Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Shareholder Meeting (March 2019)
21 slides from Protector Forsikring Asa's shareholder meeting presentation, Mar 28, 2019
Slide 1: Company update
Company update Given after the AGM Oslo, 28.03.2019
Slide 2: Our DNA
«Olemme erilaisia» Our DNA Vision «Vi är annorlunda» 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 «Vi er annerledes» Top 3 Values «Vi er forskellige» C
Slide 3: Highlights 2018 results
Highlights 2018 results 15% growth – combined ratio 106,9%, and… • GWP growth of 15% (15 % local currency) • Net Combined ratio 106,9% up from 93,1% • Profit before tax -340,6 MNOK down from 562,2 MNOK • Investment return -56,2 MNOK or -0,6% • AUM 9,5 bnNOK, float 6,3 bnNOK (both incl. COI) • Solven
Slide 4: Highlights 2018 results
Highlights 2018 results 19% growth – combined ratio 98,6%, and… • GWP growth of 19% (18 % local currency) Guiding 2019 Net combined ratio 96 % • Net Combined ratio 98,6% up from 93,6% Volume growth 14 % • Profit before tax -23,9 MNOK down from 441,0 MNOK • Investment return -19,8 MNOK or -0,3% • AUM
Slide 5: Protector – Facts & Figures
Protector – Facts & Figures Profitable growth through 15 years Cost leader in the world Quality leader Gross expense ratio 2014 2015 2016 2017 2018 Quality leadership – Humble and proud Protector 6,4 % 7,3 % 6,6 % 8,0 % 8,4 % No. 1 – 13 years No. 1 – 7 years Codan/Trygg Hansa 21,2 % 16,4 % 14,8 % 14
Slide 6: Price increases entering 2019
Price increases entering 2019 Further actions needed – in line with market • Price increase in 2019 will continue • High retention and price acceptance in the market • Price increases 01.01 target >8%, result >8% 13 % efficiency increase in 2018 • Many individual price increases – more to come in 20
Slide 7: Strong investment result over the business cycle
Strong investment result over the business cycle Underlying reality good, but volatility must be expected and managed Beating all relevant benchmarks since insourcing • Risk management through; Operational routines, mandate given by board, FSA stress test quarterly, internal stress test • Investment
Slide 8: Balance sheet 2018
Balance sheet 2018 Very Strong – SCR 175% • SCR coverage ratio 175% pr. 31.12 SCR ratio composition 3500 • SCR fully covered by Tier 1 capital only SCR: 175% 3000 • Full Tier 2 utilization; some Tier 1 restricted capacity 2500 Tier 2 2000 Tier 1 R • Solvency based reinsurance solution also in place
Slide 9: Grenfell Tower Fire
Grenfell Tower Fire A human tragedy 9
Slide 10: The four Grenfell Tower projects
Claims handling Reinsurance • Manage claim and client • Claims handling involvement/support • Keep lawyer cost at low level • Align reinsurance with Risk • Process is key Management, UW and renewal • Align with reinsurance season • Proactive and professional • UK Casualty Reinsurance contract commun
Slide 11: Post GFT Risk Management report released
Post GFT Risk Management report released Learn for the future – Use Risk Management to mitigate future events • 40 pages based on a Review of Public buildings in the Public sector and not GFT as such Grenfell Tower Risk Management • Released in November in the UK - March in Norway Rapport Mars 2019
Slide 12: London office
London office Offices has been chosen The Leadenhall Building – up and running in March 2019 UW/RM team of 4 will grow to 10 next 2 years – no hurry, slow start Will give us access to a much larger commercial market
Slide 13: Onwards
PROTECTOR Hine eet insurance 2019 = Onwards
Slide 14: Strategy 2018-2021 - Top 8 priorities
Strategy 2018-2021 - Top 8 priorities “Don’t change strategy” • Claims Handling – Falcon • Profitable growth in Nordic • UK • ROI peer knock out • Protector University • IT as Innovator and Accelerator IT • World class HQ • Manage matrix organization perfectly Innovator Accelerator 14
Slide 15: Falcon – Claims handling
Falcon – Claims handling 2017-2020
Slide 16: Cultural development
Cultural development Culture eats strategy for breakfast 36 Focus areas 2018 30 Projects (p) BSE1 BNO 1 Our DNA 1 1 K 1 1 1 1 P 1 1 4 P P 4 4 1 P P F 1 F 1 1 1 F K 1 F 1 P F F LMP1 K 1 P 1 P F P COI F 1 1 1 P 4 Vision P P 1 1 P 4 F P 1 P 1 P 1 1 F 1 1 P 1 1 The Challenger BDKF K F 1 1 P 1 F F P 4 1
Slide 17: Management Development in Protector
Management Development in Protector Internally managed, external inputs 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Vision, business Dream Team Fulehuk GTG Lederlinjen / Lede®Stjerne Next Level Great @ Work idea, values Lederen Gruppe-dynamikk L1 Geniprofil 360 270 NGL
Slide 18: Long term financial objectives
Long term financial objectives New targets decided in Board meeting 31.01.2019 Prior to 2019 From 2019 • Net Combined Ratio 92 % 94 % • Solvency II Capital ratio > 150 % > 150 % • Return on Equity (excl. COI) > 20 % > 20 % • GWP growth rate 15 % 10-15 %
Slide 19: From Surplus to Risk XL on Property
From Surplus to Risk XL on Property Changed margin distribution and reduced margin in transition year (2019) Question from Protector’s Investor presentation Q4 2018, 01.02.19: Can you give information on the CR distribution throughout the year? • Given a 96 % guided Combined Ratio in 2019, the CR di
Slide 20: Summary 2018 and onwards
Summary 2018 and onwards Strong competitive position maintained • Growth 19% Guiding 2019 • Net Combined ratio 98,6% Net combined ratio 96 % • Profit before tax of -23,9 MNOK Volume growth 14 % • Investment return -19,8 MNOK or -0,3%, excl. COI • Solvency ratio of 175% - A.M. Best maintains BBB+ rat
Slide 21: Our DNA
«Olemme erilaisia» Our DNA Vision «Vi är annorlunda» 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 «Vi er annerledes» Top 3 Values «Vi er forskellige» C
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