Protector Frkrng Unsp/Adr

Welcome to a presentation of the third quarter 2026 results for Protektor. We'll start as always with who we are and a short summary of what we did this morning. So we've had all employees On one topic, obviously the results, but one topic when it comes to our culture. And as it has been for some time, the focus is on the challenger. And what we have done is that we've worked on setting our vision for 2030. And I won't get into all of the details there with you, but that vision has a The requirement of change. And the reason for the requirement is twofold. One is that Protected is changing. We're growing. A lot more people, more countries and more years, more experience that we need to challenge. And it's harder to challenge ourselves than to challenge everyone else. and the other element is that the world around us is changing and in particular technology. Those two things are actually giving us an opportunity to reduce the biggest risk in Protektor and the biggest risk in Protektor is that we become like everyone else. And as long as we get to change, as long as we have means to make changes in order to create more value, we are reducing that risk. One mitigation has been and is to establish in new countries. That gives all employees an opportunity to be part of something else. We don't want the best people to butt their heads within areas where they don't get anywhere, where they don't get development. But when we open new opportunities, the best people can contribute either on those new opportunities or other people in existing areas will move to the new opportunities and then something opens up. But this change that is happening within Protektor and outside of Protektor is an opportunity to make further change, so another action to reduce that risk. And what we are doing is that we, for all employees, first all leaders, All employees. We are setting performance targets, so high ambitions on business value targets. We call them business commitments. So that profitable growth is obviously a target for everyone in Protektor. That's what we're paid to deliver. But when we measure an additional performance, when we measure who should have performance pay in Protektor, then that is linked to something that has an even higher ambition. And what we will then do is, I'll give you a couple of examples. Say to one broker in one country that has 200 million pounds in volume, we will say that by 2030 We want to see 300 million pounds from that broker. So more than the broker has within that segment. That doesn't only require that we see everything that the broker has. It also requires us to help the broker get more within that segment. And it's an ambition that requires us to change because that will not happen if we do things the same way. And we need to choose. So it means we need to select that broker we think is able to actually do something different. And then we need to get together as a team. Today it's mostly underwriters and key account managers, broker service, who are out with the brokers. But we need claims handling. We need IT. We need compliance. We need reporting. And we need The whole team, risk managers, to go out to the brokers in order to increase their portfolio and make sure that we see all of that business because it needs to have the right data quality. Today a lot of what we don't quote is because it doesn't have data quality. And this is possible to set ambitions where we have to change. It's possible because of technology. And we see it today that we have several areas where we have already deployed technology that changes the way we do things. And it's difficult to change, especially when what we've done previously has produced very strong results. So it's not necessarily our stars from history who are the best at challenging our existing processes. I've mentioned that before. But this is one way of doing that. So that's the type of ambitions and targets that we're setting. We're taking some risk in prioritizing some areas where we set high ambitions. But there's a lot of energy and it is very much related to Staying the challenger, being bold and being committed to being that company that is always developing, always improving. So that's what we are talking about at the moment. We will have our targets for 2027 set a lot earlier than what we usually do in this process. And then we will focus on working on how to achieve them. But now we'll speak about history. And the results for quarter three are strong in total. I'll obviously get back to profitability and growth and investment side and capital later on. But just to put some words on the other highlights here. As you know, we have broker satisfaction surveys in all countries annually. UK was conducted a while back we haven't communicated the result there in writing so that's old news but we were number one on claims handling and in total in the UK lots of interesting feedback that makes us understand where we can improve further in the UK broker market but as you see Norway number two so we have a target of being quality leader so when we're number two It hurts. That's not quality leader. And the brokers in Norway, they have said that there is a company that is better than us in the deliveries. That is due to some deterioration in response times. That's important to the brokers. It is some feedback on that we are a bit too square, a bit not flexible enough. We have increased prices quite a lot on several areas, in particular on the health product, which has been a very poor profitability. And then we have also started challenging the brokers on their value chain. So we are seeing the brokers as an integrated part of our value chain. So we are starting to challenge the brokers in particular delivering very good data to us. If not, we don't quote, we need good quality data. But also that we don't do too much double work. and we're challenging them on use of technology on top of that so so there are some areas that we have delivered poorer on that and we get that feedback and then there are some Thank you very much. In some ways I said it hurts and it hurts it really hurts for the whole Norwegian business unit as well but in some ways it is a bit I think that sometimes we can lean back and see that we're good and good is the enemy of great. So it's not to talk number two away but we are very motivated to change that. We have in Norway gotten feedback on claims handling as well and we're number one on claims handling so we have very good feedback on the claims handling but also there lots of room for improvement and as you know claims handling is the product we sell that's what the clients buy. Denmark number one. So we continue to be number one in Denmark. Good feedback there. And it is both on claims handling and in total. So that's a good result. But I don't think the actions Are any different from what they are in Norway? So it's just more important to focus on that. Let's not only celebrate number one position, but understand what we can improve and really dig into what the brokers mean when they give us feedback, because there are lots to improve there as well. Yeah, we placed a tier one bond and then the dividend is written here, so I'll go straight into the volume. And I think that quarter three 2026 is a good example of what we say every single quarter. quarterly volatility must be expected it's not only on the profitability side it's also on the growth side because when I get into this and Amund reminded me that please ask questions during the presentation that makes it a bit more dynamic that goes for everyone in the room but also also online When I get into this you'll understand what I mean because first of all we've mentioned the UK client. That is a very large client like we said and affects a small volume quarter like quarter three by a lot. If you take away that client the total growth in local currencies is 20% for Protektor. In UK the growth is 18% without that client. So we'd say there are very strong numbers excluding that client. But those numbers don't tell the full story either. So it's much better to look at year-to-date figures to understand what is actually going on on the growth side. If I say some words in quarter three again back to that on UK. So the market is still soft and softening. It is difficult to renew our commercial clients in particular at profitable levels. So on motor we have high churn in commercial sector. Property, we don't have a lot of churns, we manage to retain the clients there, commercial sector. And then public sector and housing, we manage to have low churn and get price increases where we need it. So it's public sector that drives the 18% growth through renewal rate. New sale figures in the UK are, except for the very large client, fairly low. And that's due to the market. So we're quoting a lot of business, but it's a soft market and we're not winning as much as we have done before. At some point that will most likely change. We're obviously looking ourselves in the mirror to see if we're doing something wrong. But it probably will change. And then on the other countries there are some volatility in those growth figures as well. Where in Norway we have a very high renewal rate, we also have good new sales. So in Norway everything comes in at the same time. and a bit more than what the running rate is. And then in Sweden we're picking up again on the new sales side. So it's coming back on the new sales in Sweden, but we still have a fairly high churn because we are increasing prices in Sweden as well where needed. So in my opinion the Swedish portfolio is improving profitability wise and we are now seeing that we actually are competitive again on especially motor but also on the property side which we don't have a lot of in Sweden. and in Denmark there are very small numbers. But France is worth giving a comment on, even though there are very small numbers there. We see that public sector last year, same quarter, we had some clients in public sector. This year there hasn't been anything to quote. So this is commercial and on commercial we are We have strong renewal rates, it's early of course, but we retain the right clients and we also win some smaller clients in France. So when you look at the running rate, and France is obviously early and special, look at year to date rather than the quarter three figures. Any questions to volume?

Do I need a mic or should I go without? This one?

Just two questions on volumes.