Q3 result: 33% growth, increased guiding

- Gross premiums written in Q3 2010 totalled NOK
189.2m, representing 33% growth compared to Q3 2009.
YTD, gross premiums written rose by NOK 103.5m, or
14% compared to the same period in 2009.

- Operating profit in Q3 totalled NOK 89.4m, up from
65.2m in Q3 2009. YTD, the operating result was NOK
138.9m against NOK 192.7m in the same period in 2009.

- The combined ratio net was in Q3 89.9%, compared
with 91.5% in Q3 2009. YTD, the combined ratio net
was 88.3% down from 94.4% the year-earlier period.

- The investment portfolio amounted to a total of NOK
1.93bn at 30 Sept, up 21% compared to the portfolio
end of Q3 2009.

- The investment return was in Q3 3.7% against 3.4%
in Q3 2009. YTD the return was 3.9% against 12% the
year-earlier period.


Protector's operating result of NOK 89.4m in Q3
(NOK138.9m YTD) is driven by a strong combined ratio
(89.9%) and a strong investment result (3.7%). The
return on the solvency capital YTD is 18% with a
normalized investment return (3.9%).

An acceptable result in Q4 is expected. The overall
expectations to 2010 are an operating
profit of NOK 180m, a 12% growth in GWP and a net
combined ratio of 91%. If year-end results are in
line with the guiding, a dividend of NOK 1 per share
is expected for the fiscal year 2010. We are
optimistic about Q1 2011.


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

Oslo, 28 October 2010
Protector Forsikring ASA

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