Pension funds

Updated: 6 July 2021

Next update: 22 June 2022

Total assets for pension funds
Total assets for pension funds
2020
438 763
NOK million
Key figures. NOK Million
Key figures. NOK Million
Total
20192020
Assets402 436438 763
Shares, participation and primary capital certificates223 381261 957
Bonds and certificates143 368141 472
Earned premiums, net of reinsurance17 11121 235
Net income from financial assets35 82930 517
profitt/loss on ordinary activities4 5414 518
Gross pensions and claims payment9 75210 428
Value-adjusted result23 30217 515
Explanation of symbols

Selected tables and figures from this statistics

Pension funds. Profitt and loss account. NOK million
Pension funds. Profitt and loss account. NOK million
20162017201820192020
Earned premiums, net of reinsurance15 09814 26215 89917 11121 235
Gross premiums written14 80513 96615 21016 62214 135
Reinsurers share of gross premiums writtens-22-18-12-15-17
Transfer of premiumreserve from other companies3153147015047 117
Claims incurred, net of reinsurance8 5748 82210 3779 83911 464
Gross pensions and claims payments8 1638 6229 1959 75210 428
Reinsurance share of gross claims payments-12-1-2-1-2
Other appropriations..........
Transfers of premiumreserve etc. to other companies4222011 184881 039
Net change in technical provisions19 49626 9402 95538 07635 253
Premium reserve10 6238 73810 12011 5469 396
Other technical provisions1 7902 1217304 5187 186
To/from revaluation reserve1 96210 142-11 21118 76112 997
Means allocated insurance contracts5 1205 9393 3153 2505 674
Other operating income (+)/costs (-)-374-434-437-484-517
Operating income from real property694667744786855
Other operating income2414854478
Personell costs487655669715677
Commision submitted17242445359
Operating costs from real property1108591116151
Other operating costs324333462429562
Investment income (+)/ charges (-)7 3337 1697 2778 1147 721
Bonds and certificates3 8353 6163 6243 9823 401
Interest income other assets458705742438773
Share dividend etc.3 0602 8552 9223 7183 582
Interest charges208112436
Gains/losses, Value (re-)adjustments on financial assetes9 89619 609-8 10627 71522 796
Realized gains/losses6 7737 9485 6526 6507 196
Shares, participations and primary capital certificates5 5588 4406 6028 5937 064
Bonds and certificates205-80-287298810
Financial derivatives1 160-286-703-2 191-706
Land and buildings2..145
Other realized gains/losses-152-12640-5423
Net change in value3 12411 661-13 75821 06615 600
Shares, participations and primary capital certificates2 87710 527-12 85918 08413 031
Bonds and certificates-7471 003-7216591 419
Financial derivatives182-164-4011 921839
Land and buildings216293228244313
Other value re-adjustments (+)/adjustments (-)5973-6158-3
Profitt/loss on ordinary activities3 8844 8451 3014 5414 518
Other results components-104327-30
Tax221185-594143370
Profitt/loss3 6734 6561 8984 4244 117
Specifications
Balance on the technical account for pension funds1 5361 7241 1339481 183
Value-adjusted profitt/loss5 84614 987-9 91023 30217 515
Explanation of symbols
Pension funds. Balance sheet. NOK million
Pension funds. Balance sheet. NOK million
20162017201820192020
Assets
Intangible assets00000
Tangible fixed assets8 7299 0209 1859 41110 071
Land and buildings8 7259 0169 1819 40610 066
Machinery, equipment and veichles44455
Capital investments307 083332 942333 889368 050405 321
Shares, participation and primary capital certificates47 80950 19248 42253 07960 771
Shares in securities' funds120 921138 766142 321170 302201 186
Bonds and certificates137 989143 645143 071143 368141 472
Financial derivatives295162671 1321 890
Other capital investment7017781702
Loans6 8008 8869 89010 02210 823
Remaining claims1 9971 3832 5222 9623 013
Insurance claims583412646466578
Reinsurance share of technical provisions1719854
Other claims1 3979511 8682 4912 431
Cash and bank deposits7 1958 3537 18511 9909 535
Total assets331 805360 584362 671402 436438 763
Liabilities and equity capital
Equity capital35 51940 73643 05348 00452 601
Deposit capital12 33213 04613 39113 88614 492
Primary capital..........
Share premium account....303540
Other deposit capital12 33213 04613 36113 85114 451
Retained earnings23 18727 69029 66234 11838 109
Other equity23 18727 69029 66234 11838 109
Subordinated liabilities4344344746591 189
Other subordinated liabilities4344344746591 189
Technical provisions294 089317 058316 876351 293381 887
Premium reserve239 622252 292263 434275 472283 933
Additional provision13 15714 51215 11622 97326 456
Revaluation reserve29 92639 58128 61142 82454 327
Net provision for outstanding claims..........
Premium provision and pension provision11 38310 6739 71610 02417 171
Provisions for other charges359469522596669
Provisions for pension6679836750
Deffered tax247365395461495
Other provisions for charges46254468123
Remaining liabilities1 4051 8871 7461 8842 417
Expences accrued8724789576721
Defferes income219201261
Payable tax1925185200236
Dividend70111
Insurance liabilities32132235308
Other liabilities6899124119131 014
Financial derivatives5686701 01814776
Total liabilities331 805360 584362 670402 436438 763
Specifications
Number of companies8886908985
Loan with morgage on dwelling1 092799668561892
Explanation of symbols
Pension funds. Investments in shares, participation and primary capital certificates by specified sector. NOK Million
Pension funds. Investments in shares, participation and primary capital certificates by specified sector. NOK Million
20162017201820192020
Sum all sectors168 729188 958190 743223 381261 957
Non-financial corporations20 96122 17720 62323 38027 702
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 8802 3692 4002 1202 341
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government497110102128131
Private non-financial incorporated enterprises18 58419 69718 12221 13225 229
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises00000
Financial corporations76 28788 97692 907113 630134 521
Norges Bank..........
Banks1 5691 7011 5961 8821 917
Mortgage companies........26
Finance companies..........
State lending institutions etc...........
Financial holding companies1 8051 7631 3451 3842 187
Mutual funds65 03476 85980 02899 267117 517
Investment trusts and private equity funds7 2437 9519 34010 63712 423
Other financial enterprises, except insurance companies and pension funds14514515012661
Life insurance companies and pension funds596060....
Non-life insurance companies432497388334392
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 world71 48277 80577 21386 37199 734
Explanation of symbols
Pension funds. Holdings of bonds by issuing sector
Pension funds. Holdings of bonds by issuing sector
20162017201820192020
Sum all sectors137 989143 645143 071143 368141 472
Non-financial corporations22 31826 25129 12329 17834 792
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government3 6233 6753 8123 3273 163
Public unincorporated enterprises, owned by local government........0
Public incorporated enterprises, owned by local government7 1306 4186 2285 6257 188
Private non-financial incorporated enterprises11 56516 15819 08420 22624 441
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises00000
Financial corporations63 65862 89860 15358 64748 466
Norges Bank..........
Banks33 18834 28733 67533 35032 641
Mortgage companies29 07326 84825 08723 90314 287
Finance companies..........
State lending institutions etc...........
Financial holding companies464444344249139
Mutual funds..........
Investment trusts and private equity funds155501369521625
Other financial enterprises, except insurance companies and pension funds..3511411
Life insurance companies and pension funds535494299332449
Non-life insurance companies243321328277314
General government28 13731 27830 07928 42928 433
Central government10 00911 1119 9817 1989 205
Local government18 12820 16720 09821 23119 228
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 world23 87723 21823 71627 11529 781
Explanation of symbols

