Protector delivers an operating profit of MNOK 107.3 in the first
quarter of 2017. Premium growth continues with gross written
premiums up 9.2% compared to Q1 2016 (12.6% local currency). UK is
ahead of plan with an accumulated volume of GBP 13,5m, including
April 1st. Denmark is on track with 8% premium growth, primarily
driven by price increases.
Q1 2017 shows the following development compared to Q1 2016:
- Gross premiums written MNOK 2,087.4, up 9.2% from MNOK 1,912.2
- Net combined ratio 87.0%, down from 88.3%
- Operating profit MNOK 107.3, up from MNOK 45.2
- Net financial income of MNOK 26.6 (0.4%), up from MNOK -31.9
(-0.5%)
A solvency capital ratio of 185% as of quarter end, driven by a
successful placing of Tier 1 and Tier 2 bonds (MNOK 750), makes the
company prepared for future growth.
The company maintain its guiding for 2017 when it comes to gross
cost ratio below 7.5% and a combined ratio at 92%, but premium
growth is adjusted from 16% (18% local currency) to 20% (22% local
currency) for the year.
For further information, please see the attached report and
presentation.
Oslo, April 27th 2017
Protector Forsikring ASA