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ANNUAL REPORT Highlights 2012

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ANNUAL REPORT Highlights 2012 ANNUAL REPORT HIGHlIGHTS 2012 THIS IS Protector KEy FIGuRES SHAREHOldER information CEO NORWAy: COmmERCIAl ANd PuBlIC lINES OF BuSINESS SWEdEN ANd dENmARK: COmmERCIAl ANd PuBlIC LINES OF BuSINESS NORWAy: CHANGE OF OWNERSHIP INSuRANCE Directors’ REPORT ACCOuNTS ANd notes Declaration By THE mEmBERS OF THE Board ANd the CEO Auditor’S REPORT CONTROl COmmITTEE’S STATEmENT Board OF Representatives’ statemENT Board OF Representatives, CONTROl COmmITTEE and NOmination COmmITTEE Corporate Governance 2 3 4 2012 PROTECTOR ANNUAL REPORT HIGHlIGHTS In 2012, total premiums amounted to NOK 1,517 million compared to NOK 1,202 million in 2011, an increase of 26 %. The growth occurred within the commercial lines of business (65 % of the growth), within Sweden and denmark (27 % of the growth) and within change of ownership insurance (8 % of the growth). Protector entered the danish insurance market in 2012, at first focusing on the municipality sector. Cost ratio decreased significantly in 2012. Gross cost ratio totalled 12.7 % compared to 15.0 % in 2011. The decrease was driven by a strong top line development in combination with significant focus on cost efficiency in the commercial sector. The combined ratio was 86.2 % in 2012. This is one of the best ratios among the Scandinavian non-life insurance companies. The return on investments was 8.9 % compared to a negative return of 2.3 % in 2011. Tightening of credit spreads and strong market for equities contributed to the strong result. The operating profit amounted to NOK 393.5 million compared to NOK 82.9 million in 2011. The company’s underlying profitability is strong. Existing and new profitability initiatives are expected to lead to continued strong technical results. The Board proposes a dividend of NOK 1.20 per share. 2012 PROTECTOR ANNUAL REPORT 5 Protector commenced business January 2004, and has since experienced rapid growth. The company is highly focused on risk selection and marketing activities. In May 2007, Protector was listed on the Oslo Stock Exchange. The company’s “scalable business model” will be used as a strategy applies for affinity programs. Change of ownership foundation for further growth. Growth will be achieved without insurance is sold through selected real estate agents. any significant accrual of costs due to the early investment in developing competence, routines and effective IT-systems. MarkET STraTEGy Protector operates in non-marine insurance. The company has VISIOn and BuSIness COnCEPT clearly defined market segments: Protector will be the challenger to the established insurance companies. This position will be achieved through unique relations, COMMErCIal lInES Of BuSIness good decision making and cost effective solutions. Protector’s chosen segment consists of companies with annual insurance premiums above NOK 100,000. most of the clients BuSIness GOalS and STraTEGIES have an annual insurance premium below NOK 1,000,000, but Protector targets further profitable growth in the years ahead. Protector also targets larger companies with annual written Expanding into Sweden and denmark requires slightly higher premiums between NOK 10 – 15 million. End of 2012 the customer level of investments, but combined with an increase in written list included about 3,000 companies, which is in line with 2011. premiums, the cost ratio is expected to remain stable in 2013 and decrease thereafter. PuBlIC lInES Of BuSIness Protector has established itself as on of the three largest insurers The company’s ambition is to be: in the Norwegian municipality sector. At the beginning of 2013 › Top 3 in Protector’s defined segments the customer list consisted of 210 Norwegian, 80 Swedish and › Cost leader 11 danish municipalities. The insurance policies consist of both › Preferred by the brokers complete and single product coverage. The company’s long-term financial objectives are: ChanGE Of OwnErShIP InSuranCE › Growth rate of gross written premium: 10 % Change of ownership insurance covers the seller’s responsi- › Combined ratio for own account: 91 % bility for the estate’s material defects as specified by the sale › Return on solvency capital: 20 % of property law (”Avhendingsloven”). Protector is the market leader within change of ownership insurance with well above dISTrIBuTIOn STraTEGy 50 % market share. Protector has developed an effective value Protector has a distinct distribution strategy. All distribution chain in change of ownership insurance and acquired the is done through intermediaries. The commercial and public necessary critical mass to continue as a leading player in the sector business is sold through insurance brokers. The same years ahead. 