Content
Published:
This is an archived release.
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.
1st quarter 2010 | 1st quarter 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
1st quarter 2010 | 1st quarter 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
1st quarter 2010 | 1st quarter 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
1st quarter 2010 | 1st quarter 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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