295905
/en/bank-og-finansmarked/statistikker/forsikring/kvartal
295905
statistikk
2017-08-18T08:00:00.000Z
Banking and financial markets
en
forsikring, Life and non-life insurance companies, accounts, profit and loss account, shares, bonds, commercial papers, primary capital certificates, financial instruments, liabilities, equity, lending, borrowers, issuersFinancial institutions and other financial corporations, Banking and financial markets
true

Life and non-life insurance companies, accounts

Updated

Next update

Key figures

1 440 921

NOK million assets for life insurance companies Q2 2017

Key Figures. NOK Million
Total
2nd quarter 20162nd quarter 2017
Life insurance companies
Assets1 335 5051 440 921
Earned premiums, net of reinsurance55 06654 246
Gross claims payment25 53427 465
Profitt/loss before tax and allocation to customers11 08211 351
Value-adjusted profitt/loss13 77021 214
Net income from financial assets24 15044 376
Non-life insurance companies
Assets243 304242 973
Earned premiums32 51332 697
Gross claims payments25 43326 810
Profitt/loss on ordinary activities7 0938 679
Balance on the technical account for non-life insurance5 0315 759
Net income from financial assets2 3663 958

See more tables on this subject

Table 1 
Life insurance companies. Profitt and loss account. NOK Million

Life insurance companies. Profitt and loss account. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in complementary provisions is discontinued, the remaining items are continued
Earned premiums, net of reinsurance55 06681 700104 47229 50354 246
Gross premiums written49 80873 06394 06124 55547 050
Reinsurers share of gross premiums written-480-627-1 055-284-456
Transfers of premium reserve from other companies5 7379 26411 4665 2317 652
 
Claims incurred, net of reinsurance30 87145 57362 64418 94734 602
Gross claims payment25 53438 45451 83213 78827 465
Reinsurance share of gross claims payments-195-321-579-105-243
Other appropriations1..........
Transfers of premiumreserve etc. to other companies5 5327 44011 3915 2637 380
 
Net change in technical provisions41 71171 73193 87331 38656 619
Premium reserve31 44553 28773 49621 40939 542
Other technical provisions2167488 72715369
To/from revaluation reserve2 8655 0765 4196 2679 966
Means allocated insurance contracts7 23413 3206 2323 5577 042
 
Other operating income/ costs-2 786-4 307-6 166-1 550-3 092
Commision received2930373273
Operating income, real property41511831021
Other operating income7711 1001 373358684
Personell costs1 4052 1622 8847851 480
Commision submitted511742978238429
Operating costs, real property01200
Depreciations of non-financial assets15428251168169
Other operating costs1 5562 3013 3858591 791
 
Investment income /costs16 50423 41536 0617 66317 699
Interest income bonds and certificates10 27614 61822 2004 1978 752
Interest income other assets2 1023 2244 7501 5513 125
Share dividend etc.5 0056 83810 7242 4096 579
Interest costs8781 2651 613495757
 
Gains/losses, value (re-)adjustments on financial assets7 64622 35229 26816 60726 677
Realized gains/losses6 3399 81715 9093 6814 335
Shares, participations and primary capital certificates2 6743 6228 3114 4607 195
Bonds and certificates338-479298239336
Financial derivatives3 1446 7507 241-703-3 101
Land and buildings....1005
Other realized gains/losses183-7749-315-100
Net change in value1 30712 53613 35912 92622 342
Shares, participations and primary capital certificates-3 4521 2348 70210 96716 960
Bonds and certificates-517-1 808-1 959303-43
Financial derivatives6 76912 7003 523602 784
Land and buildings12012032....
Other net change in value-1 6132903 0611 5972 641
 
Profitt/loss on ordinary activities3 8485 8567 1171 8914 309
 
Other result components-190-246-127-720
 
Tax154575-225257553
 
Total Profitt/loss3 5055 0347 2161 6273 776
 
Specifications
Balance on the technical account for life insurance2 4413 7454 7081 2782 728
Value-adjusted profitt/loss13 77024 05627 45811 67521 214

Table 2 
Life insurance companies. Balance sheet by financial instrument. NOK Million

Life insurance companies. Balance sheet by financial instrument. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets1 5551 4571 4891 6571 086
 
Tangible fixed assets1 1731 1611 1951 1831 181
Land and buildings1 0191 0091 0511 0351 038
Machinery, equipment and vehicles154152144147143
 
Capital investments1 193 3091 220 7231 230 7581 251 0511 279 530
Shares, participation and primary capital certificate196 336196 951205 156208 153209 941
Shares in securities' fund475 583491 820497 649511 031533 140
Bonds and certificates501 566515 129522 210524 866527 863
Financial derivatives5 28210 8163 2702 2623 877
Other capital investment14 5416 0062 4734 7404 710
 
