Income overview
| NOKm | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Gross written premium¹ | 6,339 | 5,271 | 14,136 |
| Insurance revenue | 3,696 | 3,255 | 13,756 |
| Insurance claims expenses | (2,598) | (2,250) | (9,582) |
| Insurance operating expenses | (377) | (343) | (1,526) |
| Insurance service result before reinsurance contracts held | 721 | 662 | 2,647 |
| Net result from reinsurance contracts held | (162) | (203) | (541) |
| Insurance service result | 559 | 458 | 2,106 |
| Net income from investments | (282) | 577 | 1,890 |
| Net insurance finance income or expenses | 51 | (41) | (315) |
| Other income/expenses | (37) | (25) | (243) |
| Profit/(loss) before tax | 291 | 970 | 3,438 |
| Tax | (126) | (221) | (791) |
| Profit/(loss) | 165 | 748 | 2,646 |
| Loss ratio, gross² | 70.3 % | 69.1 % | 69.7 % |
| Net reinsurance ratio³ | 4.4 % | 6.2 % | 3.9 % |
| Loss ratio, net of reinsurance⁴ | 74.7 % | 75.4 % | 73.6 % |
| Cost ratio⁵ | 10.2 % | 10.5 % | 11.1 % |
| Combined ratio ⁶ | 84.9 % | 85.9 % | 84.7 % |
| Large losses, net of reinsurance¹ | 1.7 % | 3.1 % | 6.0 % |
| Run-off gains/losses, net of reinsurance¹ | -3.0 % | -1.6 % | -1.4 % |
| Change in risk adjustment, net of reinsurance¹ | 1.1 % | 1.1 % | 0.3 % |
| Discounting effect, net of reinsurance¹ | -4.1 % | -3.9 % | -3.9 % |
| Retention rate⁷ | 94.9 % | 94.2 % | 94.2 % |
| Comparative figures for Q1 2025 have been restated, presenting issued perpetual Tier 1 capital instruments as equity. Transaction expenses and interest (NOK 8 m) are presented as a reduction in equity. | |||
| 1) Defined as alternative performance measure (APM). APMs are described in a separate document published at investor.protectorforsikring.no/. | |||
| 2) "Insurance claims expenses" in % of "Insurance revenue" | |||
| 3) "Net result from reinsurance contracts held" in % of "Insurance revenue" | |||
| 4) "Loss ratio, gross" + "Net reinsurance ratio" | |||
| 5) "Insurance operating expenses" in % of "Insurance revenue" | |||
| 6) "Loss ratio, net of reinsurance" + "Cost ratio" | |||
| 7) ("Insurance revenue" + "Reinsurance premium") / "Insurance revenue" | |||
Premiums
The first quarter is the largest inception quarter in Scandinavia and France. In January, the company experienced 25 % growth in local currencies supported by price increases countering for claims inflation, whereof France accounted for 47 % of the growth.
In Q1, gross written premiums increased by 20% or NOK 1,068 m to a total of NOK 6,339 m. Protector experienced premium growth in all segments, with France and Norway contributing 46% and 28% of the growth respectively. In local currencies total growth was 21%. The renewal rate for the total portfolio was 93% (96%).
| Gross written premium (NOKm) | Q1 2026 | Q1 2025 | Growth | NOK % | LCY % |
|---|---|---|---|---|---|
| UK | 537 | 475 | 61 | 13% | 20% |
| Sweden | 1,696 | 1,620 | 76 | 5% | 3% |
| Norway | 1,883 | 1,580 | 303 | 19% | 19% |
| Denmark | 1,430 | 1,297 | 133 | 10% | 13% |
| France | 794 | 298 | 496 | 166% | 172% |
| Protector | 6,339 | 5,271 | 1,068 | 20% | 21% |
Results
In Q1, the profit was NOK 165 m (748 ). The insurance service result was NOK 559 m (458 ), corresponding to a combined ratio of 84.9 % (85.9 %). The insurance service result was driven by good results in the UK and Sweden.
The loss ratio net of reinsurance ended at 74.7 % (75.4 %). Large losses totalled NOK -64 m, or 1.7 % (3.1 %), comprising 3 large loss events in Denmark, Norway and the UK. Total run-off contributed with gains at 3.0 % (1.6 % gains).
