Life and non-life insurance companies, accounts

Updated: 22 May 2024

Next update: 13 June 2024

Assets for life-insurance companies
Assets for life-insurance companies
1st quarter 2024
2 324 795
NOK million
Key Figures. NOK Million
Key Figures. NOK Million
Total
1st quarter 20231st quarter 2024
Life insurance companies
Assets2 108 0282 324 795
Premiums earned46 13852 646
Gross claims payment19 30620 467
Profit/loss on ordinary activities2 2713 468
Net income from financial assets55 81378 064
Non-life insurance companies
Assets300 246328 162
Earned premiums24 33926 908
Gross claims payments19 50222 732
Profit/loss on ordinary activities6 7056 503
Net income from financial assets5 2846 319
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
    1st quarter 20232nd quarter 20233rd quarter 20234th quarter 20231st quarter 2024
    Premiums earned46 138124 779174 452218 74752 646
    Gross premiums written32 64197 743135 309169 60035 678
    Reinsurers share of gross premiums written-274-375-460-618-208
    Transfers of premium reserve from other companies13 77127 41139 60349 76517 176
    Claims incurred, net of reinsurance34 61767 69599 633129 31738 510
    Gross claims payment19 30638 53358 21378 08020 467
    Reinsurance share of gross claims payments-86-215-286-510-83
    Transfers of premiumreserve etc. to other companies15 39729 37741 70651 74718 126
    Net change in technical provisions63 078140 276149 047217 97686 818
    Premium reserve44 105113 144128 497184 16262 284
    Other technical provisions38814-134-3 824445
    To/from revaluation reserve1 9451 5452 0012 866..
    To/from buffer funds43743319211 414196
    Means allocated insurance contracts16 20325 14018 49123 35823 892
    Other operating income/ costs-1 986-3 777-5 747-7 962-1 914
    Commision received7751 5262 3193 196863
    Operating income, real property112131-4611
    Other operating income-107013517639
    Personell costs8631 6542 5363 435920
    Commision submitted4178401 2931 768446
    Operating costs, real property174361552742197
    Depreciations of non-financial assets104225341525114
    Other operating costs1 2052 3143 5104 8181 149
    Investment income /costs13 21920 61624 23534 25612 059
    Interest income bonds and certificates5 82811 66118 50825 5826 726
    Interest income other assets1 5963 3354 8246 8682 235
    Share dividend etc.6 3726 9352 9214 4983 834
    Interest costs5761 3152 0192 691736
    Gains/losses, value (re-)adjustments on financial assets42 59469 45358 061109 43266 005
    Realized gains/losses-4 482-5 9921 8877 86010 993
    Shares, participations and primary capital certificates9 02421 80825 08932 43710 716
    Bonds and certificates7041 4611 4113 9931 145
    Financial derivatives-14 456-29 409-24 798-28 142-1 156
    Land and buildings-1-6-5-122..
    Other realized gains/losses247154190-307288
    Net change in value47 07675 44556 174101 57255 012
    Shares, participations and primary capital certificates46 69168 53650 34280 82765 247
    Bonds and certificates7 3647 2855 2037 2223 816
    Financial derivatives-10 087-4 511-2 05010 831-16 803
    Land and buildings..........
    Other net change in value3 1104 1342 6802 6932 752
    Profit/loss on ordinary activities2 2713 1002 3217 1803 468
    Other result components16297276-142161
    Tax43-135-2431 073614
    Total profit/loss year to date2 2443 5322 8395 9653 015
    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
    1st quarter 20232nd quarter 20233rd quarter 20234th quarter 20231st quarter 2024
    Assets
    Intangible assets4 1714 1864 1034 0784 101
    Tangible fixed assets2 3692 3352 3262 2022 173
    Land and buildings1 4061 4061 4021 3181 318
    Machinery, equipment and vehicles7270707474
    Capital investments1 870 9001 919 1611 932 9052 005 3442 094 207
    Shares, participation and primary capital certificate340 589349 977344 527352 557373 663
    Shares in securities' fund824 298854 540856 236903 573976 707
    Bonds and certificates703 621707 935724 518728 427742 721
    Financial derivatives2 3926 7097 62420 7861 117
    Loans138 889134 768139 727141 887138 707
    Remaining claims57 984104 70958 62450 05052 177
    Reinsurance share of technical provisions2 1322 0692 0302 2462 258
    Other claims55 852102 64156 59547 80449 918
    Cash and bank deposits33 71525 52935 77442 87233 430
    Total assets2 108 0282 190 6882 173 4602 246 4332 324 795
    Liabilities and equity capital
    Equity126 751128 046128 489126 699127 913
    Deposit capital55 03855 05456 20157 00957 025
    Company capital7 0897 0897 0897 0897 089
    Share premium account19 57919 57919 57919 57919 544
    Other deposit capital28 36928 38629 53230 34130 392
    Retained earnings71 71472 99272 28869 69070 888
    Other equity62 94063 21063 20069 67761 732
    Not allocated profit8 7739 7819 088149 156
    Subordinated loan capital and other loans28 39627 94127 31334 11526 348
    Bonds15 62215 10414 73715 76815 302
    Other subordinated loans12 77412 83812 57618 34711 047
    Technical provisions in life insurance1 874 1551 950 2611 947 4782 015 2392 101 261
    Premium reserve1 646 7221 715 1631 732 4181 788 4211 851 559
    Additional provisions20 12220 01020 21316 721..
    Revaluation reserve7 5687 1687 6218 484..
