EarningsQ3 2026 Earnings Report
DE:PR4 Q3 2026 EPS Results
Actual EPS€0.98
Consensus EPS€0.77
Beat/MissBeat by +€0.21
One Year Ago EPS€0.54
DE:PR4 Q3 2026 Revenue Results
Actual Revenue€426.70M
Expected Revenue€197.45M
Beat/MissBeat by +€229.25M
YoY Revenue Growth+13.46%
Earnings Announcement Details
QuarterQ3 2026
Date10/21/2026
TimeDuring Market Hours
Conference CallWednesday, October 21, 2026
DE:PR4 Upcoming Earnings
Protector Forsikring ASA's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:PR4 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by strong Q3 growth, high local-currency renewal rates, improving underwriting in Norway and Sweden, strong broker satisfaction in the UK and Denmark, a higher investment yield, and a solid capital position. The main challenges were the soft UK commercial market, low UK hit rates, profitability pressure and continued rate declines, Norway's number-two overall broker ranking, elevated churn in Sweden and Denmark, and uncertainty in France. Management remained constructive about new markets, technology-enabled underwriting and longer-term profitable growth.Company Guidance
Strong Q3 Growth Excluding Large UK Client
Management described Q3 2026 results as strong overall. Excluding one very large UK client, total growth was 20% in local currencies, while UK growth was 18% excluding that client.
High Renewal Rate in Local Currencies
The reported renewal rate was 89%, but management said the rate was closer to 95% in local currencies because of currency movements. Inflation was obtained across all clients and segments, with additional price increases on clients requiring them.
Norway Growth and Underwriting Improvement
Norway had a very high renewal rate and good new sales. Management said prices were successfully increased on underperforming clients during 2026, particularly on the large January 1 renewal date, and that profitability was improving across all products, although further work remains in parts of motor.
Sweden New Sales Recovering
Sweden is picking up again on new sales. Management said the Swedish portfolio is improving from a profitability perspective and that Protector is becoming competitive again, especially in motor and also in property.
Strong Broker Satisfaction in the UK and Denmark
Protector ranked number one in the UK for claims handling and overall broker satisfaction. Denmark also ranked number one for both claims handling and overall satisfaction.
Number One Claims Handling in Norway
Although Norway ranked number two overall, it ranked number one for claims handling. Management described the claims-handling feedback as very good while acknowledging that there is still room for improvement.
UK Public Sector and Housing Retention
In the UK, Protector reported low churn in the public sector and housing segments and was able to obtain price increases where needed. Public sector business was identified as the driver of the 18% UK growth figure through the renewal rate.
Future UK Local Authority Volume Opportunity
Management expects slightly more UK local authority volume next year and significantly more volume to come out on April 1, 2028. Protector's market share in local authorities was estimated at around 30%, depending on the market definition. Management also said many clients had already been renewed on new long-term agreements, so not all would come out in 2028.
Expansion of UK Real Estate Quoting
Protector expects Q4 2026 to be the quarter in which it quotes significantly more UK real estate business. It has already won some clients, although not significant volume, and expects to collect more data and develop broker relationships in the segment.
Progress in New European Markets
Spain is ahead of the other new markets, with actual and good commercial motor data and two broker houses presenting real clients for competition. Protector expects to quote Spanish business during 2027. Germany is also providing data on motor, real estate and some public sector business, while Polish brokers are showing promising data for public sector business.
Data-Driven Underwriting and Technology Deployment
Protector has quoted the first three Norwegian municipalities without people being part of the underwriting process and compared the results with normal underwriting. Management said there were not many differences and that model-based answers were easier to explain because they were based only on data.
Vision 2030 and Higher Business Commitments
The company is setting its vision for 2030 and introducing high-ambition business commitments linked to profitable growth and performance pay. One example was increasing a broker relationship from GBP 200 million in volume to GBP 300 million by 2030, requiring collaboration across underwriting, claims, IT, compliance, reporting and risk management.
Stable Cost Ratio and Operating Leverage Initiatives
The cost ratio was described as very stable, including year-to-date. Management expects investments already made and currently underway to support entry into new markets and segments with very little additional growth in FTEs.
Higher Investment Running Yield
The investment portfolio's running yield increased from 5.2% to 5.7%. Management said the increase was a significant amount given the size of the investment portfolio.
Solid Capital Position
Protector was described as being in a very solid capital position with substantial excess capital after stress. Capital increased through earnings less the dividend, while the solvency capital requirement increased with the larger investment portfolio.
Strong Underwriting Target in the UK
Management said the UK is underwritten for a combined ratio below 91% over time, while noting that reaching that level will take longer than 2027.
No Claims From Recent French Riots
Protector said it had not experienced any claims from the recent riots in France. Its French clients have cover reductions and high deductibles for riot events, and management described the exposure per client as very small.
DE:PR4 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed