Life and non-life insurance companies, accounts

Updated: 16 February 2024

Next update: 22 May 2024

Assets for life-insurance companies
Assets for life-insurance companies
4th quarter 2023
2 244 681
NOK million
Key Figures. NOK Million
Key Figures. NOK Million
Total
4th quarter 20224th quarter 2023
Life insurance companies
Assets2 001 1602 244 681
Premiums earned184 295218 510
Gross claims payment75 61078 075
Profitt/loss before tax and allocation to customers8 59234 791
Net income from financial assets-61 790144 313
Value-adjusted profit/loss-2 74711 819
Non-life insurance companies
Assets295 172303 734
Earned premiums93 425102 643
Gross claims payments64 45680 527
Profit/loss on ordinary activities14 70519 053
Net income from financial assets2 93312 704
Explanation of symbols

Selected tables and charts from this statistics

  • Life insurance companies. Profitt and loss account. NOK Million
    Life insurance companies. Profitt and loss account. NOK Million
    4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    Premiums earned184 29546 138124 779174 452218 510
    Gross premiums written136 71232 64197 743135 309169 363
    Reinsurers share of gross premiums written-858-274-375-460-618
    Transfers of premium reserve from other companies48 44113 77127 41139 60349 765
    Claims incurred, net of reinsurance125 67434 61767 69599 633129 312
    Gross claims payment75 61019 30638 53358 21378 075
    Reinsurance share of gross claims payments-607-86-215-286-510
    Transfers of premiumreserve etc. to other companies50 67115 39729 37741 70651 747
    Net change in technical provisions-16 04763 078140 276149 047216 597
    Premium reserve20 19144 105113 144128 497183 928
    Other technical provisions-28 374824447583 966
    To/from revaluation reserve-9 6011 9451 5452 0012 866
    Means allocated insurance contracts1 73716 20325 14018 49125 837
    Other operating income/ costs-6 024-1 986-3 777-5 747-7 961
    Commision received3 1457751 5262 3193 145
    Operating income, real property435112131-46
    Other operating income59-1070135177
    Personell costs3 2458631 6542 5363 475
    Commision submitted1 7184178401 2931 767
    Operating costs, real property581174361552742
    Depreciations of non-financial assets428104225341524
    Other operating costs3 6901 2052 3143 5104 729
    Investment income /costs38 56813 21920 61624 23534 862
    Interest income bonds and certificates20 2875 82811 66118 50825 581
    Interest income other assets7 1441 5963 3354 8247 475
    Share dividend etc.13 1606 3726 9352 9214 497
    Interest costs2 0235761 3152 0192 691
    Gains/losses, value (re-)adjustments on financial assets-100 35842 59469 45358 061109 451
    Realized gains/losses7 079-4 482-5 9921 8877 955
    Shares, participations and primary capital certificates26 2469 02421 80825 08932 437
    Bonds and certificates5 6807041 4611 4113 993
    Financial derivatives-24 520-14 456-29 409-24 798-28 142
    Land and buildings2-1-6-5-26
    Other realized gains/losses-330247154190-307
    Net change in value-107 43747 07675 44556 174101 496
    Shares, participations and primary capital certificates-82 95546 69168 53650 34280 848
    Bonds and certificates-16 6067 3647 2855 2037 222
    Financial derivatives-4 387-10 087-4 511-2 05010 831
    Land and buildings..........
    Other net change in value-3 4893 1104 1342 6802 595
    Profit/loss on ordinary activities6 8552 2713 1002 3218 954
    Other result components8616297276-143
    Tax63943-135-2431 230
    Total profit/loss year to date6 3012 2443 5322 8397 580
    Specifications
    Value-adjusted profit/loss-2 7474 2164 6454 32111 819
    Explanation of symbols
  • Life insurance companies. Balance sheet by financial instrument. NOK Million
    Life insurance companies. Balance sheet by financial instrument. NOK Million
    4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    Assets
    Intangible assets2 9194 1714 1864 1034 075
    Tangible fixed assets2 4072 3692 3352 3262 205
    Land and buildings1 4161 4061 4061 4021 318
    Machinery, equipment and vehicles6972707077
    Capital investments1 808 8211 870 9001 919 1611 932 9052 003 257
    Shares, participation and primary capital certificate329 669340 589349 977344 527352 021
    Shares in securities' fund778 028824 298854 540856 236903 547
    Bonds and certificates689 634703 621707 935724 518728 427
    Financial derivatives11 4892 3926 7097 62419 263
    Loans135 859138 889134 768139 727141 887
    Remaining claims12 02257 984104 70958 62450 051
    Reinsurance share of technical provisions2 1272 1322 0692 0302 246
    Other claims9 89555 852102 64156 59547 805
    Cash and bank deposits39 13133 71525 52935 77443 206
    Total assets2 001 1602 108 0282 190 6882 173 4602 244 681
    Liabilities and equity capital
    Equity127 451126 751128 046128 489127 710
    Deposit capital55 56155 03855 05456 20156 899
    Company capital7 2757 0897 0897 0897 089
    Share premium account19 77919 57919 57919 57919 579
    Other deposit capital28 50728 36928 38629 53230 231
    Retained earnings71 89071 71472 99272 28870 811
    Other equity71 89062 94063 21063 20062 847
    Not allocated profit..8 7739 7819 0887 964
    Subordinated loan capital and other loans28 93128 39627 94127 31334 115
    Bonds14 63315 62215 10414 73715 768
    Other subordinated loans14 29812 77412 83812 57618 347
    Technical provisions in life insurance1 812 1771 874 1551 950 2611 947 4782 013 828
    Premium reserve1 601 7111 646 7221 715 1631 732 4181 788 225
    Additional provisions20 46420 12220 01020 21316 721
    Revaluation reserve5 6237 5687 1687 6218 484
    Net reserves against outstanding claims..........
    Buffer funds131 008131 540131 486131 183137 920
    Premium and deposit fund47 88246 84645 93131 92152 129
    Pensions' share premium fund11367686682
    Net other technical provisions5 3765 8135 8825 9485 875
    Unallocated surplus funds to insurance contracts..15 47724 55418 1074 393
    Reserves against other liabilities4 1534 0793 3113 1174 683
    Provisions for pension829815600519887
    Deffered tax liabilities1 3891 3631 3091 1951 397
    Other provisions for charges1 9351 9021 4021 4042 398
    Remaining liabilites28 44874 64681 13067 06364 345
    Current tax liabilities1 9911 4781 5061 7612 051
    Other liabilities18 33957 32168 35957 10858 820
    Financial derivatives8 11815 84711 2658 1933 475
    Total liabilities2 001 1602 108 0282 190 6882 173 4602 244 681
    Specifications
    Number of companies1917171616
    Loan with morgage on dwelling25 89126 30125 54425 82925 497
    Net tehcnical provisions where the risk is borne by the policyholder557 395597 472626 896631 504678 032
    Explanation of symbols
  • Non-life insurance company. Profitt and loss account. NOK Million
    Non-life insurance company. Profitt and loss account. NOK Million
    4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    Premiums earned93 42524 33949 68575 811102 643
    Gross premium earned109 60327 59157 16387 663119 025
    Reinsurance share of gross premium earned-16 178-3 252-7 478-11 851-16 382
    Claims incurred and net change in technical provisions64 45619 50238 71260 05080 527
    Gross claims cost75 10921 61544 02369 04591 672
    Reinsurance share of gross claims cost-10 688-2 151-5 014-8 915-10 989
    Net change in technical provision3538-296-80-156
    Other operating income/ costs-17 197-3 415-7 364-11 734-15 767
    Commision received234660687679773
    Operating income, real property16471014
    Other operating income6625566279
    Personell costs10 4202 4434 9457 73810 481
    Commision submitted5 7981 5433 1374 7026 325
    Operating costs, real property42286185263358
    Depreciations of non-financial assets673173354539708
    Other operating costs199-141-506-757-1 239
    Investment income /costs4 4481 0953 0354 3376 839
    Interest income3 2769042 6413 8955 220
    Share dividend etc.1 4812716037732 136
    Interest costs30980209332517
    Gains/losses, value (re-)adjustments on financial assets-1 5154 1894 5383 5065 865
    Net realized gains/losses4 8361 4912 2952 5322 669
    Net change in value-6 3512 6972 2439733 196
    Profit/loss on ordinary activities14 7056 70511 18211 87019 053
    Other result components-573-63-4492-36
    Tax2 6561 1912 1212 3133 771
    Total profit/loss year to date11 4765 4519 0179 64915 246
    Explanation of symbols
  • Non-life insurance companies. Balance sheet by financial instrument. NOK Million
    Non-life insurance companies. Balance sheet by financial instrument. NOK Million
    4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    Assets
    Intangible assets8 2218 1598 0927 7324 416
    Tangible fixed assets2 7262 8472 8082 7672 772
    Land and buildings558562550532513
    Machinery, equipment and vehicles689739722699712
    Capital investments169 191174 409177 650179 434188 948
    Shares, participation and primary capital certificates31 32232 62332 18831 87432 727
    Shares in securities' fund35 60738 50540 26938 83640 313
    Bonds and certificates101 614102 461104 299108 019114 813
    Financial derivatives6478218957051 095
    Loans1 9151 6019457351 925
    Reinsurance share28 32030 10931 05132 00629 871
    Claims71 93268 15867 29263 22962 921
    Cash and bank deposits12 86714 96314 14614 61712 881
    Total assets295 172300 246301 984300 521303 734
    Liabilities and equity capital
    Eqiuty99 732102 211105 879104 553103 969
    Deposit capital20 23020 23920 52420 52423 331
    Company capital4 6374 6374 6394 6394 818
    Share premium account6 9776 7967 0697 0699 552
    Other deposit capital8 6168 8068 8168 8168 960
    Retained earnings79 50281 97285 35584 02880 638
    Other equity79 68072 63372 82770 96664 137
    Not allocated profit-1789 33812 52813 06216 501
    Subordinated liabilities4 3354 3364 3714 8675 932
    Bonds4 0214 0224 0224 5235 595
    Other subordinated loans314314349344337
    Technical provisions in non-life insurance145 478152 230153 715152 359148 401
    Gross provision for unearned premium41 97648 40648 03541 24537 167
    Gross Provision for outstanding claims102 65665 51466 95870 32869 050
    Equalization provision84638 31038 72240 78642 184
    Reserves against other liabilities8 7598 4118 3668 1037 229
    Provisions for pension1 3801 3661 3411 3371 455
    Deffered tax4 1423 9083 8473 5042 609
    Other provisions for charges3 2373 1373 1783 2623 164
    Remaining liabilites36 86833 05829 65330 63938 204
    Payable tax4 5463 1053 5704 2085 237
    Dividend5 3051 18029295 214
    Other liabilities26 46027 98025 39825 58726 099
    Financial derivatives5587926568151 653
    Total liabilities295 172300 246301 984300 521303 734
    Specifications
    Number of companies7879777773
    Loan with mortgage on dwelling1 7581 2175586041 875
    Correction 26. august 2022, kl.11.30
    Explanation of symbols

About the statistics

The statistics cover all life and non-life insurance companies and branches of foreign companies in Norway. It shows overall performance, balance and some specifications for the sector and industry.

Balance sheet: The balance sheet shows assets, liabilities and equity at the end of accounting period.

Profitt and loss account: The profit and loss account shows income, costs and expenses over the course of the accounting period.

We have four types of classification: instrument, sector, industry and type.

Financial instruments and physical capital
Liabilities, claims and other assets in the balance sheet of the financial institutions are divides into two main groups with a view to providing major uniform groups such as bank lending, funding and deposits.
Debtor and creditor industry
Borrowers and lenders are classified according to institutional sector classification, based on national accounts rules.
Debtor and creditor industry
Based on the rules in the industry standard, the individual financial instruments are grouped according to the debtor's or creditor's industry affiliation.
Types of income and expenses
Including interest income and expenses, are based on national accounts rules.

Name: Life and non-life insurance companies, accounts
Topic: Banking and financial markets

22 May 2024

Division for Financial Markets Statistics

Only at the national level.

Annual and quarterly.

Eurostat

Publication-ready data are stored in a FAME-database

The purpose is to provide statistics for the national accounts, financial sector balances and census of foreign assets and liabilities, and publish current credit market statistics. Accounting statistics for life and non-life insurance companies was first published in NOS Credit Market Statistics 1912. From 1998 the accounts statistics was based up on new electronic reports, which have more details than the former manual reports. Among others it gives the possibility to divide between capital assets and short-term assets, and it also contains quarterly profit and loss accounts.

The statistics are included in national accounts, financial sector balances, balance of payments and statistics on Norway's foreign assets and liabilities. Other major users are the Central Bank of Norway, the Financial Supervisory authority, Ministry of Finance and the media.

Not relevant

The statistics are based on the guidelines in the national accounts standards System of National Accounts from (SNA) and the IMF Manual on Monetary and Financial Statistics.

Statistics from the financial institutions are used in the national accounts, financial sector accounts, the balance of payments and in the Norwegian statistics of foreign debt and receivables.

Act on the Supervision on Credit Institutions, Insurance Companies and Securities Trading, etc., Sections 1 and 4 (insurance companies). Statistics Norway uses Statistics Act Section § 12 to compile statistic.

Council Directive 674/91

Council Regulation (EC) no. 2223/96

Council Regulation (EC) 410/98

Council Regulation (EC) no. 1392/2007

Council Regulation (EC) no. 2056/2002

Council Regulation (EC) no. 1606/2002

Council Regulation (EC) no. 297/2008

Commission Regulation 1225/1999

Commission Regulation 1227/1999

Commission Regulation 1228/1999

The population is all life and non-life insurance companies in Norway, including foreign branches in Norway. According to the Standard Industrial Classification this covers industries 65.110, 65.120 and 65.200.

The statistical unit forming the basis for the accounting reports is the enterprise.

The statistics are based on accounting data from the enterprises.

The sample is defined on the basis of a number of financial corporations licensed by the Financial Supervisory authority (the statistics are in principle based on total censuses).

The Financial Supervisory authority and Statistics Norway cooperate in the collection of accounting information.

The data is controlled by the Banking, Insurance and Securities Commission and Statistics Norway.

Not relevant

Not relevant

The accounting statistics for the life and non-life insurance companies is based on current accounting regulations for life and non-life insurance companies. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the life and non-life insurance companies. Structural changes like new companies, mergers and spin-offs, with portfolio movements as one consequence, may also lead to breaches in the time series.

International Financial Reporting Standard (IFRS) The new accounting standard IFRS is an example of a change that will cause breaches in the time series in the periods to come. In 2008 all reporting companies must, in one way or another, report according to the IFRS standard, and data may then be fully comparable again. However, the IFRS standard will lead to larger fluctuations in the data because of the more extensive use of fair value in the accounting. The comparison of the reported data with the companies' official accounts is also challenging because the IFRS standard does not require a specific presentation of the accounts, as the traditional Norwegian accounting standard does.

Errors and discrepancies can occur in the accounting data. These discrepancies can have a number of sources:

  • Errors in the reporting institutions' accounts
  • Errors in the transfer of data from the institution's primary accounts to recipients
  • Different accounting and evaluation principles
  • Different accounting dates for transactions
  • Insufficient data from the reporting parties
  • Processing errors

Due to large amounts of data and a dynamic control and revision system, published data will be regarded as preliminary until next years data for the same period is published. This means that data for the current year may be revised without this being marked in the preceeding publishing. Large and important revision however, will be commented upon in the publishing of Today's Statistics.

Not relevant

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