- Gross premiums written in H1 2010 totalled NOK
659.2m, representing 9% growth compared to H1 2009.
In Q2, gross premiums written rose by NOK 16.2m, or
8% compared to Q2 2009.

- Operating profit in H1 totalled NOK 49.6m, down
from 127.5m in H1 2009. In Q2, the operating result
was NOK -7.4m against a profit of NOK 96.6m in Q2
2009.

- The combined ratio net was in H1 87.3%, compared
with 96.1% in H1 2009. In Q2, the combined ratio net
was 85.2% down from 94.8% in Q2 2009.

- The investment portfolio amounted to a total of NOK
1.78bn at 30 June, up 19% compared to the portfolio
end of H1 2009.

- The investment return was in H1 0.1% against 8.8%
in H1 2009. In Q2 the return was -2.1% against 6.6%
in Q2 2009.

" 8% premium growth in Q2 together with a significant
improvement in net combined ratio to 85.2% gives a
very good basis for an other strong year, says CEO
Sverre Bjerkeli

Protectors operating result of NOK 49.6m in H1
(NOK -7.4m in Q2) is hit by the instability in the
financial markets which leads to an investment result
close to zero. Despite this, the return on the
solvency capital was approx. 7%.

With 19% growth in the investment portfolio, we are
soon close to a NOK 2 bn. investment portfolio, which
gives a good basis to generate profit in the future.

Within the commercial and public lines of business,
Q2 is characterized by a significant improvement in
the claims level and a reduced cost ratio. None of
the many and large municipality fires have hit
Protector. The start on Q3 is also very satisfactory
with new contracts won. The growth in GWP is expected
to be above 30%. Approx. 2/3 of Protector's volume
in 2010 is coming from this business area.

Within change of ownership insurance, the growth is
strong due to increased number of properties sold in
the market and increased real estate prices. The real
estate prices are in H1 up approx. 9%. Still the
claims level are some high within the change of
ownership market, but the operational improvements
within claims handling are very good and the results
in court are strong.

The overall expectations to 2010 are an operating
profit of NOK 150m, a 10% growth in GWP, a net
combined ratio of 90% and continued dividend pay outs
to the shareholder's."

For further information, please see the attached
report and presentation.

Oslo, 16 July 2010
Protector Forsikring ASA

This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities
Trading Act)

H1 2010: Strong technical result and continued growth