Protector Forsikring Asa · OSL:PROT
Protector Forsikring Asa — Santangel's Investor Forum, New York 2019
88 slides from Protector Forsikring Asa's conference presentation, Nov 6, 2019
Slide 1: Culture as a crucial part of success
Culture as a crucial part of success Santangel’s Investor Forum, New York 6th November 2019
Slide 2: Sverre Bjerkeli – Chief Executive Officer
Sverre Bjerkeli – Chief Executive Officer Last 15 years in Protector Corporate background • CEO in Protector Forsikring ASA last 15 years • CEO in Eterra/Ementor Norway • CEO Storebrand Bank • Entrepreneur and CEO of Torinno (IT) • Director in Storebrand and If P&C • Educated at Handelsakademiet (BI
Slide 3: Our DNA
«Olemme erilaisia» Our DNA Vision «Vi är annorlunda» 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 «Vi er annerledes» Top 3 Values «Vi er forskellige» C
Slide 4: Value creation in the long run
Value creation in the long run Protector delivering very good results HTD… Will it continue? • Growing from 0 to 5 bnNOK in premiums and building a significant float • HTD Combined ratio 94 % • World leading cost % • Quality leader in Scandinavia & UK • HTD Investment return higher than peers • The
Slide 5: Strategy – Well defined and consistent
Strategy – Well defined and consistent Like most international companies in the Nordics • All Property & Casualty products • Competitive prices (supported by cost leadership) Strategy remains unchanged, priorities are updated annually • Broker distribution only with a 3 year perspective • USP: Easy
Slide 6: Cost Leader in the world
Cost Leader in the world Competitive advantage strengthened Creating cost leadership Cost scalability will improve the next 2-3 years (Fiscal year graph) 12,0 % • Well defined and consistent strategy, understand value chains and 11,5 % competent people to implement 11,0 % • In-house IT – development
Slide 7: Quality leader in Scandinavia and UK
Quality leader in Scandinavia and UK Humble and proud Broker satisfaction index done annually through Protector, Broker houses and/or broker associations 13 years in a row 7 years in a row #1 2 yrs consecutive #2 in 2018 Far ahead of #2 again 7
Slide 8: Profitability
Profitability Combined ratio last 10 years 92% (09-18) Profitable 10 out the 10 last years • Prudent and disciplined reserving methodology – on the positive side • Increased CR volatility from 2019 – change of Property reinsurance program; retention 100 MNOK Profitability improvements from 2018 • Si
Slide 9: Pricing increases – 2019 YTD results
Pricing increases – 2019 YTD results Will improve profitability 5-6% in 2020 (full year effect) Q3 YTD Q4 Continued high renewal rates following ≈12,1% ≈ 10,8% Higher than YTD acceptance of price increases. Q3 price increases heavily influenced by ≈15,7% ≈ 8,0% Higher than YTD significant price incr
Slide 10: Volume growth
Volume growth 25 % growth, 10 years in a row (09-18) 4 738 Sustainable growth 4 286 • Profitability comes first, growth second • Low capex entering new markets 3 612 • Geographical diversification increasing, < 40 % in Norway • UK expected to be biggest geographical area in 2021 2 916 • 5 bn NOK rea
Slide 11: Strong investment result over the business cycle
Strong investment result over the business cycle Underlying reality good, but volatility must be expected and managed Beating all relevant benchmarks since insourcing • Risk management through; Operational routines, mandate given by board, FSA stress test quarterly, internal stress test • Investment
Slide 12: Protector Nordic vs If Industrial and Tryg Corporate
Protector Nordic vs If Industrial and Tryg Corporate Peers in same segment with same product mix and distribution channel Combined Ratio avg. 13-18 • Protector vs. Peers Tryg Corp. 91,1% • Same product mix • Same broker based sales channel Protector 91,3% • Same commission structure • Same average s
Slide 13: Where are we top 3?
