Summary
Protector Forsikring ASA had a growth of 15% (14% in local currencies) in gross written premium in 2025. Combined ratio was 84.7%. The company’s SCR ratio calculated using the standard formula including volatility adjustment was 219%. NOK 6 in dividend per share, NOK 495m in total, is subtracted from available solvency capital in the calculation of the SCR ratio. Eligible solvency capital was NOK 10,277m (8,143). Earnings and new subordinated Tier1R and Tier2 loans in 2025 contributed positively. Dividends reduced the growth in solvency capital. The solvency capital requirement was NOK 4,702m (4,214). The increase in the capital requirement is driven by the company’s growth and increased retention in reinsurance programs. Table 1 shows the amount of the solvency capital requirement split by risk modules.
Table 1 The amount of SCR split by risk modules
| Solvency and minimum capital requirement | 12/31/2025 | 12/31/2024 |
|---|---|---|
| Total market risk | 1,855 | 1,836 |
| Total counterparty default risk | 197 | 149 |
| Total life underwriting risk | 2 | 2 |
| Total health underwriting risk | 684 | 738 |
| Total non-life underwriting risk | 4,397 | 3,939 |
| Diversification | -1,739 | -1,711 |
| Basic Solvency Capital Requirement | 5,395 | 4,952 |
| Total capital requirement for operational risk | 451 | 404 |
| Loss-absorbing capacity of deferred taxes | -1,145 | -1,143 |
| Total solvency capital requirement | 4,702 | 4,214 |
| Minimum capital requirement | 2,116 | 1,896 |
| Ratio of eligible own funds to SCR | 219% | 193% |
The underlying profitability remains strong. Continued underwriting discipline and pricing measures aimed at offsetting claims inflation are expected to support a stable insurance service result going forward.
Protector Forsikring works continuously with risk management systems in the company. Established processes and reporting systems ensure that Protector’s risk management system is adequately organized and that the company’s risk profile is followed up on a regular basis.