contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Protector Forsikring is a non-life insurance company with two main segments: Public and Corporate (incl. Affinity). Protector's market strategy is to offer standardized insurance products only through insurance brokers. The offering mainly includes property and casualty insurance and personal insurance. All of Protector's value chains are internally developed and all of their core insurance systems are developed internally.

Well, those are some pretty impressive return percentages in that portfolio  I bought in for the first time in 2015 and sold in 2018 just before the crash—mostly by sheer luck in terms of timing—and got back in during the spring of 2020.

Thanks for the great summary! I might add more Protector to my position; it’s been in my portfolio since 2016 and things are looking good

The essential part is under the interim report: the underwriting result and growth are rocking - investment returns are stalling.   In investment returns, equities -7.2% and bonds +0.1%  In bonds, rising interest rates lowered paper values, but the yield rose slightly (5.1% => 5.3%) while the risk level was reduced (high yield bonds down by 15.5%) Solvency requirements decreased due to the reduction in the investment risk level, so Prote paid an exceptionally large quarterly dividend of 8 NOK despite the strong growth. Renewal rate 93%  Growth is stalling in the UK  Growth was only 5% in the key insurance policies starting on April 1st, due to lower quoting activity and a lower hit rate. However, the renewal rate was over 100% in public entities and real estate. UK profitability is diamond-grade - CR a measly 77%  Half of the 21% growth came from France, where growth was 172%  Surprisingly, 19% growth in Norway as well  France already reached a clearly positive result (CR 91.7%)  even though it has only been in the market for 1.5 years!!! Of course, it’s still very early days and as I’ve mentioned before, they took a hit in Denmark after the first good years when pricing had been too aggressive. A lower reinsurance rate was reflected in 1.8 percentage points lower reinsurance costs. This should manifest as higher volatility in the loss ratio, but this quarter large claims were exceptionally low (1.7% of premiums, compared to an average of 6%).  Excellent performance is being drowned out by poor investment returns. In my opinion, this is starting to look like a good spot to add more to the portfolio.

Work has been busy, so posting here has unfortunately fallen by the wayside. To start off, below is Prote’s stock portfolio as of December 31, 2025, extracted from the annual report. YTD returns aren’t exactly impressive, which was reflected in Q1, but if one looks for a silver lining, the last month has already been in the black. It is also noteworthy that the Nordic banks, which were in the portfolio for years, have been offloaded. Huhtamäki, Siili, and Sitowise have entered the portfolio. Verkkokauppa is out, and Zalando has come in “to replace” it.

Inderes              Q1 2026: CR 84.9 %, dividend per share NOK 8.0 - Inderes    Protector Forsikring ASA’s summarised results for Q1 2026 (Q1 2025) are:Combined ratio 84.9% (85.9)Gross written premium growth 20% (19), 21% (17) in local currenciesTotal investment return ...                             Results were already out yesterday. The combined ratio remained at a good level and written premium grew slightly. Need to digest this and dive deeper when I have the time. At a quick glance, the train keeps chugging along.

Sverre (ex-Protector CEO) has crafted an update to his Protector analysis. They are forecasting flat EPS for 2026 even though insurance premium income grows by 19% in their forecasts. This is due to their conservative assumption that the combined ratio returns closer to the long-term average (26e 87%), i.e., clearly higher than 2025 (84.7%). Their target price remains at 660 NOK. Interesting additional information about the UK commercial and real estate property insurance market, which Protector is now targeting. Until now, it has not been an attractive market because the value chain is complex (many intermediaries, commissions up to 40% of the premium), which eats into Protector’s cost-leadership advantage. Additionally, buyers/banks have a requirement for an A-credit rating, which Protector did not have previously (it does now). Finally, the market has very well-established relationships between players, which is why it has been difficult to break in. Now, the UK government is putting pressure on pricing transparency and reducing commission costs, as well as seeking to lower the threshold for switching insurance companies to facilitate competition. The UK property insurance market is huge, approx. £1bn, meaning it is similar in scale to launching in a new Nordic market. Currently, Protector has only insured public sector properties in the UK. Commercial and real estate properties are also attractive because the majority of claims come from small so-called frequency losses, which reduces volatility/variance. 260224-+Protector+Q4+25+(for+utsendelse)[76].pdf (2.4 MB)

True, it’s a pretty tight range. One could also put CR at 88% for the bear scenario and 83% for the bull, but I would give them clearly less weight than the values I used.

Protector Forsikring

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Protector Forsikring ASA. The outlook of these Credit Ratings...

<div class="mfn-preamble"><p><strong>AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Protector Forsikring ASA. The outlook of these Credit Ratings is stable.</strong></p></div><div class="mfn-body"><p>According to AM Best the ratings reflect Protector’s balance sheet strength, which is assesses as strong, as well as Protector’s strong operating performance, neutral business profile and appropriate enterprise risk management. </p><p>Protector’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), was at the strongest level at year-end 2025. AM Best expects this ratio to be maintained, at the least, at the very strong level prospectively, with retained earnings anticipated to continue supporting the company’s growth plans.</p><p>For more information, please see the AM Best press release:<br><a href="https://news.ambest.com/newscontent.aspx?altsrc=108&amp;refnum=275247" rel="noopener">https://news.ambest.com/newscontent.aspx?altsrc=108&amp;refnum=275247</a></p><p>Oslo, 23 June 2026<br>Protector Forsikring ASA</p><hr></div><div class="mfn-footer mfn-contacts mfn-b7a239ea29cd"><p><strong class="mfn-heading-1">Contact persons, Protector Forsikring ASA:</strong><br>Chief Financial Officer Amund Grønvold Skoglund, Tel: +47 472 70 355</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong><br><a class="mfn-primary" href="https://storage.mfn.se/ae216dd4-bec8-4825-95a6-5765e2526c8d/am-best-affirms-credit-ratings-of-protector-forsikring-asa.pdf" rel="noopener">AM Best Affirms Credit Ratings Of Protector Forsikring ASA</a></p></div>

Credit ratings affirmed

Credit ratings affirmed