal season started with a lot of quotations 21