Protector Forsikring Ord (PSKRF) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.031 pricing 00:00:03.056 -- 00:00:05.837 and adjustments. 00:00:06.801 -- 00:00:12.006 But we're not very concerned about it. No change in risk appetite. 00:00:12.149 -- 00:00:19.017 We still believe that motor is an area where we should continue growing. 00:00:20.843 -- 00:00:22.906 Any questions on 00:00:22.906 -- 00:00:25.186 claims development? 00:00:30.963 -- 00:00:34.392 When you look at the timelines here, you see 00:00:34.392 -- 00:00:37.435 on the large loss side that 00:00:37.741 -- 00:00:43.476 we're not at the 8% that we now have as a normalized level. 00:00:43.476 -- 00:00:47.467 But we still believe that that's a sensible trend. 00:00:47.467 -- 00:00:49.410 normalized 00:00:49.410 -- 00:00:51.072 level 00:00:51.072 -- 00:00:56.439 and on the runoff side I have mentioned previously that best estimate is important 00:00:56.439 -- 00:01:01.787 for us both on the case reserving and on the actuarial reserving but 00:01:01.787 -- 00:01:07.872 coming from a period with more uncertainty you can expect that 00:01:07.935 -- 00:01:13.183 that uncertainty ends up on the conservative side it could obviously go both ways 00:01:13.183 -- 00:01:18.167 but that's some of what you're seeing now 00:01:21.132 -- 00:01:26.299 On the cost side, which we haven't talked about, we've talked about the growth and the 00:01:26.299 -- 00:01:28.122 claims development. 00:01:28.122 -- 00:01:30.823 On the cost side, there 00:01:30.926 -- 00:01:33.790 is a reduction. You'll see that broker commission is higher. 00:01:33.790 -- 00:01:39.499 That's because we grow in France, where broker commission is higher. 00:01:39.499 -- 00:01:44.506 But if you adjust for that... slightly bigger decrease 00:01:44.506 -- 00:01:49.693 from last year, but most of it is du...