Aankondiging • May 20
Protector Forsikring ASA (OB:PROT) commences an Equity Buyback Plan for 8,250,000 shares, representing 10.01% of its issued share capital, under the authorization approved on April 9, 2026. Protector Forsikring ASA (OB:PROT) commences share repurchases on May 7, 2026, under the program mandated by the shareholders in the Annual General Meeting held on April 9, 2026. As per the mandate, the company is authorized to repurchase up to 8,250,000 shares, representing 10% of its issued share capital. The shares will be repurchased at a price of not be less than NOK 1 and not more than NOK 750. The repurchased shares can be used for cancellation or be sold. The purpose of the program is to allow the Board to optimize the company’s capital structure. The program will be valid till the next Annual General Meeting in 2027, or June 30, 2027. As of March 18, 2026, the company had 82,500,000 shares in issue of which 65,173 shares are held in treasury.
On May 6, 2026, the company announced a share repurchase program. Under the program, the company will repurchase 120,000 own shares for a maximum amount of NOK 60 million. The purpose of the repurchase program is to fulfil obligations arising as a result of the Company's bonus program for senior executives and key personnel
as well as the company's share purchase program for all employees. The program is valid till continue until May 27, 2026. Aankondiging • May 06
Trimco Group (UK) Limited proposed to acquire Nilörngruppen AB (publ) (OM:NIL B) from AB Traction (OM:TRAC B), Protector Forsikring ASA (OB:PROT), Kavaljer Fonder, Krister Magnusson, and others for approximately SEK 880 million. Trimco Group (UK) Limited proposed to acquire Nilörngruppen AB (publ) (OM:NIL B) from AB Traction (OM:TRAC B), Protector Forsikring ASA (OB:PROT), Kavaljer Fonder, Krister Magnusson, and others for approximately SEK 880 million on May 4, 2026. Under the Offer, Trimco offers SEK 77 in cash for each class A and class B share in Nilörngruppen, corresponding to a total equity value of approximately SEK 878 million.
The Board of Directors unanimously recommends that the shareholders of Nilörngruppen accept the offer. The transaction is subject to approval by regulatory board / committee. The completion of the Offer is conditional on customary conditions, e.g. that the Offeror becomes the owner of more than 90% of the total number of shares. The acceptance period for the Offer is expected to commence around June 19, 2026, and end around July 10, 2026, subject to any extensions.
KANTER Advokatbyrå KB acted as legal advisor for Nilörngruppen AB. Stockholm Corporate Finance AB acted as fairness opinion provider for Nilörngruppen AB. DNB Carnegie Investment Bank AB acted as financial advisor for Trimco Group (UK) Limited. Roschier Advokatbyrå Ab acted as legal advisor for Trimco Group (UK) Limited. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor for Trimco Group (UK) Limited. Aankondiging • Apr 11
Protector Forsikring ASA Approves Election of Emma Kathrine Kokborg Iversen to the Board Protector Forsikring ASA at its AGM held on April 9, 2026, approved the election of Emma Kathrine Kokborg Iversen (employee-elected) to the board. Aankondiging • Jul 11
Protector Forsikring ASA Announces Dividend, Payable on 24 July 2025 The Board of Protector Forsikring ASA has, in accordance with the mandate received from the Annual General Meeting 10 April 2025, decided to distribute a dividend of NOK 165 million, corresponding to NOK 2.00 per share. The payment will take place on 24 July 2025. Aankondiging • Apr 24
Protector Forsikring ASA Declares Cash Dividend, Payable on 9 May 2025 Protector Forsikring ASA declared cash dividend of NOK 3.00 per share. Ex-date: 30 April 2025. Record date: 2 May 2025. Payment date: 9 May 2025. Date of approval: 23 April 2025. The dividend is adopted by the Board according to the authorisation given by the General Meeting on 10 April 2025. Aankondiging • Apr 11
Protector Forsikring ASA Announces Executive Changes Protector Forsikring ASA at its AGM held on April 10, 2025, elected Hanne Myre, Tonje Giertsen (employee-elected), Mathews Ambalathil (employee-elected) to the board. Aankondiging • Jan 30
Protector Forsikring ASA Declares Cash Dividend, Payable on 13 February 2025 Protector Forsikring ASA declared cash dividend of NOK 4.00 per share. Ex-date: 6 February 2025. Record date: 7 February 2025.
