Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Protector Forsikring Ord — Q3 2024 Earnings Presentation
21 slides from Protector Forsikring Asa's earnings presentation, Oct 24, 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, Business Idea, Main targets and Values
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 • Quality leader position confirmed in 4 of 5 countries Combined Ratio Combined Ratio • First client confirmation received in the French market Gross premiums written Gross premiums written • Risk incepting January 1st, 2025 LCY GWP growth LCY GWP growth • No dividend, mainly due to
Slide 5: Claims update
Claims update Q3: • Underlying improvement in property and motor • Supported by price increases above claims inflation • Motor affected by favorable seasonality in Sweden and Norway • Six (6) large loss1 events totalling 7.1% (7.8%) • Property claims only • Run-off gains driven by motor and liabilit
Slide 6: Large losses and run-off
Large losses1 and run-off Large Loss % Q3: • Large loss of NOKm 214.6 or 7.1% (184.0 or 7.8%) • Losses originating from Denmark and UK • Run-off gains at 2.8% (gain of 2.9%) • Run-off gains in NO, SE and UK, loss in DK NGAAP IFRS17 Run-off • Some volatility in reserves & large losses must be expecte
Slide 7: Growth at 15% (LCY), disciplined profitable growth
Q3: • Growth at 15% (LCY) • Renewal rate at 93%, supported by price increases to counter claims inflation • Churn driven by one very large UK client. • Renewal rate excl. this one client at 101% • We stay disciplined to our profitable growth target 7 *Includes Finland
Slide 8: Key metrics per segment
Key metrics per segment PROTECTOR Quarterly volatility must be expected, especially by segment insurance Q3 24 Norway Sweden* Denmark UK Protector NOKm Q3 24 Q3 23 Q3 24 Q3 23 Q3 24 Q3 23 Q3 24 Q3 23 Q3 24 Q3 23 Gross premium written 231 189 316 211 121 67 995, 894 1664 1362 Insurance revenues 589 4
Slide 9: Quarterly net loss ratio development
Quarterly net loss ratio development Volatility must be expected, even on a company level Protector net loss ratio NGAAP IFRS17 Net loss ratio Large loss1 Net loss (ex large loss1 and run-off) Run-off 1 Large losses defined as absolute net losses > NOKm 10 9
Slide 10: Quality Leadership
Quality Leadership Easy to do business with, commercially attractive and trustworthy Why measure quality perceived by brokers? Achievements • The brokers are our only distribution channel Broker satisfaction index 20241 • Quality definition aligned with brokers' own surveys • Confirming our own surv
Slide 11: Vision, Business Idea, Main targets and Values
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 12: Investment performance
Investment performance 2.3% return in Q3 |5.4% return in YTD Q3 investment results • NOKm 534, or 2.3% return in Q3 • Equities: NOKm 85, or 2.5% 10% • Put options: NOKm -11 • Bonds: NOKm 460, or 2.4% 5% 2.5% 2.4% 2.3% • Interest rate swaps: 124 NOKm 0% Equities1 Bonds Total1 • NOKm 1 155, or 5.4 % r
Slide 13: Investment portfolio statistics
Investment portfolio statistics Bond portfolio yield at 5.2%, before cost of risk • Bond portfolio yielding 5.2% (5.4% in Q2), before cost of risk Investment portfolio statistics 30.09.24 30.09.23 30.06.24 Size bond & cash eq. (NOKm)2 19 087 14 864 19 094 • Avg. reference rate stable from Q2 Avg. re
Slide 14: Vision, Business Idea, Main targets and Values
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 15: Profit and loss YTD (& Q3 24)
Profit and loss YTD 24 (& Q3 24) Profit of NOK 581m (-11) | EPS at NOK 7.1 (-0.1) NOKm Q3 24 Q3 23 YTD 24 YTD 23 FY 23 Insurance revenue 3.002 2366 8601 6 739 9386 Insurance claims expenses (2 146) (1.831) (6 460) (5 218) (7 182) Insurance operating expenses (289) (254) (883) (729) (1011) Insurance
Slide 16: Balance sheet
Balance sheet SCR ratio1 at 194% In NOKm 30.09.2024 30.06.2023 31.12.2023 Financial assets 22 382 16 916 18 042 SCR ratio composition Derivatives 364 61 265 Bank deposits 110 111 324 SCR ratio: 194% 9.000 Other assets 1 924 1 592 1 589 Discontinued operations 0 445 655 Total assets 24 779 19 125 20
Slide 17: Solvency II
Solvency II SCR ratio at 194% Composition of SCR: Eligible solvency capital: • Net insurance risk 66% • Guarantee provision subtracted from own funds • Net market risk 26% • Other risks 8% SCR composition and development1 Eligible own funds composition and development1 8.000 8.000 9.000 1 087 9.000
Slide 18: 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, • Shareholder distr
Slide 19: Vision, Business Idea, Main targets and Values
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 20: Other highlights
Other highlights • Quality leader position confirmed in 4 of 5 countries Combined Ratio Combined Ratio • First client confirmation received in the French market Gross premiums written Gross premiums written • Risk incepting January 1st, 2025 LCY GWP growth LCY GWP growth • No dividend, mainly due to
Slide 21: PROTECTOR insurance
PROTECTOR insurance
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