Protector Forsikring ASA

Q3 overall performance: strong, but volatile; profitability impacted by “lumpy” losses/runoff (especially UK) - Management emphasized quarterly volatility must be expected (losses and runoff can swing results quarter-to-quarter). - UK: Q3 includes one very large property loss and runoff effects, so investors should focus more on year-to-date than single-quarter movements. - Norway: Q3 also benefited from a benign claims environment and runoff gains; management noted it’s not a structural instant improvement from prior quarters.

Growth / volume: UK +18% YoY in local currencies in Q3, but driven by one large client; underlying growth still strong - Q3 local currency growth (UK +18%) was materially affected by a very large UK client. - Excluding the large UK client, total Protector Q3 growth in local currencies would be ~20%; UK would be ~18% without that client. - U.K. market context: market is softening; renewing commercial clients at profitable levels remains difficult; new sales (excluding the largest clients) are fairly low. - Norway/Sweden/DK: Norway shows high renewal rates with good new sales; Sweden is picking up new sales but still has churn due to price increases; Denmark remains small/immaterial.

Key UK outlook expectations (2027 dynamics): commercial real estate to start meaningful quoting in Q4 2026; public sector reshuffling timing - UK real estate: management expects it to start quoting more significantly in Q4 2026; won’t forecast large wins yet because the segment also seems soft (but they expect data collection/learning to support later improvements). - UK public sector volume timing: due to local government reform delays, there’s limited near-term tendering; management expects more volume coming in 2028, with substantial volume around 1 April 2028 (some already renewed on long-term agreements). - Hit rates: example given—UK motor commercial hit rate ~~10% in Q3 on what is quoted; management also doesn’t quote business known to be priced too low.