In 2021, total premiums amounted to NOK 5,951 million against NOK 5,516 million in 2020, representing 8% growth (10% in local currencies). The growth in the Nordics was 6%, while growth in the UK was 22%.
The technical result was NOK 594.4million against NOK 246.6 million in 2020, corresponding to a net combined ratio of 87.3% against 94.8% in 2020 The technical result is driven by strong results in the Nordic countries. The UK came in weaker due to an above normal number of large claims.
The claims ratio for own account was 77.4%, down from 84.6 % in 2020. Price increases and other profitability measurers drives the claims ratio downwards. The large loss ratio was somewhat lower than normal and the Covid-19 pandemic had a positive estimated impact at approximately 0.8 percentage points. In 2021 the company had run-off losses of 0.3% against 2.2% in runoff-losses in 2020.
The return on the investment portfolio was 6.8 %, against a return of 8.0 % in 2020. At the end of 2021, 15.1% of Protector’s financial assets were invested in equities, against 13.5% year-end 2020.
Profit for the year was NOK 1,204.0 million, compared to NOK 981.6 million in 2020.
The Board of Directors proposes a dividend of NOK 7.00 per share for the fiscal year 2021, corresponding to NOK 576.6 million.