Protector Q3 2025 - Ultra strong results
Ultra strong combined ratio of 83,5%👏 Weak growth in a small quarter is overshadowed by growth opportunities in UK and France 🔥
There are three things to note this quarter:
The margin was exceptionally strong, with a combined ratio of 83.5%, and the underlying performance even stronger (82.1%) when accounting for large losses, reserve development, reinsurance, and yet another quarter with an extraordinary "high" cost related to the share program.
The volume of tenders in France for January 1st is extremely high — far, far higher than in the UK at the same time.
Based on the €460m volume they have seen from brokers we estimate a possible jan 1st volume of some 850 MNOK💪
A new billion-level (13 billion NOK) property market in the UK has opened up following the establishment of the A rating given in june
Other than this we are happy with EPS of 5,6 when investment returns are mediocre (volatility is normal), and that we are spot on for our underlying CR estimate 😎
Congrats on the great work again Protector 💪
Best regards,
Sverre and David
Hvaler Invest AS
Lillestrøm, Norway
23.10.25
Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)