343765
/en/bank-og-finansmarked/statistikker/forsikring/aar
343765
statistikk
2018-06-26T08:00:00.000Z
Banking and financial markets
en
forsikring, Life and non-life insurance companies, accounts, profit and loss account, shares, bonds, commercial papers, primary capital certificates, financial instruments, liabilities, equity, lending, borrowers, issuersFinancial institutions and other financial corporations, Banking and financial markets
true

Life and non-life insurance companies, accounts

Updated

Next update

Not yet determined

Key figures

0.5 %

decline in premium income for life insurance companies in 2017

Hovedtallstabell. Life and non-life insurance.
TotalTotal
20162017
Life insurance companies
Gross premium written94 08493 577
Gross claim payment51 23154 213
Non-life insurance companies
Earned premiums66 33865 951
Claims incurred46 12444 508

See more tables on this subject

Table 1 
Life insurance companies. Breakdown og gross premiums and claims by classes. NOK Million

Life insurance companies. Breakdown og gross premiums and claims by classes. NOK Million
20132014201520162017
 
Gross premiums written81 76592 80991 78594 08493 577
 
Non-linked life insurance and pension services81 76592 80991 78594 08493 577
Individual life insurance services10 97613 07915 88015 51214 411
Individual pension services1 9942 1162 1312 1103 041
Company pension schemes16 05216 58315 42011 3807 692
Defined contribution schemes49 15957 22354 52560 95163 116
Occupational schemes..951595291 691
Groupe life insurance services2 2512 1932 1632 1912 201
Accident insurance services1 3321 5201 5061 4131 425
 
Gross claim payments45 11346 78349 25751 23154 213
 
Non-linked life insurance and pension services45 11346 78349 25751 23154 213
Individual life insurance services7 6106 8978 2017 8419 498
Individual pension services7 0456 8746 7957 2796 527
Company pension schemes11 65712 48713 28614 00514 132
Defined contribution schemes16 89718 45319 03820 13921 758
Occupational schemes..-47-54-12309
Groupe life insurance services1 4501 4361 3441 3981 377
Accident insurance services454683647582613

Table 2 
Non-life insurance companies. Breakdown of premiums and claims

Non-life insurance companies. Breakdown of premiums and claims
2014201520162017
Earned premiums63 46566 33865 95165 802
Insurance against expenses for medical treatment1 3961 3681 7351 718
Insurance against loss of income2 2482 2183 8993 797
Accident insurance services - industry2 2012 1002 3392 284
Motor vehicle insurance services, third party liability7 9918 2677 7267 577
Motor vehicle insurance services, other classes11 72911 74511 78112 032
Maritim insurance, transport insurance, aviation insurance8 1549 4307 9487 139
Insurance against fire and other property damage18 42319 11120 17520 389
Liability insurance1 6641 7441 6591 764
Credit- and surety insurance292250238242
Legal aid insurance....3133
Assistance insurance2 6522 9372 9773 102
Insurance agains various economic losses2 5182 2792 4782 602
Health insurance3963861 7872 360
Annuities for non-life insurance2 1792 558....
Distorted from old industry grouping1 6221 945....
 
Claims incurred42 63746 12444 50845 688
Insurance against expenses for medical treatment9981 1331 3371 285
Insurance against loss of income1 5151 6722 6132 471
Accident insurance services - industry1 1898051 1011 390
Motor vehicle insurance services, third party liability4 7414 4944 4223 598
Motor vehicle insurance services, other classes7 5777 9538 1279 585
Maritim insurance, transport insurance, aviation insurance5 4277 0045 3366 236
Insurance against fire and other property damage12 94614 32414 56514 204
Liability insurance1 3681 0091 0011 236
Credit- and surety insurance109627393
Legal aid insurance....3048
Assistance insurance1 7902 1072 1052 138
Insurance agains various economic losses1 4002 0031 7491 678
Health insurance3161801 2731 255
Annuities for non-life insurance2 0231 8955320
Distorted from old industry grouping1 2381 484....

