295907
/en/bank-og-finansmarked/statistikker/forsikring/kvartal
295907
statistikk
2017-11-17T08:00:00.000Z
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
true

Life and non-life insurance companies, accounts

Updated

Next update

Not yet determined

Key figures

1 467 842

NOK million assets for life insurance companies Q3 2017

Key Figures. NOK Million
Total
3rd quarter 20163rd quarter 2017
Life insurance companies
Assets1 364 2181 467 842
Earned premiums, net of reinsurance81 70079 233
Gross claims payment38 45440 938
Profitt/loss before tax and allocation to customers19 17621 711
Value-adjusted profitt/loss24 05630 493
Net income from financial assets45 76765 292
Non-life insurance companies
Assets242 594243 715
Earned premiums49 87348 081
Gross claims payments38 37938 431
Profitt/loss on ordinary activities11 12612 344
Balance on the technical account for non-life insurance7 4516 842
Net income from financial assets4 0945 644

See more tables on this subject

Table 1 
Life insurance companies. Profitt and loss account. NOK Million

Life insurance companies. Profitt and loss account. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in complementary provisions is discontinued, the remaining items are continued
Earned premiums, net of reinsurance81 700104 59729 50354 24679 233
Gross premiums written73 06394 08424 55547 05070 120
Reinsurers share of gross premiums written-627-1 039-284-456-622
Transfers of premium reserve from other companies9 26411 5525 2317 6529 735
 
Claims incurred, net of reinsurance45 57362 61518 98034 60249 789
Gross claims payment38 45451 82913 81227 46540 938
Reinsurance share of gross claims payments-321-598-105-243-397
Other appropriations1..........
Transfers of premiumreserve etc. to other companies7 44011 3845 2747 3809 248
 
Net change in technical provisions71 73193 64431 38456 56083 612
Premium reserve53 28773 47021 40539 48359 816
Other technical provisions2488 67615669-201
To/from revaluation reserve5 0765 3316 2679 9668 902
Means allocated insurance contracts13 3206 1673 5577 04215 095
 
Other operating income/ costs-4 307-8 066-1 560-3 151-4 508
Commision received30-193327382
Operating income, real property51183102131
Other operating income1 1001 6093586841 034
Personell costs2 1622 8837931 4802 152
Commision submitted742987238429592
Operating costs, real property12001
Depreciations of non-financial assets28257268169210
Other operating costs2 3015 2228621 8502 701
 
Investment income /costs23 41536 0727 73417 69927 256
Interest income bonds and certificates14 61822 2004 2248 75215 793
Interest income other assets3 2244 7591 5513 1254 528
Share dividend etc.6 83810 7602 4536 5797 998
Interest costs1 2651 6474957571 062
 
Gains/losses, value (re-)adjustments on financial assets22 35229 08016 57926 67738 036
Realized gains/losses9 81715 9073 6944 33511 563
Shares, participations and primary capital certificates3 6228 3094 4737 1959 105
Bonds and certificates-479298239336-246
Financial derivatives6 7507 241-703-3 1013 054
Land and buildings..10055
Other realized gains/losses-7749-315-100-356
Net change in value12 53613 17312 88622 34226 473
Shares, participations and primary capital certificates1 2348 39310 91916 96019 674
Bonds and certificates-1 808-1 958309-43-1 179
Financial derivatives12 7003 523602 7844 069
Land and buildings120142......
Other net change in value2903 0731 5972 6413 908
 
Profitt/loss on ordinary activities5 8565 4241 8914 3096 616
 
Other result components-246-127-720-97
 
Tax575-286257553834
 
Total Profitt/loss5 0345 5841 6273 7765 686
 
Specifications
Balance on the technical account for life insurance3 74511 3351 2792 7324 599
Value-adjusted profitt/loss24 05625 61211 67521 21430 493

Table 2 
Life insurance companies. Balance sheet by financial instrument. NOK Million

Life insurance companies. Balance sheet by financial instrument. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets1 4571 4881 6571 0861 027
 
Tangible fixed assets1 1611 1951 1831 1811 168
Land and buildings1 0091 0511 0351 0381 029
Machinery, equipment and vehicles152144147143139
 
Capital investments1 220 7231 230 3091 259 8431 279 5301 306 486
Shares, participation and primary capital certificate196 951204 566208 157209 941212 639
Shares in securities' fund491 820497 782517 173533 140554 276
Bonds and certificates515 129522 210527 512527 863530 880
Financial derivatives10 8163 2882 2623 8773 951
Other capital investment6 0062 4644 7404 7104 740
 
