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4733
Increased profits in the insurance industry
statistikk
2008-03-05T10:00:00.000Z
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
false

Life and non-life insurance companies, accounts, Q4 2007

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Increased profits in the insurance industry

Life insurance companies achieved a preliminary profit of NOK 9.8 billon in 2007. An increase in unrealized gains in land and building is the main cause of the profit.

In 2007 earned premiums grew 10 per cent or NOK 7 billion compared to 2006. During the same period claims paid increased by 48 per cent, or NOK 22.8 billion.

Life insurance. Profit and loss account. NOK million
 
  4th quarter 2007 4th quarter 2006
 
Earned premiums, exclusive of transfers to other companies 78 664 71 676
Claims incurred 69 912 47 157
Profit/loss before tax and allocation to customers 19 363 14 482
     
Net income from financial assets 48 342 48 250
Value-adjusted profit/loss 15 051 25 574
 

Total assets increased by NOK 65.8 billion last year. This equals a 9.7 per cent growth. Investments in subsidiaries and other shares, participation and primary capital certificates made up 33 per cent of total assets, while bonds made up 39 per cent.

Life insurance. Balance sheet. NOK million
 
  4th quarter 2007 4th quarter 2006
 
Total assets  744 466  678 663
Investments in subsidiaries and other shares, participation and primary capital certificates  276 669  231 408
Holdings of bonds  292 727  311 304
Holdings of certificates 17 999 16 695
 

The non-life insurance industry achieved a preliminary profit of NOK 3.1 billion in 2007. This is a decrease of 61 per cent compared to 2006. The technical account was NOK 3.5 billion, which is a reduction of 37 per cent compared to last year.

Non-life insurance. Profit and loss account. NOK million
 
  4th quarter 2007 4th quarter 2006
 
Earned premiums 44 665 43 170
Claims incurred 32 035 29 453
Profit/loss of ordinary activities 4 035 9 035
     
Net income from financial assets 5 484 7 240
Profit/loss of the technical account 3 554 5 676
 

Total assets in the non-life insurance industry increased by NOK 24.1 billion from 2006 to 2007, this is a 17 per cent growth. Bonds made up 27 per cent of total assets, while investments in subsidiaries and other shares, participation and primary capital certificates made up 25 per cent.

Non-insurance. Balance sheet. NOK million
 
  4th quarter 2007 4th quarter 2006
 
Total assets  166 715  142 606
Investments in subsidiaries and other shares, participation and primary capital certificates 41 039 33 310
Holdings of bonds 44 971 46 236
Holdings of certificates 9 131 9 520
 

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