Life and non-life insurance companies, accounts

Updated: 25 August 2023

Next update: 21 November 2023

Assets for life-insurance companies
Assets for life-insurance companies
2nd quarter 2023
2 190 688
NOK million
Key Figures. NOK Million
Key Figures. NOK Million
Total
2nd quarter 20222nd quarter 2023
Life insurance companies
Assets1 993 2222 190 688
Premiums earned104 302124 779
Gross claims payment37 30338 533
Profitt/loss before tax and allocation to customers1 86528 240
Net income from financial assets-83 09390 069
Value-adjusted profit/loss-10 1764 645
Non-life insurance companies
Assets297 780301 989
Earned premiums44 70149 685
Gross claims payments31 18738 712
Profit/loss on ordinary activities5 85311 189
Net income from financial assets1767 580
Explanation of symbols

Selected tables and charts from this statistics

  • Life insurance companies. Profitt and loss account. NOK Million
    Life insurance companies. Profitt and loss account. NOK Million
    2nd quarter 20223rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Premiums earned104 302140 748184 33246 138124 779
    Gross premiums written78 700106 071136 68432 64197 743
    Reinsurers share of gross premiums written-497-632-846-274-375
    Transfers of premium reserve from other companies26 10035 30948 49413 77127 411
    Claims incurred, net of reinsurance64 82893 192123 49134 61767 695
    Gross claims payment37 30356 03875 56219 30638 533
    Reinsurance share of gross claims payments-223-377-591-86-215
    Other appropriations1 ..........
    Transfers of premiumreserve etc. to other companies27 74737 53248 52015 39729 377
    Net change in technical provisions-46 902-58 995-13 30863 078140 276
    Premium reserve-13 582-16 25922 98644 105113 144
    Other technical provisions2 -24 729-33 568-28 429824447
    To/from revaluation reserve-10 316-11 105-9 6011 9451 545
    Means allocated insurance contracts1 7251 9371 73716 20325 140
    Other operating income/ costs-3 144-4 593-6 019-1 986-3 777
    Commision received1 5172 2673 0707751 526
    Operating income, real property201384351121
    Other operating income4165104-1070
    Personell costs1 4562 3193 2238631 654
    Commision submitted8041 2131 707417840
    Operating costs, real property301462583174361
    Depreciations of non-financial assets189293427104225
    Other operating costs1 9722 7773 6881 2052 314
    Investment income /costs26 19834 38338 56413 21920 616
    Interest income bonds and certificates9 49914 52020 2875 82811 661
    Interest income other assets3 5484 8757 1401 5963 335
    Share dividend etc.13 86316 17413 1606 3726 935
    Interest costs7121 1862 0235761 315
    Gains/losses, value (re-)adjustments on financial assets-109 291-135 843-99 88442 59469 453
    Realized gains/losses5 9464 3637 079-4 482-5 992
    Shares, participations and primary capital certificates19 14325 48326 2468 93621 662
    Bonds and certificates1 8634 4615 6807041 461
    Financial derivatives-15 307-26 147-24 520-14 456-29 409
    Land and buildings222-1-6
    Other realized gains/losses245565-330334300
    Net change in value-115 237-140 206-106 96247 07675 445
    Shares, participations and primary capital certificates-88 189-95 409-82 49446 66068 519
    Bonds and certificates-13 746-15 135-16 6067 3647 285
    Financial derivatives-13 323-26 275-4 387-10 087-4 511
    Land and buildings..........
    Other net change in value21-3 386-3 4763 1404 151
    Profit/loss on ordinary activities1404986 8102 2713 100
    Other result components69708616297
    Tax-890-79062743-135
    Total profit/loss year to date1 0981 3586 2692 2443 532
    Specifications
    Balance on the technical account for life insurance..........
    Value-adjusted profit/loss-10 176-10 608-2 7914 2164 645
    11st quarter of 2016: Closed series
    21st quarter of 2016: Changes in complementary provisions is discontinued, the remaining items are continued
    Explanation of symbols
  • Life insurance companies. Balance sheet by financial instrument. NOK Million
    Life insurance companies. Balance sheet by financial instrument. NOK Million
    2nd quarter 20223rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Assets
    Intangible assets2 8692 8942 9194 1714 186
    Tangible fixed assets2 0602 1442 4072 3692 335
    Land and buildings1 0221 1201 4161 4061 406
    Machinery, equipment and vehicles6570707270
    Capital investments1 767 0631 779 0731 809 0341 870 9001 919 161
    Shares, participation and primary capital certificate328 581335 103329 669340 589349 977