Loans96 74396 916117 131119 935122 986
 
Remaining claims11 35317 5714 2645 9047 574
Insurance claims8 77612 6601 4062 9815 095
Reinsurance share of technical provisions871911948946939
Other claims1 7074 0001 9111 9771 540
 
Cash and bank deposits31 37226 39025 51625 12328 564
 
Total assets1 335 5051 364 2181 380 3521 404 8521 440 921
 
Liabilities and equity capital
Eqiuty capital89 59492 32593 72295 81298 611
Deposit capital38 15139 26239 26538 88239 550
Company capital7 8477 8477 8477 6197 847
Share premium account17 87217 87217 87217 68018 112
Other deposit capital12 43213 54313 54613 58313 591
Retained earnings51 44353 06354 45756 93059 061
Other equity47 92648 00651 99255 42455 586
Not allocated profit3 5175 0562 4651 5063 475
 
Subordinated liabilities24 71424 37626 08426 16226 277
Bonds15 14414 80616 51416 59216 707
Other subordinated loans9 5709 5709 5709 5709 570
 
Technical provisions1 191 7681 219 6391 240 1841 261 5821 294 332
Premium reserve11 077 5871 099 6721 120 8371 135 2241 162 139
Additional provisions35 73435 72144 38244 15444 103
Revaluation reserve43 50245 71246 05552 05855 933
Net provision for outstanding claims2..........
Premium and pension provision26 86024 92927 65525 62624 792
Net other technical provisions1 4491 3611 2111 5471 416
Unallocated surplus funds to insurance contracts6 63612 244452 9725 950
 
Provisions for other charges3 4963 8193 6233 0503 418
Provisions for pension1 1561 176960910912
Deffered tax2 3222 5642 5182 0492 424
Other provisions for charges18781459182
 
Remaining liabilites25 93324 05916 74018 24618 283
Expences accrued843845832871757
Deffered income....192737
Payable tax52116583347
Dividend......61..
Insurance liabilities1 8461 5482 4492 4382 300
Other liabilities18 74719 5227 1979 56812 008
Financial derivatives4 4452 0286 1855 2473 134
 
Total libilities1 335 5051 364 2191 380 3521 404 8521 440 921
 
Specifications
Number of companies1919191919
Loan with morgage on dwelling35 23336 98746 13847 89748 290
Net tehcnical provisions where the risk is borne by the policyholder211 364223 756238 354253 218265 623

Table 3 
Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million

Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
 
Sum all sectors671 920688 771702 805719 184743 081
 
Non-financial corporations130 027130 032132 970133 481136 258
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 1551 1501 2701 2751 254
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government7988851 0361 0091 167
Private non-financial incorporated enterprises128 074127 997130 664131 198133 837
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations383 784396 246398 162405 119421 981
Norges Bank..........
Banks3849577582
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 1412 2622 6312 7372 781
Mutual funds376 720388 963390 372397 141413 285
Investment trusts and private equity funds647617660629650
Other financial enterprises, except insurance companies and pension funds1 9251 9642 1532 1972 591
Life insurance companies and pension funds337340328321550
Non-life insurance companies1 9752 0511 9612 0202 041
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world158 109162 493171 673180 583184 842

Table 4 
Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million

Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
Sum all sectors501 566515 129522 210524 866527 863
 
Non-financial corporations71 64874 55774 17376 93076 404
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government23 82723 62221 93922 74522 464
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government23 52824 66025 18225 04624 965
Private non-financial incorporated enterprises24 29326 27527 05129 13928 975
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations112 707113 583117 577112 491115 681
Norges Bank..........
Banks50 42949 30549 85945 49346 661
Mortgage companies61 17263 22266 66365 97467 938
Finance companies..........
State lending institutions etc...........
Financial holding companies6244401450
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds792755752738735
Life insurance companies and pension funds148151154160165
Non-life insurance companies103107108112132
 
General government47 27951 15749 74448 20346 415
Central government29 41329 69425 77326 26425 805
Local government17 86621 46323 97121 93920 610
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world269 932275 832280 717287 242289 363

Table 5 
Life insurance companies. Total utilized loans by borrower sector. NOK Million

Life insurance companies. Total utilized loans by borrower sector. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
Sum all sectors96 74396 916117 131119 935122 986
 
Non-financial corporations25 35025 07333 74434 82836 788
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government6460605555
Public unincorporated enterprises, owned by local government303238229233323
Public incorporated enterprises, owned by local government7 5746 9737 2937 4187 838
Private non-financial incorporated enterprises16 95517 57025 93126 95228 404
Private non-financial unincorporated enterprises447228226165163
Private non-profit institutions serving enterprises65555
 
Financial corporations3 6622 6422 8982 4272 814
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies1 012438275208406
Mutual funds..........
Investment trusts and private equity funds1 9321 9371 9401 3661 951
Other financial enterprises, except insurance companies and pension funds717267683853457
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government27 73127 53929 62429 57429 859
Central government..........
Local government27 73127 53929 62429 57429 859
 
Non-profit institutions serving households380385393404409
 
Households30 09431 65240 57942 14742 561
Unincorporated enterprises within households00000
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.136133131130128
Employees, recipients of property income, pensions and social contributions, students etc.29 95831 51940 44842 01742 433
Unspecified sector..........
 
