Norway's Protector Forsikring Q3 premiums rise 29%

By Reuters News


Overview

  • Norway insurer's gross written premium grew 29% yr/yr, 41% in local currencies in Q3

  • Net profit and EPS rose sharply in the quarter, from a year earlier

  • Company declared NOK 5.00 per share dividend, to be paid in November


Outlook

  • Company did not provide specific guidance for future quarters or full-year outlook in the press release


Result Drivers

  • PREMIUM GROWTH - Gross written premium rose 29% yr/yr, 41% in local currencies

  • INVESTMENT RETURN - Total investment return, including insurance finance, increased to NOK 514 mln from NOK 105 mln

  • IMPROVED UNDERWRITING - Combined ratio fell to 82.7% from 83.1%


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

NOK 853 mln

Q3 Combined Ratio

82.7%

Q3 Dividend Per Share

NOK 5

Q3 Solvency Ratio

231%


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the multiline insurance & brokers peer group is "buy"

  • Wall Street's median 12-month price target for Protector Forsikring ASA is NOK570.00, about 30.5% above its October 21 closing price of NOK436.80

  • The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 18 three months ago


Reuters Recommended Reads

  • Oct 21 - Norway's Storebrand Q3 operating profit rises to record on premium growth

  • Oct 20 - Insurance firm Chubb Q3 net income rises

  • Oct 21 - Norway's DNB Q3 profit falls 7.9%


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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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