Where are we top 3? Brokered Insurance Nordic & Public sector UK P&C Nordic Nordic municipalities Public sector UK Trondheim Göteborg København Lund Stavanger Malmö Bærum Aarhus Nr. 1 Motor fleet Nordic Bus market Sweden Oil service Norway 13
Slide 14: UK – on schedule…
UK – on schedule… …and we are here to stay • ~ 60 people in Manchester and London • GFT arbitration settled, focus on profitable growth • Strong mix of individuals in great offices • Embracing the culture and gradually living our DNA • Quality leader by far • Slightly ahead of schedule on profitabil
Slide 15: Grenfell Tower Fire
Grenfell Tower Fire 14th June 2017 A human tragedy 15
Slide 16: The four Grenfell Tower projects
Claims handling Reinsurance • Manage claim and client • Claims handling involvement/support • Keep legal cost at low level • Align reinsurance with Risk • Process is key Management, UW and renewal • Align with reinsurance season • Proactive and professional • UK Casualty Reinsurance contract communi
Slide 17: Broker Satisfaction UK 2018
Broker Satisfaction UK 2018 Far ahead of #2 two years in a row Protector 81 Competitor 09 70 Competitor 02 68 Competitor 01 66 Competitor 08 65 Competitor 07 63 Competitor 04 61 Competitor 05 58 Competitor 03 55 Competitor 11 55 Competitor 10 54 Competitor 06 51 Competitor 12 51 Competitor 13 45 0 1
Slide 18: Capital allocation alternatives
Capital allocation alternatives Goal to maximize shareholder return Main capital allocation alternatives 1 2 3 4 4 Insurance Investments Debt repayments Buy backs Dividends underwriting Equities & Bonds (or cash as an option) 1 Insurance with high RoE’s even at high combined ratios 2 Challenging wit
Slide 19: Capital allocation alternatives – what have we done?
Capital allocation alternatives – what have we done? Maximizing shareholder return 1 Changing product mix 2 Bond portfolio – capital consumpton • Change of product mix from 2019 to 2022 - significant effect on capital • 1,6bn lower capital consumption on slightly lower expected return 1¨Carnegie Cor
Slide 20: Protector Stock price development
Protector Stock price development 40 x invested return in 15 years 9000% 85,1 x Investment HTD 01.01.04-30.09.19 Protector OSEBX 8000% Annual CAGR 26,3 % 11,0 % Total return 3869 % 419 % 7000% x Invested 39,7 5,2 39,7 x Investment HTD 6000% 5000% 4000% 3000% Protector listed on Oslo 2000% Stock Exch
Slide 21: This is the real secret
This is the real secret PROTECTOR fie aed eetai nsurance
Slide 22: Our DNA
Our DNA 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 Open Bold Committed
Slide 23: Cultural development
Cultural development Many tools and programs to develop our employees Our DNA G@W Vision Management training 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 A culture of di
Slide 24: From Good to Great – A book by Jim Collins
From Good to Great – A book by Jim Collins Introduced in Protector in 2009 – now required reading material for all employees • Good to Great is thorough, well-documented and fact-based • Foundation for understanding parts of our DNA and culture • Book clubs w. discussions arranged with all employees
Slide 25: Protector Profile – development tool
Protector Profile – development tool Defining most important competencies for each role • 6-8 defined competencies per role for employees and managers • Three competencies are the same across all employee roles: • Communication • Structure • Team Player • The Protector Manager Profile has four commo
Slide 26: Protector University
