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Nordic/UK commercial property and casualty insurer known for a low-cost, broker-distributed underwriting model.
Nordic/UK commercial property and casualty insurer known for a low-cost, broker-distributed underwriting model.
Earns an underwriting profit, premiums above claims and costs, plus returns on investing premiums between payment and claim. It sells only through brokers and buys reinsurance to cap large losses, so results rest on pricing discipline in niche commercial markets.
In one line: A Nordic/UK commercial P&C insurer known for low-cost broker-distributed underwriting.
Moat: narrow (cost advantage, distribution). Low-cost operating model distributed via brokers undercuts larger incumbent insurers.
Headquarters: Oslo, Norway · Founded: 2004 · Employees: 727
Size Protector Forsikring (PROT.OL) is a Norway Financials company (Property/Casualty Insurance) with a market value of $4.19B, the 22nd largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 472.40 on 6 Nov 2026.
Performance Over six months the shares gained 3.6%, against +18.4% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 12.1% over the last twelve months (peer median +5.2%); the operating margin is 22.1% (peer median 14.7%).
Valuation It trades at 5.34× book value against a peer median of 1.75× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 18.1%; Protector Forsikring delivers 35.2%, so the price asks less than the business earns today.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 16.2B | NOK 14.7B | NOK 13.5B | NOK 10.8B | NOK 7.91B |
| Revenue growth | — | +9% | +25% | +36% | — |
| Net income | NOK 2.44B | NOK 2.61B | NOK 1.54B | NOK 1.51B | NOK 1.38B |
| Free cash flow | NOK 1.83B | -NOK 409M | NOK 1.06B | -NOK 139M | -NOK 232M |
| Capital expenditure | NOK 157M | NOK 106M | NOK 72.0M | NOK 71.7M | NOK 43.8M |
| Total debt | NOK 3.33B | NOK 2.34B | NOK 1.54B | NOK 1.89B | NOK 1.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Protector Forsikring PROT.OL | $4.19B | +4% | +12% | 35% | 5.34× | 18.1% |
| Gjensidige Forsikring GJF.OL | $14.7B | +9% | +7% | 30% | 5.73× | 19.1% |
| Sampo SAMPO.HE | $29.1B | +10% | +2% | 16% | 3.60× | 11.3% |
| Tryg A/S TRYG.CO | $14.2B | +10% | +5% | 12% | 2.61× | 8.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PROT.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.1% | +7.7% | 4th highest of 21 |
| 6-month return | +3.6% | +18.4% | 4th lowest of 21 |
| Return on equity | 35.2% | 15.4% | highest of 20 |
| Price / book | 5.34× | 1.75× | 4th most expensive of 21 |
| Trailing P/E | 16.0× | 11.6× | 6th most expensive of 18 |
| ROE the price implies | 18.1% | 9.4% | 4th most demanding of 21 |
| ROE delivered | 35.2% | 17.1% | highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Protector Forsikring PROT.OL | Norway | $4.19B | +4% | +12% | 35% | 5.34× | 18.1% | 35.2% |
| Palomar PLMR | United States | $4.10B | +37% | +60% | 22% | 4.16× | 17.0% | 22.2% |
| Accelerant ARX | United States | $4.32B | +19% | +55% | -380% | 6.01× | 23.2% | -380.1% |
| Mercury General MCY | United States | $4.58B | -17% | +5% | 26% | 1.63× | 13.7% | 25.5% |
| SiriusPoint SPNT | United States | $3.06B | +12% | +23% | 23% | 1.34× | 9.5% | 23.1% |
| MGIC Investment MTG | United States | $5.87B | +7% | -2% | 14% | 1.18× | 8.9% | 13.9% |
| Selective Insurance SIGI | United States | $5.87B | +17% | +4% | 15% | 1.81× | 9.1% | 14.7% |
| NMI NMIH | United States | $2.94B | 0% | +8% | 15% | 1.10× | 7.9% | 15.4% |
| Hagerty HGTY | United States | $6.18B | +79% | +1% | 5% | 8.42× | 53.7% | 4.6% |
| Definity Financial DFY.TO | Canada | $6.47B | +14% | +35% | 12% | 2.13× | 7.6% | 11.7% |
| Zenkoku Hosho 7164.T | Japan | $2.69B | +1% | +2% | 14% | 1.74× | 6.2% | 14.1% |
| Scor SCR.PA | France | $6.96B | +10% | -4% | 19% | 1.44× | 9.8% | 18.8% |
| HCI HCI | United States | $2.31B | +22% | +23% | 34% | 2.15× | 17.3% | 33.8% |
| Hyundai M&F INS 001450.KS | South Korea | $2.29B | +38% | -5% | 21% | 0.51× | 4.2% | 21.0% |
| Porch PRCH | United States | $2.26B | +80% | +20% | n/a | 345.11× | 5,821.2% | n/a |
| Lancashire LRE.L | United Kingdom | $2.24B | +18% | -2% | 22% | 1.49× | 12.7% | 21.8% |
| Horace Mann Educators HMN | United States | $2.16B | +20% | +4% | 12% | 1.46× | 7.9% | n/a |
| Hanover Insurance THG | United States | $8.35B | +28% | +5% | 22% | 2.43× | 11.2% | 21.8% |
| Kemper KMPR | United States | $1.97B | +10% | -4% | -19% | 0.90× | 9.4% | -19.3% |
| Safety Insurance SAFT | United States | $1.53B | +46% | +7% | 8% | 1.75× | 8.9% | 7.8% |
| Shinkong Insurance 2850.TW | Taiwan | $1.51B | +21% | +22% | 24% | 2.27× | 6.6% | 24.0% |