Rest of the world9 5259 6239 89410 55610 555

Table 6 
Non-life insurance company. Profitt and loss account. NOK Million

Non-life insurance company. Profitt and loss account. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in the equalization provision are discontinued. Changes in the provisions for unexpired risk is continued.
Earned premiums, net of reinsurance32 51349 87366 56815 80932 697
Gross premiums written45 98861 71278 42027 36846 178
Reinsurers share of gross premiums writtens-7 447-9 599-11 896-4 467-7 442
Gross change in the provision for unearned premiums-7 536-2 873189-8 575-7 759
Reinsurance share1 508633-1451 4821 721
 
Claims incurred and net change in technical provisions22 11833 77644 71410 70521 662
Gross claims payment25 43338 37952 66313 79526 810
Reinsurers share of gross claims payments-2 746-4 113-6 134-1 791-3 270
Gross change in the provision for outstanding claims-108323-1 992-1 573-1 540
Reinsurers share, gross change in the provision for outstanding claims-673-1 132-284501-267
Bonus and rebates1..........
Net change in technical provision2211318461-228-70
 
Other operating income/ costs-5 668-9 066-12 328-3 027-6 315
Commision received17514820059109
Operating income, real property12184349
Other operating income19630541692209
Personell costs2 6944 5836 3971 7713 523
Commision submitted1 5072 1952 8837411 532
Operating costs, real property491445
Depreciations of non-financial assets18628742969141
Other operating costs1 6602 4643 2635971 441
 
Investment income /costs2 0902 8383 8069801 928
Interest income1 6912 4573 3328281 626
Share dividend etc.457492649194398
Interest costs581111744295
 
Gains/losses, value (re-)adjustments on financial assets2761 2562 3541 3302 030
Net realized gains/losses1 5852 5853 3471 0591 304
Net change in value-1 310-1 329-993270726
 
Profitt/loss on ordinary activities7 09311 12615 6874 3878 679
 
Other result components-174-57-66-34-95
 
Tax1 8312 7033 4476071 528
 
Total Profitt/loss5 0878 36612 1733 7467 056
 
Specifications
Balance on the technical account for non-life insurance5 0317 3549 8532 1635 759

Table 7 
Non-life insurance companies. Balance sheet by financial instrument. NOK Million

Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
11st quarter of 2016: The Equalization provision discontinued. The provision for unexpired risk is continued.
21st quarter of 2016: Closed series
Assets
Intangible assets4 9515 1184 8875 0035 201
 
Tangible fixed assets1 1231 1061 1211 2081 184
Land and buildings601598608611608
Machinery, equipment and vehicles521508512597576
 
Capital investments148 346150 325149 875153 248151 617
Shares, participation and primary capital certificates18 08018 25918 28817 47118 083
Shares in securities' fund30 93931 22531 26932 22732 124
Bonds and certificates96 47097 99497 231100 00197 892
Financial derivatives1 9872 3762 1641 8943 188
Other capital investments8714719231 656330
 
Loans2 5772 5852 3302 8462 704
 
Reinsurance share of technical provisions18 93819 02717 64018 43119 129
 
Remaining claims58 67754 36454 34454 32553 955
Insurance claims20 75719 92719 52623 93423 267
Other claims37 92034 43734 81830 39030 688
 
Cash and bank deposits8 69210 0709 32611 4969 182
 
Total assets243 304242 594239 524246 557242 973
 
Liabilities and equity capital
Eqiuty capital80 05980 61979 18078 29881 175
Deposit capital13 03613 96914 32914 52314 514
Company capital4 7474 7394 9794 9824 976
Share premium account3 3853 4413 5583 7073 708
Other deposit capital4 9045 7895 7925 8345 829
Retained earnings67 02366 65064 85163 77566 661
Other equity60 63657 33852 98758 27358 601
Not allocated profit6 3889 31211 8645 5028 060
 
Subordinated liabilities2 2732 4702 4713 2213 066
Bonds2 0952 0932 0932 8432 688
Other subordinated loans178378378378378
 
Technical provisions132 709129 265124 812131 898131 552
Gross provision for unearned premium35 94831 48928 57037 53337 039
Gross Provision for outstanding claims91 47592 85191 02589 03889 046
Gross provision for bonuses and rebates2..........
Equalization provision15 2864 9255 2185 3275 467
Other technical provision2..........
 