Payment date: 13 February 2025. Date of approval: 29 January 2025. The dividend is adopted by the Board according to the authorisation given by the General Meeting on 11 April 2024. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. High level of non-cash earnings (29% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: kr7.10 (vs kr0.008 loss in 3Q 2023) Third quarter 2024 results: EPS: kr7.10 (up from kr0.008 loss in 3Q 2023). Revenue: kr3.14b (up 44% from 3Q 2023). Net income: kr581.0m (up kr581.7m from 3Q 2023). Profit margin: 19% (up from 0% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Sep 20
Protector Forsikring ASA (OB:PROT) acquired an unknown minority stake in Siili Solutions Oyj (HLSE:SIILI). Protector Forsikring ASA (OB:PROT) acquired an unknown minority stake in Siili Solutions Oyj (HLSE:SIILI) on September 17, 2024. As a part of acquisition, the total holding of Protector Forsikring ASA in Siili’s shares and voting rights exceeded 5% of the share capital in Siili on September 17, 2024 as a result of acquisition of shares.
Protector Forsikring ASA (OB:PROT) completed the acquisition of an unknown minority stake in Siili Solutions Oyj (HLSE:SIILI) on September 17, 2024. New Risk • Jul 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 21% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin). Aankondiging • Jul 12
Protector Forsikring ASA Declares Cash Dividend, Payable on 24 July 2024 Protector Forsikring ASA declared cash dividend of NOK 2.00 per share. Record date: 18 July 2024. Payment date: 24 July 2024. Date of approval: 11 July 2024. Ex-date: 17 July 2024. Reported Earnings • Jul 12
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr2.95b (up 34% from 2Q 2023). Net income: kr254.0m (up 12% from 2Q 2023). Profit margin: 8.6% (down from 10% in 2Q 2023). The decrease in margin was driven by higher expenses. Aankondiging • Jun 18
Protector Forsikring ASA, Annual General Meeting, Apr 10, 2025 Protector Forsikring ASA, Annual General Meeting, Apr 10, 2025. Aankondiging • May 17
Protector Forsikring ASA (OB:PROT) commences an Equity Buyback Plan for 8,250,000 shares, representing 10% of its issued share capital, under the authorization approved on April 11, 2024. Protector Forsikring ASA (OB:PROTCT) commences share repurchases on May 8, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 11, 2024. As per the mandate, the company is authorized to repurchase up to 8,250,000 shares, representing 10% of its issued share capital. The shares will be repurchased at a price of not be less than NOK 1 and not more than NOK 350. The repurchased shares can be used for cancellation or be sold. The purpose of the program is to allow the Board to optimize the company’s capital structure. The program will be valid till the next Annual General Meeting in 2024, or June 30, 2025.
