Download PDF

1. Company Snapshot

1.a. Company Description

Protector Forsikring ASA, a general insurance company, provides various insurance products to the commercial and public sectors, and the affinity insurance markets in Norway, Denmark, Sweden, the United Kingdom, and Finland.It operates in two segments, Commercial Lines of Business and Public Lines of Business.The company offers personal, motor, property, liability, and change of ownership insurance.


It sells its products to non-marine industries through insurance brokers.The company was founded in 2003 and is headquartered in Oslo, Norway.

Show Full description

1.b. Last Insights on PROT

Protector Forsikring ASA's recent performance was bolstered by robust growth in the UK market, driven by a surge in demand for its insurance products. The company's strategic expansion into the French market also contributed to its success, as it leveraged its expertise to tap into a new and lucrative customer base. Furthermore, the company's ability to adapt to changing market conditions in Denmark and Sweden, despite facing challenges, demonstrates its resilience and agility. Additionally, the company's focus on strategic expansion and growth initiatives has likely positioned it for continued success in the future.

1.c. Company Highlights

2. Protector's Q3 2025 Earnings: Strong Profitability Amidst Weak Growth

Protector's Q3 2025 results revealed a mixed bag, with strong profitability but weak growth. Revenue growth was sluggish, but the company's loss ratio remained stable compared to the previous year. The EPS came in at 5.6, slightly below estimates of 6. The company's cost ratio, excluding commissions, increased by over 1 percentage point due to salaries for key employees. However, adjusting for these factors, the cost ratio is similar to last year. The company's combined ratio in the U.K. market is expected to close in towards 91% over time, as stated by Henrik Høye, "For new sales, we expect to close in towards 91% combined ratio over time."

Publication Date: Nov -30

📋 Highlights
  • AI-Driven Quote Rate Boost: U.K. quote rate rose 44% (from 38%) via AI-designed application.
  • Cost Ratio Increase: Cost ratio up over 1 percentage point due to key employee salaries (excluding commissions).
  • AI Code Integration: IT systems now use 60% AI-generated code for model development advantages.
  • Capital Consumption: France’s 30% volume expected to consume capital, with property diversification offsetting some risks.
  • Market Softness Impact: U.K. market softening affects retention and new business, contrasting with rational Nordic markets.

Underwriting Performance

The company's underwriting discipline and price matching led to the loss of some large clients. The market situation in the U.K. is softening, particularly in the property market, affecting the company's ability to retain clients and win new business. In contrast, the Nordic countries remain rational, but the company doesn't get the same inflationary increases as before.

AI and Technology

Protector is leveraging AI to drive value creation, with a focus on solving complex tasks rather than just efficiency gains. The company has seen success with AI in tasks like reading health documentation and processing incoming e-mails. The IT systems have 60% AI-generated code, giving a huge advantage in developing models. The company is investing in creating better data and preparing for the future using AI.

Investment Performance and Capital Position

The company's equity results were poor, but the accumulated profits and movement of equity home increased the running yield on the bond portfolio. The capital position is strong, with a low solvency requirement due to the moved equity. The company has a Tier 2 bond that needs to be refinanced or canceled in December, but they'll assess this and likely wait or renew it in 2026.

Valuation

With a Price-to-Book Ratio (P/B) of 6.3 and a Return on Equity (ROE) of 40.26%, Protector's valuation appears to be reasonable, considering its strong profitability. The Dividend Yield is 2.49%, which is attractive for income investors. Analysts estimate next year's revenue growth at 11.9%, which could potentially drive the stock price higher.

3. NewsRoom

Card image cap

Protector Forsikring ASA (PSKRY) Q3 2025 Earnings Call Highlights: Strong Profitability Amidst ...

Nov -05

Source:

Card image cap

Protector Forsikring (OB:PROT): Exploring Valuation After Steady Share Price Climb

Sep -20

Source:

Card image cap

Protector Forsikring ASA (FRA:PR4) Q4 2024 Earnings Call Highlights: Strong UK Growth and ...

Jan -31

Source:

Card image cap

Protector Forsikring ASA (STU:PR4) Q3 2024 Earnings Call Highlights: Navigating Growth and ...

Oct -25

Source:

Card image cap

Undiscovered Gems To Watch This September 2024

Sep -18

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.00%)

6. Segments

Insurance and Related Activities

Expected Growth: 12.0%

Protector Forsikring ASA's 12.0% growth in Insurance and Related Activities is driven by increasing demand for risk management solutions, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and cost optimization has improved operational efficiency, contributing to the growth. Furthermore, a favorable regulatory environment and rising insurance penetration rates in key markets have also supported the segment's growth.

7. Detailed Products

Motor Insurance

Comprehensive insurance coverage for vehicles, including cars, motorcycles, and commercial vehicles, providing financial protection against accidents, theft, and other risks.

Home Insurance

Insurance coverage for homes and contents, providing financial protection against damage, theft, and other risks.

Travel Insurance

Insurance coverage for individuals and families while traveling, providing financial protection against unexpected medical or travel-related expenses.

Liability Insurance

Insurance coverage for individuals and businesses, providing financial protection against legal liability for damages or injuries to others.

Accident Insurance

Insurance coverage for individuals, providing financial protection against accidental injuries or death.

Health Insurance

Insurance coverage for individuals and families, providing financial protection against medical expenses.

8. Protector Forsikring ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Protector Forsikring ASA is moderate, as customers have some alternatives to insurance products, but they are not easily substitutable.

Bargaining Power Of Customers

The bargaining power of customers is low, as Protector Forsikring ASA has a strong brand and a large customer base, making it difficult for individual customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Protector Forsikring ASA relies on a few large suppliers for certain services, but has some flexibility to switch suppliers if needed.

Threat Of New Entrants

The threat of new entrants is low, as the insurance industry has high barriers to entry, including regulatory requirements and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high, as the Norwegian insurance market is highly competitive, with many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.46%
Debt Cost 4.33%
Equity Weight 70.54%
Equity Cost 9.15%
WACC 7.73%
Leverage 41.77%

11. Quality Control: Protector Forsikring ASA passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Bank of Georgia

A-Score: 8.2/10

Value: 9.6

Growth: 9.9

Quality: 7.9

Yield: 6.2

Momentum: 10.0

Volatility: 5.3

1-Year Total Return ->

View Full Report
Stock-Card
VIEL

A-Score: 7.3/10

Value: 6.8

Growth: 7.2

Quality: 6.7

Yield: 6.9

Momentum: 9.5

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
Protector Forsikring

A-Score: 7.0/10

Value: 4.7

Growth: 6.0

Quality: 7.3

Yield: 7.5

Momentum: 10.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
Banco di Desio Brianza

A-Score: 6.3/10

Value: 6.8

Growth: 4.4

Quality: 4.8

Yield: 8.8

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Vestjysk Bank

A-Score: 6.2/10

Value: 6.9

Growth: 2.8

Quality: 7.6

Yield: 8.1

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
Bank of Cyprus

A-Score: 4.6/10

Value: 6.8

Growth: 5.1

Quality: 7.0

Yield: 2.5

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

483.0$

Current Price

483$

Potential

-0.00%

Expected Cash-Flows