We expected 🔥🔥🔥🔥

Protector delivered 🔥🔥🔥🔥

Share price up 2-4% today but should be up more if you read our comments and trust what we say.

Q1 Growth: 🔥

17% growth in LCY with Norway in lead.

April 1st growth in UK 🔥

14% including a comment that some competition is back.

Combined ratio:🔥

CR came in at 85,9%, it's very very good. Some analysts will tell you that underlying is worse - they are wrong. If you correct for 1) large losses 2) Run off 3) Net Reinsurance ratio and 4) An extraordinary high-cost ratio (share price compensation program) you end up with a "normalized" CR at 86,2%. Pretty close to 85,9% - agree? Some analysts will forget Net Reinsurance Ratio and all analyst will forget the extraordinarily high-cost ratio. Both should be normalized. Shame on you who leave these 2 outside "normalized"😉

Investments: 🔥

2.3% ROI and a statement that Protector is well positioned for the current turbulence in the market. It's boding well for the long-term investment return. We love it.

Hvaler Invest were "spot on" on everything🔥🔥🔥🔥including Combined Ratio at 85,9% and some rather precise comments. We expect further upgrades from analysts, but some will maybe wait another quarter. Sorry, we can't be humble today 😬

Congratulation to the Protector team for another quarter of great results. We look forward to seeing you later today!

Best regards

David and Sverre

Hvaler Invest AS
Lillestrøm, Norway
24.04.25

Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)