Life and non-life insurance companies, accounts

Updated: 23 August 2024

Next update: 20 November 2024

Assets for life-insurance companies
Assets for life-insurance companies
2nd quarter 2024
2 383 453
NOK million
 
Key Figures. NOK Million
Key Figures. NOK Million
Total
2nd quarter 20232nd quarter 2024
Life insurance companies
Assets2 190 6882 383 453
Premiums earned124 779121 037
Gross claims payment38 53341 074
Profit/loss on ordinary activities3 1006 510
Net income from financial assets90 069115 858
Non-life insurance companies
Assets301 984319 478
Earned premiums49 68555 066
Gross claims payments38 71243 407
Profit/loss on ordinary activities11 18211 908
Net income from financial assets7 5738 389
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 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Premiums earned124 779174 452218 74752 646121 037
    Gross premiums written97 743135 309169 60035 67891 096
    Reinsurers share of gross premiums written-375-460-618-208-313
    Transfers of premium reserve from other companies27 41139 60349 76517 17630 254
    Claims incurred, net of reinsurance67 69599 633129 31738 51072 866
    Gross claims payment38 53358 21378 08020 46741 074
    Reinsurance share of gross claims payments-215-286-510-83-162
    Transfers of premiumreserve etc. to other companies29 37741 70651 74718 12631 954
    Net change in technical provisions140 276149 047217 97686 818153 789
    Premium reserve113 144128 497184 16262 284118 673
    Other technical provisions14-134-3 824445603
    To/from revaluation reserve1 5452 0012 866....
    To/from buffer funds43319211 414196-136
    Means allocated insurance contracts25 14018 49123 35823 89234 649
    Other operating income/ costs-3 777-5 747-7 962-1 914-3 730
    Commision received1 5262 3193 1968631 775
    Operating income, real property2131-461126
    Other operating income701351763977
    Personell costs1 6542 5363 4359201 731
    Commision submitted8401 2931 768446916
    Operating costs, real property361552742197402
    Depreciations of non-financial assets225341525114231
    Other operating costs2 3143 5104 8181 1492 327
    Investment income /costs20 61624 23534 25612 05924 539
    Interest income bonds and certificates11 66118 50825 5826 72613 767
    Interest income other assets3 3354 8246 8682 2354 619
    Share dividend etc.6 9352 9214 4983 8347 729
    Interest costs1 3152 0192 6917361 575
    Gains/losses, value (re-)adjustments on financial assets69 45358 061109 43266 00591 319
    Realized gains/losses-5 9921 8877 86010 99321 234
    Shares, participations and primary capital certificates21 80825 08932 43710 71621 526
    Bonds and certificates1 4611 4113 9931 145818
    Financial derivatives-29 409-24 798-28 142-1 156-1 485
    Land and buildings-6-5-122..0
    Other realized gains/losses154190-307288377
    Net change in value75 44556 174101 57255 01270 084
    Shares, participations and primary capital certificates68 53650 34280 82765 24773 146
    Bonds and certificates7 2855 2037 2223 8163 552
    Financial derivatives-4 511-2 05010 831-16 803-7 996
    Land and buildings..........
    Other net change in value4 1342 6802 6932 7521 381
    Profit/loss on ordinary activities3 1002 3217 1803 4686 510
    Other result components297276-142161259
    Tax-135-2431 0736141 322
    Total profit/loss year to date3 5322 8395 9653 0155 447
    Specifications
    Value-adjusted profit/loss..........
    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 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Assets
    Intangible assets4 1864 1034 0784 1014 178
    Tangible fixed assets2 3352 3262 2022 1732 172
    Land and buildings1 4061 4021 3181 3181 339
    Machinery, equipment and vehicles7070747471
    Capital investments1 919 1611 932 9052 005 3442 094 2072 133 160
    Shares, participation and primary capital certificate349 977344 527352 557373 663375 667
    Shares in securities' fund854 540856 236903 573976 7071 001 984
    Bonds and certificates707 935724 518728 427742 721749 304
    Financial derivatives6 7097 62420 7861 1176 206
    Loans134 768139 727141 887138 707140 093
    Remaining claims104 70958 62450 05052 17770 471
    Reinsurance share of technical provisions2 0692 0302 2462 2582 267
    Other claims102 64156 59547 80449 91868 204
    Cash and bank deposits25 52935 77442 87233 43033 379
    Total assets2 190 6882 173 4602 246 4332 324 7952 383 453
    Liabilities and equity capital
    Equity128 046128 489126 699127 913130 343
    Deposit capital55 05456 20157 00957 02557 003
    Company capital7 0897 0897 0897 0897 089
    Share premium account19 57919 57919 57919 54419 544
    Other deposit capital28 38629 53230 34130 39230 369
    Retained earnings72 99272 28869 69070 88873 340
    Other equity63 21063 20069 67761 73262 444
    Not allocated profit9 7819 088149 15610 896
    Subordinated loan capital and other loans27 94127 31334 11526 34827 042
    Bonds15 10414 73715 76815 30214 877
    Other subordinated loans12 83812 57618 34711 04712 164
    Technical provisions in life insurance1 950 2611 947 4782 015 2392 101 2612 167 653
    Premium reserve1 715 1631 732 4181 788 4211 851 5591 908 368
    Additional provisions20 01020 21316 721....
    Revaluation reserve7 1687 6218 484....
    Net reserves against outstanding claims..........