Loans96 916117 695120 488122 986120 804
 
Remaining claims17 5714 2155 9437 57413 595
Insurance claims12 6601 3572 9875 09510 852
Reinsurance share of technical provisions911944978939956
Other claims4 0001 9141 9781 5401 787
 
Cash and bank deposits26 39025 53325 16628 56424 763
 
Total assets1 364 2181 380 4351 414 2801 440 9211 467 842
 
Liabilities and equity capital
Eqiuty capital92 32592 40796 21198 611100 015
Deposit capital39 26239 27039 30239 55040 905
Company capital7 8477 8477 8477 8477 847
Share premium account17 87217 87417 87218 11218 121
Other deposit capital13 54313 54913 58313 59114 936
Retained earnings53 06353 13756 90959 06159 110
Other equity48 00653 13755 40355 58653 957
Not allocated profit5 056..1 5063 4755 152
 
Subordinated liabilities24 37626 08426 16226 27726 119
Bonds14 80616 51416 59216 70716 549
Other subordinated loans9 5709 5709 5709 5709 570
 
Technical provisions1 219 6391 240 1651 270 5651 294 3321 317 542
Premium reserve11 099 6721 122 3221 143 6421 162 1391 183 917
Additional provisions35 72144 38244 31544 10344 087
Revaluation reserve45 71245 96752 23455 93354 869
Net provision for outstanding claims2..........
Premium and pension provision24 92925 83725 85624 79220 882
Net other technical provisions1 3611 6571 5471 4161 344
Unallocated surplus funds to insurance contracts12 244..2 9725 95012 444
 
Provisions for other charges3 8194 9173 0663 4185 549
Provisions for pension1 1769589269121 002
Deffered tax2 5641 9962 0492 4242 632
Other provisions for charges781 96391821 915
 
Remaining liabilites24 05916 86318 27618 28318 616
Expences accrued845831877757667
Deffered income..19273726
Payable tax11663334768
Dividend..6161....
Insurance liabilities1 5482 4292 4412 3005 112
Other liabilities19 5227 2579 58912 00810 005
Financial derivatives2 0286 2035 2473 1342 739
 
Total libilities1 364 2191 380 4351 414 2801 440 9211 467 842
 
Specifications
Number of companies1919181818
Loan with morgage on dwelling36 98746 13847 89748 29046 789
Net tehcnical provisions where the risk is borne by the policyholder223 756238 608253 535265 623278 986

Table 3 
Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million

Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
 
Sum all sectors688 771702 347725 330743 081766 915
 
Non-financial corporations130 032132 394133 481136 258137 282
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 1501 2701 2751 2541 426
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government8851 0361 0091 1671 164
Private non-financial incorporated enterprises127 997130 088131 198133 837134 691
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations396 246398 683409 832421 981437 526
Norges Bank..........
Banks4958758292
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 2622 6312 7372 7812 864
Mutual funds388 963390 906401 849413 285428 917
Investment trusts and private equity funds617660633650643
Other financial enterprises, except insurance companies and pension funds1 9642 1392 1972 5912 339
Life insurance companies and pension funds340328321550542
Non-life insurance companies2 0511 9592 0202 0412 130
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world162 493171 271182 018184 842192 108

Table 4 
Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million

Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
Sum all sectors515 129522 210527 512527 863530 880
 
Non-financial corporations74 55774 17276 95576 40480 203
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government23 62221 94422 74522 46423 741
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government24 66025 18225 04624 96525 556
Private non-financial incorporated enterprises26 27527 04629 16428 97530 907
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations113 583117 570114 925115 681114 499
Norges Bank..........
Banks49 30549 85347 04146 66145 602
Mortgage companies63 22266 66366 86167 93867 815
Finance companies..........
State lending institutions etc...........
Financial holding companies4440145051
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds755752738735733
Life insurance companies and pension funds151154160165166
Non-life insurance companies107108112132133
 
General government51 15749 75048 32046 41545 270
Central government29 69425 77326 26425 80523 957
Local government21 46323 97722 05620 61021 312
 
Non-profit institutions serving households..........
 
Households..0......
 