The cost ratio amounted to 10.2 % (10.5 %). Exclusive of commissions the cost ratio was 5.5 % (6.2 %). Development in the company’s share price on which the long-term bonus scheme is dependent led to a decrease in cost ratio relative to the same period last year.
| Loss ratio, net | Cost ratio | Combined ratio | ||||
|---|---|---|---|---|---|---|
| Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | |
| UK | 66.6 % | 69.4 % | 10.4 % | 10.2 % | 77.0 % | 79.6 % |
| Sweden | 71.1 % | 74.0 % | 13.3 % | 14.4 % | 84.4 % | 88.4 % |
| Norway | 83.8 % | 80.6 % | 6.7 % | 7.6 % | 90.6 % | 88.2 % |
| Denmark | 90.8 % | 81.1 % | 6.8 % | 6.2 % | 97.6 % | 87.3 % |
| France | 75.2 % | 125.4 % | 16.5 % | 28.1 % | 91.7 % | 153.5 % |
| Protector | 74.7 % | 75.4 % | 10.2 % | 10.5 % | 84.9 % | 85.9 % |
Investments
The assets under management totalled NOK 25,591 m ( 24,827 ). Compared to the end of Q4 2025, the portfolio is down -2%.
In Q1, the investment activities yielded a negative return of NOK -282 m (577 ), or -1.1 % (2.3 %). Equities accounted for a NOK -298 m loss (310 ), or -7.4 % (7.6 %), including put options. The return on the fixed income portfolio was NOK 17 m (267 ), or 0.1 % (1.3 %).
At the end of Q1, 14.9 % (16.0 %) of Protector’s assets under management were invested in equities, down from 16.7 % at the end of Q4 2025. Approximately NOK 4.4 bn ( 3.8 ) of the financial assets were allocated to high yield securities at the end of Q1, down from NOK 5.3 bn at the end of Q4 2025.
The insurance finance result impacted the total investment return positively with NOK 51 m (-41 ) in in Q1 2026, driven by changes in financial assumptions (increased discounting rates).
Equity and capital position
At the end of Q1, the SCR-ratio was 220% (222%); own funds totalled NOK 9,886 m ( 9,197 ), while the solvency capital requirement (SCR) was NOK 4,504 m ( 4,149 ).
The company’s equity amounted to NOK 7,314 m (6,132 ) a decrease of NOK -360m compared to the equity at the end of 2025 (including perpetual Tier 1 capital issued). Dividend paid out in Q1 2026 has reduced the equity by NOK 495 m.
Protector Forsikring ASA has an A- (stable outlook) financial strength rating (FSR) from AM Best.
Dividend
Based on the company’s strong financial position, competitive position in the market and dividend policy, the Board has utilized its authorisation granted by the Annual General Meeting 9 April 2026 and has decided to distribute a dividend of NOK 659 m, corresponding to NOK 8.00 per share.
The decided dividend is included in other equity.
Main Reinsurance Program Adjustments for 2026
Effective 1 January 2026, the company has increased its retention for its Property Risk XL, Nordic, and UK Liability reinsurance programs. For the Property risk program, the retention has changed from SEK/NOK/DKK 100 m or GBP/EUR 10 m to SEK/NOK/DKK 300 m or GBP/EUR 30 m.
The changes imply a reduction in average expected net reinsurance ratio, but also an increase in average expected large loss rate projected at ~1 %-point (from ~7 % to ~8 %) going forward. The Solvency Capital Requirement increases to cover the additional insurance risk.
Following its A- credit rating, the company will, effective 1 January 2026, act as a reinsurer for the Norwegian Natural Perils Pool (‘the Pool’). The company participate with its full market share on the Pool’s XL program and 70 % of its market share on the Pool’s Quota Share program.
Prospects
Underlying profitability remains good, and with continued underwriting discipline, the insurance service result is expected to stay strong.
Claims development, including increased uncertainty about general inflation, and the inherent volatility of capital markets continue to be the most important risk factors that could affect the company’s profit in 2026.
The rapid development of technology represents both a risk and an opportunity, requiring investments beyond previous efforts. There is inherent uncertainty related to future market conditions, but the Board is of the opinion that the company is well equipped to meet the competition going forward.
Oslo, 22.04.2026
The Board of Directors of Protector Forsikring ASA