    Shares in securities' fund780 887774 763778 242824 298854 540
    Bonds and certificates655 398670 218689 634703 621707 935
    Financial derivatives2 197-1 01211 4892 3926 709
    Other securities..........
    Loans141 173142 476135 859138 889134 768
    Remaining claims51 68229 38411 97657 984104 709
    Insurance claims..........
    Reinsurance share of technical provisions1 9601 9552 1342 1322 069
    Other claims49 72227 4309 84255 852102 641
    Cash and bank deposits28 37528 36638 86333 71525 529
    Total assets1 993 2221 984 3372 001 0582 108 0282 190 688
    Liabilities and equity capital
    Equity123 950125 252127 361126 751128 046
    Deposit capital53 30654 42755 44355 03855 054
    Company capital7 2757 2757 2757 0897 089
    Share premium account19 77919 77919 77919 57919 579
    Other deposit capital26 25227 37328 38928 36928 386
    Retained earnings70 64470 82571 91871 71472 992
    Other equity65 85162 00771 91862 94063 210
    Not allocated profit4 7948 818..8 7739 781
    Subordinated loan capital and other loans30 85929 17528 93128 39627 941
    Bonds15 89116 17514 63315 62215 104
    Other subordinated loans14 96812 99914 29812 77412 838
    Technical provisions in life insurance1 790 8311 768 8121 812 3501 874 1551 950 261
    Premium reserve1 1 566 3251 563 6011 601 9091 646 7221 715 163
    Additional provisions25 08525 03920 46420 12220 010
    Revaluation reserve4 9054 1195 6237 5687 168
    Net reserves against outstanding claims..........
    Buffer funds132 265123 703131 008131 540131 486
    Premium and deposit fund55 42445 63747 88246 84645 931
    Pensions' share premium fund2101301136768
    Net other technical provisions5 7395 4335 3515 8135 882
    Unallocated surplus funds to insurance contracts8781 151..15 47724 554
    Reserves against other liabilities3 7223 7054 1534 0793 311
    Provisions for pension809791829815600
    Deffered tax liabilities1 4111 4051 3891 3631 309
    Other provisions for charges1 5021 5091 9351 9021 402
    Remaining liabilites43 86057 39328 26474 64681 130
    Expences accrued..........
    Deffered income..........
    Current tax liabilities1 2071 3761 9491 4781 506
    Insurance liabilities..........
    Dividend..........
    Other liabilities27 66928 46818 19757 32168 359
    Financial derivatives14 98327 5498 11815 84711 265
    Total liabilities1 993 2221 984 3372 001 0582 108 0282 190 688
    Specifications
    Number of companies1919191717
    Loan with morgage on dwelling31 45231 55925 89126 30125 544
    Net tehcnical provisions where the risk is borne by the policyholder532 594526 558557 607597 472626 896
    11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
    Explanation of symbols
  • Non-life insurance company. Profitt and loss account. NOK Million
    Non-life insurance company. Profitt and loss account. NOK Million
    2nd quarter 20223rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Premiums earned44 70167 98592 95924 33949 685
    Gross premium earned51 80178 791106 84427 59157 163
    Gross premiums written..........
    Reinsurance share of gross premium earned-7 099-10 807-13 884-3 252-7 478
    Reinsurers share of gross premiums writtens..........
    Gross change in the provision for unearned premiums..........
    Reinsurance share..........
    Claims incurred and net change in technical provisions31 18746 63664 66719 50238 712
    Gross claims cost35 57353 75474 47121 61544 023
    Gross claims payment..........
    Reinsurance share of gross claims cost-5 007-7 805-9 838-2 151-5 014
    Reinsurers share of gross claims payments..........
    Gross change in the provision for outstanding claims..........
    Reinsurers share, gross change in the provision for outstanding claims..........
    Bonus and rebates1 ..........
    Net change in technical provision2 6216873538-296
    Other operating income/ costs-7 838-12 125-17 034-3 415-7 364
    Commision received115163252660687
    Operating income, real property8121647
    Other operating income3551482556
    Personell costs4 5236 71210 3882 4434 945
    Commision submitted2 5034 1175 6341 5433 137
    Operating costs, real property19131141686185
    Depreciations of non-financial assets334479686173354
    Other operating costs445733226-141-506
    Investment income /costs1 6112 3004 4311 0953 036
    Interest income1 4272 1763 2639042 642
    Share dividend etc.3303581 480271603
    Interest costs14623331380209
    Gains/losses, value (re-)adjustments on financial assets-1 435-1 915-1 2384 1894 544
