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– Obviously, we are dissatisfied with the quarter, the low technical profitability is a challenge in the insurance. It's clear, we think it's a weak quarter. At the same time, there are certain elements that satisfy us in terms of volume and investment, "says Sverre Bjerkeli, CEO of Protector Insurance, TDN Direct.
Protector Insurance announced Thursday after tax loss of 53.8 million NOK in the second quarter of 2018, against 165.0 million NOK for the same period last year.
Technical Result: 0.8 million
In his presentation, Sverre Bjerkeli described as "very, very bad" the company's net combined ratio of 99.5% in the second quarter of 2018 and announced price increases before the fourth quarter of 2018 and the first quarter of 2019. They should have their full effect as early as the beginning of 2019.
Indirectly raising prices
It states that there will only be price increases in the markets that are going badly and it is not at all appropriate to raise prices
– Only the geographical areas and the Damage-prone customers will receive targeted measures and in some areas of Norway and Denmark there will be general price increases, "explains Bjerkeli. The ratio of about 92-94% is not changed following quarterly results, and Bjerkeli believes that a combined ratio of 94% will provide a good return to shareholders.
Satisfied with market share but still potential for growth
Otherwise, he sees great growth potential in other Scandinavian countries and the United Kingdom and is not particularly concerned about the Importance of Brexy for Protector's Business
– We have a lot to do in Sweden, Denmark, Finland, the United Kingdom. We do not expect many challenges from brexit, whether hard or soft, and perhaps marginal, it's an advantage because other international players can withdraw, concludes Bjerkeli [19659011] Front-end stock market crash
The Protector report
The share of protective insurance drops 26.94% to $ 48.95.
Since the peak of $ 97, and a market capitalization of just under $ 8.4 billion on January 25 of this year, the stock has dropped 48.6%.
Most of the stock fell 29% on Friday. 19659002] He had refined just under NOK 1.7 billion of the stock market value, which was NOK 5.8 billion on Thursday.
For the largest shareholder of Protens, Stenshagen Invest, the value was down NOK 119 million
For the chief protector, Sverre Bjerkeli, it is also a big day. At worst, the value of its shares fell by NOK 61.8 million
The stock was also heavy throughout the year and is still down 48%.
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