Key figure overview
Gross written premium (GWP) distribution by product in 2024
Gross written premium (GWP) development in MNOK:
Americas
EMEA
Asia & Oceania
Segment distribution in 2024
Combined ratio
Target: <91%
Americas
EMEA
Asia & Oceania
Solvency capital ratio
Target: >150%
Americas
EMEA
Asia & Oceania
Top shareholders
Shareholder country distribution
Country
Sweden
United States
United Kingdom
Other
Capital
76.07%
9.07%
2.10%
12.76%
Num. of known owners
10 741
40
24
Source: Euronext Public Shareholder Register
Last updated:
November 21, 2025
Latest quarter KPI's
Protector
Combined ratio in 2024: 85%
Growth in 2024: 3%
NOKm
2024
2023
Gross premium written
12333
10423
Insurance revenue
11783
9386
Insurance service result
1404
1080
Loss ratio
73.0%
76.5%
Net reinsurance ratio
4.4%
1.2%
Loss ratio, net of reinsurance
77.5%
77.7%
Cost ratio
10.6%
10.8%
Combined ratio
88.1%
88.5%
NOKm
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Gross premium written
1676
4218
5271
2688
1664
Insurance revenue
3529
3413
3255
3181
3002
Insurance service result
598
515
458
502
504
Loss ratio
66.6%
69.8%
69.1%
67.4%
71.5%
Net reinsurance ratio
5.6%
3.6%
6.2%
5.1%
2.1%
Loss ratio, net of reinsurance
72.2%
73.4%
75.4%
72.6%
73.6%
Cost ratio
10.9%
11.5%
10.5%
11.6%
9.6%
Combined ratio
83.1%
84.9%
85.9%
84.2%
83.2%
United Kingdom
Combined ratio in 2024: 85%
Growth in 2024: 3%
44% of total gross written premiums in 2024
NOKm
2024
2023
Gross premium written
5457
4321
Insurance revenue
5048
3504
Insurance service result
960
618
Loss ratio
62.2%
70.4%
Net reinsurance ratio
7.7%
0.0%
Loss ratio, net of reinsurance
69.9%
70.4%
Cost ratio
11.0%
11.9%
Combined ratio
81.0%
82.4%
NOKm
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Gross premium written
940
2855
475
1646
995
Insurance revenue
1489
1469
1386
1409
1293
Insurance service result
295
283
282
283
284
Loss ratio
63.6%
70.0%
58.8%
61.2%
64.0%
Net reinsurance ratio
5.9%
-0.7%
10.6%
7.4%
4.0%
Loss ratio, net of reinsurance
69.5%
69.3%
69.4%
68.6%
68.0%
Cost ratio
10.7%
11.5%
10.2%
11.3%
10.1%
Combined ratio
80.2%
80.8%
79.6%
79.9%
78.1%
Sweden
Combined ratio in 2024: 85%
Growth in 2024: 3%
23% of total gross written premiums in 2024
NOKm
2024
2023
Gross premium written
2895
2754
Insurance revenue
2866
2663
Insurance service result
417
230
Loss ratio
69.3%
74.2%
Net reinsurance ratio
2.0%
3.8%
Loss ratio, net of reinsurance
71.3%
78.0%
Cost ratio
14.1%
13.4%
Combined ratio
85.5%
91.4%
NOKm
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Gross premium written
315
659
1620
523
316
Insurance revenue
812
773
742
771
704
Insurance service result
108
114
86
119
168
Loss ratio
66.9%
65.4%
73.6%
65.2%
59.7%
Net reinsurance ratio
6.5%
4.6%
0.4%
3.0%
4.0%
Loss ratio, net of reinsurance
73.5%
70.0%
74.0%
68.2%
63.6%
Cost ratio
13.2%
15.2%
14.4%
16.4%
12.5%
Combined ratio
86.7%
85.2%
88.4%
84.6%
76.1%
Norway
Combined ratio in 2024: 85%
Growth in 2024: 3%
19% of total gross written premiums in 2024
NOKm
2024
2023
Gross premium written
2355
1941
Insurance revenue
2269
1883
Insurance service result
308
55
Loss ratio
78.3%
89.2%
Net reinsurance ratio
0.8%
0.6%
Loss ratio, net of reinsurance
79.2%
89.8%
Cost ratio
7.2%
7.3%
Combined ratio
86.4%
97.1%
NOKm
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Gross premium written
229
529
1580
269
231
Insurance revenue
665
652
616
582
589
Insurance service result
78
76
73
70
178
Loss ratio
76.2%
75.5%
79.6%
78.7%
63.8%
Net reinsurance ratio
3.1%
4.8%
1.0%
0.9%
-0.3%
Loss ratio, net of reinsurance
79.3%
80.3%
80.6%
79.6%
63.5%
Cost ratio
8.9%
8.0%
7.6%
8.4%
6.3%
Combined ratio
88.2%
88.3%
88.2%
88.0%
69.8%
Denmark
Combined ratio in 2024: 85%
Growth in 2024: 3%
13% of total gross written premiums in 2024
NOKm
2024
2023
Gross premium written
1627
1407
Insurance revenue
1600
1336
Insurance service result
282
176
Loss ratio
106.3%
79.3%
Net reinsurance ratio
3.4%
0.0%
Loss ratio, net of reinsurance
109.7%
79.3%
Cost ratio
7.9%
7.5%
Combined ratio
117.6%
86.8%
NOKm
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Gross premium written
122
156
1297
250
121
Insurance revenue
469
440
439
419
415
Insurance service result
132
41
56
30
(126)
Loss ratio
57.4%
69.8%
71.9%
77.0%
125.8%
Net reinsurance ratio
6.8%
13.0%
9.2%
7.2%
-3.5%
Loss ratio, net of reinsurance
64.2%
82.9%
81.1%
84.2%
122.3%
Cost ratio
7.6%
7.9%
6.2%
8.6%
8.0%
Combined ratio
71.9%
90.7%
87.3%
92.8%
130.3%
France
Combined ratio in 2024: 85%
Growth in 2024: 3%
NOKm
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Gross premium written
71
18
298
Insurance revenue
94
80
72
Insurance service result
(16)
1
(38)
Loss ratio
89.3%
62.4%
117.2%
Net reinsurance ratio
5.2%
10.2%
8.2%
Loss ratio, net of reinsurance
94.5%
72.6%
125.4%
Cost ratio
22.7%
26.7%
28.1%
Combined ratio
117.1%
99.2%
153.5%
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October 22, 2025
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