Pension funds

Updated: 5 July 2023

Next update: 2 July 2024

Total assets for pension funds
Total assets for pension funds
2022
455 861
NOK million
Key figures. NOK Million
Key figures. NOK Million
Total
20212022
Assets475 380455 861
Shares, participation and primary capital certificates293 474278 450
Bonds and certificates146 323147 898
Earned premiums, net of reinsurance22 66823 234
Net income from financial assets36 152-23 942
profitt/loss on ordinary activities5 417-1 458
Gross pensions and claims payment10 93611 743
Value-adjusted result17 353-19 467
Explanation of symbols

Selected tables and charts from this statistics

  • Pension funds. Profitt and loss account. NOK million
    Pension funds. Profitt and loss account. NOK million
    20182019202020212022
    Earned premiums, net of reinsurance15 89917 11121 23522 66823 234
    Gross premiums written15 21016 62214 13520 66322 120
    Reinsurers share of gross premiums writtens-12-15-17-17-24
    Transfer of premiumreserve from other companies7015047 1172 0221 138
    Claims incurred, net of reinsurance10 3779 83911 46411 80313 282
    Gross pensions and claims payments9 1959 75210 42810 93611 743
    Reinsurance share of gross claims payments-2-1-2....
    Other appropriations..........
    Transfers of premiumreserve etc. to other companies1 184881 0398671 539
    Net change in technical provisions2 95538 07635 25340 808-13 370
    Premium reserve10 12011 5469 39615 15813 090
    Other technical provisions7304 5187 1864 859-11 688
    To/from revaluation reserve-11 21118 76112 99711 936-18 009
    Means allocated insurance contracts3 3153 2505 6748 8553 238
    Other operating income (+)/costs (-)-437-484-517-793-838
    Commision received....77
    Operating income from real property744786855808735
    Other operating income8544784248
    Personell costs669715693793269
    Commision submitted445344101124
    Operating costs from real property91116151245263
    Depreciation, impairment and net change in valuation of non-financial assets....1
    Other operating costs4624295625041 041
    Investment income (+)/ charges (-)7 2778 1147 6928 8316 524
    Bonds and certificates3 6243 9823 4083 4034 101
    Interest income other assets742438797670275
    Share dividend etc.2 9223 7183 5234 7992 311
    Interest charges11243642163
    Gains/losses, Value (re-)adjustments on financial assetes-8 10627 71522 82527 321-30 466
    Realized gains/losses5 6526 6507 20415 0545 949
    Shares, participations and primary capital certificates6 6028 5937 06413 2699 754
    Bonds and certificates-28729881091-594
    Financial derivatives-703-2 191-7061 699-3 202
    Land and buildings1458-8
    Other realized gains/losses40-5431-14-1
    Net change in value-13 75821 06615 62112 268-36 415
    Shares, participations and primary capital certificates-12 85918 08413 07115 168-32 138
    Bonds and certificates-7216591 419-1 800-5 122
    Financial derivatives-4011 921839-1 784614
    Land and buildings228244302444356
    Other value re-adjustments (+)/adjustments (-)-6158-10239-126
    Profitt/loss on ordinary activities1 3014 5414 5185 417-1 458
    Other results components327-3015-26
    Tax-594143370502120
    Profitt/loss1 8984 4244 1174 930-1 604
    Specifications
    Balance on the technical account for pension funds1 1339481 1822 227..
    Value-adjusted profitt/loss-9 91023 30217 51517 353-19 467
    Explanation of symbols
  • Pension funds. Balance sheet. NOK million
    Pension funds. Balance sheet. NOK million
    20182019202020212022
    Assets
    Intangible assets00000
    Tangible fixed assets9 1859 41110 07110 88811 482
    Land and buildings9 1819 40610 06610 88411 479
    Machinery, equipment and veichles45553
    Capital investments333 889368 050405 321440 305427 782
    Shares, participation and primary capital certificates48 42253 07960 80065 94473 743
    Shares in securities' funds142 321170 302201 157227 530204 707
    Bonds and certificates143 071143 368141 472146 323147 898
    Financial derivatives671 1321 8905071 433
    Other capital investment81702....
    Loans9 89010 02210 17211 8122 893
    Remaining claims2 5222 9623 6653 9925 276
    Insurance claims6464665781 059831
    Reinsurance share of technical provisions854....
    Other claims1 8682 4913 0822 9334 445
    Cash and bank deposits7 18511 9909 5358 3838 428
    Total assets362 671402 436438 763475 380455 861
    Liabilities and equity capital
    Equity capital43 05348 00452 60256 64955 629
    Deposit capital13 39113 88614 49214 42815 034
    Share premium account30354085..
