Protector Forsikring (PROT NO), March 2022

I was casually reading about hte company for some time and finally took a closer look. Judging from the recent share price development, taking so long was rather expensive …

This is not investment advice. Please read the disclaimer. I might own discussed stock(s) currently or at a later time.

Protector Forsirkring is a Nordic insurer with a small-ish market capitalisation of around NOK 10bn ($1bn). Protector offers insurance to companies and the public sector within the segments of: property, liability, motor, personal and travel. It operates in Norway, Sweden, Denmark, Finland and the UK and focuses on low costs leadership while maintaining a high quality level, portraying itself as the challenger.

Protector is a growing challenger int the public and commercial insurance sector focused on low costs and quality generating lumpy profits but earning high returns on equity on average.

Buying it during a period of weaker profits might be possible on the basis on higher variability in profit drivers and indeed executable trusting a good management on board.

>> Read my write up here (pdf)


Add: I just wondered in my excel file that Norway was not marked green with regard to Norwegian withholding tax (bzst 2021), seems i made a mistake here, or at least it is a bit more complicated for Germans, see here.

5 thoughts on “Protector Forsikring (PROT NO), March 2022

  1. Float will do better in higher interest rate environment but Terry Smith says insurance companies go broke as hard to govern risk. I do own Markel tho.

    Like

  2. Yes, i wrote the potential effect of inflation on interest rates.
    so far I do not know why terry (and others) view insurane as a no go. In the US insurance companies do indeed go broke, while this is quite seldom the case in Europe I believe

    Like

  3. hi, thanks for the comprehensive memo! just started – very basic question: where do we look for “float” in the financial reports? it’s something addictive of NPW and what?

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s