Protector Forsikring ASA · OSL:PROT
Protector Forsikring ASA — Q3 2023 Earnings Presentation
17 slides from Protector Forsikring ASA's earnings presentation, 2023
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, The Challenger, Business Idea
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 • Natural damage compensation in Norway following the extreme Combined Ratio Combined Ratio weather “Hans” estimated at NOK 1.35 billion, according to the Norwegian Natural Perils Pool • We will compensate our share of the pool (3.74%) Gross premiums written Gross premiums written •
Slide 5: Claims update
Claims update • Underlying result for P&C at a good level, somewhat offset by personal lines (EB) • Motor Sweden and Denmark improving, Norway behind profitability target • Large losses1 at 7.8% (6.1%) • Seven large loss events across four countries. • Largest impact in Norway (Extreme weather Hans)
Slide 6: Large losses and run-off
Large losses1 and run-off Large Loss % • Large loss of MNOK 184.0 or 7.8% (99.1 or 6.1%) • Related to property claims only • Including claims from extreme weather Hans2 NGAAP IFRS17 Run-off • Run-off loss at 2.6% (gain of 2.6%) • Driven by run-off losses on property (large loss in the UK in 2022) an
Slide 7: Premium growth and UK market comment
• Q3 growth at 47% • Renewal rate 107%, supported by price increases to counter claims inflation • Exited unprofitable schemes in Sweden • 30 MSEK in Q3; effect will continue for three more quarters *Negative premium in Finland due to technicalities (premiums adjustments in WC) UK market comment • C
Slide 8: Country-by-country key metrics PROTECTOR
Country-by-country key metrics PROTECTOR Quarterly volatility must be expected, especially by country insurance Q3 23 Norway Protector Q3 23 Q3 22 Q3 23 Gross premium written 189 173 217 231 67 59 894 459 (5) 2 1362 924 Insurance revenues 459 391 575 460 340 263 952 451 40 50 2 366 1615 Insurance se
Slide 9: Vision, The Challenger, Business Idea
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 10: Investment performance
Investment performance 0.0% return in Q3 |3.0% return YTD • MNOK 1, or 0.0% gain in Q3 Q3 investment results • Equities: MNOK -291, or -10.3% 10% • Put options: MNOK -3 5% 2.0% • Bonds: MNOK 295, or 2.0% 0% -5% 0.0% • Interest rate swaps: 52 MNOK -10% -10.3% -15% • Strong quarter for Nordic HY bonds
Slide 11: Investment portfolio statistics
Investment portfolio statistics Bond portfolio yield at 5.9%, before cost of risk • Bond portfolio yielding 5.9%, before cost of risk Investment portfolio statistics1 30.09.23 30.09.22 30.06.23 Size bond & cash eq. (MNOK)2 14 864 12 218 15 143 • Avg. reference rate up 0.1%-points since Q2 Avg. ref.
Slide 12: Profit and loss Q3 (& YTD 23)
Profit and loss Q3 23 (& YTD 23) Profit of MNOK -11 (833) | EPS at NOK -0.1 (10.1) NOKm Q3 2023 Q32022__Q1-0323 Q1-0322 _FY 2022 Insurance revenue 2366 1615 6 739 4838 6619 Insurance claims expenses (1.831) (1.223) (5.218) (3 661) (5.045) Insurance operating expenses (254) (169) (729) (516) (734) In
Slide 13: Balance Sheet
Balance Sheet SCR ratio1 at 187% In millions 30.09.2023 30.09.2022 31.12.2022 Financial assets 16 916 14 066 14 195 SCR ratio composition Derivatives 61 274 66 7,000 Bank deposits 111 104 198 Other assets 1 592 1 900 1 971 SCR ratio: 187% Discontinued operations 445 961 888 6,000 Total assets 19 125
Slide 14: Solvency II
Solvency II SCR ratio at 187% Composition of SCR: Eligible solvency capital: • Net insurance risk 65% • Guarantee provision subtracted from own funds • Net market risk 27% • Other risks 8% SCR composition Eligible own funds 6 000 7 000 347 100 970 1 422 6 000 5 750 5 000 1 245 117 298 5 000 4 000 10
Slide 15: Vision, The Challenger, Business Idea
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 16: Other highlights
Other highlights • Natural damage compensation in Norway following the extreme Combined Ratio Combined Ratio weather “Hans” estimated at NOK 1.35 billion, according to the Norwegian Natural Perils Pool • We will compensate our share of the pool (3.74%) Gross premiums written Gross premiums written •
Slide 17: PROTECTOR insurance
PROTECTOR insurance