Content
Published:
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Increase in net income from financial assets for insurance
Both non-life and life insurance companies had a significantly higher net income from financial assets in the 1st quarter of 2012 compared to the same period last year. This is mainly due to an increase in the net value for shares, participations and primary capital certificates.
Life insurance companies achieved a value-adjusted profit of NOK 11.5 billion in the 1st quarter of 2012; an increase of NOK 6.5 billion compared with the corresponding period in 2011. The main reason for this is the net increase in value for financial assets. The financial income amounted to NOK 7.9 billion, a decline of 11 per cent in one year. Profit totalled NOK 1.3 billion; a decrease of 23 per cent compared to the corresponding period in 2011.
1st quarter 2012 | 1st quarter 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earned premiums, exclusive of transfers to other companies | 28 398 | 27 117 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims incurred | 15 344 | 16 542 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/loss before tax and allocation to customers | 3 307 | 6 218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income from financial assets | 22 460 | 10 326 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value-adjusted profit/loss | 11 539 | 5 037 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in bonds and certificates for life insurance
Life insurance companies’ total assets increased by 7 per cent compared to the corresponding quarter last year. The holding of shares and primary capital certificates as a percentage share of total assets was 42 per cent, a decline of 3 percentage points from the previous year. Bonds and certificates made up 47 per cent of total assets; an increase of 4 per cent from last year.
1st quarter 2012 | 1st quarter 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total assets | 952 963 | 894 686 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries and other shares, participation and primary capital certificates | 401 190 | 403 856 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings of bonds and certificates | 448 293 | 382 738 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth in earned premiums for non-life insurance
Non-life insurance companies’ financial income decreased by 9 per cent compared with the corresponding quarter last year. The main reason was that interest earnings decreased by 10 per cent. The profit of ordinary activities amounted to NOK 3.4 billion. The profit of the technical account increased by NOK 513 million. The earned premiums increased by 6 per cent in one year.
1st quarter 2012 | 1st quarter 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earned premiums | 13 686 | 12 955 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims incurred | 10 395 | 10 375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/loss of ordinary activities | 3 394 | 1 054 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income from financial assets | 2 847 | 1 225 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit/loss of the technical account | 1 040 | 519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease in shares and primary capital certificates for non-life insurance companies
Investments in subsidiaries and other shares, participation and primary capital certificates decreased by 26 per cent compared to last year. As a percentage of total assets, investments in subsidiaries and other shares, participation and primary capital certificates decreased by 4 percentage points compared to the same period last year. Bonds and certificates as a share of total assets amounted to 41 per cent of total assets, an increase of 2 percentage points.
1st quarter 2012 | 1st quarter 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Total assets | 199 199 | 192 909 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries and other shares, participation and primary capital certificates | 40 750 | 45 996 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Holdings of bonds and certificates | 82 182 | 75 113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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