Norway's Protector Forsikring Q3 premiums rise 29%
Norway's Protector Forsikring Q3 premiums rise 29%
Overview
Norway insurer's gross written premium grew 29% yr/yr, 41% in local currencies in Q3
Net profit and EPS rose sharply in the quarter, from a year earlier
Company declared NOK 5.00 per share dividend, to be paid in November
Outlook
Company did not provide specific guidance for future quarters or full-year outlook in the press release
Result Drivers
PREMIUM GROWTH - Gross written premium rose 29% yr/yr, 41% in local currencies
INVESTMENT RETURN - Total investment return, including insurance finance, increased to NOK 514 mln from NOK 105 mln
IMPROVED UNDERWRITING - Combined ratio fell to 82.7% from 83.1%
Company press release: ID:nMFN55MmlH
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Income |
| NOK 853 mln |
|
Q3 Combined Ratio |
| 82.7% |
|
Q3 Dividend Per Share |
| NOK 5 |
|
Q3 Solvency Ratio |
| 231% |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the multiline insurance & brokers peer group is "buy"
Wall Street's median 12-month price target for Protector Forsikring ASA is NOK570.00, about 30.5% above its October 21 closing price of NOK436.80
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 18 three months ago
Reuters Recommended Reads
Oct 21 - Norway's Storebrand Q3 operating profit rises to record on premium growth
Oct 20 - Insurance firm Chubb Q3 net income rises
Oct 21 - Norway's DNB Q3 profit falls 7.9%
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)