No. of Recommendations: 2
From the 2024 annual report.
“For all markets, the company focuses on commercial lines of business, public sector and affinity schemes,
The commercial segment includes both small and large companies and affinity programs. We tailor insurance solutions for large companies and can develop own concepts through affinity programs as well as facilitate solutions for cross-border clients.
The public segment consists primarily of municipalities and county authorities. Protector is the largest insurance carrier within municipal insurance in Scandinavia, insuring more than 600 municipalities and county councils. In UK public sector and housing, Protector is currently one of the three largest insurance carriers with more than 420 clients, whereof 181 within local authorities and 140 housing associations.”
They have been in the UK since 2011. The insurance results by country for the last two years are shown below ie investment results excluded from these figures, in NOK m
2024 2023
UK 960 618
Sweden 417 230
Norway 308 55
Denmark -282 176
They very recently entered France, writing their first policies to start from January 2025. The opportunity in France is about as large as the UK I would think and could clearly have a significant effect on growth for some years. It will of course take some time to build a business in France which will initially be loss making. The nascent French operation is being supported by staff from other countries.
They pay dividends but they tend to be the last item to spend money on after ensuring they have a good solvency ratio and can support business growth where they believe it is profitable. This has meant recently that they pay a final dividend and one or two quarterly dividends depending on circumstances. It is worth noting that dividends are quoted before withholding tax.
