Key figure overview
Gross written premium (GWP) distribution by product in 2024
Gross written premium (GWP) development in MNOK:
Americas
EMEA
Asia & Oceania
Segment distribution in 2024
Combined ratio
Target: <91%
Americas
EMEA
Asia & Oceania
Solvency capital ratio
Target: >150%
Americas
EMEA
Asia & Oceania
Shareholders
Top shareholders
Capital %
Account type
AWC AS
19.95
%
-
16 461 312
shares
Ordinary
Jun 30, 2025
STENSHAGEN INVEST AS
9.12
%
-
7 526 353
shares
Ordinary
Jun 30, 2025
CITIBANK (SWITZERLAND) AG
5.4
%
-
4 456 162
shares
Nominee
Jun 30, 2025
VERDIPAPIRFOND ODIN NORDEN
3.83
%
-
3 156 885
shares
Ordinary
Jun 30, 2025
VERDIPAPIRFONDET ALFRED BERG GAMBA
2.6
%
-
2 145 948
shares
Ordinary
Jun 30, 2025
LOMBARD INT ASSURANCE S.A.
2.15
%
-
1 775 000
shares
Ordinary
Jun 30, 2025
STATE STREET BANK AND TRUST COMP
1.99
%
-
1 641 677
shares
Nominee
Jun 30, 2025
MP PENSJON PK
1.79
%
-
1 475 083
shares
Ordinary
Jun 30, 2025
Source: The Norwegian Central Securities Depository (VPS) shareholder register
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 quarter KPI's
Protector
Combined ratio in 2024: 85%
Growth in 2024: 3%
NOKm
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Gross premium written
4218
5271
2688
1664
3551
Insurance revenue
3413
3255
3181
3002
2865
Insurance service result
515
458
502
504
157
Loss ratio
69.8%
69.1%
67.4%
71.5%
77.7%
Net reinsurance ratio
3.6%
6.2%
5.1%
2.1%
6.2%
Loss ratio, net of reinsurance
73.4%
75.4%
72.6%
73.6%
83.9%
Cost ratio
11.5%
10.5%
11.6%
9.6%
10.6%
Combined ratio
84.9%
85.9%
84.2%
83.2%
94.5%
NOKm
2024
2023
Gross premium written
12333
10423
Insurance revenue
11783
9386
Insurance service result
1404
1080
Loss ratio
73.0%
76.5%
Net reinsurance ratio
4.4%
1.2%
Loss ratio, net of reinsurance
77.5%
77.7%
Cost ratio
10.6%
10.8%
Combined ratio
88.1%
88.5%
United Kingdom
Combined ratio in 2024: 85%
Growth in 2024: 3%
68% of total gross written premiums in Q2 2025
NOKm
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Gross premium written
2855
475
1646
995
2387
Insurance revenue
1469
1386
1409
1293
1238
Insurance service result
283
282
283
284
198
Loss ratio
70.0%
58.8%
61.2%
64.0%
62.5%
Net reinsurance ratio
-0.7%
10.6%
7.4%
4.0%
10.7%
Loss ratio, net of reinsurance
69.3%
69.4%
68.6%
68.0%
73.2%
Cost ratio
11.5%
10.2%
11.3%
10.1%
10.8%
Combined ratio
80.8%
79.6%
79.9%
78.1%
84.0%
NOKm
2024
2023
Gross premium written
5457
4321
Insurance revenue
5048
3504
Insurance service result
960
618
Loss ratio
62.2%
70.4%
Net reinsurance ratio
7.7%
0.0%
Loss ratio, net of reinsurance
69.9%
70.4%
Cost ratio
11.0%
11.9%
Combined ratio
81.0%
82.4%
Sweden
Combined ratio in 2024: 85%
Growth in 2024: 3%
16% of total gross written premiums in Q2 2025
NOKm
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Gross premium written
659
1620
523
316
556
Insurance revenue
773
742
771
704
678
Insurance service result
114
86
119
168
101
Loss ratio
65.4%
73.6%
65.2%
59.7%
68.6%
Net reinsurance ratio
4.6%
0.4%
3.0%
4.0%
2.0%
Loss ratio, net of reinsurance
70.0%
74.0%
68.2%
63.6%
70.6%
Cost ratio
15.2%
14.4%
16.4%
12.5%
14.6%
Combined ratio
85.2%
88.4%
84.6%
76.1%
85.1%
NOKm
2024
2023
Gross premium written
2895
2754
Insurance revenue
2866
2663
Insurance service result
417
230
Loss ratio
69.3%
74.2%
Net reinsurance ratio
2.0%
3.8%
Loss ratio, net of reinsurance
71.3%
78.0%
Cost ratio
14.1%
13.4%
Combined ratio
85.5%
91.4%
Norway
Combined ratio in 2024: 85%
Growth in 2024: 3%
13% of total gross written premiums in Q2 2025
NOKm
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Gross premium written
529
1580
269
231
505
Insurance revenue
652
616
582
589
564
Insurance service result
76
73
70
178
63
Loss ratio
75.5%
79.6%
78.7%
63.8%
79.9%
Net reinsurance ratio
4.8%
1.0%
0.9%
-0.3%
1.4%
Loss ratio, net of reinsurance
80.3%
80.6%
79.6%
63.5%
81.2%
Cost ratio
8.0%
7.6%
8.4%
6.3%
7.6%
Combined ratio
88.3%
88.2%
88.0%
69.8%
88.8%
NOKm
2024
2023
Gross premium written
2355
1941
Insurance revenue
2269
1883
Insurance service result
308
55
Loss ratio
78.3%
89.2%
Net reinsurance ratio
0.8%
0.6%
Loss ratio, net of reinsurance
79.2%
89.8%
Cost ratio
7.2%
7.3%
Combined ratio
86.4%
97.1%
Denmark
Combined ratio in 2024: 85%
Growth in 2024: 3%
4% of total gross written premiums in Q2 2025
NOKm
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Gross premium written
156
1297
250
121
103
Insurance revenue
440
439
419
415
384
Insurance service result
41
56
30
(126)
(204)
Loss ratio
69.8%
71.9%
77.0%
125.8%
139.4%
Net reinsurance ratio
13.0%
9.2%
7.2%
-3.5%
6.2%
Loss ratio, net of reinsurance
82.9%
81.1%
84.2%
122.3%
145.6%
Cost ratio
7.9%
6.2%
8.6%
8.0%
7.6%
Combined ratio
90.7%
87.3%
92.8%
130.3%
153.2%
NOKm
2024
2023
Gross premium written
1627
1407
Insurance revenue
1600
1336
Insurance service result
282
176
Loss ratio
106.3%
79.3%
Net reinsurance ratio
3.4%
0.0%
Loss ratio, net of reinsurance
109.7%
79.3%
Cost ratio
7.9%
7.5%
Combined ratio
117.6%
86.8%
France
Combined ratio in 2024: 85%
Growth in 2024: 3%
Less than 1% of total gross written premiums in Q2 2025
NOKm
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Gross premium written
18
298
Insurance revenue
80
72
Insurance service result
1
(38)
Loss ratio
62.4%
117.2%
Net reinsurance ratio
10.2%
8.2%
Loss ratio, net of reinsurance
72.6%
125.4%
Cost ratio
26.7%
28.1%
Combined ratio
99.2%
153.5%
Read more in our report
Q2 2025 Interim results
-
July 10, 2025
We have initiateed a new stock emission. Read more here