Table 3 
Key figures. NOK Million

Key figures. NOK Million
Total
20162017
Life insurance companies
Assets1 380 4351 499 457
Earned premium104 597104 035
Gross claims payment51 82954 700
Profitt/loss before tax and allocation to customers5 4249 464
Value-adjusted profitt/loss25 61242 210
Net income from financial assets65 15293 762
Non-life insurance companies
Assets238 160245 085
Earned premium65 95165 799
Gross claims payments53 80254 800
Profitt/loss on ordinary activities16 02715 879
Profitt/loss on the technical account9 0437 750

Table 4 
Life insurance companies. Profitt and loss account. NOK Million

Life insurance companies. Profitt and loss account. NOK Million
20132014201520162017
Earned premiums, net of reinsurance95 365131 726106 117104 597104 035
Gross premiums written81 76592 80991 78594 08493 577
Reinsurers share of gross premiums written-981-1 081-1 190-1 039-995
Transfer of premium reserve from other companies14 58139 99815 52211 55211 453
 
Claims incurred, net of reinsurance59 37292 70372 69162 61565 234
Gross claim payment45 62547 31450 06351 82954 700
Reinsurers share of gross claim payments-512-531-805-598-487
Other provisions635713458....
Transfer of premiumreserve etc. to other companies13 62445 20722 97611 38411 021
 
Net change in technical provisions89 59198 38969 17793 644118 824
Premium reserve73 87873 28043 47773 47086 591
Other technical provisions-4675 1934 3328 6766 401
To/from revaluation reserve9 43714 2801 6165 33118 003
Means allocated to insurance contracts6 7435 63619 7536 1677 830
 
Other operating income/ costs-5 549-5 654-6 148-8 066-4 274
Commisions received8212255-193-271
Operating income, real property32454318342
Other operating income1 3201 5791 3071 6091 768
Personnel cost2 9042 6432 9892 8833 057
Commisions submitted8289661 002987868
Operating costs, real property34221
Depreciations of non-financial assets296365295572286
Other operating costs2 9523 4233 2655 2221 602
 
Investment income /costs33 34134 46740 92236 07241 718
Interest income from bonds and certificates22 15121 95921 19822 20023 702
Interest income other assets5 3115 6277 5624 7596 079
Share dividend etc.7 1428 14713 58310 76013 404
Interest costs1 2621 2661 4211 6471 468
 
Gains/losses, value (re-)adjustments on financial assets32 79936 6399 29329 08052 044
Realized gains/losses8 03613 0624 25815 90716 438
Shares, participations and primary capital certificates14 68320 34921 8198 30915 515
Bonds and certificates2913 1303 5022981 044
Financial derivatives-6 695-10 563-21 7187 24112
Land and buildings-1131105
Other realizes gains/ losses-23214365449-139
Net change in value24 76223 5775 03513 17335 607
Shares, participations and primary capital certificates21 29823 7582 0228 39329 828
Bonds and certificates8994 481-307-1 958-1 255
Financial derivatives-2 000-8 0631 7763 523-40
Land and buildings30-4412142..
Other net change in value4 5343 4441 5333 0737 074
 
Profitt/loss on ordinary activities6 9936 0868 3165 4249 464
 
Other result components-130-550312-127-12
 
Tax584620-1 750-286969
 
Total Profitt/loss6 2794 91710 3785 5848 483
 
Specifications
Balance on the technical account for life insurance15 2463 38217 5474 9274 937
Value-adjusted profitt/loss22 45431 08034 10425 61242 210

Table 5 
Life insurance companies. Balance sheet by financial instrument. NOK Million

Life insurance companies. Balance sheet by financial instrument. NOK Million
20132014201520162017
Assets
Intangible assets1 1971 1921 5671 4881 178
 
Tangible fixed assets1 1601 0979801 1951 175
Land and buildings1 0561 0169101 0511 043
Machinery, equipment and vehicles1038170144132
 
Capital investments978 3901 085 3371 154 6781 230 3091 338 069
Shares, participation and primary capital certificates169 289189 226201 952204 566218 420
Shares in security funds285 410416 267449 384497 782565 764
Bonds and certificates520 119476 569497 505522 210549 061
Financial derivatives2 6953 4902 9993 2882 738
Other capital investments878-2152 8382 4642 086
 
Loans60 04479 62692 722117 695127 863
 
Other claims8 2567 8855 9874 2155 043
Insurance claims5 4965 3853 4641 3571 929
Reinsurance share of technical provisions685813892944942
Other claims2 0751 6871 6311 9142 172
 
Cash and bank deposits41 57831 18132 33325 53326 129
 
Total assets1 090 6241 206 3181 288 2681 380 4351 499 457
 
Liabilities and equity capital
 
Eqiuty capital67 10673 31585 06492 407100 627
Deposit capital32 09534 41937 52339 27041 108
Company capital7 5257 7707 8477 8477 847
Share premium account15 36915 87617 84917 87418 114
Other deposit capital9 20110 77311 82713 54915 147
Retained earnings35 01138 89647 54153 13759 519
Other equity35 01138 89647 54153 13759 519
 