    Buffer funds131 537131 234141 596168 448168 121
    Premium and deposit fund45 93131 92154 04253 57753 499
    Pensions' share premium fund1715312626
    Net other technical provisions5 8825 9485 9446 0886 405
    Unallocated surplus funds to insurance contracts24 55418 107..21 56431 234
    Reserves against other liabilities3 3113 1174 8704 7453 668
    Provisions for pension600519887775711
    Deffered tax liabilities1 3091 1951 5841 6071 613
    Other provisions for charges1 4021 4042 3992 3631 344
    Remaining liabilites81 13067 06365 51164 52754 747
    Current tax liabilities1 5061 7611 7061 7502 220
    Other liabilities68 35957 10858 80651 12148 199
    Financial derivatives11 2658 1934 99811 6564 327
    Total liabilities2 190 6882 173 4602 246 4332 324 7952 383 453
    Specifications
    Number of companies1716151515
    Loan with morgage on dwelling25 54425 82925 49725 46525 679
    Net tehcnical provisions where the risk is borne by the policyholder626 896631 504678 273735 355766 499
    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 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Premiums earned49 68575 811103 00226 90855 066
    Gross premium earned57 16387 663119 82331 04264 034
    Reinsurance share of gross premium earned-7 478-11 851-16 821-4 135-8 968
    Claims incurred and net change in technical provisions38 71260 05080 98222 73243 407
    Gross claims cost44 02369 04592 47625 65547 934
    Reinsurance share of gross claims cost-5 014-8 915-11 337-2 966-4 151
    Net change in technical provision-296-80-15643-376
    Other operating income/ costs-7 364-11 734-16 000-3 992-8 140
    Commision received687679730136182
    Operating income, real property7101437
    Other operating income5662783050
    Personell costs4 9457 73810 5602 6205 176
    Commision submitted3 1374 7026 4051 4973 070
    Operating costs, real property18526336485175
    Depreciations of non-financial assets354539713145297
    Other operating costs-506-757-1 219-186-339
    Investment income /costs3 0354 3376 8712 1212 266
    Interest income2 6413 8955 2391 9251 986
    Share dividend etc.6047742 133391659
    Interest costs209332501194379
    Gains/losses, value (re-)adjustments on financial assets4 5383 5065 8924 1986 123
    Net realized gains/losses2 2952 5322 7268212 994
    Net change in value2 2439733 1663 3783 129
    Profit/loss on ordinary activities11 18211 87018 7836 50311 908
    Other result components-4492-38-6-9
    Tax2 1212 3133 6921 1342 329
    Total profit/loss year to date9 0179 64915 0535 3639 570
    Explanation of symbols
  • Non-life insurance companies. Balance sheet by financial instrument. NOK Million
    Non-life insurance companies. Balance sheet by financial instrument. NOK Million
    2nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Assets
    Intangible assets8 0927 7324 4164 6864 676
    Tangible fixed assets2 8082 7672 7802 8002 729
    Land and buildings550532513512524
    Machinery, equipment and vehicles722699719759734
    Capital investments177 650179 434189 132195 416199 257
    Shares, participation and primary capital certificates32 18831 87432 65333 13233 526
    Shares in securities' fund40 26938 83640 44244 08844 180
    Bonds and certificates104 299108 019114 942117 038120 977
    Financial derivatives8957051 0951 158573
    Loans9457351 9251 949977
    Reinsurance share31 05132 00629 55532 18030 328
    Claims67 29263 22963 32770 88769 038
    Cash and bank deposits14 14614 61712 23820 24312 473
    Total assets301 984300 521303 372328 162319 478
    Liabilities and equity capital
    Eqiuty105 879104 553103 837109 869113 444
    Deposit capital20 52420 52423 32924 17624 314
    Company capital4 6394 6394 8184 8184 839
    Share premium account7 0697 0699 5529 5529 664
    Other deposit capital8 8168 8168 9589 8059 811
    Retained earnings85 35584 02880 50885 69389 130
    Other equity72 82770 96680 00970 47971 003
    Not allocated profit12 52813 06250015 21418 127
    Subordinated liabilities4 3714 8675 9326 4676 493
    Bonds4 0224 5235 5956 1306 156
    Other subordinated loans349344337337337
    Technical provisions in non-life insurance153 715152 359148 492164 062161 333
    Gross provision for unearned premium48 03541 24537 16750 32449 182
    Gross Provision for outstanding claims66 95870 32869 14169 68168 324
    Equalization provision38 72240 78642 18444 05743 828
    Reserves against other liabilities8 3668 1037 2207 9407 744
    Provisions for pension1 3411 3371 4701 4671 466
    Deffered tax3 8473 5042 5833 0242 911
    Other provisions for charges3 1783 2623 1673 4493 367
    Remaining liabilites29 65330 63937 89139 82330 464
    Payable tax3 5704 2085 1944 8443 468
    Dividend29295 3245 09921
    Other liabilities25 39825 58725 71929 12126 313
    Financial derivatives6568151 653759663
    Total liabilities301 984300 521303 372328 162319 478
    Specifications
    Number of companies7777727275
    Loan with mortgage on dwelling5586041 8751 911911
    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.

The information under «About the statistics» was last updated 16 February 2023.

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

20 November 2024

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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