Protector University Our (e-)learning tool for development of competency and performance • Support deliberate practice for key skills to succeed in different roles in Protector - Development of new employees, continuous development of senior employees; feedback and evaluation • Approx. 700 modules i
Slide 27: Great @ Work
Great @ Work Protector’s 7th management program • Three main objectives (in addition to basic leadership skills) • Make leaders stepping forward in their role • Make teams stronger than sum of individuals • Train employees to live the DNA of our company • As every management program in Protector it
Slide 28: Never compromise on our DNA (TIME)
Never compromise on our DNA (TIME) So much more than just a pretty book step forward lead by example and re-establish profitability 28
Slide 29: Value creation in the long run
Value creation in the long run What’s your call? • Growing from 0 to 5 bnNOK in premiums and building a significant float • HTD Combined ratio 94 % • World leading cost % • Quality leader in Scandinavia & UK • HTD Investment return higher than peers • The value of float significantly lower than in t
Slide 30: Q&A
Culture as a crucial part of success Santangel’s Investor Forum, New York 6th November 2019 Q&A
Slide 31: 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 32: Appendix
Appendix (will not be presented, pre-read purposes only)
Slide 33: Long term financial objectives
Long term financial objectives
Slide 34: Long term financial objectives
Long term financial objectives New targets decided in Board meeting 31.01.2019 Old New • Net Combined Ratio 92 % 94 % • Solvency II Capital ratio > 150 % > 150 % • Return on Equity (excl. COI) > 20 % > 20 % • GWP growth rate 15 % 10-15 % Net Combined Ratio Return on Equity (incl. COI)* GWP Growth 36
Slide 35: Nordic segments – Commercial & Public
Nordic segments – Commercial & Public 2004 2011 2012 2016 39% 36% 22% 3% Exit COI 2021 (2026)
Slide 36: Commercial sector
Commercial sector 73 % of Nordic revenues Summary Market drivers • Corporate clients minimum size NOK 0.2m • Cost and quality leadership • Standardized products; Workers Compensation, Group Life, Other • Protector’s market appetite in Nordics is > NOK 15bn Insurance, Accident, Health , Property, Mot
Slide 37: Public sector
Public sector 27 % of Nordic revenues Summary Market drivers • Protector is the market leader in the Nordics • Few players and tough market conditions • Insuring more than 600 municipalities • Tender processes are governed by public procurement regulation • 280 Norwegian, 240 Swedish and 80 Danish c
Slide 38: Product mix & Prudent reserves
Product mix & Prudent reserves
Slide 39: Reduced Risk Profile
Reduced Risk Profile But increased CR volatility due to change of Property reinsurance structure 15% 32% 30% 19% 5% • Short tail from 49% in 2012 to 62% in 2019 • Geographical diversification increasing • Changing Property reinsurance contract from Surplus to Risk XL with up to 100 MNOK in retention
Slide 40: Reduced Risk Profile
Reduced Risk Profile But increased CR volatility due to change of Property reinsurance structure 14% 36% 28% 18% 4% • Short tail from 35% in 2012 to 58% in 2019 • Geographical diversification increasing • Changing Property reinsurance contract from Surplus to Risk XL with up to 100 MNOK in retention
Slide 41: Reserve history
Reserve history Prudent •Protector does not expect run-off gains nor losses in our reserving •Reserves are volatile in some products, but HTD Protector has run-off gains of ~190 MNOK •Property & Motor Large gains •COI Large losses •Long tail (Nor) Some gains Reserve outlook next 10 years •COI exit,