On May 7, 2024, announces a share repurchase program. Under the program, the company will repurchase up to 150,000 shares, for a total of NOK 35.5 million. The purpose of the program is to fulfill obligations arising as a result of the company's bonus program for senior executives and key personnel and the company’s share repurchase program for all employees. The repurchases will commence on May 8, 2024, and the program will expire on June 3, 2024. New Risk • May 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Declared Dividend • Apr 29
Dividend of kr2.00 announced Shareholders will receive a dividend of kr2.00. Ex-date: 2nd May 2024 Payment date: 10th May 2024 Dividend yield will be 14%, which is higher than the industry average of 3.8%. Sustainability & Growth The dividend has increased by an average of 1.3% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: kr5.50 (vs kr7.41 in 1Q 2023) First quarter 2024 results: EPS: kr5.50 (down from kr7.41 in 1Q 2023). Revenue: kr2.95b (up 23% from 1Q 2023). Net income: kr456.0m (down 25% from 1Q 2023). Profit margin: 15% (down from 25% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Aankondiging • Apr 25
Protector Forsikring ASA Approves Cash Dividend, Payable on 10 May 2024 Protector Forsikring ASA approved cash dividend of NOK 2.00, payable on 10 May 2024, record date of 3 May 2024 and Ex-date of 2 May 2024. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: kr18.13 (vs kr16.62 in FY 2022) Full year 2023 results: EPS: kr18.13 (up from kr16.62 in FY 2022). Revenue: kr9.81b (up 42% from FY 2022). Net income: kr1.49b (up 9.1% from FY 2022). Profit margin: 15% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €19.48, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Insurance industry in Germany. Total returns to shareholders of 261% over the past three years. Declared Dividend • Feb 04
Dividend of kr5.00 announced Shareholders will receive a dividend of kr5.00. Ex-date: 7th February 2024 Payment date: 14th February 2024 Dividend yield will be 28%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: kr18.30 (vs kr10.27 in FY 2022) Full year 2023 results: EPS: kr18.30 (up from kr10.27 in FY 2022). Revenue: kr9.75b (up 57% from FY 2022). Net income: kr1.49b (up 77% from FY 2022). Profit margin: 15% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Aankondiging • Feb 01
Protector Forsikring Asa Declares Cash Dividend, Payable on 14 February 2024 Protector Forsikring ASA declared cash dividend of NOK 5.00. Ex-date is 7 February 2024. Record date is 8 February 2024. Payment date is 14 February 2024. Aankondiging • Nov 04
Protector Forsikring ASA (OB : PROT) acquired additional 6.53% minority stake in Seafire AB (publ) (OM : SEAF). Protector Forsikring ASA (OB : PROT) acquired additional 6.53% minority stake in Seafire AB (publ) (OM : SEAF) on October 30, 2023. Protector Forsikring ASA (OB : PROT) completed the acquisition of additional 6.53% minority stake in Seafire AB (publ) (OM : SEAF) on October 30, 2023. New Risk • Oct 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Oct 25
Third quarter 2023 earnings released: kr0.10 loss per share (vs kr2.12 profit in 3Q 2022) Third quarter 2023 results: kr0.10 loss per share (down from kr2.12 profit in 3Q 2022). Revenue: kr2.32b (up 61% from 3Q 2022). Net loss: kr1.00m (down 101% from profit in 3Q 2022). Profit margin: 0% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Aankondiging • Sep 23
An unknown buyer acquired a 7.8% stake in Columbus A/S (CPSE:COLUM) from Protector Forsikring ASA (OB : PROT). An unknown buyer acquired a 7.8% stake in Columbus A/S (CPSE:COLUM) from Protector Forsikring ASA (OB : PROT) on September 21, 2023. Following the sale of 10,100,353 shares in Columbus, Protector Forsikring’s ownership has reached to zero.
An unknown buyer completed the acquisition of a 7.8% stake in Columbus A/S (CPSE:COLUM) from Protector Forsikring ASA (OB : PROT) on September 21, 2023. Board Change • Sep 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Employee Representative Director Tonje Giertsen was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 03
Deputy CEO recently sold €233k worth of stock On the 31st of August, Hans Didring sold around 16k shares on-market at roughly €14.91 per share. This transaction amounted to 5.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.4m more than they bought in the last 12 months. Reported Earnings • Jul 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr2.37b (up 86% from 2Q 2022). Net income: kr226.5m (up 245% from 2Q 2022). Profit margin: 9.6% (up from 5.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Insurance industry in Germany. Aankondiging • May 24
Protector Forsikring ASA (OB:PROTCT) commences an Equity Buyback Plan for 8,250,000 shares, representing 10% of its issued share capital, under the authorization approved on March 30, 2023. Protector Forsikring ASA (OB:PROTCT) commences share repurchases on May 12, 2023, under the program mandated by the shareholders in the Annual General Meeting held on March 30, 2023. As per the mandate, the company is authorized to repurchase up to 8,250,000 shares, representing 10% of its issued share capital. The shares will be repurchased at a price of not be less than NOK 1 and not more than NOK 250. The repurchased shares can be used for cancellation or be sold. The purpose of the program is to allow the Board to optimize the company’s capital structure. The program will be valid till the next Annual General Meeting in 2024, or June 30, 2024. As of March 30, 2023, the company had 82,500,000 shares in issue and 122,551 shares in treasury.
