Protector delivers a strong premium growth for the first
quarter of 2016, with first clients on board in both Finland
and the UK. Operating profits are down due to a weak claims
ratio from reserve losses in the Change of ownership segment
and negative financial income. Adjusted for one off gains-
and losses, underlying net combined ratio is 81.4% compared
to 82.4% after Q1 2015.
Q1 2016 shows the following development compared to Q1 2015:
- Gross premiums written NOK 1.912,2m, up 26% from NOK 1.515,8m
- Net combined ratio 88,3%, up from 82,4%
- Operating profit NOK 45,2m, down from NOK 210,5m
- Net financial income of NOK -31.9m (-0,5%), down from NOK 122,2m (2,2%)
- Gross expense ratio improved to 6,1% (7,5%)
Since the end of the quarter, net financial income have
developed positive and YTD return by end of April 25th is
2.5%.
The company maintain its guiding for 2016, with expected premium growth 22%, gross cost ratio below 7,5% and a combined ratio of 90%.
For further information, please see the attached report and
presentation.
Oslo, April 29th 2016
Protector Forsikring ASA