    Other deposit capital13 36113 85114 45114 34215 034
    Retained earnings29 66234 11838 10942 22140 595
    Other equity29 66234 11838 10942 22140 595
    Subordinated liabilities4746591 1891 1611 119
    Other subordinated liabilities4746591 1891 1611 119
    Technical provisions316 876351 293381 887414 614394 727
    Premium reserve263 434275 472283 933299 488313 522
    Additional provision15 11622 97326 45624 66611 666
    Revaluation reserve28 61142 82454 39971 59926 438
    Net provision for outstanding claims..........
    Buffer funds......29 026
    Premium provision and pension provision9 71610 02417 09918 86114 075
    Provisions for other charges52259666769892
    Provisions for pension8367102112138
    Deffered tax395461493510-214
    Other provisions for charges44687177168
    Remaining liabilities1 7461 8842 4192 2574 295
    Expences accrued89576721171..
    Defferes income2012615..
    Payable tax185200238412331
    Dividend1111..
    Insurance liabilities223530817..
    Other liabilities4119131 0141 1302 749
    Financial derivatives1 018147765221 214
    Total liabilities362 670402 436438 763475 380455 861
    Specifications
    Number of companies9090868380
    Loan with morgage on dwelling668561462318507
    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
    20182019202020212022
    Sum all sectors190 743223 381261 957293 474278 450
    Non-financial corporations20 62323 38027 70229 88925 242
    Public unincorporated enterprises, owned by central government..........
    Public incorporated enterprises, owned by central government2 4002 1202 3392 7162 269
    Public unincorporated enterprises, owned by local government..........
    Public incorporated enterprises, owned by local government102128131125244
    Private non-financial incorporated enterprises18 12221 13225 23227 04922 729
    Private non-financial unincorporated enterprises..........
    Private non-profit institutions serving enterprises0000..
    Financial corporations92 907113 630134 521156 154161 772
    Norges Bank..........
    Banks1 5961 8821 9173 0062 375
    Mortgage companies....2636..
    Finance companies..........
    State lending institutions etc...........
    Financial holding companies1 3451 3842 1871 3621 176
    Mutual funds80 02899 267117 517135 937133 232
    Alternative investment funds (AIF) excluding mutal funds9 34010 63712 42315 16823 828
    Other financial enterprises, except insurance companies and pension funds1501266148734
    Life insurance companies and pension funds60........
    Non-life insurance companies388334392596427
    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 world77 21386 37199 734107 43291 436
    Explanation of symbols
  • Pension funds. Holdings of bonds by issuing sector
    Pension funds. Holdings of bonds by issuing sector
    20182019202020212022
    Sum all sectors143 071143 368141 472146 324147 898
    Non-financial corporations29 12329 17834 79240 23539 799
    Public unincorporated enterprises, owned by central government..........
    Public incorporated enterprises, owned by central government3 8123 3273 1633 6274 009
    Public unincorporated enterprises, owned by local government....0....
    Public incorporated enterprises, owned by local government6 2285 6257 1887 8517 459
    Private non-financial incorporated enterprises19 08420 22624 44128 75728 331
    Private non-financial unincorporated enterprises..........
    Private non-profit institutions serving enterprises0000..
    Financial corporations60 15358 64748 45547 10047 398
    Norges Bank..........
    Banks33 67533 35032 63134 27335 099
    Mortgage companies25 08723 90314 28711 3158 781
    Finance companies..........
    State lending institutions etc...........
    Financial holding companies344249139209166
    Mutual funds..........
    Alternative investment funds (AIF) excluding mutal funds3695216255802 303
    Other financial enterprises, except insurance companies and pension funds5114111766
    Life insurance companies and pension funds299332449352539
    Non-life insurance companies328277314354445
    General government30 07928 42928 43331 67132 311
    Central government9 9817 1989 20510 97213 608
    Local government20 09821 23119 22820 69918 703
    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 71627 11529 79127 31728 390
    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.

Last updated: 22 March 2021

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

2 July 2024

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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