Content
Published:
This is an archived release.
Strong results for insurance
Both non-life and life insurance companies had increased profits during the first half of 2011 compared to the same period last year. This is manly due to an increase in the financial income.
Life insurance companies achieved a value-adjusted profit of NOK 7.4 billion in the first half of 2011; an increase of NOK 5.9 billion compared with the corresponding period in 2010. In the same period, the net income from financial assets increased by 46 per cent, equivalent to NOK 4.3 billion. This was mainly due to the growth in the financial income of 17 per cent. Profit resulted in NOK 3.1 billion; an improvement of NOK 2.1 billion from last year. The earned premiums and claims incurred increased by 4 and 16 per cent respectively in one year.
1st-2nd quarter 2011 | 1st-2nd quarter 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earned premiums, exclusive of transfers to other companies | 42 770 | 41 288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims incurred | 28 923 | 25 670 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/loss before tax and allocation to customers | 12 052 | 3 692 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income from financial assets | 16 911 | 11 574 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value-adjusted profit/loss | 1 456 | 7 390 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in securities' fund
Life insurance companies’ total assets increased by 7 per cent compared to the first half of 2010. The holdings of shares, primary capital certificates as a percentage share of total assets, increased by 10 per cent in the same period, mainly due to the increase in the securities' fund. Bonds and certificates made up 43 per cent of total assets; a decrease of 5 per cent from the previous year.
2nd quarter 2011 | 2nd quarter 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total assets | 895 933 | 833 819 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries and other shares, participation and primary capital certificates | 411 953 | 296 494 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings of bonds and certificates | 383 305 | 403 831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth in financial income
Non-life insurance companies’ financial income increased by 49 per cent compared with the first half of 2010. Net income from financial assets had a growth of 4 per cent in the same period. The profit of the technical account resulted in NOK 2.3 billion; an increase of NOK 876 million in one year. The earned premiums and claims incurred increased by 6 and 2 per cent respectively in one year.
1st-2nd quarter 2011 | 1st-2nd quarter 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earned premiums | 26 108 | 24 519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims incurred | 19 202 | 18 870 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/loss of ordinary activities | 3 895 | 2 969 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income from financial assets | 2 993 | 2 872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/loss of the technical account | 2 279 | 1 403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets in non-life insurance companies remained stable compared to the second quarter of 2010. Investments in subsidiaries and other shares, participation and primary capital certificates increased by 4 per cent, mainly due to an increase in the securities’ fund. As a per cent of total assets, investments in subsidiaries and other shares, participation and primary capital certificates remained stable from the second quarter of 2010 to the same quarter in 2011.
2nd quarter 2011 | 2nd quarter 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total assets | 190 947 | 191 497 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries and other shares, participation and primary capital certificates | 42 490 | 40 857 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings of bonds and certificates | 75 011 | 73 407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tables
Contact
-
Kjell Hammer
E-mail: kjell.hammer@ssb.no
tel.: (+47) 40 90 26 76
-
Ola Tveita
E-mail: ola.tveita@ssb.no
tel.: (+47) 99 73 45 83