Financials

Further details regarding presentations and webcasts etc will be added closer to the event.

Protector Forsikring ASA reserves the right to amend the dates.

See all events

Coming events

Mar 2026

Date not set yet

Annual Report 2025

Apr 2026

Date not set yet

Annual General Meeting

Apr 2026

Date not set yet

Quarterly Report Q1 2026

Financial targets

Combined ratio

Target: <91%

Geographical sales distribution:

Return on equity

Target: ≥ 20%

ROE is calculated as: Profit or loss attributable to shareholders (adjusted for Tier 1 dividend)/Average shareholder equity less Tier 1 capital

Geographical sales distribution:

Flexible shareholder distribution policy

Quarterly assessment of capital position vs. capital need

Solvency ratio zone assessment

Move towards ‘Green’ if we see e.g. profitable insurance growth, risk-taking in investment portfolio, other attractive allocation opportunities and/or market/macro turbulence.

Move towards ‘Pink’ if we see e.g. limited growth opportunities, very low risk, no near-term allocation opportunities and have good future visibility.

SCR-ratio

150%

200%

Capital distributed over time

Build solvency capital

The company’s goal is to maintain a solvency margin above 150%, calculated according to Solvency II regulations. Distribution of dividends will be assessed at a solvency margin of over 150%. Actual distribution will be based on the company's results, capital requirements including satisfactory buffers and the necessary flexibility for growth and development in the company. With a solvency margin above 200%, the Board's intention is to over time return excess capital to the shareholders in the form of special dividends or share buybacks.

The board prepares quarterly dividend assessments on the basis of the most recently approved annual accounts.

Financial overview

The share

Ticker: STUDBO

Top shareholders

AWC AS

20.15

16 625 117

- Brokerage account

STENSHAGEN INVEST AS

9.12

7 526 353

- Brokerage account

Citibank (Switzerland) AG

5.4

4 456 162

- Brokerage account

VERDIPAPIRFOND ODIN NORDEN

3.55

2 926 572

- Brokerage account

ARTEL AS

2.15

1 775 000

- Brokerage account

Utmost Luxembourg S.A.

2.15

1 775 000

- Brokerage account

Source: Euronext Public Shareholder Register

Last updated:

October 31, 2025

Key figures

Gross written premium (GWP) development in MNOK:

Sample

Lorem

Read

Documents

IR policy

Policy for financial and other investor information is described in the company's IR Policy. (PDF, 128KB)

Credit rating

Here you may find official credit rating documents.

Protector Forsikring ASA has been credit rated by AM Best, one of the marked leaders internationally within rating of insurance companies.

AM Best has given us the following rating:
- Long-Term Issuer Credit Rating: a- (Excellent) and Stable outlook
- Financial Strength Rating: A- (Excellent) and Stable outlook

For more detailed information on AM Bests rating of us, click here (PDF).

Consensus estimates and analysts

Average

Q3 2025 estimates

Gross written premium (GWP)

1 898

1 950

1 948

1 839

1 856

Insurance revenue

3 522

3 554

3 516

3 503

3 515

Insurance service result

499

498

534

481

482

Cost ratio

10.7%

11.1%

10.7%

10.0%

11.0%

Combined ratio (%)

85.8%

86.0%

84.8%

86.3%

Net income from investments

303

153

466

429

166

Profit before tax

742

613

911

844

599

EPS (NOK)

6.9

Target price per share

NOK

Average

566

NOK

Jan 15, 2026

Pareto Securities

580

NOK

Jan 30, 2026

SEB

540

NOK

Feb 4, 2026

Nordea

620

NOK

Jan 30, 2026

DNB Carnegie

600

NOK

Jan 29, 2026

Average

FY 2025 estimates

Gross written premium (GWP)

14 390

14 408

14 593

14 259

14 299

Insurance revenue

13 828

13 837

13 969

13 736

13 771

Insurance service result

1 899

1 956

2 037

1 813

1 788

Cost ratio

10.9%

10.8%

11.0%

Combined ratio (%)

86.3%

85.9%

85.4%

86.8%

87.0%

Net income from investments

1 842

1 709

1 990

1 973

1 695

Profit before tax

3 238

3 197

3 486

3 258

3 009

EPS (NOK)

30.3

Target price per share

NOK

Average

566

NOK

Jan 15, 2026

Pareto Securities

580

NOK

Jan 30, 2026

SEB

540

NOK

Feb 4, 2026

Nordea

620

NOK

Jan 30, 2026

DNB Carnegie

600

NOK

Jan 29, 2026

See all

Target price per share

440 NOK

Q2 estimates

Share price

Gross written premium (GWP)

Share price

Insurance revenue

Share price

Gross written premium (GWP)

Share price

Protector Forsikring ASA invite external independent analysts covering our company to provide consensus estimates, and we will share a summary of these on our webpages every quarter. The consensus represent the average of the individual estimates provided by the analysts. Protector will not take responsibility for the content within the respective broker houses' estimates. Links below will take you to our latest updated consensus estimates

Excel

PDF

Analyst Coverage

Protector Forsikring ASA is currently covered by four analysts, who regularly produce research and provide recommendations on the Protector Forsikring share. The evaluations and estimates done by the analysts are their own, and can not directly nor indirectly be taken as an expression for Protector Forsikring ASA's evaluations.

Herman Zahl

Analytiker, Equity Research

herman.zahl@paretosec.com

+47 22 87 88 24

paretosec.no

Target price

Pareto Securities

580

NOK

Jan 30, 2026

Thomas Svendsen

Analytiker