Subordinated liabilities14 06415 03727 63126 08426 971
Bonds11 32411 75718 06116 51417 401
Other subordinated loans2 7403 2809 5709 5709 570
 
Technical provisions989 3301 085 1581 151 4771 240 1651 350 186
Premium reserve910 109983 6841 038 7061 122 3221 209 308
Additional provisions25 04831 69735 70044 38251 343
Revaluation reserve24 74139 02140 63645 96763 970
Net provision for outstanding claim7 9388 88510 222....
Premium and pension provisions20 27719 91224 28025 83723 949
Net other technical provisions1 2181 9601 9321 6571 616
 
Provisions for other charges3 1434 4672 7164 9174 037
Provisions for pensions1 2951 4421 042958917
Deffered tax1 7632 9251 6441 9963 009
Other provisions for charges85100301 963110
 
Remaining liabilites16 98228 34221 38016 86317 635
Expences accrued9391 046878831822
Deffered income000194
Payable tax6837556374
Dividend....306111
Insurance liabilities3 4926 8784 0942 4293 533
Other liabilities9 5856 2985 9177 2577 561
Financial derivatives2 89814 08210 4056 2035 629
 
Total libilities1 090 6241 206 3181 288 2681 380 4351 499 457
 
Specifications
Number of companies2121191919
Loan with morgage on dwelling11 4668 65132 42846 13848 779
Net tehcnical provisions where the risk is borne by the policyholder136 034163 162197 916238 608296 752

Table 6 
Non-life insurance. Balance sheet by financial instrument. NOK Million

Non-life insurance. Balance sheet by financial instrument. NOK Million
20132014201520162017
Assets
Intangible assets6 5966 1195 9884 8705 678
 
Tangible fixed assets1 1781 2651 0931 1911 166
Land and buildings764770579607641
Machinery, equipment and veihicles414495514584525
 
Capital investments134 468140 058148 630149 035152 537
Shares, participation and primary capital certificates19 27518 60217 13918 28818 471
Shares in securities' fund26 34430 19632 62631 26733 514
Bonds and certificates87 19989 06497 46896 94499 795
Financial derivatives1 0281 1259982 170507
Other capital investments6211 071399366249
 
Loans3 4164 3782 4512 3732 743
 
Reinsurance share of technical provisions15 17314 80718 21716 70119 580
 
Remaining claims49 02454 06054 22153 68453 970
Insurance claims17 12517 86118 43918 65520 797
Other claims31 89936 19935 78235 02933 174
 
Cash and bank deposits6 7267 0829 20510 3069 714
 
Total assets216 580227 769239 806238 160245 388
 
Liabilities and equity capital
 
Eqiuty capital46 83050 42052 37075 79478 351
Deposit capital14 72214 99115 95914 25114 847
Company capital4 4144 4674 7364 9384 984
Share premium account2 8942 9733 3663 5904 167
Other deposit capital7 4137 5517 8585 7245 696
Retained earnings32 10835 42936 41061 54363 504
Other equity32 10835 42936 41061 54363 504
 
Subordinated liabilities2521 4491 7732 4713 069
Bonds1481 3451 5952 0932 690
Other subordinated loans104104178378378
 
Technical provisions146 672152 757161 528123 400126 050
Gross provision for unearned premium26 85528 09328 75427 89528 927
Gross provision for outstanding claims85 70187 25592 84389 13690 183
Gross provision for bonuses and rebates10510880....
Equalization provision32 63135 65138 0776 3696 940
Other technical provisions1 3801 6491 773....
 
Provisions for other charges3 5844 3523 38010 27310 557
Provisions for pensions2 5913 1951 7361 6521 674
Deffered tax2192697077 6037 935
Other provisions for charges7748889371 018948
 
Remaning liabilites22 13721 76424 12126 22227 059
Expences accrued1 0101 1791 3071 2851 649
Deffered income132205236259258
Payable tax2 6942 5062 3962 5612 237
Dividend6 9184 2525 0185 6935 196
Insurance liabilities4 2795 0124 9525 1164 757
Other liabilities6 1326 6669 0879 33512 298
Financial derivatives9721 9431 1251 974663
 
Total libilities219 474230 742243 171238 160245 085
 
Specifications
Number of companies9696858685
Loan with morgage on dwelling280310277265232

Table 7 
Non-life insurance companies. Profitt and loss account. NOK Million

Non-life insurance companies. Profitt and loss account. NOK Million
20132014201520162017
 