On May 11, 2023, announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, for a total of NOK 16.5 million. The purpose of the program is to fulfill obligations arising as a result of the company's bonus program for senior executives and key personnel and the company’s share repurchase program for all employees. The repurchases will commence on May 12, 2023, and the program will expire on June 2, 2023. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Employee Representative Director Tonje Giertsen was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 29
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr2.83b (up 113% from 1Q 2022). Net income: kr610.3m (up kr627.4m from 1Q 2022). Profit margin: 22% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 04
Chief Investment Officer recently sold €1.2m worth of stock On the 2nd of February, Dag Nereng sold around 88k shares on-market at roughly €13.41 per share. This transaction amounted to 81% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €992k more than they bought in the last 12 months. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: kr10.20 (vs kr14.14 in FY 2021) Full year 2022 results: EPS: kr10.20 (down from kr14.14 in FY 2021). Revenue: kr5.65b (down 2.8% from FY 2021). Net income: kr845.0m (down 27% from FY 2021). Profit margin: 15% (down from 20% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 02
Protector Forsikring ASA Declares Special Cash Dividend, Payable on 15 February 2023 Protector Forsikring ASA declared cash dividend of NOK 6.00 per share. Last day including right: 7 February 2023. Ex-date: 8 February 2023. Record date: 9 February 2023. Payment date: 15 February 2023. Date of approval: 1 February 2023. The special dividend is adopted by the Board according to the authorisation given by the ordinary General Meeting on 7 April 2022. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: kr2.12 (vs kr1.60 in 3Q 2021) Third quarter 2022 results: EPS: kr2.12 (up from kr1.60 in 3Q 2021). Revenue: kr1.44b (up 14% from 3Q 2021). Net income: kr174.7m (up 33% from 3Q 2021). Profit margin: 12% (up from 10% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 09
Second quarter 2022 earnings released: EPS: kr0.63 (vs kr2.95 in 2Q 2021) Second quarter 2022 results: EPS: kr0.63 (down from kr2.95 in 2Q 2021). Revenue: kr1.27b (down 6.2% from 2Q 2021). Net income: kr65.6m (down 73% from 2Q 2021). Profit margin: 5.2% (down from 18% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 4.4%, compared to a 22% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 08
Insider recently sold €100k worth of stock On the 3rd of June, Christoffer Skyrud sold around 10k shares on-market at roughly €10.47 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €1.7m more than they sold in the last 12 months. Reported Earnings • May 01
First quarter 2022 earnings released: kr0.21 loss per share (vs kr6.41 profit in 1Q 2021) First quarter 2022 results: kr0.21 loss per share (down from kr6.41 profit in 1Q 2021). Revenue: kr1.33b (down 22% from 1Q 2021). Net loss: kr17.1m (down 103% from profit in 1Q 2021). Over the next year, revenue is forecast to stay flat compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 01
Upcoming dividend of kr7.00 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 20 April 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of German dividend payers (3.7%). Higher than average of industry peers (4.5%). Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr14.14 (up from kr10.81 in FY 2020). Revenue: kr5.81b (up 5.6% from FY 2020). Net income: kr1.16b (up 32% from FY 2020). Profit margin: 20% (up from 16% in FY 2020). Combined ratio: 87.3% (down from 94.8% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 8.6% compared to a 21% growth forecast for the insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 10
Independent Director recently bought €82k worth of stock On the 9th of March, Kjetil Garstad bought around 8k shares on-market at roughly €10.84 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.6m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr14.96 (up from kr10.81 in FY 2020). Revenue: kr5.21b (down 5.3% from FY 2020). Net income: kr1.16b (up 32% from FY 2020). Profit margin: 22% (up from 16% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 2.0%, compared to a 15% growth forecast for the insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 04
Protector Forsikring Proposes Cash Dividend, Payable on April 20, 2022 Protector Forsikring ASA proposed cash dividend of NOK 7.00 per share, payable on April 20, 2022. Ex-date is April 8, 2022. Record date is April 11, 2022. Aankondiging • Feb 03
