Protector Forsikring ASA (PSKRF) Q3 2026 Earnings Report
PSKRF Q3 2026 EPS Results
- Actual EPS
- $1.10
- Consensus EPS
- $0.86
- Beat/Miss
- Beat by +$0.23
- One Year Ago EPS
- $0.60
PSKRF Q3 2026 Revenue Results
- Actual Revenue
- $476.78M
- Expected Revenue
- $220.62M
- Beat/Miss
- Beat by +$256.16M
- YoY Revenue Growth
- +13.46%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- During Market Hours
- Conference Call
- Wednesday, October 21, 2026
Protector Forsikring ASA's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
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.
Management said U.K. public-sector volume should be “slightly more” next year, with “quite a lot of volume” expected out on “1st of April 2028,” although many clients have new long-term agreements; U.K. property will continue to see effects of price decreases “through 2027,” and the business underwrites for a combined ratio “below 91%” over time, but “it will take longer than 2027,” with U.K. going towards 91%. Quarter 4 will be a period when U.K. real estate quotes “significantly more,” while management expects to quote Spanish business “during 2027”; the French market is expected to be “slightly higher than last year,” but remains uncertain.
- Strong Q3 Growth Excluding Large UK ClientManagement 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 CurrenciesThe 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 ImprovementNorway 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 RecoveringSweden 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 DenmarkProtector 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 NorwayAlthough 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 RetentionIn 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 OpportunityManagement 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 QuotingProtector 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 MarketsSpain 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 DeploymentProtector 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 CommitmentsThe 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 InitiativesThe 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 YieldThe 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 PositionProtector 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 UKManagement 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 RiotsProtector 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.
PSKRF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 28, 2027 | 2026 (Q4) | 0.70- | 0.91 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 0.861.10 | 0.6 | 82.14% (+0.49) | |
| Jul 09, 2026 | 2026 (Q2) | 0.900.97 | 0.93 | 3.45% (+0.03) | |
| Apr 23, 2026 | 2026 (Q1) | 0.280.19 | 0.97 | -80.00% (-0.77) | |
| Jan 28, 2026 | 2025 (Q4) | 0.960.91 | 0.32 | 183.33% (+0.59) | |
| Oct 22, 2025 | 2025 (Q3) | 0.700.60 | 0.76 | -21.13% (-0.16) | |
| Jul 10, 2025 | 2025 (Q2) | 0.770.93 | 0.33 | 180.65% (+0.60) | |
| Apr 23, 2025 | 2025 (Q1) | 0.860.97 | 0.59 | 63.64% (+0.38) | |
| Jan 29, 2025 | 2024 (Q4) | 0.270.32 | 0.88 | -63.41% (-0.56) | |
| Oct 24, 2024 | 2024 (Q3) | 0.640.76 | -0.01 | 7200.00% (+0.77) |
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.
