Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Protector Forsikring Ord — Q2 2024 Earnings Presentation
18 slides from Protector Forsikring Asa's earnings presentation, Jul 11, 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, The Challenger, Business Idea
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 Combined Ratio Combined Ratio • “Project France” start quotation in Q3 for January 1st 2025 Gross premiums written Gross premiums written • Dividend of NOK 165m or NOK 2 per share LCY GWP growth LCY GWP growth Total investment return Total investment return Profit for the period Pro
Slide 5: Claims update
Claims update • Motor still behind target • Insufficient previous actions • Lagged premium increase effects • Large losses1 at 12.5% (4.7%) • Seven (7) large loss events only property claims *Includes Finland • Run-off gains at 2.1% (gains of 2.9%) • Run-off gains mainly driven by property Sweden •
Slide 6: Large losses and run-off
Large losses1 and run-off Large Loss % • Large loss of NOK 358m or 12.5% (111.7 or 4.7%) • Mainly driven by 3 large property claims, 2 in Denmark and 1 in the UK • Run-off gains at 2.1% (gain of 2.9%) • Run-off gains in SE, DK and NO, loss in UK NGAAP IFRS17 Run-off • Some volatility in reserves & l
Slide 7: Q2 growth at 16%
• Q2 growth at 16% • Renewal rate at 101% • Growth driven by low churn and new sales • Negative growth in SE linked to consumer scheme run-of • Very limited in H2 *Includes Finland • From Q1 presentation: April 1st is the largest inception date in the UK • NOK 477m growth in GWP (28% in LCY), driven
Slide 8: *Includes Finland *Includes Finland
*Includes Finland *Includes Finland 8
Slide 9: Vision, The Challenger, Business Idea
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
Investment performance 1.3 % return in Q2 |3.0 % return in H1 • NOK 271m, or 1.3 % return in Q2 Q2 investment results • Equities: NOK 19m, or 0.6 % 6% • Put options: NOK -9m • Bonds: NOK 261m, or 1.4 % 4% • Interest rate swaps: NOK -50m 2% 1.4 % 1.3 % 0.6 % 0% Equities1 Bonds Total1 • NOK 621m, or 3
Slide 11: Investment portfolio statistics
Investment portfolio statistics Bond portfolio yield at 5.4 %, before cost of risk • Bond portfolio yielding 5.4 %, before cost of risk Investment portfolio statistics 30.06.24 30.06.23 31.03.24 Size bond & cash eq. (NOKm)2 19 094 15 143 18 085 • Avg. reference rate stable from Q1 Avg. ref. rate (NI
Slide 12: Profit and loss H1 (& Q2 24)
Profit and loss H1 24 (& Q2 24) Profit of NOK 254m (219) | EPS at NOK 3.1 (2.7) NOKm Q224 Q2 23 H124 Hi 23 FY 23 Insurance revenue 2865 2387 5600 4374 9 386 Insurance claims expenses (2 225) (1556) (4315) (3 387) (7 182) Insurance operating expenses (304) (270) (594) (476) (1.011) Insurance service
Slide 13: Balance sheet
Balance sheet SCR ratio1 at 191% In NOKm 30.06.2024 30.06.2023 31.12.2023 Financial assets 22 252 17 345 18 042 SCR ratio composition Derivatives 79 27 265 Bank deposits 163 46 324 9,000 Other assets 1 847 1 837 1 589 Discontinued operations 0 517 655 SCR ratio: 191% Total assets 24 341 19 772 20 87
Slide 14: Solvency II
Solvency II SCR ratio at 191% Composition of SCR: Eligible solvency capital: • Net insurance risk 65% • Guarantee provision and proposed dividend subtracted from own funds • Net market risk 27% • Other risks 8% SCR composition and development1 Eligible own funds composition and development1 7,000 12
Slide 15: Vision, The Challenger, Business Idea
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 16: Other highlights
Other highlights Combined Ratio Combined Ratio • “Project France” start quotation in Q3 for January 1st 2025 Gross premiums written Gross premiums written • Dividend of NOK 165m or NOK 2 per share LCY GWP growth LCY GWP growth Total investment return Total investment return Profit for the period Pro
Slide 17: Protector Insurance
PROTECTOR insurance
Slide 18: Wishing you an inspiring summer!
Wishing you an inspiring summer!
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