Protector (Buy, TP: NOK270.00) - Large claims quarter
Q2 PTP was 5% higher YOY as strong investment performance helped offset a soft underwriting result affected by several large claims. Despite a combined ratio increase YOY, underwriting profitability remains strong at a normalised level, supported by ongoing price increases and portfolio readjustments. However, with lower-than-expected growth in gross written premiums (GWP) and a drop in bond yields, we have cut our 2025–2026e EPS by 3–4%, and in turn our target price to NOK270(275), but reiterate 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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