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. I might transact in any securities at any 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”
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.
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
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?
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Float can be derived from balance sheet items.
It is ‘other peoples money not yet paid out to them’ or ‘premiums received but not yet earned and neither paid back as claims’.
Could be as easy as fianncials assets minus equity (in reality there are additional other items).
This might do: https://www.fool.com/personal-finance/2006/12/05/insurance-industry-basics-float.aspx
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