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Sverre Bjerkelis' Protective Insurance posted the results on Thursday night for the second quarter. The company writes that the result is motivated by a weak technical result and that they are now settling down. This implies an increase in prices.
Profit before taxes was significantly reduced compared to the same period last year
The market does not hide its dissatisfaction and dropped the share of 28% Friday morning.
Notice price increase
The largest shareholder of the company is the investor Egil Stenshagen and the family through the company Stenshagen Invest as. Stenshagen holds 7.14% of the shares of Protector Forsikring. Friday, he lost about 114 million Norwegian kroner.
Stenshagen was in the same stock of stock last year. Only this year he gave him a NOK 256 million paper loss.
Protector reported pre-tax profit of NOK 97.4 million. This is a decrease of 169.5 million NOK. Gross premiums written amounted to one billion during the quarter, compared to 890 million NOK.
"The result is due to the low technical result and the improved return on investment. Price increases have been and will be made on several products "
Prices will be established before the fourth quarter.
Protector's net combined ratio was 99.5% during the quarter. The higher it is, the worse it is. Protector changes the ratio of net combined ratio from 94% to "more than 94%".
The boss loses more than 50 million euros.
Sverre Bjerkeli is the fifth shareholder of the company with 3.70% of the outstanding shares. his whales invest Friday, Friday, Bjerkeli recorded an unrealized loss of 59 million Norwegian kroner on his shares
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In the Romans last year, Bjerkeli transferred ownership of half of Hvaler Invest's shares to his two children sharing.
So far this year, Protector action has dropped 47% on Oslo Børs. The investor also sent the action after the first quarter figures were presented in April.
On Friday, the market value of Protector Forsikring is reduced by 1.6 billion.
Collection of known investors
The insurance company is an action sought by several renowned investors. Everyone suffers a big loss of paper Friday:
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