Slide 42: Balance sheet & shareholder information
Balance sheet & shareholder information
Slide 43: Balance sheet Q3 2019
Balance sheet Q3 2019 Very Strong – SCR 164% SCR-ratio composition SCR-ratio: • SCR coverage ratio 175% pr. 31.12 164% 3000 • SCR fully covered by Tier 1 capital only 2500 Tier 2 • Full Tier 2 utilization; some Tier 1 restricted capacity 2000 Tier 1 R 3 %; CD 8 %; Operational 1500 • Solvency based r
Slide 44: Shareholder's matters
Shareholder’s matters Per 30.09.2019 SHAREHOLDER NAME # SHARES % Related parties shareholding STENSHAGEN INVEST AS 7 126 353 8,27 % • Management’s direct and indirect shareholding totals 3,7m shares or 4% of current outstanding AWILHELMSEN CAPITAL HOLDINGS AS 6 535 816 7,59 % shares CITIBANK EUROPE
Slide 45: Capital Allocation
PROTECTOR Eatemetteinsurance Capital Allocation
Slide 46: Capital allocation alternatives
Capital allocation alternatives Goal to maximize shareholder return Main capital allocation alternatives Insurance Investments Debt repayments Buy backs Dividends underwriting Equities & Bonds (or cash as an option) 1. Determine minimum hurdle rate 2. Calculate returns for all internal and external
Slide 47: Externally communicated ROE target of > 20 %
Externally communicated ROE target of > 20 % Return on equity target of >20% per year on average 47
Slide 48: Insurance and investments ties up Solvency Capital
Insurance and investments ties up Solvency Capital Due to T1/T2 loans RoE of 20% equals a RoSC of 15,1% 1 Insurance and investments ties up Solvency Capital 2 Conversion of ROE to Return on Solvency Capital (RoSC) Equity capital 2/3 of Solvency base 1/3 of capital base costs 5% and yields excess ret
Slide 49: Capital allocation alternatives
Capital allocation alternatives Insurance with high RoE’s even at high combined ratios Insurance Investments Debt repayments underwriting Equities & Bonds Buy backs Dividends (or cash as an option) Allocate capital to the alternatives yielding highest return on that capital (above high hurdle rates)
Slide 50: Illustrative RoSC calculation approach
Illustrative RoSC calculation approach Applies also to different insurance products • We target SCR ratio >150% in «normal» times (e.g. rating considerations) • Hence actual capital consumption is 1,5*SCR • Pre-tax return on Solvency Capital • 15% after tax implies ~18% pre-tax 50
Slide 51: Capital allocation alternatives
Capital allocation alternatives Challenging with low credit spreads and all time high stock markets Insurance Investments Buy backs Debt repayments Dividends Cash as an option underwriting Equities & Bonds Allocate capital to the alternatives yielding highest return on that capital (above high hurdl
Slide 52: Equities – Capital consumption and RoSC
Equities – Capital consumption and RoSC Today we need a return of above 11% + safety margin to reach RoE target Allowed decline without being forced Float 70%-80% 20%-30% 20%-30% ~25% sellers 20%-30% T1/T2 capital ~50%-60% 100,0% High level capital consumption view Equity capital ~50% Stress levels
Slide 53: Bonds – Capital consumption and RoSC
Bonds – Capital consumption and RoSC Can reach RoE target with materially lower capital consumption ~20%-25% ~20%-25% Capital consumption (Short BB bond example) Stress - "Tax loss carry forward" Share of T1/T2 eligible SCR req. post stress SCR diversification effect SCR Capital Duration (2,25)* Spr
Slide 54: Opportunistic buy back