Provisions for other charges8 4868 8419 41710 27810 541
Provisions for pension1 6041 6771 7691 5211 692
Deffered tax5 7796 0646 6357 6407 740
Other provisions for charges1 1031 1001 0141 1161 109
 
Remaning liabilites19 77721 39823 64422 86316 638
Expences accrued1 1081 1901 3461 1651 194
Deffered income8471258109101
Payable tax2 2232 7401 9541 8431 572
Dividend1182 0044 2335 393-1
Insurance liabilities5 0094 7364 4226 1264 346
Other liabilities9 6539 1519 4626 4656 558
Financial derivatives1 5821 5061 9691 7612 868
 
Total libilities243 304242 594239 524246 557242 973
 
Specifications
Number of companies8585868685
Loan with morgage on dwelling270281265256248

Table 8 
Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million

Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
Sum all sectors49 01849 48449 55749 69850 207
 
Non-financial corporations5 2465 3075 6195 2605 445
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government223215209206186
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government33355
Private non-financial incorporated enterprises4 4384 4954 7884 4314 631
Private non-financial unincorporated enterprises581595619617624
Private non-profit institutions serving enterprises..........
 
Financial corporations17 60617 75217 89418 67618 598
Norges Bank..........
Banks1 2981 4319473402 664
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies3 5113 5183 4993 509572
Mutual funds12 01412 01312 59814 03413 803
Investment trusts and private equity funds363375407425425
Other financial enterprises, except insurance companies and pension funds331319384314382
Life insurance companies and pension funds........682
Non-life insurance companies8896595570
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world26 16726 42626 04425 76226 164

Table 9 
Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million

Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
Sum all sectors96 47097 99497 231100 00197 892
 
Non-financial corporations12 57112 39912 73712 49312 841
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 6391 4881 4791 4961 519
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government5 7075 4425 8485 3555 122
Private non-financial incorporated enterprises5 2255 4695 4105 6426 200
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations38 83539 17538 55040 30338 937
Norges Bank..........
Banks17 46217 25716 81617 10115 724
Mortgage companies21 14121 63621 39622 93522 508
Finance companies4337373840
State lending institutions etc...........
Financial holding companies7978897878
Mutual funds..........
Investment trusts and private equity funds441....
Other financial enterprises, except insurance companies and pension funds22312437
Life insurance companies and pension funds2356814646
Non-life insurance companies8010498103103
 
General government13 64715 51515 41016 00613 675
Central government6 5316 9236 9007 2656 205
Local government7 1168 5928 5118 7417 470
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world31 41730 90430 53431 19932 440

Table 10 
Non-life insurance companies. Total utilized loans by borrower sector. NOK Million

Non-life insurance companies. Total utilized loans by borrower sector. NOK Million
2nd quarter 20163rd quarter 20164th quarter 20161st quarter 20172nd quarter 2017
Sum all sectors2 5772 5852 3302 8462 704
 
Non-financial corporations1 6961 6961 4611 9101 734
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government..........
Private non-financial incorporated enterprises1 6961 6961 4611 9101 734
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations519522524606652
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds466470472500545
Other financial enterprises, except insurance companies and pension funds4040409495
Life insurance companies and pension funds..........
Non-life insurance companies1313121212
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households361366345330318
Unincorporated enterprises within households9184797369
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.270282266257249
Unspecified sector..........
 
Rest of the world00000

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.

Definitions

Definitions of the main concepts and variables

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.

Standard classifications

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.

Administrative information

Name and topic

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

Next release

Responsible division

Division for Financial Corporations

Regional level

Only at the national level.

Frequency and timeliness

Annual and quarterly.

International reporting

Eurostat

Microdata

Publication-ready data are stored in a FAME-database

Background

Background and purpose

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.

.

Users and applications

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.

Equal treatment of users

Not relevant

Coherence with other statistics

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.

Legal authority

Statistics Act Section 3-2 (state lending institutions), Act on the Supervision on Credit Institutions, Insurance Companies and Securities Trading, etc., Sections 1 and 4 (insurance companies).

EEA reference

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

Production

Population

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.

Data sources and sampling

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).

Collection of data, editing and estimations

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.

Seasonal adjustment

Not relevant

Confidentiality

Not relevant

Comparability over time and space

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.

Accuracy and reliability

Sources of error and uncertainty

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.

Revision

Not relevant

Contact