Background
The Board of Directors are required to, in accordance to the Public Limited Liability Companies Act § 6-16 a and b and regulation 11.12.2020 no. 2730, prepare principles and report on remuneration to the Chief Executive Officer (CEO), other senior executives and employees that are members of the Board of Directors (BoD). This report will also cover the note disclosure requirements pursuant to the Norwegian Accounting Act § 7-31b and 7-32.
Purpose
This report shall describe our principles and how these contribute to the company's business strategy, long-term interests and financial sustainability. In addition, the report shall ensure transparency about the company's salary policy and remuneration paid to senior executives, as well as confirm compliance with the Guidelines for salary and other remuneration in Protector Forsikring ASA published at www.protectorforsikring.no.
The remuneration scheme is linked to the achievement of the company's strategic and financial goals, where both quantitative and qualitative goals are included in the assessment. The remuneration scheme shall also contribute to promoting and providing incentives for good risk management, sustainable value creation, counteracting excessive risk-taking and contributing to avoid conflicts of interest.
Comments from the General meeting 2024
At the General Meeting on 11 April 2024 the remuneration report was endorsed without input or comments.
Company development in 2024
Protector recorded a profit of NOK 1,539 m for 2024. The insurance service result was NOK 1,404 m, corresponding to a combined ratio of 88.1 %. The total return on investments including insurance finance was 846 m. The return on investments excluding insurance finance was 4.9 %. The gross written premiums ended at NOK 12,333 m, up 18% (15% in local currencies) relative to 2023. The SCR-ratio was 193% at year-end, post dividend.
* Please note that Protector reported financial results and APMs according to Norwegian GAAP until IFRS 17 Insurance contract came into effect January 1, 2023. IFRS 17 has affected the way Protector calculates both financial results and some APMs. In the diagrams above the figures have been restated to IFRS. Please refer to www.protectorforsikring.no for more information on how IFRS 17 has affected Protector's accounting and for definitions of the APMs.