Protector Forsikring ASA · OSL:PROT
Protector Forsikring ASA — Q1 2008 Earnings Presentation
16 slides from Protector Forsikring ASA's earnings presentation, Apr 30, 2008
Slide 1: Protector Forsikring ASA Interim results Q1 2008
Protector Forsikring ASA Interim results Q1 2008 April 30th 2008 1
Slide 2: Agenda
Agenda Highlights Commercial and public lines of business Change of ownership insurance Financial information Outlook 2008 2
Slide 3: Highlights Q1 2008
Highlights Q1 2008 • Strong growth, GPW NOK 318.5 mill, up 34% • Operating profit, NOK 11.2 mill, down 74% - Change in reinsurance structure, effect in Q1 –MNOK 15, operating profit will increase with MNOK 15 in Q2 – Q4 - Negative return on investments, effect on Q1 -MNOK 20 • Net combined ratio, 93
Slide 4: Agenda
Agenda Highlights Commercial and public lines of business Change of ownership insurance Financial information Outlook 2008 4
Slide 5: Commercial and public lines of business
Commercial and public lines of business • Fast growing • Top class in-house underwriting • Seeking cost leadership • Preferred by the broker • Scalable business model 5
Slide 6: Commercial and public lines of business: Highlights Q1 2008
Commercial and public lines of business Highlights Q1 2008 Gross written premium (MNOK) • 44% volume growth (stronger than expected) - Better than expected in lower end of market and February 1st. 368 266 • Renewal rate 98% supported by index- and some 185 price increases • New law makes commissions
Slide 7: Agenda
Agenda Highlights Commercial and public lines of business Change of ownership insurance Financial information Outlook 2008 7
Slide 8: Change of ownership insurance
Change of ownership insurance • Market leader • Quality leader - Sale & service - Claims handling • Cost leader • Best database 8
Slide 9: Change of ownership insurance: Highlights Q1 2008
Change of ownership insurance Highlights Q1 2008 Gross written premium (MNOK) • Maintained market share, 54% 297 • Soft landing Q1 in Norwegian real estate market. 53 52 • Hit Ratio stable 2007 Q1 2007 Q1 2008 • Increased average claims cost slightly higher than expected • Claims frequency lower tha
Slide 10: Agenda
Agenda Highlights Commercial and public lines of business Change of ownership insurance Financial information Outlook 2008 10
Slide 11: Results Q1 2008
Results Q1 2008 MNOK Q1 2008 Q1 2007 2007 Premiums written gross 318,5 238,2 664,9 Premiums earned gross 164,3 138,7 649,6 Claims incurred gross (127,7) (101,7) (533,6) Premiums earned for own account 205,8 71,8 375,8 Claims incurred for own acoount (178,5) (43,0) (268,8) Operating costs (13,3) 7,6
Slide 12: Balance sheet Q1 2008
Balance sheet Q1 2008 MNOK 31.03.2008 31.03.2007 31.12.2007 Financial assets 1 225,9 667,3 1 143,0 Bank deposits 94,4 125,8 91,2 Other assets 489,5 527,9 474,5 Total assets 1 809,8 1 321,0 1 708,7 Total equity 500,7 292,7 544,4 Total reserves 1 028,5 669,1 832,4 Other liabilities 280,5 359,1 331,8 T
Slide 13: Allocation of investments and investment result
Allocation of investments and investment result Allocation of investments 31 March 08 Investment result Q1 08 Q1 2008 Fixed income bonds - Investment portfolios held to maturity; Equity; 15,2 % 11,8 % 3,0 % 1,40 % 0,95 % 1,0 % Fixed income - bonds; 10,9 % -1,0 % Equity Bonds Money Market Q1 2008 fun
Slide 14: Shareholder matters Apr 2008
Shareholder matters 23 Apr 2008 Shareholder No. shares Percent Option program Protector Forsikring ASA 7 774 047 7,5 % • Outstanding options: 2.952.668 Verdipapirfond Odin Norden 7 500 755 7,3 % Bank of New York, Brussels Branch 4 360 410 4,2 % – Strike price of NOK 7,10 – 28 Aug 2008 DNB NOR Luxemb
Slide 15: Agenda
Agenda Highlights Commercial and public lines of business Change of ownership insurance Financial information Outlook 2008 15
Slide 16: Outlook 2008 unchanged
Outlook 2008 unchanged • Volume GWP up 15% in 2008 – Premium for own account up from 58% to 77% – Status Q1 ahead of schedule • Significant stronger growth in operating profit – Operating profit growth will mainly take place in Q2-Q3 – Status Q1 slightly behind schedule • Maintained gross cost ratio