Norway · Delayed Price · Currency is NOK Protector Forsikring ASA Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong profitability with an 81.5% combined ratio and NOK 9 per share, despite weaker growth due to softening markets. Key wins include the largest-ever U.K. motor client, while facility-driven growth in Sweden and stable costs support future outlook.
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Strong profitability in U.K. public sector and housing, but motor segment underperformed due to higher claims inflation. Investments in AI and data continue, with high broker satisfaction in France and a stable capital position supporting dividends.
Fiscal Year 2025
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Full-year results show strong profitability with an 84.7% combined ratio, 14% premium growth, and NOK 1.5 billion investment return. Strategic exits and reinsurance adjustments have reduced risk, while growth is led by Scandinavia and France amid competitive pressures.
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Profitability remained strong in Q3 2025 despite weak growth and poor investment results, with AI initiatives driving efficiency and underwriting improvements. The solvency position is robust, and significant growth opportunities are seen in the UK and France.
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Q2 2025 delivered strong profitability with an 84.9% combined ratio and 16% growth, supported by an A rating upgrade and high broker satisfaction. Claims inflation and market volatility persist, but segment momentum and capital strength remain robust.
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Q1 delivered strong growth, an 85.9% combined ratio (adjusted for large losses and runoff gains), and robust investment returns. Norway and Denmark led growth, while France's new market entry incurred high costs. Reinsurance costs remain elevated due to product and market mix.
Fiscal Year 2024
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Strong 2024 growth was driven by the U.K. and public sector segments, with France contributing €25M in new sales. Combined ratio improved to 84.5% in Q4, and cost efficiency remains a focus amid ongoing investments. The outlook emphasizes profitability, data quality, and further price increases.
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Q3 delivered strong profitability with a normalized combined ratio better than last year and NOK 7.1 per share investment return. Growth is driven by high renewal rates, especially in the Nordics, while France market entry progresses with increased capital allocation and staffing ramp-up.
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Q2 was marked by a high combined ratio of 94.5% due to large losses, especially in Denmark and the UK, but underlying profitability improved year-over-year. EPS reached NOK 3.1, a NOK 2 dividend was declared, and Project France is progressing as planned.