In 2022, total premiums amounted to NOK 7,097.8 million against NOK 5,950.6 million in 2021, representing 19 % growth (21 % in local currencies). The growth in the Nordics was 15 %, while growth in the UK was 31 %.
The technical result was NOK 599.6 million against NOK 594.4 million in 2021, corresponding to a net combined ratio of 88.9 % against 87.3 % in 2021. The technical result is driven by strong results in Norway, Sweden and UK, but Denmark and Finland are also contributing.
The claims ratio for own account was 79.3 %, up from 77.4 % in 2021. The large loss ratio was somewhat lower than normal. The Covid-19 pandemic had no measurable impact in 2022. The company had run-off gains of 2.3 % for the year against 0.3 % in run-off-losses in 2021.
The return on the investment portfolio was 3.4 %, against a return of 6.8 % in 2021. At the end of 2022, 17.9 % of Protector’s financial assets were invested in equities, against 15.1 % year-end 2021.
Profit for the year was NOK 809.5 million, compared to NOK 1,204.0 million in 2021.