Rest of the world275 832280 717287 311289 363290 908

Table 5 
Life insurance companies. Total utilized loans by borrower sector. NOK Million

Life insurance companies. Total utilized loans by borrower sector. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
Sum all sectors96 916117 695120 488122 986120 804
 
Non-financial corporations25 07334 54434 82836 78838 415
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government6060555550
Public unincorporated enterprises, owned by local government238229233323319
Public incorporated enterprises, owned by local government6 9737 2937 4187 8388 379
Private non-financial incorporated enterprises17 57026 73126 95228 40429 529
Private non-financial unincorporated enterprises228226165163134
Private non-profit institutions serving enterprises55555
 
Financial corporations2 6422 8992 9802 8142 667
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies438275208406188
Mutual funds..........
Investment trusts and private equity funds1 9371 9401 9191 9511 965
Other financial enterprises, except insurance companies and pension funds267684853457514
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government27 53929 62429 57429 85930 254
Central government..........
Local government27 53929 62429 57429 85930 254
 
Non-profit institutions serving households385393404409404
 
Households31 65240 57942 14742 56141 007
Unincorporated enterprises within households00000
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.133131130128104
Employees, recipients of property income, pensions and social contributions, students etc.31 51940 44842 01742 43340 903
Unspecified sector..........
 
Rest of the world9 6239 65610 55610 5558 055

Table 6 
Non-life insurance company. Profitt and loss account. NOK Million

Non-life insurance company. Profitt and loss account. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in the equalization provision are discontinued. Changes in the provisions for unexpired risk is continued.
Earned premiums, net of reinsurance49 87365 95115 80932 69748 081
Gross premiums written61 71279 36627 36846 17758 486
Reinsurers share of gross premiums writtens-9 599-11 287-4 467-7 442-8 310
Gross change in the provision for unearned premiums-2 873-2 036-8 575-7 759-3 515
Reinsurance share633-911 4821 7211 420
 
Claims incurred and net change in technical provisions33 77644 82510 70521 66432 213
Gross claims payment38 37953 80213 79526 81238 431
Reinsurers share of gross claims payments-4 113-6 532-1 788-3 270-5 199
Gross change in the provision for outstanding claims323-3 438-1 573-1 529-551
Reinsurers share, gross change in the provision for outstanding claims-1 132676498-273-415
Bonus and rebates1..........
Net change in technical provision2318317-228-76-54
 
Other operating income/ costs-9 066-11 524-3 027-6 315-9 169
Commision received14820759109146
Operating income, real property18434920
Other operating income30541592209281
Personell costs4 5835 6971 7713 5235 224
Commision submitted2 1952 9777411 5302 054
Operating costs, real property914458
Depreciations of non-financial assets28742269141212
Other operating costs2 4643 0805971 4432 118
 
Investment income /costs2 8383 8549801 9292 825
Interest income2 4573 3818281 6262 508
Share dividend etc.492650194398450
Interest costs1111784296133
 
Gains/losses, value (re-)adjustments on financial assets1 2562 5711 3302 0282 819
Net realized gains/losses2 5853 3001 0591 3002 915
Net change in value-1 329-729270728-96
 
Profitt/loss on ordinary activities11 12616 0274 3878 67412 344
 
Other result components-57-38-34-95-82
 
Tax2 7033 5596081 5062 408
 
Total Profitt/loss8 36612 4303 7457 0739 854
 
Specifications
Balance on the technical account for non-life insurance7 45111 3192 1204 8306 842

Table 7 
Non-life insurance companies. Balance sheet by financial instrument. NOK Million

Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
11st quarter of 2016: The Equalization provision discontinued. The provision for unexpired risk is continued.
21st quarter of 2016: Closed series
Assets
Intangible assets5 1184 8704 9995 1545 807
 
Tangible fixed assets1 1061 1911 2081 1841 151
Land and buildings598608611608606
Machinery, equipment and vehicles508583597576545
 
Capital investments150 325149 080153 248151 555150 618
Shares, participation and primary capital certificates18 25918 28817 47118 08318 030
Shares in securities' fund31 22531 26732 22732 12534 041
Bonds and certificates97 99496 990100 00197 82697 521
Financial derivatives2 3762 1701 8943 192730
Other capital investments4713661 656330296
 
Loans2 5812 3282 8442 6982 723
 
Reinsurance share of technical provisions19 02716 70118 43119 06818 979
 
Remaining claims54 36753 68458 35058 48255 053
Insurance claims19 93018 65523 94223 20020 275
Other claims34 43735 02934 40935 28234 779
 
Cash and bank deposits10 07010 30611 4969 0619 384
 
Total assets242 594238 160250 576247 202243 715
 
Liabilities and equity capital
Eqiuty capital80 61975 79478 29781 02482 952
Deposit capital13 96914 25114 52314 36814 360
Company capital4 7394 9384 9824 8614 932
Share premium account3 4413 5903 7073 7083 737
Other deposit capital5 7895 7245 8345 7995 691
Retained earnings66 65061 54363 77466 65668 592
Other equity57 33861 54358 27358 59757 863
Not allocated profit9 312..5 5018 05910 729
 
Subordinated liabilities2 4702 4713 2213 0663 068
Bonds2 0932 0932 8432 6882 690
Other subordinated loans378378378378378
 
Technical provisions129 265123 400131 891131 384127 986
Gross provision for unearned premium31 48927 89537 52536 94131 887
Gross Provision for outstanding claims92 85189 13689 03888 97689 301
Gross provision for bonuses and rebates2..........
Equalization provision14 9256 3695 3275 4676 799
Other technical provision2..........
 
