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Protector Forsikring
Protector Forsikring (PROT) investor relations material
Protector Forsikring Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved strong profitable growth in FY 2025 with a combined ratio of 84.7% and EPS of 31.7, supported by disciplined underwriting and cost control.
Gross written premium (GWP) grew 14% in local currencies for the year, with France contributing 47% of total growth.
Investment return reached NOK 1.5 billion for FY 2025, with a 7.3% annual return.
Successfully exited the underperforming Danish workers' compensation portfolio, improving focus on core business lines.
Board declared a dividend of NOK 495m (NOK 6.00 per share) and placed a NOK 350m Solvency II compliant bond.
Financial highlights
FY 2025 profit was NOK 2,646m, up from NOK 1,573m in FY 2024.
Combined ratio improved to 84.7% for FY 2025 from 88.1% in FY 2024.
GWP for FY 2025 was NOK 14,136m, up 15% year-over-year.
Loss ratio, net of reinsurance, was 73.6% for FY 2025, with large losses at 6.0% and run-off gains at 1.4%.
Cost ratio for FY 2025 was 11.1%, with commissions to brokers and agents at 4.4%.
Outlook and guidance
1 January 2026 GWP growth at 25% in local currencies, supported by strong renewal rates and France accounting for 47% of the growth.
Increased retention rate from 2026 is expected to raise the average large loss rate by ~1 percentage point, offset by a lower net reinsurance ratio.
Long-term targets remain: combined ratio below 91% and ROE above 20%.
Underlying profitability expected to remain strong with continued underwriting discipline.
Claims development and capital market volatility remain key risks for 2026.
Reconcile PTA liability with limited impact claim
Rationale for increased reinsurance retention
Outline technology investment strategy
What volatility impact from higher risk retention?
France housing sector pricing sustainability?
UK real estate: When significant volume expected?
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Next Protector Forsikring earnings date
Q1 202624 Apr, 2026
Protector Forsikring
Next Protector Forsikring earnings date
Q1 202624 Apr, 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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