Protector Forsikring ASA Declares Cash Dividend, Payable on 16 February 2022 Protector Forsikring ASA declared cash dividend of NOK 3.00 per share, payable on 16 February 2022. Ex-date is 9 February 2022. Record date is 10 February 2022. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr1.56 (vs kr3.73 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr1.26b (down 11% from 3Q 2020). Net income: kr131.6m (down 57% from 3Q 2020). Profit margin: 10% (down from 22% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Recent Insider Transactions • Oct 29
Independent Director recently bought €520k worth of stock On the 28th of October, Kjetil Garstad bought around 52k shares on-market at roughly €10.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.7m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 27
Independent Director recently sold €222k worth of stock On the 23rd of July, Kjetil Garstad sold around 25k shares on-market at roughly €8.87 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €1.2m more than they sold in the last 12 months. Recent Insider Transactions • Jul 24
Independent Deputy Chairman recently bought €1.2m worth of stock On the 15th of July, Arve Ree bought around 142k shares on-market at roughly €8.76 per share. This was the largest purchase by an insider in the last 3 months. This was Arve's only on-market trade for the last 12 months. Reported Earnings • Jul 10
Second quarter 2021 earnings released: EPS kr2.95 (vs kr5.69 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr1.36b (down 19% from 2Q 2020). Net income: kr242.7m (down 48% from 2Q 2020). Profit margin: 18% (down from 28% in 2Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • May 01
First quarter 2021 earnings released: EPS kr6.39 (vs kr3.41 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr1.70b (up 112% from 1Q 2020). Net income: kr526.8m (up kr807.4m from 1Q 2020). Profit margin: 31% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Aankondiging • Apr 29
Protector Forsikring ASA Announces Special Dividend, Payable on 12 May 2021 Protector Forsikring ASA announced cash dividend. Dividend amount: NOK 1.67, Last day including right: 3 May 2021, Ex-date: 4 May 2021, Record date: 5 May 2021, Payment date: 12 May 2021, Date of approval: 28 April 2021. The special dividend is adopted by the Board according to the authorization given by the ordinary General Meeting on 8 April 2021. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 19% share price gain to kr9.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Insurance industry in Germany. Total returns to shareholders of 457% over the past year. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS kr10.81 (vs kr0.93 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr5.50b (up 28% from FY 2019). Net income: kr884.9m (up kr960.9m from FY 2019). Profit margin: 16% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Combined ratio: 94.8% (down from 103.8% in FY 2019). Is New 90 Day High Low • Feb 21
New 90-day high: €7.32 The company is up 62% from its price of €4.51 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is flat over the same period. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS kr10.81 (vs kr0.93 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr5.50b (up 28% from FY 2019). Net income: kr884.9m (up kr961.0m from FY 2019). Profit margin: 16% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Aankondiging • Feb 06
Protector Forsikring ASA Appoints Henrik as Chief Executive Protector Forsikring ASA announced that Henrik will be appointed as the Chief Executive in September. Is New 90 Day High Low • Jan 30
New 90-day high: €6.19 The company is up 50% from its price of €4.13 on 30 October 2020. The German market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: €6.06 The company is up 44% from its price of €4.20 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: €5.55 The company is up 35% from its price of €4.12 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: €5.00 The company is up 17% from its price of €4.28 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 1.0% over the same period. Recent Insider Transactions • Dec 08
Director recently bought €144k worth of stock On the 3rd of December, Kjetil Garstad bought around 30k shares on-market at roughly €4.80 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €217k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Nov 19
New 90-day high: €4.55 The company is up 15% from its price of €3.96 on 21 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 7.0% over the same period. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS kr4.24 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: kr1.41b (up 29% from 3Q 2019). Net income: kr305.6m (up kr284.9m from 3Q 2019). Profit margin: 22% (up from 1.9% in 3Q 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 02
Revenue misses expectations Revenue missed analyst estimates by 4.1%. Over the next year, revenue is expected to shrink by 7.2% compared to a 15% growth forecast for the Insurance industry in Germany. 
