Q2 2025 Protector Forsikring ASA Earnings Call Transcript
Key Points
- Protector Forsikring ASA (PSKRY) achieved a strong combined ratio of 84.9% in the second quarter.
- The company reported a growth of 16% in local currencies, indicating robust performance across different markets.
- The recent rating upgrade has opened up new business opportunities, particularly in the UK and potentially in France.
- Protector Forsikring ASA (PSKRY) received high broker satisfaction rankings for the eighth consecutive year, outperforming major competitors.
- The investment portfolio delivered a good absolute and relative return despite market volatility, with assets under management growing by 9%.
- The UK and Norway experienced large losses, impacting the overall profitability despite improvements in other regions.
- The property market in Sweden faced churn due to what the company considers irrational pricing, leading to the loss of some existing clients.
- The French market remains volatile with no significant volume, and profitability is uncertain until more data is available in 2026.
- The cost ratio increased compared to 2024, partly due to a long-term bonus scheme linked to the share price.
- The company faces challenges in the Norwegian market with higher claims inflation and a need for price increases above inflation.
Hello and welcome to the second quarter 2025 presentation of results for Protector Forsikring. We have started the day as always with the employees, in Protector, who are the ones who have delivered the results, and we have obviously discussed our targets, profitable growth, and data as currency, the status of where we are and how we understand those targets and results, but we have also talked about our culture and the important thing that we are focusing on is to understand our culture and the statements, our values and our our targets in the context of that we have grown as a company so we are different we are in different phases in different countries and in different areas of the business.
But also that the world around us is changing, so we need to redefine and retand what it means to be credible in the different roles around and invest time in really continuing developing that culture in the company. Because as I said, it is all of those 650 people who have created 84.9% combined ratio in the second quarter and a
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