Volume, profitability and option agreement, update

Volume update: January 1st renewal date is
significant for Protector and therefore we will give
an early volume statement to the market. The January
volume is stronger than expected which means that
Protector expects a double digit growth on a company
level in Q1 2011 and through the full year. The
result also includes a start up in the Swedish
Municipality market. A more detailed volume update
will be given ultimo January.

Option agreement update: The Board of Protector
Forsikring ASA has decided to end the company's stock
option scheme. The reason is the new legislation
regarding remuneration schemes in financial
institutions. The termination of the option scheme
will be accounted for in Q4 2010 and represents a pre-
tax charge of NOK 8 - 10 million. Following the
transaction, few or no options are expected to be
outstanding. When the transaction is fulfilled the
company will give a more detailed update to the
market.

Profitability update: Despite a cost allocation sized
NOK 8 - 10 million related to the termination of the
option agreement, Protector expects a full year
operating result stronger than the previously
guided NOK 180 million.

Oslo, 28 December 2010
Protector Forsikring ASA

Contact:
Sverre Bjerkeli (CEO), phone: +47 928 38 072
Ditlev de Vibe Vanay (CFO), phone: +47 934 80 393