Protector (Buy, TP: NOK270.00) - Still growing in the UK
A strong underwriting performance, driven by insurance revenue growth of 37% YOY, was offset by softer investments in Q1, leading to PTP down 11% YOY. The combined ratio improved 2%-points YOY, despite harsh weather, helped by the UK Property segment. We see a continued strong growth outlook for Protector after the UK segment reported 28% local currency growth YOY as part of the 1 April GWP renewals. We have raised our 2025–2026e EPS by 2% on the back of the improved underlying underwriting performance. We reiterate our BUY and have raised our target price to NOK270 (264).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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