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– I have the impression of having made a bad decision, but it is not worse than having finished the evening of yesterday when the results have been known, "says Sverre Bjerkeli, the leader of the Protectors, and laughs.
About Astrid Bjerkeli laughing is a completely different question.
In April of last year, Sverre Bjerkeli 's wife agreed to buy more shares of the company because they sold when the stock reached a price of 100 crowns. This went well for a long time, and in January, the stock peaked at 96.50 kronor with good returns for Mr. and Mrs. Bjerkeli. Then it turned out, and after Protector sent Wednesday night the results for the second quarter, the stock price was almost reduced to 50 crowns when the stock market opened on Thursday.
– Obviously, I get the jaw of the family investment committee. I have lent loans with the signature to me and my lady. We view marriage and Protector's shares as a long-term investment, says Bjerkeli.
Reintroducing Prices
Income of pre-tax guards decreased to 97.4 million kroner in the second quarter of this year, compared with 169.5 million NOK in the same period last year. In the quarterly report, the company writes that the result is due to a low technical result and that it now warns the higher prices of its insurance
- Protector Forsikring is a Scandinavian company established in 2004.
- company is listed on the Oslo Stock Exchange, 3 billion crowns.
- The company provides land insurance to companies and public companies and distributes the products through selected insurance brokers.
- Protector Forsikring employs approximately 300 people and has offices in Oslo, Stockholm, Copenhagen, Manchester and Helsinki.
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– We have seen prices fall five, six, seven consecutive years, materialize by a weakening for us and our competitors. So there are areas where we should have seen problems earlier and sooner, says Bjerkeli, who says it's mainly price pressure in the Norwegian market for large and medium-sized public sector companies that weighs the result.
set up their prices twice earlier this year, but now they set prices on many different products.
– There is a lot of paper loss of 50 million.
– What is the price increase?
– This varies a lot According to Bjerkeli, the quarterly report also reveals that the company's net combined ratio is up 10% to 15% and 20% to a minimum. 99.5% during the quarter. The "combined ratio" represents costs and payments in non-life insurance business compared to premium income. The higher it is, the worse it is. Protector is now changing the guidance on this 94% ratio to "significantly more than 94%."
Bjerkeli does not want to specify the number.
– This is deliberately chosen wording, but it is clearly weakened compared to what we have previously communicated.
Bjerkeli is the fifth largest Protector shareholder with 3.70% of the company's shares through the intermediary of Hvaler Invest. as. On Friday he received a paperback of about NOK 55 million on the shares.
In the Romans last year, Bjerkeli transferred ownership of half of Hvaler Invest's shares to his two children sharing.
Friday,, 5 billion NOK
Consider the year as lost
Most of the profits of Protector Insurance so far are related to the return of the company's investments on the stock market. Insurance clients pay in advance and generally, they invest in the company's capital market. Bjerkeli points out that the return on investment in the second quarter has been good.
He says that the price measures that have already been done will bring some relief in the third quarter, but can not promise a brilliant second half.
– It is true that certain types of measures have been implemented Imagine that they are completely consumed because our seasonal costs in the third and fourth quarters are higher. In 2018, we consider a lost year in terms of technical profitability, he says.
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The largest shareholder of Protector 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 105 million Norwegian kroner.
Protector's share has fallen by about 45% this year. He gave Stenshagen a paper loss of about 250 million crowns this year.
Collection of Known Investors
The insurance company is a sought-after stock for several well-known investors. Friday: (Terms)
- Erik Braathen has a paperback of about 61 million NOK
- The shipowner Arne Wilhelmsen and his family lost about 32 million Norwegian kroner.
- Knut Aspelin and the family
- The Andenæs family has a paperback of about 21 million NOK
Sverre Bjerkeli will insist that the competitive position of the company is as strong as before and that the return on investment is good. [19659002"Therearealotofthingstodowiththecompanythatwereallybelievewehavewhichbuildsawindshieldthathasbeeninplaceforthelast10to12yearsandisabletohandlethechallengesofdoingsonow"hesays
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