Earned premiums, net of reinsurance60 14263 46566 33865 95165 799
Gross premiums written72 25174 95579 13179 36678 801
Reinsurers share of gross premiums written-10 644-10 811-12 615-11 287-11 451
Gross change in the provisions for unearned premiums-1 867-849-187-2 036-1 058
Reinsurers share, gross change in the provision for outstanding claims4011709-91-494
 
Claims incurred and net change in technical provisions44 30045 69447 41644 82545 815
Gross claim payment43 90247 44953 33253 80254 800
Reinsurers share of gross claim payments-5 384-6 573-6 944-6 532-7 527
Gross change in the provision for outstanding claims4 1206691 802-3 438-107
Reinsurers share, gross change in the provision for outstanding claims-1 0701 092-2 066676-1 497
Bonuses and rebates23284106....
Net change in technical provisions2 4992 9731 186317146
 
Other operating income/ costs-10 164-10 943-10 311-11 524-11 796
Commisions received220386212207206
Operating income from real property10962564356
Other operating income2 3942 3701 508415413
Personnel costs5 4005 8284 5015 6976 496
Commisions submitted2 6202 4193 2182 9772 665
Operating costs real property1821171414
Depreciations of non-financial assets292306393422561
Other operating costs4 5575 1873 9583 0802 734
 
Investment income /costs4 9216 0174 7193 8543 673
Interest income4 1154 1953 4703 3813 333
Share dividend etc.8951 9131 371650520
Interst charges9091122178181
 
Gains/losses, value (re-)adjustments on financial assets3 8183 9951 9602 5714 019
Net realized gains/ losses2591 9082 3303 3003 533
Net change in value3 5582 088-370-729486
 
Profitt/loss on ordinary activities14 41716 84115 29016 02715 879
 
Other result components354-626-355-38-319
 
Tax2 7982 8823 8213 5592 921
 
Total Profitt/loss11 97313 33311 11512 43012 638
 
Specifications
Balance on the technical account for non-life insurance7 1808 6167 9649 0437 750

Table 8 
Life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million

Life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million
20132014201520162017
Total454 698605 493651 335702 347784 184
 
Non-financial enterprises121 907132 956133 659132 394139 022
Central government enterprises..........
Other state enterprises1 6821 5491 0641 2701 546
Municipal enterprises..........
Private incorporated companies119 549130 050131 910130 088137 282
Private non-profit institutions..........
 
Financial enterprises232 506349 816362 634398 683444 024
State lending institutions..........
Banks55281858110
Mortgage companies17........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)227 509343 726356 033390 906435 342
Other financial enterprises)613948845660564
Life insurance companies etc.113116317328537
Non-life insurance companies1 0481 3151 4441 9591 960
Financial auxiliaries1 3731 7481 8512 1392 652
 
General government..........
Central government..........
County municipalities..........
Municipalities00000
 
Household etc...........
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises..........
Households of employees..........
Unspecified sector..........
 
Rest of the world100 286122 721155 042171 271201 138

Table 9 
Life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million

Life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million
20132014201520162017
Total520 119476 569497 505522 210549 061
 
Non-financial enterprises67 17468 91269 22374 17383 607
Central government enterprises..........
Other state enterprises23 94322 98322 16021 94423 753
Municipal enterprises..........
Private incorporated companies20 97324 80924 58127 04734 511
Private non-profit institutions..........
 
Financial enterprises146 359113 932111 111117 570113 530
State lending institutions..........
Banks73 56655 82452 53349 85346 278
Mortgage companies70 96556 12557 50566 66366 184
Finance companies55805....
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises555....
Life insurance companies etc.352415122154179
Bob-life insurance companies..5978108106
Financial auxiliaries1 3101 299791752733
 
General government74 77847 74746 85549 75046 760
Central government42 43630 52628 77325 77326 449
County municipalities32 34217 22118 08223 97720 311
Municipalities00000
 
Household etc...........
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Unincorporated private enterprises00000
Unincorporated private enterprises..........
Households of employees..........
Unspecified sector..........
 
Rest of the world231 808245 978270 316280 717305 165

Table 10 
Life insurance companies. Total utilized loans by borrower sector. NOK Million

Life insurance companies. Total utilized loans by borrower sector. NOK Million
20132014201520162017
Total60 04479 62692 722117 695127 863
 
Non-financial enterprises16 42515 70923 44934 54440 596
Central government enterprises..........
Other state enterprises......6050
Municipal enterprises470447288229373
Private incorporated companies11 0969 49316 06126 73131 601
Private non-profit institutions163154655
 
Financial enterprises4 39211 3952 3462 8992 923
State lending institutions..........
Banks2857 379......
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises1 1981 6371 7861 9401 467
Life insurance companies etc...........
Non-life insurance companies..........
Financial auxiliaries1791 9355606841 260
 
General government19 10423 91427 96229 62432 262
Central government..........
County municipalities19 10423 91427 96229 62432 262
Municipalities00000
 
Household etc.11 5898 80028 16440 57942 118
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises00000
Households of employees11 4058 59628 02040 44842 015
Unspecified sector-2..1....
 
