Key figure overview
Gross written premium (GWP) distribution by product in 2025
Gross written premium (GWP) development in MNOK:
Segment distribution in 2025
Combined ratio
Target: <91%
Return on equity
Target: ≥ 20%
Top shareholders
Shareholder country distribution
Country
Sweden
United States
United Kingdom
Other
Capital
76.07%
9.07%
2.10%
12.76%
Num. of known owners
10 741
40
24
Latest period KPI's
Protector
Combined ratio in 2024: 85%
Growth in 2024: 3%
NOKm
2025
2024
Gross premium written
14136
12333
Insurance revenue
13756
11783
Insurance service result
2106
1404
Loss ratio
69.7%
73.0%
Net reinsurance ratio
3.9%
4.4%
Loss ratio, net of reinsurance
73.6%
77.5%
Cost ratio
11.1%
10.6%
Combined ratio
84.7%
88.1%
NOKm
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Gross premium written
2971
1676
4218
5271
2688
Insurance revenue
3560
3529
3413
3255
3181
Insurance service result
535
598
515
458
502
Loss ratio
73.0%
66.6%
69.8%
69.1%
67.4%
Net reinsurance ratio
0.5%
5.6%
3.6%
6.2%
5.10%
Loss ratio, net of reinsurance
73.5%
72.2%
73.4%
75.4%
72.6%
Cost ratio
11.4%
10.9%
11.5%
10.5%
11.6%
Combined ratio
85.0%
83.1%
84.9%
85.9%
84.2%
United Kingdom
Combined ratio in 2024: 85%
Growth in 2024: 3%
42% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
5946
5457
Insurance revenue
5833
5048
Insurance service result
1210
960
Loss ratio
62.8%
62.2%
Net reinsurance ratio
5.4%
7.7%
Loss ratio, net of reinsurance
68.2%
69.9%
Cost ratio
11.0%
11.0%
Combined ratio
79.2%
81.0%
NOKm
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Gross premium written
1676
940
2855
475
1646
Insurance revenue
1489
1489
1469
1386
1409
Insurance service result
350
295
283
282
283
Loss ratio
58.8%
63.6%
70.0%
58.8%
61.2%
Net reinsurance ratio
6.0%
5.9%
-0.7%
10.6%
7.40%
Loss ratio, net of reinsurance
64.8%
69.5%
69.3%
69.4%
68.6%
Cost ratio
11.7%
10.7%
11.5%
10.2%
11.3%
Combined ratio
76.5%
80.2%
80.8%
79.6%
79.9%
Sweden
Combined ratio in 2024: 85%
Growth in 2024: 3%
23% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
3211
2895
Insurance revenue
3147
2866
Insurance service result
448
417
Loss ratio
68.3%
69.3%
Net reinsurance ratio
3.0%
2.0%
Loss ratio, net of reinsurance
71.3%
71.3%
Cost ratio
14.4%
14.1%
Combined ratio
85.8%
85.5%
NOKm
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Gross premium written
616
315
659
1620
523
Insurance revenue
821
812
773
742
771
Insurance service result
139
108
114
86
119
Loss ratio
67.7%
66.9%
65.4%
73.6%
65.2%
Net reinsurance ratio
0.3%
6.5%
4.6%
0.4%
3.00%
Loss ratio, net of reinsurance
68.1%
73.5%
70.0%
74.0%
68.2%
Cost ratio
15.0%
13.2%
15.2%
14.4%
16.4%
Combined ratio
83.0%
86.7%
85.2%
88.4%
84.6%
Norway
Combined ratio in 2024: 85%
Growth in 2024: 3%
19% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
2685
2355
Insurance revenue
2600
2269
Insurance service result
280
308
Loss ratio
80.5%
78.3%
Net reinsurance ratio
0.8%
0.8%
Loss ratio, net of reinsurance
81.3%
79.2%
Cost ratio
8.0%
7.2%
Combined ratio
89.2%
86.4%
NOKm
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Gross premium written
348
229
529
1580
269
Insurance revenue
668
665
652
616
582
Insurance service result
52
78
76
73
70
Loss ratio
90.4%
76.2%
75.5%
79.6%
78.7%
Net reinsurance ratio
-5.7%
3.1%
4.8%
1.0%
0.90%
Loss ratio, net of reinsurance
84.7%
79.3%
80.3%
80.6%
79.6%
Cost ratio
7.4%
8.9%
8.0%
7.6%
8.4%
Combined ratio
92.1%
88.2%
88.3%
88.2%
88.0%
Denmark
Combined ratio in 2024: 85%
Growth in 2024: 3%
13% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
1868
1627
Insurance revenue
1822
1600
Insurance service result
245
(282)
Loss ratio
74.5%
106.3%
Net reinsurance ratio
4.7%
3.4%
Loss ratio, net of reinsurance
79.2%
109.7%
Cost ratio
7.3%
7.9%
Combined ratio
86.6%
117.6%
NOKm
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Gross premium written
293
122
156
1297
250
Insurance revenue
474
469
440
439
419
Insurance service result
16
132
41
56
30
Loss ratio
98.2%
57.4%
69.8%
71.9%
77.0%
Net reinsurance ratio
-9.1%
6.8%
13.0%
9.2%
7.20%
Loss ratio, net of reinsurance
89.0%
64.2%
82.9%
81.1%
84.2%
Cost ratio
7.5%
7.6%
7.9%
6.2%
8.6%
Combined ratio
96.5%
71.9%
90.7%
87.3%
92.8%
France
Combined ratio in 2024: 85%
Growth in 2024: 3%
3% of total gross written premiums in 2025
NOKm
2025
2024
Gross premium written
426
-
Insurance revenue
354
-
Insurance service result
(77)
-
Loss ratio
89.7%
-
Net reinsurance ratio
7.4%
-
Loss ratio, net of reinsurance
97.1%
-
Cost ratio
24.7%
-
Combined ratio
121.8%
-
NOKm
Q4 25
Q3 25
Q2 25
Q1 25
Q4 24
Gross premium written
38
71
18
298
Insurance revenue
108
94
80
72
Insurance service result
(23)
-16
1
-38
Loss ratio
91.7%
89.3%
62.4%
117.2%
Net reinsurance ratio
6.8%
5.2%
10.2%
8.2%
Loss ratio, net of reinsurance
98.6%
94.5%
72.6%
125.4%
Cost ratio
22.8%
22.7%
26.7%
28.1%
Combined ratio
121.4%
117.1%
99.2%
153.5%
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