Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Debt Investor Presentation (October 2025)
26 slides from Protector Forsikring Asa's debt investor presentation, Oct 27, 2025
Slide 1: Contemplated Restricted Tier 1 Bond Issue & Q3 update
Contemplated Restricted Tier 1 Bond Issue & Q3 update Investor Presentation Oslo, 27 October 2025 1
Slide 2: 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 3: Risk factors (1/6)
Risk factors (1/6) 1. Risk related to the Issuer and the markets in which it operates 1.1 Insurance Risk Insurance risk comprise two main types of risk: Underwriting risk and reserving risk. If these risks materialize it may have a negative impact on the Issuer's business and credit rating, which ma
Slide 4: Risk factors (2/6)
Risk factors (2/6) 1.4 Strategic risk The Issuer has historically been competitive through low cost, a loss of this cost advantage may impact future profitability and competitive position (Source: Protector Forsikring ASA). Historically the Issuer has been very cost efficient partly due to in-house
Slide 5: Risk factors (3/6)
Risk factors (3/6) 1.7 Investment and market risk ▪ The Issuer has over time generated a significant part of net profit from its investment portfolio. The investment portfolio is exposed to the risk of loss due to changes in observable market variables such as interest rates, securities prices and e
Slide 6: Risk factors (4/6)
Risk factors (4/6) 2. Risk related to capital and regulatory matters, including taxation and accounting standards 2.1 Capital and regulatory matters Financial services operate in a highly regulated environment. Solvency capital is an essential means of production in this industry, demonstrating the
Slide 7: Risk factors (5/6)
Risk factors (5/6) 3. Risks related to the Bond Issue The Bond Issue constitutes a subordinated obligation for the Issuer and rank as described in the Bond Terms. There is a risk that the Bondholders will lose their investment in the Bond Issue entirely or partly, if the Issuer's assets are insuffic
Slide 8: Risk factors (6/6)
Risk factors (6/6) 3.1 Restricted Tier 1 Specific The Bond Issue is a perpetual bond issue with no maturity date but may be redeemed by the Issuer at its discretion five years from issuance and onwards, provided the conditions for redemption (as described in the Term Sheet) are all met including but
Slide 9: Issuer characteristics
Issuer characteristics Issuer characteristics Confirmation / verification of work conducted • Protector Forsikring ASA (the “Issuer”), headquartered in Oslo, Norway, was founded in • The Issuer has signed a “Declaration of Completeness” and concluded a “Bring down 2004 and is listed on the Oslo Stoc
Slide 10: Key Terms: Restricted Tier 1 Capital
Key Terms: Restricted Tier 1 Capital Issuer Protector Forsikring ASA AM Best Rating A- (Excellent) Stable Outlook Status of the Bonds The Bonds will constitute Restricted Tier 1 Instruments of the Issuer and/or the Issuer Group under the Applicable Regulations, and constitute direct, unsecured and s
Slide 11: Today's representors
Today’s representors CEO CFO Henrik Høye Ditlev de Vibe Vanay Previous experience Previous experience • Employed at Protector since 2007 • CFO in Protector from 2005-2015 and from 2019 • Responsible for building Protector’s Public sector initiative • Insurance, finance, business controlling and IT i
Slide 12: Q3 2025 update
Q3 2025 update 12
Slide 13: 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 13
Slide 14: Highlights Q3 & Q1-Q3 2025
Highlights Q3 & Q1-Q3 2025 Q3: Combined ratio at 83.1% | Total investment return of 105 | EPS at 5.6 Q3 Q1-Q3 Other highlights • Successfully placed a new Solvency II compliant Tier 2 Combined Ratio Combined Ratio bond of NOK 500m. Gross written premium Gross written premium • Portfolio transfer agr
Slide 15: Claims update
Claims update Q3: Loss ratio, net of reinsurance at 72.2% | Large losses of NOK 205m (5.8%) | Run-off gains of NOK 91m (2.6%) • Q3 positively influenced by property, supported by lower-than-expected large losses. • Q3 large losses1 NOK 205m, or 5.8% (215 or 7.1%). • 4 large loss events. • Property S
Slide 16: Large losses and run-off
Large losses and run-off Best estimate reserving practice; run-off neutral over time. Large Loss % 5.6% 7.9% 6.4% 4.2% 4.3% Run-off % 0.9% - 0.9% 1.7% 0.5% 1.3% Nominal run-off (L-axis) Relative run-off (%) 16 Lines in figures indicate large loss and run-off accumulations within outlined periods.
Slide 17: Volume update
Volume update Q3: GWP growth at 1% | 3% in local currencies (LCY) • Q3 growth at 3% (LCY) – a small volume quarter. • Renewal rate at 80%. • Driven by higher client churn, incl. loss of three > NOK 10m accounts, and inception date movements. • Underlying GWP growth in LCY is high single-digit. • Fir
Slide 18: Key metrics per segment
Key metrics per segment Quarterly volatility must be expected, especially by segment. 18
Slide 19: Investments
Investments 19
Slide 20: Investment results and portfolio statistics
Investment results and portfolio statistics Q3: Return of NOK 117m (0.4%) | Bond portfolio yield at 5.0%, before cost of risk • NOK 117m, or 0.4% gain. Q3 & YTD Investment result • Equities: NOK -72m, or -1.9 %. • Put options: NOK -24m. • Bonds: NOK 213m, or 0.9 %. • Interest rate swaps: NOK -56m. E
Slide 21: Capital position
Capital position 21
Slide 22: Income statement
Income statement Q3: Profit of NOK 459m (581) | EPS at NOK 5.6 (7.1) 22
Slide 23: Capital development
Capital development SCR ratio 229%, up from 220% driven by lower SCR • Dividend NOK 3 per share, NOK 247m in total. Eligible Own Funds (OF) • Contribution from NOK 800m T2 loan issued in February 2025 at NOK 452. • NOK 110m reduction in utilization in Q3 due to decreased SCR. • No contribution from
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 24
Slide 25: Summary Q3 & Q1-Q3 2025
Summary Q3 & Q1-Q3 2025 Q3: Combined ratio at 83.1% | Total investment return of 105 | EPS at 5.6 Q3 Q1-Q3 Other highlights • Successfully placed a new Solvency II compliant Tier 2 Combined Ratio Combined Ratio bond of NOK 500m. Gross written premium Gross written premium • Portfolio transfer agreem
Slide 26: PROTECTOR
26 PROTECTOR
Protector Forsikring — Debt Investor Presentation (October 2025) on 6ix