The loss for the year 2018 was NOK – 309.8m against a profit of NOK 516.5m in 2017. The 2018 result is driven by significant reserve losses within Change of ownership insurance (COI) and by a weak investment result.
The Board of Directors decided 18th December 2018 to exit the COI market. The net result of COI is in the income statement therefore presented on the line "discontinued operations".
In 2018, the growth in gross written premiums within the corporate and public lines of business was 19% and 12% in Q4. Including COI, the growth was 15% for the year and 5% for the quarter.
The net combined ratio in 2018 was 98.6% up from 93.6% last year. In Q4 the net combined ratio was 105,9%, up from 102,6% in Q4-17. Including COI, the net combined ratio for the year was 106.9% and 115.0% in Q4.
The investment result, including COI, was NOK - 56.2 million (-0.6%).
The company's guiding for 2019 is 14% growth in gross written premiums and a net combined ratio of 96%.
In 2019 and forwards, the company will focus on the corporate and public lines of business in the five countries in which we are represented.
UK is on schedule and a new office in London will open in March.
For further information, please see the attached report and presentation including description and calculation of key financial ratios.
Oslo, January 31st 2019
Protector Forsikring ASA
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)