Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Protector Forsikring Ord — Q1 2025 Earnings Presentation
18 slides from Protector Forsikring Asa's earnings presentation, Apr 24, 2025
Slide 1: Q1 2025 Interim results
Q1 2025 Interim results Investor Presentation Oslo, 24 April 2025
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 Q1 2025
Highlights Q1 2025 Combined ratio at 85.9% | Total investment return of 536 | EPS at 9.0 Q1 Other highlights • Successfully placed a new Solvency II compliant Tier 2 bond of NOK 800m Combined Ratio • April 1st growth in UK at NOK 369m (14% in LCY) Gross premiums written • Portfolio transfer agreemen
Slide 4: Volume update
Volume update Q1: GWP growth at 19% | 17% in local currencies (LCY) • Growth at 17% (LCY) • Renewal rate at 96%, supported by price increases to counter claims inflation • Effect from renewal date changes in the UK • £3.8m moved from Q1 to Q2 & Q4 • 1 April is the largest inception date in the UK •
Slide 5: Claims update
Claims update Q1: Loss ratio, net of reinsurance at 75.4% | Large losses of NOK 101m (3.1%) | Run-off gains of NOK 51m (1.6%) • Property with largest positive effect, supported by lower-than-expected large losses • Profitability actions still needed within motor • No change in risk appetite • Large
Slide 6: Large losses and run-off
Large losses and run-off Best estimate reserving practice; run-off neutral over time Large Loss % 6.2% 7.2% 5.9% 6.4% 4.5% Run-off % 0.5% 0.9% -0.3% 2.0% -0.3% Nominal run-off (L-axis) Relative run-off (%) 8 * Lines in figures indicate large loss and run-off accumulations within outlined periods
Slide 7: Key metrics per segment
Key metrics per segment Quarterly volatility must be expected, especially by segment
Slide 8: Investments
Investments
Slide 9: Investment results and portfolio statistics
Investment results and portfolio statistics Q1: Return of NOK 577m (2.3%) | Bond portfolio yield at 5.1%, before cost of risk • NOK 577m, or 2.3% gain Q1 Investment result • Equities: NOK 323m, or 8.0 % • Put options: NOK -12m • Bonds: NOK 267m, or 1.3 % • Interest rate swaps: NOK -1m • Slightly red
Slide 10: Capital position
Capital position
Slide 11: Income statement
Income statement Profit of NOK 740m (456) | EPS at NOK 9.0 (5.5)
Slide 12: Statement of financial position
Statement of financial position SCR ratio1 at 222% NOKm 31.03.2025 31.03.2024 31.12.2024 SCR ratio composition Financial assets 24 091 21 000 22 102 Derivatives 203 251 224 9.000 SCR ratio: 222% Bank deposits 193 187 456 Other assets 1989 1919 1 872 8.000 Total assets 27 285 23 357 24 654 Tier 2 7.0
Slide 13: Solvency II
Solvency II SCR ratio at 222% Composition of SCR: Eligible solvency capital: • Net insurance risk 63% • Guarantee provision and proposed dividend subtracted from • Net market risk 28% own funds • Other risks 9% SCR composition and development1 Eligible own funds composition and development1 8.000 8.
Slide 14: 'Trade War momentum'
‘Trade War momentum’ Daily follow-up with action group following market turmoil – Assessing risks is core business 1 • Updated stress test and capital availability Risk and capital • Risk and exposure mapping overview • Insurance and investments 2 • Review and update watchlist, including at what pri
Slide 15: 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 16: 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 17: Summary Q1 2025
Summary Q1 2025 Combined ratio at 85.9% | Total investment return of 536 | EPS at 9.0 Q1 Other highlights • Successfully placed a new Solvency II compliant Tier 2 bond of NOK 800m Combined Ratio • April 1st growth in UK at NOK 369m (14% in LCY) Gross premiums written • Portfolio transfer agreement s
Slide 18: 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
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