Opportunistic buy back Clearly an attractive capital allocation alternative if meeting hurdle Capital allocation alternatives Insurance Investments Debt Cash as an Buy backs Dividends underwriting Equities & Bonds repayments option 54
Slide 55: Buy back of 4.4 million shares @ 57,50 – 24th July 2018
Buy back of 4.4 million shares @ 57,50 – 24th July 2018 Opportunistic – below intrinsic value • Excess capital due to: Buy back process: • lower growth • Safe harbour and auction considered. • lack of equity ideas meeting hurdle rates • Safe harbour would have taken 6-18 mnths • lack of fixed income
Slide 56: Capital allocation alternatives
Capital allocation alternatives Other alternatives better Capital allocation alternatives Insurance Investments Cash as an Debt Buy backs Dividends underwriting Equities & Bonds option repayments 56
Slide 57: Available capital allocation frame
Available capital allocation frame Excess capital a headwind for returns Risk tolerance / Stress levels Excess capital Excess (and poorly performing) capital provides available capital allocation frame Current SCR ratio Minimum Minimum SCR ratio post "worst internal regulatory case financial SCR rat
Slide 58: Investment strategy
PROTECTOR Eatemetteinsurance Investment strategy
Slide 59: Protector's financial underwriting method
Protector’s financial underwriting method Continuous process improvements Protector’s analysis process Stress test Risk allocation New ideas and watchlist • Stress test to ensure that we withstand the volatility experienced in financial crisis • Portfolio allocation based on risk/reward consideratio
Slide 60: Investment strategy – Equities
Investment strategy – Equities Target to beat market over time Protector “Do not buy a farm just because you expect a lot of rain this summer” Horizon • Long term ownership returns • Good long term ownership returns Type of investments • Easy/predictable businesses “There are no extra points for lev
Slide 61: Equity portfolio statistics
Equity portfolio statistics Volatility outside benchmark must be expected Performance return Performance return inin%%––Equity Equityportfolio vs. vs. portfolio benchmarks (08.10.2014 benchmarks – 30.09.2019) (08.10.2014 – 30.09.2019) • 5th Quarter in a row behind benchmark 170 • 8 quarters in a row
Slide 62: Equity weight down
Equity weight down From 20% to 10% 62
Slide 63: Learnings and strategic migration
Learnings and strategic migration Focus on the sweet spots Lower level of difficulty to increase hit-ratio Lower level of difficulty to increase hit-ratio Actions and key learnings • Hurdle rate increased from 13% to 16% • Position sizing – more careful in respect of time of ownership/ following • B
Slide 64: Investment strategy – Bonds
Investment strategy – Bonds Target outperformance through lower cost of risk Peers Protector • Top down approach with limited Analysis • Bottom-up analysis (underwriting) and deep quarterly follow up bottom-up analysis and follow up • Bond market often slow to react to deterioring fundamentals • Rel
Slide 65: Portfolio statistics bonds
Portfolio statistics bonds 3 years with reduced risk Portfolio data 30.06.19 30.09.19 • Very strong performance relative to capital consumption Size bond & cash eq. (NOK m) 9 694 10 045 Avg. ref. rate (NIBOR, STIBOR etc.) 1,0% 1,1% • Bond portfolio 91% Avg. spread/risk premium (bp) 97 95 Yield 2,0%
Slide 66: Bond portfolio – capital consumption
