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Protector Forsikring Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 delivered a combined ratio of 83.1% and EPS of 5.6, with profit for the period at NOK 459m and strong insurance service results; Q1–Q3 profit totaled NOK 1,916m, up from NOK 1,291m year-over-year.
Gross written premium (GWP) for Q3 was NOK 1,676m, up 1% (3% in local currencies); YTD GWP reached NOK 11,165m, up 14% LCY.
Investment results were modest, with Q3 investment return of NOK 117m (0.4%) and YTD NOK 1,108m.
Dividend of NOK 247m (NOK 3.00 per share) declared based on robust financials.
AI and data utilization are central to strategy, with all employees given access to enterprise AI tools and a focus on embedding AI in leadership development.
Financial highlights
Q3 profit was NOK 459m, down from NOK 581m in Q3 2024; YTD profit at NOK 1,916m.
Combined ratio improved to 83.1% in Q3 (83.2% last year); YTD combined ratio at 84.6% (89.5%).
Q3 loss ratio net of reinsurance at 72.2%; large losses at 5.8% of premium, run-off gains at 2.6%.
Q3 cost ratio at 10.9%; YTD at 11.0%, with increases due to bonus schemes and reclassification of French expenses.
Solvency Capital Requirement (SCR) ratio at 229%, up from 220% due to lower SCR and reduced currency risk exposure.
Outlook and guidance
Growth opportunities remain strong, especially in the UK and France, despite Q3's weak volume; French tenders with January 2026 inception represent a market opportunity of ~€460m, with plans to quote 70-75%.
Portfolio transfer for Danish workers' compensation is pending regulatory approval, with completion expected in Q4 2025.
Continued investment in AI and data expected, with leadership development focused on AI from Q1 2026.
UK property market is softening, but competitive positioning remains solid; new business growth expected in commercial private space and real estate.
Underlying profitability expected to remain strong with continued underwriting discipline.
Detail Q3 client churn and inception date impact
Quantify bonus scheme impact on Q3 cost ratio
Update on Danish WC portfolio transfer delay
Quantify AI's impact on underwriting.
AI strategy vs. competitors' focus?
U.K. real estate market entry strategy.
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Next Protector Forsikring earnings date
Q4 202529 Jan, 2026
Next Protector Forsikring earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
The low-cost insurance alternative
Protector Forsikring is a young and fast-growing niche insurance provider. They focus on property and casualty insurance for large and medium-sized businesses in Norway, Sweden, Denmark, Finland, and the U.K. Since their establishment in 2004, their core business has been to have the lowest possible cost ratio. The low prices allow them to sell insurance at more attractive prices than competitors.
The idea of Protector emerged from seeing big insurance players being fat and lazy, and sprawling in many segments. The company has grown fast and profitably since its inception in 2004. They entered the Swedish market in 2011 and the Danish one year after. And in 2016, they entered Finland and the UK. Protector sees most of its future growth coming from markets outside of Norway. Some of Protector’s competitors include Gjensidige, Sampo, and Tryg.
Weathering headwinds
The last few years have been a bumpy ride. The Norwegian insurer has faced several challenges, like increasing price pressure, poor underwriting discipline in Norway and Denmark, higher-than-expected claims inflation in the motor segment, and two edge cases on the risk side. However, Protector has weathered these headwinds by raising prices, adopting a better underwriting discipline, and focusing more on cost management and capital allocation, which has really turned the company around.
The company is considered the leading insurance advisor within municipal insurance and insures over 600 municipalities and counties in the Scandinavian market. The customer base consists of, among others, the leading actor in the Nordics within parcel- and logistics services and numerous healthcare providers.
In-house IT systems
Since its inception, Protector has built all its IT systems in-house, contributing to them being a low-cost operator today - with a cost ratio of 1 percent, compared to the industry average of 3.2 percent.
Roughly 15 percent of the AUM consists of equity investments - currently around 20 businesses. The equity portfolio has historically returned over 19 percent per annum.
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