Protector strikes again

Combined ratio at 85%, underlying 83%💪💪

Since Volume in Q4 (10,5%) and January 1st (25%) already was out, and everybody "knew" that Investment results in Q4 would be strong all eyes were on profitability in Q4.

Profitability was superstrong with a CR at 85% and underlying at 83% (see table below) driven by UK and Sweden. It points to a very strong CR lasting longer than earlier anticipated (we'll explain more in our next analysis on Protector).

Add 2025 ROE at 42% (again 😃), equity return at 20,3 and another dividend now at 6kr (in line with our expectations) it's easy to say Protector is still "on fire"🔥.

There are two one-offs in the quarter relative to exit of workers comp in DK (accumulated +32 MNOK). These are negligible one-offs.

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

Best regards,
David and Sverre

Hvaler Invest AS
Lillestrøm, Norway
29.01.26