Illustrative HTD return Bond portfolio – capital consumption 1,6bn lower capital consumption on slightly lower expected return 1 2 3 Capital consumption NOK bn2 Solvency ratio effect Avg. Portfolio rating Alternative 1 166% 0,67 “Judged to be of high quality and Protector bond portfolio 119% are sub
Slide 67: Illustrative investment process HY bonds
Illustrative investment process HY bonds Probabilistic approach based on bottom-up company analysis incl. bond terms focus 1 2 3 Company analysis Bond terms evaluation Cost of risk & stress rating assessment • Financial risk • Covenants • Probability of default • Gearing & debt level • Individual as
Slide 68: Bond portfolio - sector distribution analysis
Bond portfolio - sector distribution analysis No oil service, low oil (E&P) and very limited real estate Sector distribution – Protector bond portfolio Corporate HY market 60% 50% 50% 40% 30% 20% 15% 6% 5% 5% 3% 3% 3% 10% 3% 2% 1% 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 31.12.2017 31.12.2018 31.08.2019
Slide 69: Highlights and P&L last 2 years
Highlights and P&L last 2 years
Slide 70: Highlights Q3 2019
Highlights Q3 2019 17% growth, combined ratio 91,6% • GWP growth of 17% (16 % local currency) Guiding 2019 – unchanged from Q2 19 • Net Combined ratio 91,6% Net combined ratio 100 % • Run-off gains f.o.a amounted to 1,9% incl. Arbitration aftermath Volume growth 18 % • Profit before tax 54,1 MNOK •
Slide 71: Highlights Q3 2019 – incl. COI Norway
Highlights Q3 2019 – incl. COI Norway 9% growth, combined ratio 92,1% • GWP growth of 9% (8 % local currency) • Net Combined ratio 92,1% • Run-off gains f.o.a amounted to 1,2% incl. Arbitration aftermath • Profit before tax 18,6 MNOK • Investment return -41,4 MNOK or -0,4% • Solvency ratio of 164% (
Slide 72: Profit & loss Q3 2019
Excl. COI Profit & loss Q3 2019 17% growth, Combined Ratio 91,6% Q3 2019 Q3 2018 YTD 2019 YTD 2018 FY 2018 Gross premiums written 732,4 624,3 4 551,6 3 811,0 4 286,1 16 % LCY growth, Price incr. YTD 10,3 % Gross premiums earned 1 291,3 1 042,4 3 680,2 3 016,4 4 139,6 Gross claims incurred (1 139,0)
Slide 73: Highlights Q2 2019
Highlights Q2 2019 32% growth, combined ratio 107,2% - 99,8% excl. Grenfell Tower • GWP growth of 32% (33 % local currency) Guiding 2019 – old • Net Combined ratio 107,2% Net combined ratio 96 % • Run-off losses f.o.a amounted to -9,7 % Volume growth 14 % • Profit before tax -116,9 MNOK • Investment
Slide 74: Highlights Q2 2019
Highlights Q2 2019 19% growth, combined ratio 104,0% - 97,0% excl. Grenfell Tower • GWP growth of 19% (20 % local currency) • Net Combined ratio 104,0% • Run-off losses f.o.a amounted to -9,0 % • Profit before tax -127,8 MNOK • Investment return -69,3 MNOK or -0,6% • Solvency ratio of 164,0% (incl.
Slide 75: Profit & loss Q2 2019
Excl. COI Profit & loss Q2 2019 32% growth, Combined Ratio 107,2% - 99,8 % excl. Grenfell Tower in millions Q2 2019 Q2 2018 H1 2019 H1 2018 FY 2018 Gross premiums written 1 105,9 838,3 3 819,2 3 186,7 4 286,1 33 % LCY, Sweden, UK & price increases Gross premiums earned 1 241,9 1 015,7 2 388,8 1 974,
Slide 76: Highlights Q1 2019
Highlights Q1 2019 16% growth, combined ratio 105,9% and… • GWP growth of 16% (16 % local currency) Guiding 2019 – maintained • Net Combined ratio 105,9% Net combined ratio 96 % • Run-off gains f.o.a amounted to 6,9 % • Net CR 92 % “with old Reinsurance contract” Volume growth 14 % • Profit before t
Slide 77: Highlights Q1 2019
Highlights Q1 2019 14% growth, combined ratio 96,9% and… • GWP growth of 14% (14 % local currency) • Net Combined ratio 96,9% • Run-off gains f.o.a amounted to 12,6 % • Net CR 83 % “with old Reinsurance contract” • Profit before tax 121,9 MNOK • Investment return 111,3 MNOK or 1,1% • Earnings per sh