About the statistics

The statistics cover all pension funds in Norway. They show totals, balance sheets and specifications of individual financial instruments by sector.

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 three types of classification: instrument, sector and type.

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

Name: Pension funds

Topic: Banking and financial markets

22 June 2022

Division for Financial Markets Statistics

Only at the national level.

Annual.

Eurostat

Micro data are stored in an Oracle database.

The purpose is to provide statistics for the national accounts, financial sector balances and census of foreign assets and liabilities.

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 Norges Bank, The Financial Supervisory Authority of Norway, Ministry of Finance and the media.

Not relevant

The statistics are based on the guidelines in the national accounts standards System of National Accounts (SNA), European System of Accounts (ESA) 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.

Statistics Act Section 3-2 (banks and finance corporations), Act on the The Financial Supervisory Authority of Norway Sections 1 and 4.

Council regulation 295/2008. Council regulation 251/2009. Amendments to council regulation 295/2008.

Council regulation (EC) no. 2223/96 The regulation covers the European system for national and regional accounts.

Council regulation (EC) no. 1392/2007 Amendments to council regulation 2223/96.

Council regulation (EC) no. 1606/2002 Regulation on the application of international accounting standards.

Council regulation (EC) no. 297/2008 Amendments to council regulation 1606/2002.

The population is all pension funds with lincence from The Financial Supervisory Authority of Norway.

The statistics are based on accounting data from the enterprises.

Total count.

The Financial Supervisory Authority of Norway and Statistics Norway work together to collect the accounting data.

Revision of the pension funds accounting statements are undertaken by Statistics Norway and The Financial Supervisory Authority of Norway.

Not relevant

The analysis is split into two parts, i.e. the sum of all municipal pension funds and the sum of all private pension funds. From 1998 data for pension funds established by municipal enterprises are separated from private pension funds.

The accounting statistics for the financial institutions is based on current accounting regulations for financial institutions. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the financial institutions. 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 2009/2010 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.

Regulation on loans The IFRS-adapted regulation on loans was introduced 1. January 2005. It lead to a small change in the measuring of the value of loans and guaranties in the accounting data and thereby to a small breach in the time series for loans and loan loss provisions. There were also a breach in the time series on loans in 1992 due to changed accounting rules.

Changes in the presentation of the statistics Credit lines secured on dwellings became a new specification from January 2006. As a consequence the numbers for repayment loans secured on dwellings and credit lines, working capital facility and consumer credit were reduced.

Structural changes There are several mergers, spin-offs and new companies being started every year. Many of these structural changes have no significant impact on the statistics, while others leads to major breaches in the time series. When the latter is the case, it will be commented upon in this section.

Portfolio movements The introduction of IFRS, the regulation on loans and the structural changes mentioned, has lead to portfolio movements especially between banks and mortgage companies. This gives breaches in the time series and needs to be taken into consideration when interpreting the data.

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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