Provisions for other charges8 84110 27310 27410 53910 441
Provisions for pension1 6771 6521 5211 6921 608
Deffered tax6 0647 6037 6367 7357 722
Other provisions for charges1 1001 0181 1161 1121 111
 
Remaning liabilites21 39826 22226 89421 18919 268
Expences accrued1 1901 2851 1611 1831 171
Deffered income7125910910183
Payable tax2 7402 5611 8431 5712 444
Dividend2 0045 6935 393-1..
Insurance liabilities4 7365 1166 1334 2824 926
Other liabilities9 1519 33510 49211 18610 117
Financial derivatives1 5061 9741 7612 868528
 
Total libilities242 594238 160250 576247 202243 715
 
Specifications
Number of companies8586868585
Loan with morgage on dwelling281265256248238

Table 8 
Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million

Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
Sum all sectors49 48449 55549 69850 20852 072
 
Non-financial corporations5 3075 6195 2605 4455 536
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government215209206186202
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government33553
Private non-financial incorporated enterprises4 4954 7884 4314 6314 706
Private non-financial unincorporated enterprises595619617624625
Private non-profit institutions serving enterprises..........
 
Financial corporations17 75218 04818 67618 59921 176
Norges Bank..........
Banks1 4319473402 6642 640
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies3 5183 4993 509571442
Mutual funds12 01312 74614 03413 80316 425
Investment trusts and private equity funds375419425425428
Other financial enterprises, except insurance companies and pension funds319377314382494
Life insurance companies and pension funds......682682
Non-life insurance companies9659557165
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world26 42625 88825 76226 16425 360

Table 9 
Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million

Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
Sum all sectors97 99496 990100 00197 82697 521
 
Non-financial corporations12 39912 73612 49312 81412 829
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 4881 4791 4961 5191 480
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government5 4425 8485 3555 1224 994
Private non-financial incorporated enterprises5 4695 4095 6426 1746 355
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations39 17538 55040 30338 90639 631
Norges Bank..........
Banks17 25716 80917 09415 68215 409
Mortgage companies21 63621 39622 93522 50823 424
Finance companies3737384032
State lending institutions etc...........
Financial holding companies7889787879
Mutual funds..........
Investment trusts and private equity funds41......
Other financial enterprises, except insurance companies and pension funds2312437526
Life insurance companies and pension funds5681464646
Non-life insurance companies104105110115115
 
General government15 51515 39716 00613 66514 198
Central government6 9236 8867 2656 2056 006
Local government8 5928 5118 7417 4608 192
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world30 90430 30731 19932 44030 864

Table 10 
Non-life insurance companies. Total utilized loans by borrower sector. NOK Million

Non-life insurance companies. Total utilized loans by borrower sector. NOK Million
3rd quarter 20164th quarter 20161st quarter 20172nd quarter 20173rd quarter 2017
Sum all sectors2 5812 3282 8442 6982 723
 
Non-financial corporations1 6931 4591 9081 7281 740
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government..........
Private non-financial incorporated enterprises1 6931 4591 9081 7281 740
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations522524606652678
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds470472500545567
Other financial enterprises, except insurance companies and pension funds40409495100
Life insurance companies and pension funds..........
Non-life insurance companies1312121212
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households366345330318304
Unincorporated enterprises within households8479736965
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.282266257249239
Unspecified sector..........
 
Rest of the world0..000

About the statistics

The statistics cover all life and non-life insurance companies and branches of foreign companies in Norway. It shows overall performance, balance and some specifications for the sector and industry.

Definitions

Definitions of the main concepts and variables

Balance sheet: The balance sheet shows assets, liabilities and equity at the end of accounting period.

Profitt and loss account: The profit and loss account shows income, costs and expenses over the course of the accounting period.

Standard classifications

We have four types of classification: instrument, sector, industry and type.

