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4711
Strong results for insurance
statistikk
2010-06-03T10:00:00.000Z
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, accountsQ1 2010

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Strong results for insurance

The non-life and life insurance companies’ increase in the net income from financial assets is one of the main reasons for the good results in the first quarter of 2010.

Life insurance companies achieved a value-adjusted profit of NOK 8 billion in the first quarter of 2010; an increase of NOK 9.4 billion compared to the corresponding quarter of 2009. Profit before tax and allocation to customers resulted in NOK 3.6 billion; an improvement of NOK 5.1 billion from last year. The strong result was mainly due to the improvement of NOK 13.3 billion from net income from financial assets. The earned premium and claims incurred increased by 8 and 2 per cent respectively in one year.

Life insurance. Profit and loss account. NOK million
 
  1st quarter 2010 1st quarter 2009
 
Earned premiums, exclusive of transfers to other companies 26 551 24 520
Claims incurred 14 293 14 061
Profit/loss before tax and allocation to customers 3 648 -1 420
     
Net income from financial assets 15 062 1 726
Value-adjusted profit/loss 7 956 -1 431
 

Decline in the holdings of bonds and certificates

Life insurance companies’ share of total assets increased by 11 per cent compared to the corresponding quarter last year. The holdings of subsidiaries and other shares, participation and primary capital certificates as a percentage share of total assets, increased by 5 per cent compared to the first quarter of 2009. Bonds and certificates made up 49 per cent of total assets; a decrease of 6 per cent from the previous year.

Life insurance. Balance sheet. NOK million
 
  1st quarter 2010 1st quarter 2009
 
Total assets  819 043  738 349
Investments in subsidiaries and other shares, participation and primary capital certificates  296 741  226 365
Holdings of bonds and certificates  408 700  404 560
 

Decline in earned premiums and rise in claims incurred

For non-life insurance, earned premiums decreased by 3 per cent. Together with a 5 per cent rise in claims incurred, this was one of the main reasons for the deficit in the technical account of NOK

496 million. This was a NOK 1.4 billion weaker result than the same period last year. The non-life insurance industry achieved a profit of NOK 1.1 billion; a significantly better result than last year. The profit on ordinary activities amounted to NOK 984 million; an improvement of NOK 588 million. The net income from financial assets increased by NOK 1.6 billion compared with the corresponding quarter last year.

Non-life insurance. Profit and loss account. NOK million
 
  1st quarter 2010 1st quarter 2009
 
Earned premiums 12 089 12 518
Claims incurred 10 494 9 962
Profit/loss of ordinary activities  984  396
     
Net income from financial assets 2 160  486
Profit/loss of the technical account -496  858
 

Total assets in the non-life insurance industry increased by 7 per cent from the first quarter of 2009 to the corresponding quarter in 2010. Investments in subsidiaries and other shares, participation and primary capital certificates made up 22 per cent of the total assets. This is an increase of 3 per cent from the start of 2009. Bonds and certificates as a share of total assets decreased by 2 per cent.

Non-insurance. Balance sheet. NOK million
 
  1st quarter 2010 1st quarter 2009
 
Total assets  189 797  177 100
Investments in subsidiaries and other shares, participation and primary capital certificates 42 162 32 989
Holdings of bonds and certificates 67 993 66 966
 
 

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