Slide 78: Profit & loss Q1 2019
Excl. COI Profit & loss Q1 2019 16% growth, Combined Ratio 105,9% in millions Q1 2019 Q1 2018 FY 2018 Gross premiums written 2 713,4 2 348,4 4 286,1 Sweden & UK Gross premiums earned 1 146,9 958,3 4 139,6 Gross claims incurred (1 071,7) (871,2) (3 859,3) Poor motor quarter Earned premiums, net of re
Slide 79: Highlights 2018 results
Highlights 2018 results 19% growth – combined ratio 98,6%, and… • GWP growth of 19% (18 % local currency) Guiding 2019 Net combined ratio 96 % • Net Combined ratio 98,6% up from 93,6% Volume growth 14 % • Profit before tax -23,9 MNOK down from 441,0 MNOK • Investment return -19,8 MNOK or -0,3% • AUM
Slide 80: Highlights 2018 results
Highlights 2018 results 15% growth – combined ratio 106,9%, and… • GWP growth of 15% (15 % local currency) • Net Combined ratio 106,9% up from 93,1% • Profit before tax -340,6 MNOK down from 562,2 MNOK • Investment return -56,2 MNOK or -0,6% • AUM 9,5 bnNOK, float 6,3 bnNOK (both incl. COI) • Solven
Slide 81: Profit & loss 2018
Excl. COI Profit & loss 2018 19% growth, Combined Ratio 98,6% in millions Q4 2018 Q4 2017 FY 2018 FY 2017 Gross premiums written 475,1 424,5 4 286,1 3 612,7 19 % growth Gross premiums earned 1 123,2 881,7 4 139,6 3 255,0 Gross claims incurred (1 161,7) (799,6) (3 859,3) (3 573,9) Earned premiums, ne
Slide 82: Highlights Q3 2018
Incl. COI Highlights Q3 2018 17,0 % growth, Combined Ratio 117,6 % - reserve loss Gray silverfish • Growth of 17,0 % (18,0 % local currency) Guiding 2018 – unchanged Net combined ratio significant higher than 94 % Volume growth 16 % • Net Combined ratio 117,6 % up from 93,3% Cost ratio ≈7,5 % • COI
Slide 83: Profit & loss Q3 2018
Incl. COI Profit & loss Q3 2018 17 % growth, Combined Ratio 117,6 % (95,7 % ex. COI) in millions Q3 2018 Q3 2017 YTD 2018 YTD 2017 FY 2017 Gross premiums written 754,6 645,1 4 233,1 3 623,0 4 163,2 16,8 % growth YTD Gross premiums earned 1 172,7 1 022,2 3 438,5 2 808,1 3 805,5 Gross claims incurred
Slide 84: Highlights Q2 2018
Incl. COI Highlights Q2 2018 14,3% growth, Combined Ratio 99,5% • Growth of 14,3% (16,4 % local currency) Guiding 2018 – old • Gross cost ratio 7,4% down from 7,5% Net combined ratio >94 % Volume growth 20 % • Net Combined ratio 99,5% up from 90,7% Cost ratio ≈7,5 % • Profit before tax of NOK 97,4m
Slide 85: Profit & loss Q2 2018
Incl. COI Profit & loss Q2 2018 14,3 % growth, Combined Ratio 99,5% [1.000.000 NOK] Q2 2018 Q2 2017 H1 2018 H1 2017 FY 2017 Gross premiums written 1 017,5 890,5 3 478,5 2 977,9 4 163,2 Growth of 14,3% (16,4% LCY) Gross premiums earned 1 195,0 927,3 2 265,8 1 785,9 3 805,5 Gross claims incurred (1 06
Slide 86: Highlights Q1 2018
Incl. COI Highlights Q1 2018 17,9 % growth, poor claims quarter • Growth of 17,9% (15,2 % local currency) New Guiding 2018 • Gross cost ratio 8,3% up from 7,1% Net combined ratio >94 % (92-94 %) • Underlying cost ratio better Volume growth 20 % Cost ratio ≈7,5 % • Net Combined ratio 95,1% up from 87
Slide 87: Profit & loss Q1 2018
Incl. COI Profit & loss Q1 2018 17,9 % growth, poor bottom line [1.000.000 NOK] Q1 2018 Q1 2017 FY 2017 Gross premiums written 2 461,0 2 087,4 4 163,2 Growth 17,9 % (15,2 % LCY) Gross premiums earned 1 070,9 858,6 3 805,5 Gross claims incurred (990,6) (784,4) (4 054,2) Earned premiums, net of reinsu
Slide 88: 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
Protector Forsikring — Santangel's Investor Forum, New York 2019 on 6ix