Protector Forsikring Ord

The presentation of full year 2024 results for Protektor Forsikring will focus on the full year results and make some comments on the quarter four throughout the presentation where there is something special to comment. And I think it's OK that we have questions during the presentation. That gives a better dynamic. So please feel free to raise your hand where you have questions. And we'll also have some time after the presentation, of course, for questions. We had a session this morning with the employees as always. One of the targets for next year on the company level is data quality. I think that's related to a lot of our culture, but over time it should be something that drives both cost and quality leadership and it really needs to be owned by everyone who works in Protectors. We spent some time on understanding what that is and setting targets for 2025 and the longer term. So to 2024, I will get back to this slide, which is the summary. So I think I'll very soon jump into the different parts of the result. But when it comes to other highlights, we sent out a volume update on the 21st of January, including the 1st of January 2025 growth. And parts of that has to do with France, which we have talked about before. So today I also have Bjarte, who is an important part of the project in France, to say a few words around the status in France. First on the growth side and when we are on a full year basis we like to see this in a longer term and in a perspective and obviously with a very strong growth in 2023 coming mainly from the UK but all countries contributing what you can see on the composition of our portfolio is that on a segment basis, the increase of public sector is significant. So in 2024, public sector and housing represents close to 50% of our premiums. In 2019, that was 29%. And this is an area where we have a high market share in the Nordics. We're getting there in the UK, but there's still good growth opportunities. And it's where we grow the most in France from the beginning. So that's an area we see ourselves as specialists on, and that's been increasing. But remember that that's a confined market, so there are only that many municipalities and housing associations, and that's what we're targeting. When it comes to the products, Public sector is heavy on the property side. So what you also see is a movement toward a higher share property. So property is where we've grown by far the most and motor has been a stable share, meaning that it's grown with the total company and those are both Fairly short-tailed products, property definitely, but with some volatility on the large loss side. There are large exposures, so we should expect large losses. And the motor side is on the liability, third-party liability and personal injury, especially in UK and France. The tail is slightly longer, but the rest of the product is short-tailed. So it's fairly transparent and movement towards a more transparent insurance product portfolio. The growth in 2024 is strong in all countries except for Sweden. And in Sweden, we've had some cleanup of portfolios, which has taken us the opposite way. But if you look at the quarter four in Sweden, you see that When the cleanup is done, the growth is increasing there as well. And in the Nordic countries, most of the growth is supported by good renewals, meaning high or low churn, so high retention on our clients, and price increases to support or to counter the claims inflation. And then there's new sales on top, and we have new sales in all markets. So we see rational markets in the Nordics, which you probably can see when the big Nordic companies present their numbers. And we also experience that in our segments in the UK, we find growth opportunities. So quarter four is very much driven by the UK business. And it's both renewals and new sales also in the UK business. Parts of the quarter four numbers in the UK, just to explain them, is that there are a couple of larger clients who change deductible structure from a higher deductible and less premium and go down. So it's not only a very high retention and high price increases, it's also that the clients change slightly in quarter four. So that drives some of the additional growth. And then to what I assume that many people are interested in learning more about, the French market and the start there. And I just want to introduce Bjarte. Some of you have met Bjarte previously following the strong growth in quarter two, 2023. Bjarte was also here to tell you how that happened. and Beate has a very good track record in Protektor. When we started the UK project Beate was an underwriter and in Protektor terms an experienced public sector underwriter and was part of that project, moved to Manchester, lived in Manchester for approximately a year together with the employees we have in the UK to influence on how we should work on culture and how We should focus on discipline in profitable growth and really make especially the experienced people but also the new people understand that facts and data matter and should form the basis for the decisions we make. So I think you have seen in the report that that has been successful. So, Bjarte, it's very good to have you on the French team and please let them know what we're doing there.

Thank you, Henrik. Thanks for the introduction. I wanted to start a bit with an update on the project France. So roughly one year ago, the first French national moved to Manchester to learn our ways. Following that, we have placed roughly three people in Copenhagen and there's now three people in Manchester that are learning our underwriting methodology, our way of doing business, but more importantly, our culture, who we are and our DNA. Soon, those people will start to move back to the Paris office and work out of the Paris office. We will hire additional people and likely move them to Manchester and Copenhagen to train before they go back to the Paris office. We also have a core team in Paris, a few specialized resources, particularly in claims handling and finance, and there's about 12 people in French nationals working in Protector at the moment. France will develop Protector, and in France Protector definitely is the challenger. We are a small startup. We are supported by the rest of the company. All countries and departments are involved in the project, from IT to headquarters to underwriting. So it really is a one-team approach supporting France. It's not only the 12 people. One example is the risk engineering team in the UK that are heavily involved in supporting the underwriting startup in France from the beginning. But in time, France will grow and France will contribute significantly to the protector company as a whole. We are very patient in France, so we are not in a hurry. As always, we have a top three ambition to be a top three player in the segments that we operate in. So that's what we're here to do. Now a bit of an update on January new sales. So first a few sentences on the market size. So we have found the market share that we have defined as attractive for us. It's about 1.5 billion, and we think this number will remain like this for quite some time. It's enough for us. When the time is right, we can expand our risk appetite and do more, but this will be for later and not now. The broking market is supporting us and welcoming us into France. Both our partners and global brokers that we know from our home markets, but we also have good relations with the local market leading brokers in France. We do business with all of them. In relation to the 1st of January, new sales of 25 million, a small overweight on the property product, we want to say a bit about the inception dates. So in France, the inception date is very heavily skewed towards the 1st of January. And we think that roughly 80% to 90% of gross written premium incepts on the 1st of January, depending a bit on segment, a bit on tender cycle. So that is the situation. Going forward, you should be expecting volatility in both in loss history and also in growth. Protector is, as I said, a small startup, and it will take time to build up a critical mass of business. So that's, thank you.

Questions to Gautam?