    Net realized gains/losses5 3204 9274 9541 4912 295
    Net change in value-6 755-6 842-6 1922 6972 250
    Profit/loss on ordinary activities5 8539 60914 4526 70511 189
    Other result components-73-157-570-63-44
    Tax9651 9792 6411 1912 118
    Total profit/loss year to date4 8157 47311 2415 4519 026
    Specifications
    Balance on the technical account for non-life insurance..........
    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.
    Explanation of symbols
  • Non-life insurance companies. Balance sheet by financial instrument. NOK Million
    Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
    2nd quarter 20223rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Assets
    Intangible assets8 5198 2818 2248 1598 092
    Tangible fixed assets2 5182 5222 7292 8572 817
    Land and buildings608588558562550
    Machinery, equipment and vehicles480575682739722
    Capital investments164 559167 425168 904174 409177 657
    Shares, participation and primary capital certificates28 13729 08432 14132 62332 194
    Shares in securities' fund35 14636 06935 60738 50540 269
    Bonds and certificates100 638101 327100 508102 461104 299
    Financial derivatives639945647821895
    Other securities..........
    Loans1 2661 5021 9151 601945
    Reinsurance share28 07828 63627 67430 10931 051
    Claims77 70072 23572 39768 14867 281
    Insurance claims..........
    Other claims77 70072 23572 39768 14867 281
    Cash and bank deposits15 14012 44712 68214 96314 146
    Total assets297 780293 048294 525300 246301 989
    Liabilities and equity capital
    Eqiuty100 234101 34499 364102 211105 888
    Deposit capital19 83119 66520 19820 23920 524
    Company capital4 6314 6314 6374 6374 639
    Share premium account6 9536 9536 9776 7967 069
    Other deposit capital8 2488 0828 5848 8068 816
    Retained earnings80 40381 67979 16681 97285 364
    Other equity71 34771 13279 16672 63372 827
    Not allocated profit9 05610 546..9 33812 537
    Subordinated liabilities4 2854 3354 3354 3364 366
    Bonds3 9714 0214 0214 0224 022
    Other subordinated loans314314314314344
    Technical provisions in non-life insurance153 108148 156144 427152 230153 715
    Gross provision for unearned premium53 22046 14841 83248 40648 035
    Gross Provision for outstanding claims99 159101 317101 74565 51466 958
    Equalization provision1 72969185038 31038 722
    Reserves against other liabilities8 9088 4588 7318 4118 525
    Provisions for pension1 4141 2901 3581 3661 341
    Deffered tax4 2913 9904 1413 9084 006
    Other provisions for charges3 2033 1783 2323 1373 178
    Remaining liabilites31 24530 75537 66833 05829 494
    Expences accrued..........
    Deffered income..........
    Payable tax3 8284 6434 5223 1053 406
    Dividend12125 3051 18029
    Insurance liabilities..........
    Other liabilities26 25224 10627 28327 98025 403
    Financial derivatives1 1531 994558792656
    Total liabilities297 780293 048294 525300 246301 989
    Specifications
    Number of companies78787879..
    Loan with mortgage on dwelling8081 3101 7581 217558
    11st quarter of 2016: The Equalization provision discontinued. The provision for unexpired risk is continued.
    Correction 26. august 2022, kl.11.30
    Explanation of symbols

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.

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.

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.

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

21 November 2023

Division for Financial Markets Statistics

Only at the national level.

Annual and quarterly.

Eurostat

Publication-ready data are stored in a FAME-database

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.

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.

Not relevant

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.

Act on the Supervision on Credit Institutions, Insurance Companies and Securities Trading, etc., Sections 1 and 4 (insurance companies). Statistics Norway uses Statistics Act Section § 12 to compile statistic.

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

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.

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).

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.

Not relevant

Not relevant

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.

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.

Not relevant

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