Brief: Protector Forsikring Preliminary Q2 Loss Before Tax To Be About NOK 128 Mln

Protector Forsikring ASA

10/07/2019 08:32

July 10 (Reuters) - Protector Forsikring ASA  PROTCT.OL :
    * WEAK Q2 RESULT
    * ARBITRATION LOSS REGARDING GRENFELL TOWER CLAIM IS BOOKED
AS
COMMUNICATED IN Q2 WITH APPROXIMATELY MNOK 75
    * IN Q2, TECHNICAL RESULT WILL BE WEAK EVEN WITHOUT
ARBITRATION
LOSS
    * REASON IS THAT PRICE AND PROFITABILITY MEASURES
IMPLEMENTED HAVE
COME TOO LATE AND ARE NOT SUFFICIENT
    * EXPECTED CLAIMS RATIO FOR OWN ACCOUNT IN Q2 IS APPROX. 92%
(EXCLUDING ARBITRATION LOSS)
    * PRICE AND PROFITABILITY MEASURES GOING FORWARD WILL BE
FURTHER
STRENGTHENED IN NORDIC REGION.
    * COMBINED RATIO GUIDING FOR FULL YEAR 2019 WILL BE
INCREASED AND
COMMUNICATED WHEN RELEASING Q2 RESULTS
    * INVESTMENT RESULT IN Q2 IS ALSO WEAK DUE TO WEAK EQUITY
RETURNS
    * IN Q2, RETURN ON EQUITY PORTFOLIO WAS APPROX. -10%
    * BASED ON PRELIMINARY ACCOUNTING FIGURES, WE EXPECT IN Q2 A
COMBINED RATIO FOR OWN ACCOUNT OF APPROX. 107% (INCLUDING LOSS
IN GRENFELL TOWER CASE)
    * Q2 LOSS BEFORE TAX (INCL. COI) WILL BE APPROX. NOK - 128
MILL.

Source text for Eikon:  ID:nObiPHlZka 
Further company coverage:  PROTCT.OL 

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