As published in the stock exchange announcement dated April 15th, the net combined ratio in Q1 was 98,3%, down from 105,9% in Q1 last year. The underlying result improvement is even stronger as we have 0.3% in run-off gains in Q1 this year compared to 6.9% in Q1 2019. The growth in gross written premiums was 4% (0% in local currency), supported by continued necessary price increases. Significant price increases in the Nordics has resulted in a higher than normal churn. In Q1 the average overall price increases in our Nordic insurance portfolio came in at 13.5%.
The Q1 investment result ended on the negative side with MNOK -452.1 as a result of the extreme volatility in the financial markets. The equity portfolio inclusive of hedging instruments inflicted a loss of MNOK -330.9 (-28.8%), whereas the fixed income portfolio ended with a negative result of MNOK -121.1 (-1.1%). Among our investments, both in equities and bonds, there are very little exposure towards industries and companies directly affected by the corona virus disease and the oil price collapse (e.g. travel-, oil- and oil service companies).
The profit for the quarter was NOK -384.9m.
From April 1st to and including April 29th the investment result improved by MNOK 324.
Further details are provided in the attached report and presentation, which includes definitions of financial key figures.
Oslo, April 30th 2020
Protector Forsikring ASA
This information is subject of the disclosure requirements acc. to ยง5-12 vphl (Norwegian Securities Trading Act)