Financial instruments and physical capital
Liabilities, claims and other assets in the balance sheet of the financial institutions are divides into two main groups with a view to providing major uniform groups such as bank lending, funding and deposits.
Debtor and creditor industry
Borrowers and lenders are classified according to institutional sector classification, based on national accounts rules.
Debtor and creditor industry
Based on the rules in the industry standard, the individual financial instruments are grouped according to the debtor's or creditor's industry affiliation.
Types of income and expenses
Including interest income and expenses, are based on national accounts rules.

Administrative information

Name and topic

Name: Life and non-life insurance companies, accounts
Topic: Banking and financial markets

Responsible division

Division for Financial Corporations

Regional level

Only at the national level.

Frequency and timeliness

Annual and quarterly.

International reporting

Eurostat

Microdata

Publication-ready data are stored in a FAME-database

Background

Background and purpose

The purpose is to provide statistics for the national accounts, financial sector balances and census of foreign assets and liabilities, and publish current credit market statistics. Accounting statistics for life and non-life insurance companies was first published in NOS Credit Market Statistics 1912. From 1998 the accounts statistics was based up on new electronic reports, which have more details than the former manual reports. Among others it gives the possibility to divide between capital assets and short-term assets, and it also contains quarterly profit and loss accounts.

.

Users and applications

The statistics are included in national accounts, financial sector balances, balance of payments and statistics on Norway's foreign assets and liabilities. Other major users are the Central Bank of Norway, the Financial Supervisory authority, Ministry of Finance and the media.

Equal treatment of users

Not relevant

Coherence with other statistics

The statistics are based on the guidelines in the national accounts standards System of National Accounts from (SNA) and the IMF Manual on Monetary and Financial Statistics.

Statistics from the financial institutions are used in the national accounts, financial sector accounts, the balance of payments and in the Norwegian statistics of foreign debt and receivables.

Legal authority

Statistics Act Section 3-2 (state lending institutions), Act on the Supervision on Credit Institutions, Insurance Companies and Securities Trading, etc., Sections 1 and 4 (insurance companies).

EEA reference

Council Directive 674/91

Council Regulation (EC) no. 2223/96

Council Regulation (EC) 410/98

Council Regulation (EC) no. 1392/2007

Council Regulation (EC) no. 2056/2002

Council Regulation (EC) no. 1606/2002

Council Regulation (EC) no. 297/2008

Commission Regulation 1225/1999

Commission Regulation 1227/1999

Commission Regulation 1228/1999

Production

Population

The population is all life and non-life insurance companies in Norway, including foreign branches in Norway. According to the Standard Industrial Classification this covers industries 65.110, 65.120 and 65.200.

The statistical unit forming the basis for the accounting reports is the enterprise.

Data sources and sampling

The statistics are based on accounting data from the enterprises.

The sample is defined on the basis of a number of financial corporations licensed by the Financial Supervisory authority (the statistics are in principle based on total censuses).

Collection of data, editing and estimations

The Financial Supervisory authority and Statistics Norway cooperate in the collection of accounting information.

The data is controlled by the Banking, Insurance and Securities Commission and Statistics Norway.

Seasonal adjustment

Not relevant

Confidentiality

Not relevant

Comparability over time and space

The accounting statistics for the life and non-life insurance companies is based on current accounting regulations for life and non-life insurance companies. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the life and non-life insurance companies. Structural changes like new companies, mergers and spin-offs, with portfolio movements as one consequence, may also lead to breaches in the time series.

International Financial Reporting Standard (IFRS) The new accounting standard IFRS is an example of a change that will cause breaches in the time series in the periods to come. In 2008 all reporting companies must, in one way or another, report according to the IFRS standard, and data may then be fully comparable again. However, the IFRS standard will lead to larger fluctuations in the data because of the more extensive use of fair value in the accounting. The comparison of the reported data with the companies' official accounts is also challenging because the IFRS standard does not require a specific presentation of the accounts, as the traditional Norwegian accounting standard does.

Accuracy and reliability

Sources of error and uncertainty

Errors and discrepancies can occur in the accounting data. These discrepancies can have a number of sources:

  • Errors in the reporting institutions' accounts
  • Errors in the transfer of data from the institution's primary accounts to recipients
  • Different accounting and evaluation principles
  • Different accounting dates for transactions
  • Insufficient data from the reporting parties
  • Processing errors

Due to large amounts of data and a dynamic control and revision system, published data will be regarded as preliminary until next years data for the same period is published. This means that data for the current year may be revised without this being marked in the preceeding publishing. Large and important revision however, will be commented upon in the publishing of Today's Statistics.

Revision

Not relevant

Contact