Rest of the world8 19519 49410 4149 6569 536

Table 11 
Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million

Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million
20132014201520162017
Total45 61948 79849 76549 55551 985
 
Non-financial enterprises5 0355 4494 8925 6195 796
Central government enterprises..........
Other state enterprises268271206209195
Municipal enterprises..........
Private incorporated companies4 3404 6804 1284 7884 939
Private non-profit institutions..........
 
Financial enterprises18 01717 02217 19118 04821 600
State lending institutions..........
Banks1 1361 6081 1709472 662
Mortgage companies..........
Finance companies..........
Unit trust (UK)/ Mutual funds (US)11 05811 57812 07912 74616 561
Other financial enterprises255323330419590
Life insurance companies etc.........682
Non-life insurance companies971088959415
Financial auxiliaries527550406377479
 
General government..........
Central government..........
County municipalities..........
Municipalities00000
 
Household etc...........
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises..........
Households of employees..........
Unspecified sector..........
 
Rest of the world22 56726 32727 68225 88824 589

Table 12 
Non-life insurance companies. Holding og bonds and certificates by issuing sector. NOK Million

Non-life insurance companies. Holding og bonds and certificates by issuing sector. NOK Million
20132014201520162017
Total87 19989 06497 46896 94499 795
 
Non-financial enterprises11 67911 39812 33012 73613 828
Central government enterprises..........
Other state enterprises1 8671 4181 4181 4791 423
Municipal enterprises..........
Private incorporated companies4 9984 9345 1905 4097 260
Private non-profit institutions..........
 
Financial enterprises37 40037 81339 33838 50540 225
State lending institutions..........
Banks19 50618 23819 10416 77115 147
Mortgage companies17 74319 32520 00021 42824 744
Finance companies253347....
Unit trusts(UK)/ Mutual funds (US)..........
Other financial enterprises1841..
Life insurance companies etc.1325248143
Non-life insurance companies..4554103137
Financial auxiliaries..123159
 
General government13 19914 41013 99515 39714 323
Central government8 0477 2697 1366 8866 097
County municipalities5 1527 1416 8598 5118 226
Municipalities00000
 
Household etc...........
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises..........
Households of employees..........
Unspecified sector..........
 
Rest of the world24 92225 44231 80530 30731 419

Table 13 
Non-life insurance companies. Total utilized loans by borrower sector. NOK Million

Non-life insurance companies. Total utilized loans by borrower sector. NOK Million
20132014201520162017
Total3 4164 3782 4512 3732 743
 
Non-financial enterprises2 4073 4971 5861 4591 692
Central government enterprises..........
Other state enterprises..........
Municipal enterprises..........
Private incorporated companies2 4063 4971 5861 4591 692
Private non-profit institutions..........
 
Financial enterprises565443485569757
State lending institutions..........
Banks......3833
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises335377412472587
Life insurance companies etc...........
Non-life insurance companies1212131929
Financial auxilliaries218546140108
 
General government..........
Central government..........
County municipalities..........
Municipalities00000
 
Household etc.437437380345294
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises1561261017962
Households of employees280311279266233
Unspecified sector..........
 
Rest of the world820....

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.

Definitions

Definitions of the main concepts and variables

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.

Standard classifications

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.

Administrative information

Name and topic

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

Responsible division

Division for Financial Markets Statistics

Regional level

Only at the national level.

Frequency and timeliness

Annual and quarterly.

International reporting

Eurostat

Microdata

Publication-ready data are stored in a FAME-database

Background

Background and purpose

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.

.

Users and applications

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.

Equal treatment of users

Not relevant

Coherence with other statistics

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.

Legal authority

Statistics Act Section 3-2 (state lending institutions), Act on the Supervision on Credit Institutions, Insurance Companies and Securities Trading, etc., Sections 1 and 4 (insurance companies).

EEA reference

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

Production

Population

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.

Data sources and sampling

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).

Collection of data, editing and estimations

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.

Seasonal adjustment

Not relevant

Confidentiality

Not relevant

Comparability over time and space

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.

Accuracy and reliability

Sources of error and uncertainty

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.

Revision

Not relevant