Protector delivers an operating profit of NOK 255 million in
the second quarter of 2016, primarily driven by a strong
investment result. Premium growth continues with gross
written premiums up 14% compared to Q2 2015, whilst combined
ratio is up due to a higher number of larger claims in the
quarter. Cost continue to improve favourably, with a gross
expense ratio of 5.1% down from 6.7% the same quarter last
year.
Q2 2016 shows the following development compared to Q2 2015:
- Gross premiums written NOK 721,8m, up 13,5% from NOK
635,8m
- Net combined ratio 93,7%, up from 87,0%
- Operating profit NOK 254,9m, up from NOK 118,4m
- Net financial income of NOK 220,5m (3,0%), up from NOK
48,7m (0,8%)
- Gross expense ratio improved to 5,1% (6,7%)
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, July 8th 2016
Protector Forsikring ASA