Protector (Buy, TP: NOK365.00) - Strong underwriting momentum
Although Q4 earnings were weighed down by soft investments, the underwriting result increased by 39% YOY, helped by continued high premium growth and a strong combined ratio. The underlying combined ratio improved by 0.5%-points YOY, which, in combination with 19% YOY GWP growth as of 1 January 2025, bodes well for the investment case, in our view. We have raised our 2025–2026e EPS by ~1%, and reiterate our BUY and NOK365 target price.Protector Forsking is engaged in non-marine insurance. Co. has 3 market segments: Commercial Lines of Business, Public Lines of Business and Affinity. Commercial Lines of Business consists of companies with annual insurance premiums equal to or above NOK100,000. Most of the clients have an annual insurance premium below NOK1,000,000, but Co. is also targeting larger companies with annual written premiums between NOK10,000,000-20,000,000. Public Lines of Business consists of both complete and single product coverage. Affinity consists of grouped insurance programmes such as change of ownership insurance and smallcorporate insurance.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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