Content
Published:
This is an archived release.
Still weak results for insurance companies
Life insurance companies had a NOK 10.8 billion loss on ordinary activities by the end of third quarter 2002. Corresponding figure for non-life insurance companies was a NOK 1.5 billion loss, an improvement of almost NOK 2 billion compared with third quarter 2001.
Life insurance: increasing deficit
The result before tax and allocation to customers for life insurance companies was minus NOK 10.8 billion in the third quarter of 2002, compared to minus NOK 9.6 billion in the third quarter in 2001. The value-adjusted result was minus NOK 12.2 billion in the third quarter of 2002, compared to minus NOK 17.7 billion at the same time last year.
Earned premiums (exclusive transfers to other companies) increased by 9.3 per cent from third quarter 2001 to third quarter 2002, from NOK 27.1 billion to NOK 29.6 billion. During the same period claims incurred increased by 1.1 per cent to NOK 15.3 billion.
Total assets for life insurance companies increased by 5.9 per cent from third quarter last year, and were by the end of third quarter 2002 NOK 420 billion. 15.6 per cent of total assets consisted of investments in subsidiaries and other shares, participation and primary capital certificates. The corresponding figure for 2001 was 23.7 per cent. 52 per cent of total assets consisted of bonds, while the share of certificates was 9.7 per cent by the end of the third quarter 2002.
Non-life insurance: improved result of the technical account
The result of the technical account has improved since third quarter 2001, from NOK 1683 million to NOK 3049 million in 2002. The main reason for this improvement is that earned premiums have increased more than claims incurred. Earned premiums increased by 14.6 per cent to NOK 24.8 billion, while claims incurred increased by only 4.0 per cent, to 18.7 billion.
In the third quarter 2001 the net income from financial assets was minus NOK 1210 million. In 2002 the net income from financial assets has improved, and was by the end of the third quarter minus NOK 512 million. This has contributed to an improved result on the ordinary activities, from minus NOK 3657 million to minus NOK 1476 million.
Total assets for non-life insurance companies increased by 9 per cent from the third quarter 2001 to 2002, and were by the end of the third quarter 2002 NOK 102 billion. 15 per cent of total assets consisted of investments in subsidiaries and other shares, participation and primary capital certificates. The corresponding figure for 2001 was 22 per cent. 30 per cent of total assets consisted of bonds, while the share of certificates was 7 per cent by the end of third quarter 2002.
Tables
Contact
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Kjell Hammer
E-mail: kjell.hammer@ssb.no
tel.: (+47) 40 90 26 76
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Ola Tveita
E-mail: ola.tveita@ssb.no
tel.: (+47) 99 73 45 83