Highlights Q1 2023
CR 93.2% and 21% volume growth in local currencies
Q1 2023 is the first quarter Protector Forsikring reports under full IFRS. The main change from NGAAP to full IFRS is related to IFRS 17 Insurance contracts. This new standard introduces new requirements for recognition, measurement, presentation, and information about issued insurance contracts, as well as new terminology and definition of the company's KPIs. The purpose of the new standard is to establish a uniform practice for accounting for insurance contracts. Please see the transition note below, note 28 in the annual report for 2022 and material regarding the transition to IFRS published separately on www.protectorforsikring.no for further information on effects of implementing IFRS.
Protector Forsikring ASA recorded a profit of NOK 626.2m (NOK 208.1m) for the quarter. The result is driven by a good insurance service (technical) result and strong return on investment.
The insurance service result was NOK 135.9m (NOK 69.3m) corresponding to a combined ratio of 93.2% (95.6%).
Net income from assets under management was NOK 660.8m (NOK ‐9.9m) or 4.3% (‐0.1%).
The total investment return including insurance finance was NOK 521.7m (NOK 249.0m).
In Q1, the gross written premiums amounted to NOK 3 943.4 up 27% (21% in local currencies) relative to Q1 2022. The strong growth is driven both by Scandinavia and the UK.
The Board has utilized its authorization granted by the Annual General Meeting 30th March 2023 and has resolved to distribute a special dividend of NOK 164.8m, corresponding to NOK 2.00 per share.
At the end of Q1 2023, the SCR‐ratio was 198% (200%), post dividends.