    Net reserves against outstanding claims..........
    Buffer funds131 540131 486131 183141 545168 397
    Premium and deposit fund46 84645 93131 92154 04253 577
    Pensions' share premium fund6768668276
    Net other technical provisions5 8135 8825 9485 9446 088
    Unallocated surplus funds to insurance contracts15 47724 55418 107..21 564
    Reserves against other liabilities4 0793 3113 1174 8704 745
    Provisions for pension815600519887775
    Deffered tax liabilities1 3631 3091 1951 5841 607
    Other provisions for charges1 9021 4021 4042 3992 363
    Remaining liabilites74 64681 13067 06365 51164 527
    Current tax liabilities1 4781 5061 7611 7061 750
    Other liabilities57 32168 35957 10858 80651 121
    Financial derivatives15 84711 2658 1934 99811 656
    Total liabilities2 108 0282 190 6882 173 4602 246 4332 324 795
    Specifications
    Number of companies1717161515
    Loan with morgage on dwelling26 30125 54425 82925 49725 465
    Net tehcnical provisions where the risk is borne by the policyholder597 472626 896631 504678 273735 355
    Explanation of symbols
  • Non-life insurance company. Profitt and loss account. NOK Million
    Non-life insurance company. Profitt and loss account. NOK Million
    1st quarter 20232nd quarter 20233rd quarter 20234th quarter 20231st quarter 2024
    Premiums earned24 33949 68575 811102 64226 908
    Gross premium earned27 59157 16387 663118 97431 042
    Reinsurance share of gross premium earned-3 252-7 478-11 851-16 331-4 135
    Claims incurred and net change in technical provisions19 50238 71260 05080 54522 732
    Gross claims cost21 61544 02369 04591 60325 655
    Reinsurance share of gross claims cost-2 151-5 014-8 915-10 902-2 966
    Net change in technical provision38-296-80-15643
    Other operating income/ costs-3 415-7 364-11 734-15 768-3 992
    Commision received660687679773136
    Operating income, real property4710143
    Other operating income2556627930
    Personell costs2 4434 9457 73810 4792 620
    Commision submitted1 5433 1374 7026 3221 497
    Operating costs, real property8618526335885
    Depreciations of non-financial assets173354539709145
    Other operating costs-141-506-757-1 234-186
    Investment income /costs1 0953 0354 3376 8242 121
    Interest income9042 6413 8955 2211 925
    Share dividend etc.2716047742 133391
    Interest costs80209332530194
    Gains/losses, value (re-)adjustments on financial assets4 1894 5383 5065 8614 198
    Net realized gains/losses1 4912 2952 5322 682821
    Net change in value2 6972 2439733 1793 378
    Profit/loss on ordinary activities6 70511 18211 87019 0146 503
    Other result components-63-4492-38-6
    Tax1 1912 1212 3133 7851 134
    Total profit/loss year to date5 4519 0179 64915 1925 363
    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
    1st quarter 20232nd quarter 20233rd quarter 20234th quarter 20231st quarter 2024
    Assets
    Intangible assets8 1598 0927 7324 4164 686
    Tangible fixed assets2 8472 8082 7672 7722 800
    Land and buildings562550532513512
    Machinery, equipment and vehicles739722699711759
    Capital investments174 409177 650179 434188 939195 416
    Shares, participation and primary capital certificates32 62332 18831 87432 71833 132
    Shares in securities' fund38 50540 26938 83640 31344 088
    Bonds and certificates102 461104 299108 019114 813117 038
    Financial derivatives8218957051 0951 158
    Loans1 6019457351 9251 949
    Reinsurance share30 10931 05132 00629 86932 180
    Claims68 15867 29263 22962 87370 887
    Cash and bank deposits14 96314 14614 61712 87720 243
    Total assets300 246301 984300 521303 669328 162
    Liabilities and equity capital
    Eqiuty102 211105 879104 553103 757109 869
    Deposit capital20 23920 52420 52423 33124 176
    Company capital4 6374 6394 6394 8184 818
    Share premium account6 7967 0697 0699 5529 552
    Other deposit capital8 8068 8168 8168 9609 805
    Retained earnings81 97285 35584 02880 42685 693
    Other equity72 63372 82770 96679 78970 479
    Not allocated profit9 33812 52813 06263615 214
    Subordinated liabilities4 3364 3714 8675 9326 467
    Bonds4 0224 0224 5235 5956 130
    Other subordinated loans314349344337337
    Technical provisions in non-life insurance152 230153 715152 359148 366164 062
    Gross provision for unearned premium48 40648 03541 24537 16750 324
    Gross Provision for outstanding claims65 51466 95870 32869 01569 681
    Equalization provision38 31038 72240 78642 18444 057
    Reserves against other liabilities8 4118 3668 1037 2047 945
    Provisions for pension1 3661 3411 3371 4551 467
    Deffered tax3 9083 8473 5042 5833 024
    Other provisions for charges3 1373 1783 2623 1673 454
    Remaining liabilites33 05829 65330 63938 41039 818
    Payable tax3 1053 5704 2085 2754 844
    Dividend1 18029295 3245 099
    Other liabilities27 98025 39825 58726 15829 116
    Financial derivatives7926568151 653759
    Total liabilities300 246301 984300 521303 669328 162
    Specifications
    Number of companies7977777272
    Loan with mortgage on dwelling1 2175586041 8751 911
    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

13 June 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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