Protector (Buy, TP: NOK264.00) - Planning for French expansion
Protector reported a strong Q4 pre-tax profit of NOK840m, up 22%, driven by solid underwriting and good investment performance. As announced on 22 January, gross written premiums grew 48% in local currencies in Q4, while the combined ratio improved 4.2%-points YOY. In addition to the growth potential in the UK, Protector is planning to enter France. We have increased our 2024–2025e EPS by 7–10%, and raised our target price to NOK264 (222), reiterating our BUY.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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