Key figure overview
Gross written premium (GWP) distribution by product in 2025
Gross written premium (GWP) development in MNOK:
Segment distribution in 2025
Combined ratio
Target: <91%
Return on equity
Target: ≥ 20%
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
Latest period KPI's
Protector
Combined ratio in 2024: 85%
Growth in 2024: 3%
NOKm
2025
2024
Gross premium written
14136
12333
Insurance revenue
13756
11783
Insurance service result
2106
1404
Loss ratio
69.7%
73.0%
Net reinsurance ratio
3.9%
4.4%
Loss ratio, net of reinsurance
73.6%
77.5%
Cost ratio
11.1%
10.6%
Combined ratio
84.7%
88.1%
NOKm
Q2 26
Q1 26
Q4 25
Q3 25
Q2 25
Gross premium written
4142
6339
2971
1676
4218
Insurance revenue
3698
3696
3560
3529
3413
Insurance service result
684
559
535
598
515
Loss ratio
65.1%
70.3%
73.0%
66.6%
69.8%
Net reinsurance ratio
5.1%
4.4%
0.5%
5.6%
3.6%
Loss ratio, net of reinsurance
70.3%
74.7%
73.5%
72.2%
73.4%
Cost ratio
11.3%
10.2%
11.4%
10.9%
11.5%
Combined ratio
81.5%
84.9%
85.0%
83.1%
84.9%
United Kingdom
Combined ratio in 2024: 85%
Growth in 2024: 3%
42% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
5946
5457
Insurance revenue
5833
5048
Insurance service result
1210
960
Loss ratio
62.8%
62.2%
Net reinsurance ratio
5.4%
7.7%
Loss ratio, net of reinsurance
68.2%
69.9%
Cost ratio
11.0%
11.0%
Combined ratio
79.2%
81.0%
NOKm
Q2 26
Q1 26
Q4 25
Q3 25
Q2 25
Gross premium written
2731
537
1676
940
2855
Insurance revenue
1442
1454
1489
1489
1469
Insurance service result
338
335
350
295
283
Loss ratio
60.1%
62.2%
58.8%
63.6%
70.0%
Net reinsurance ratio
5.0%
4.4%
6.0%
5.9%
-0.7%
Loss ratio, net of reinsurance
65.1%
66.6%
64.8%
69.5%
69.3%
Cost ratio
11.5%
10.4%
11.7%
10.7%
11.5%
Combined ratio
76.6%
77.0%
76.5%
80.2%
80.8%
Sweden
Combined ratio in 2024: 85%
Growth in 2024: 3%
23% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
3211
2895
Insurance revenue
3147
2866
Insurance service result
448
417
Loss ratio
68.3%
69.3%
Net reinsurance ratio
3.0%
2.0%
Loss ratio, net of reinsurance
71.3%
71.3%
Cost ratio
14.4%
14.1%
Combined ratio
85.8%
85.5%
NOKm
Q2 26
Q1 26
Q4 25
Q3 25
Q2 25
Gross premium written
693
1696
616
315
659
Insurance revenue
790
802
821
812
773
Insurance service result
157
125
139
108
114
Loss ratio
62.6%
68.9%
67.7%
66.9%
65.4%
Net reinsurance ratio
2.3%
2.3%
0.3%
6.5%
4.6%
Loss ratio, net of reinsurance
64.9%
71.1%
68.1%
73.5%
70.0%
Cost ratio
15.3%
13.3%
15.0%
13.2%
15.2%
Combined ratio
80.1%
84.4%
83.0%
86.7%
85.2%
Norway
Combined ratio in 2024: 85%
Growth in 2024: 3%
19% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
2685
2355
Insurance revenue
2600
2269
Insurance service result
280
308
Loss ratio
80.5%
78.3%
Net reinsurance ratio
0.8%
0.8%
Loss ratio, net of reinsurance
81.3%
79.2%
Cost ratio
8.0%
7.2%
Combined ratio
89.2%
86.4%
NOKm
Q2 26
Q1 26
Q4 25
Q3 25
Q2 25
Gross premium written
562
1883
348
229
529
Insurance revenue
762
737
668
665
652
Insurance service result
189
70
52
78
76
Loss ratio
64.1%
79.9%
90.4%
76.2%
75.5%
Net reinsurance ratio
3.8%
3.9%
-5.7%
3.1%
4.8%
Loss ratio, net of reinsurance
68.0%
83.8%
84.7%
79.3%
80.3%
Cost ratio
7.3%
6.7%
7.4%
8.9%
8.0%
Combined ratio
75.2%
90.6%
92.1%
88.2%
88.3%
Denmark
Combined ratio in 2024: 85%
Growth in 2024: 3%
13% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
1868
1627
Insurance revenue
1822
1600
Insurance service result
245
(282)
Loss ratio
74.5%
106.3%
Net reinsurance ratio
4.7%
3.4%
Loss ratio, net of reinsurance
79.2%
109.7%
Cost ratio
7.3%
7.9%
Combined ratio
86.6%
117.6%
NOKm
Q2 26
Q1 26
Q4 25
Q3 25
Q2 25
Gross premium written
131
1430
293
122
156
Insurance revenue
478
483
474
469
440
Insurance service result
21
11
16
132
41
Loss ratio
77.9%
82.1%
98.2%
57.4%
69.8%
Net reinsurance ratio
9.8%
8.8%
-9.1%
6.8%
13.0%
Loss ratio, net of reinsurance
87.8%
90.8%
89.0%
64.2%
82.9%
Cost ratio
7.9%
6.8%
7.5%
7.6%
7.9%
Combined ratio
95.6%
97.6%
96.5%
71.9%
90.7%
France
Combined ratio in 2024: 85%
Growth in 2024: 3%
3% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
426
-
Insurance revenue
354
-
Insurance service result
(77)
-
Loss ratio
89.7%
-
Net reinsurance ratio
7.4%
-
Loss ratio, net of reinsurance
97.1%
-
Cost ratio
24.7%
-
Combined ratio
121.8%
-
NOKm
Q2 26
Q1 26
Q4 25
Q3 25
Q2 25
Gross premium written
24
794
38
71
18
Insurance revenue
226
220
108
94
80
Insurance service result
(21)
18
(23)
-16
1
Loss ratio
82.0%
71.0%
91.7%
89.3%
62.4%
Net reinsurance ratio
10.7%
4.2%
6.8%
5.2%
10.2%
Loss ratio, net of reinsurance
92.7%
75.2%
98.6%
94.5%
72.6%
Cost ratio
16.4%
16.5%
22.8%
22.7%
26.7%
Combined ratio
109.2%
91.7%
121.4%
117.1%
99.2%
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