Brief: Protector Forsikring warns on Q3 profit

Protector Forsikring ASA

15/10/2018 05:38

Oct 15 (Reuters) - Protector Forsikring ASA  PROTCT.OL :
    * PROFIT WARNING
    * WILL BOOK A SIGNIFICANT RESERVE LOSS AS WELL AS A
STRENGTHENING
OF RESERVES FOR Q1 AND Q2 IN 2018 RELATED TO CHANGE OF OWNERSHIP
INSURANCE
    * LOSS IS MAINLY RELATED TO BUG CTENOLEPISMA LONGICAUDATA
(KNOWN
AS GRAY SILVERFISH) AND TOTALS TO MNOK 146
    * BACKGROUND FOR RESERVE IS INCREASING PRESENCE OF BUG IN
NORWEGIAN HOMES
    * TODAY'S PRACTICE IS BASED ON ASSUMPTION THAT PRESENCE OF
GRAY
SILVERFISH CAN LEAD TO A REDUCED VALUE OF PROPERTY
    * PROTECTOR AND A NUMBER OF OTHER INDUSTRY PLAYERS ARE ABOUT
TO
CHALLENGE THIS PRACTICE
    * GRAY SILVERFISH IS NOT HARMFUL TO PEOPLE, ANIMALS OR
BUILDINGS.
INCREASING PRESENCE OF INSECT WILL MOST LIKELY BE REGARDED AS
NORMAL IN NORWEGIAN HOMES IN NEAR FUTURE
    * COMPANY HAS CHOSEN TO BOOK RESERVE LOSS IN ACCORDANCE WITH
PRECAUTIONARY PRINCIPLE
    * NEW MEASURES BEYOND WHAT HAS PREVIOUSLY BEEN COMMUNICATED
WILL
BE CARRIED OUT WITHIN CHANGE OF OWNERSHIP INSURANCE
    * OTHER PRELIMINARY Q3-RESULTS SHOWS; RESERVE GAINS ON
PRODUCTS IN
COMMERCIAL NORWAY, SWEDEN AND DENMARK WHICH LEADS TO A RESERVE
GAIN FOR OWN ACCOUNT AT APPR. MNOK 60
    * Q3 WILL THEN END AT A COMBINED RATIO FOR OWN ACCOUNT AT
APPR.
118%. COMBINED RATIO FOR OWN ACCOUNT YTD AT APPR. 104% AND A YTD
PROFIT BEFORE TAX AT APPR. MNOK 9
    * ADDITIONAL INFORMATION WILL BE PROVIDED IN CONNECTION WITH
PRESENTATION OF Q3 RESULTS ON FRIDAY, OCTOBER 26

Source text for Eikon:  urn:newsml:reuters.com:*:nObiwFdMma
Further company coverage:  PROTCT.OL 

 (Reporting By Oslo Newsroom)
 ((balazs.koranyi@thomsonreuters.com;))