6 2012 PROTECTOR ANNUAL REPORT SwEdEn and dEnMark been invested to increase the capacity and competence in the Protector is expanding to Sweden and denmark, which are areas of underwriting, analysis, sales and service. expected to contribute significantly to the future growth. The company established operative presence in both Stockholm Clearly defined goals have been established for all employees, and Copenhagen in 2012. At the end of 2012 these offices had and these goals are linked to performance contracts. On all 8 and 6 employees respectively. The company follows the same levels of the organization, a structure has been created for business model in Sweden and denmark as in Norway, and regular employee appraisals. Protector has defined four core has been well received by the local insurance brokers. values, which are part of the criteria on which employees are assessed in this process: Trustworthy, Accommodative, Brave STraTEGy fOr ClaIMS handlInG and Enthusiastic. Protector has decided to have in-house claims handling, and now has a substantial competence in this field. By using skills In 2012 Protector implemented a 270° process where all em- and competences across claims handling, underwriting and ployees had an opportunity to give feedback on the compliance sales, the company achieves high cost efficiency while with the company’s values. The process was positive and con- maintaining high quality. About 60 employees worked with tributed to the further development of the company’s achieve- claims handling at the end of 2012. ment-oriented culture. It also triggered further fine-tuning of the values in order to tailor them to our everyday life. IT-STraTEGy Protector has a strategy of an in-house development of IT lEadErShIP dEVElOPMEnT solutions. Hence, the company’s employees have developed Protector completed a leadership development program for the company’s systems for administration of insurance agree- the company’s management and key personnel with manage- ments and claims handling. The systems have been developed ment responsibility in 2012. The program contained specific with standardized tools and are accessible through web-based development goals for each participant, and a strengthening of solutions. This facilitates the distribution of data and functions the company’s management teams. The objective is to develop to partners and customers. Protector continuously seeks to a congruent leadership in Protector. This involves developing utilise IT to increase daily work efficiency. a common understanding between managers and employees of the company’s core-value based leadership philosophy. The PErfOrManCE BaSEd CulTurE organization’s vigour and ability to realize the company’s objec- Protector’s organization is based on highly qualified and tives will be strengthened by facilitating people’s opportunity experienced employees, which counted 125 people at the end to be aware of and explore their own basic core values and of 2012. The majority has a long experience from the insurance attitude. industry. In addition to claims handling, large resources have 2012 PROTECTOR ANNUAL REPORT 7 KEy FIGuRES [1.000 nOk] 2012 2011 2010 Gross premiums written 1 517 017 1 202 479 1 010 991 Gross premiums earned 1 464 244 1 176 965 987 716 Gross claims incurred (1 170 976) (898 796) (814 327) Premiums earned for own account 1 107 433 903 478 792 342 Claims incurred for own account (940 094) (729 843) (679 046) Net commission income 90 269 50 527 23 896 Operating expenses (104 677) (91 541) (91 130) Other insurance income/costs (127) (1 409) (2 507) Net financial income 245 571 (51 388) 176 184 Other income/costs (4 904) 3 111 2 260 Operating profit before security provision 393 472 82 935 221 999 Change in security provision (146 531) (49 921) (92 207) Profit before tax 246 941 33 014 129 791 Profit after tax 198 630 (7 573) 128 439 Gross claims ratio (1) 80,0 % 76,4 % 82,4 % Gross cost ratio (2) 7,7 % 10,0 % 11,9 % Gross combined ratio (3) 87,7 % 86,3 % 94,4 % Claims ratio for own account (4) 84,9 % 80,8 % 85,7 % Cost ratio for own account (5) 1,3 % 4,5 % 8,5 % Combined ratio for own account (6) 86,2 % 85,3 % 94,2 % Retention rate (7) 75,6 % 76,8 % 80,2 % Solvency capital (8) 1 086 448 741 288 822 817 Solvency margin (9) 304 % 219 % 236 % Capital adequacy ratio (risk weighted) (10) 20 % 19 % 20 % Operating profit before security provision etc per share (11) 4,76 1,00 2,69 Net profit after tax per share (12) 2,41 (0,09) 1,56 (1) Gross claims incurred in % of gross premiums earned (2) Gross operating expenses in % of gross premiums earned (3) Gross claims ratio + gross cost ratio (4) Claims incurred for own account in % of premiums earned for own account (5) Total operating expenses for own account in % of premiums earned for own account (6) Claims ratio for own account + cost ratio for own account (7) Premiums earned for own account in % of gross premiums earned (8) Equity + security provision (9) Solvency margin is calculated according to the regulations of the Financial Supervisory Authority of Norway (10) Net primary capital in % of risk weighted assets (11) Operating profit before security provision divided by weighted number of shares (12) Net profit after tax divided by weighted number of shares dITlEV dE VIBE VANAy (46) Chief Financial Officer.m r Vanay holds an mSc in Economics and Business Administration from the Norwegian School of management.
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