404055
/en/bank-og-finansmarked/statistikker/forsikring/aar
404055
statistikk
2020-06-17T08:00:00.000Z
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

8.8 %

increase in premium income for life insurance companies in 2019

Hovedtallstabell. Life and non-life insurance.
TotalTotal
20182019
Life insurance companies
Gross premium written99 932108 693
Gross claim payment58 85060 151
Non-life insurance companies
Earned premiums69 08573 986
Claims incurred49 70655 600

See selected tables from this statistics

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
20152016201720182019
Updated at 10:25 am 17 June 2020.
 
Gross premiums written91 78594 08493 44899 932108 693
 
Non-linked life insurance and pension services91 78594 08493 44899 932108 693
Individual life insurance services15 88015 51214 37911 76314 786
Individual pension services2 1312 1102 8982 9563 327
Company pension schemes15 42011 3807 7377 0396 805
Defined contribution schemes20 41723 19926 78728 97132 288
Occupational schemes1595291 6911 8762 047
Groupe life insurance services2 1632 1912 2012 1762 245
Collective pension insurance for municipalities34 10837 75236 33043 68045 540
Accident insurance services1 5061 4131 4251 4721 656
 
Gross claim payments49 25751 23154 25858 85060 151
 
Non-linked life insurance and pension services49 25751 23154 25858 85060 151
Individual life insurance services8 2017 8419 56211 74110 255
Individual pension services6 7957 2796 5286 4386 265
Company pension schemes13 28614 00514 12615 39515 778
Defined contribution schemes9611 1491 8201 6442 201
Occupational schemes-54-12309217253
Groupe life insurance services1 3441 3981 3611 5211 725
Collective pension insurance for municipalities18 07718 98919 93921 25722 936
Accident insurance services647582613637738

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

Non-life insurance companies. Breakdown of premiums and claims
2016201720182019
Earned premiums65 95166 47069 08573 986
Insurance against expenses for medical treatment1 7351 6751 8261 849
Insurance against loss of income3 8993 7963 9663 936
Accident insurance services - industry2 3392 3052 2562 400
Motor vehicle insurance services, third party liability7 7267 6228 0548 563
Motor vehicle insurance services, other classes11 78112 03213 23514 360
Maritim insurance, transport insurance, aviation insurance7 9487 6387 4358 501
Insurance against fire and other property damage20 17520 24720 38921 070
Liability insurance1 6591 7321 8222 691
Credit- and surety insurance238268285-122
Legal aid insurance31333741
Assistance insurance2 9773 1023 2943 446
Insurance agains various economic losses2 4782 9123 2223 975
Health insurance1 7872 3602 5302 672
Annuities for non-life insurance..-4....
Distorted from old industry grouping........
 
Claims incurred44 50845 23049 70655 600
Insurance against expenses for medical treatment1 3371 2391 4611 457
Insurance against loss of income2 6132 2811 9632 323
Accident insurance services - industry1 1011 4545791 518
Motor vehicle insurance services, third party liability4 4223 6673 7674 125
Motor vehicle insurance services, other classes8 1279 51910 99311 873
Maritim insurance, transport insurance, aviation insurance5 3365 8915 8847 559
Insurance against fire and other property damage14 56514 12116 51416 292
Liability insurance1 0011 2271 1121 530
Credit- and surety insurance73672934
Legal aid insurance30483645
Assistance insurance2 1052 1382 3522 335
Insurance agains various economic losses1 7491 9842 6163 748
Health insurance1 2731 2551 9882 380
Annuities for non-life insurance53205168
Distorted from old industry grouping........

Table 3 
Key figures. NOK Million

Key figures. NOK Million
Total
20182019
Life insurance companies
Assets1 540 2971 704 770
Earned premium112 909122 435
Gross claims payment59 16960 881
Profitt/loss before tax and allocation to customers9 09910 028
Value-adjusted profitt/loss-5 85548 398
Net income from financial assets10 400137 632
Non-life insurance companies
Assets246 143255 574
Earned premium69 08573 986
Gross claims payments58 33963 072
Profitt/loss on ordinary activities8 35317 407
Profitt/loss on the technical account6 4904 631

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

Life insurance companies. Profitt and loss account. NOK Million
20152016201720182019
Earned premiums, net of reinsurance106 117104 597103 984112 909122 435
Gross premiums written91 78594 08493 44899 932108 693
Reinsurers share of gross premiums written-1 190-1 039-943-912-767
Transfer of premium reserve from other companies15 52211 55211 48013 88814 510
 
Claims incurred, net of reinsurance72 69162 61565 29873 04474 955
Gross claim payment50 06351 82954 72559 16960 881
Reinsurers share of gross claim payments-805-598-466-319-730
Other provisions458........
Transfer of premiumreserve etc. to other companies22 97611 38411 04014 19414 804
 
Net change in technical provisions69 17793 644118 97434 616168 185
Premium reserve43 47773 47086 74040 525115 589
Other technical provisions4 3328 6766 4013 291520
To/from revaluation reserve1 6165 33118 003-14 95438 371
Means allocated to insurance contracts19 7536 1677 8305 75413 705
 
Other operating income/ costs-6 148-8 066-4 235-6 551-6 900
Commisions received55-193-271-81-162
Operating income, real property431834210068
Other operating income1 3071 6091 7681 8452 175
Personnel cost2 9892 8833 0563 0923 385
Commisions submitted1 002987846768949
Operating costs, real property22111
Depreciations of non-financial assets295572285336299
Other operating costs3 2655 2221 5854 2174 348
 
Investment income /costs40 92236 07241 70836 05544 485
Interest income from bonds and certificates21 19822 20023 70222 03121 235
Interest income other assets7 5624 7596 0785 7687 894
Share dividend etc.13 58310 76013 4059 59217 030
Interest costs1 4211 6471 4761 3361 674
 
Gains/losses, value (re-)adjustments on financial assets9 29329 08052 272-25 65593 147
Realized gains/losses4 25815 90716 4419 9428 170
Shares, participations and primary capital certificates21 8198 30915 51912 87319 692
Bonds and certificates3 5022981 0442 1821 892
Financial derivatives-21 7187 24112-6 120-12 071
Land and buildings11053691
Other realizes gains/ losses65449-139639-1 345
Net change in value5 03513 17335 831-35 59684 976
Shares, participations and primary capital certificates2 0228 39330 052-26 89758 668
Bonds and certificates-307-1 958-1 255-1 679489
Financial derivatives1 7763 523-40-2 95510 586
Land and buildings12142..031
Other net change in value1 5333 0737 075-4 06615 204
 
Profitt/loss on ordinary activities8 3165 4249 4589 09910 028
 
Other result components312-127-13-28102
 
Tax-1 750-286967-811 921
 
Total Profitt/loss10 3785 5848 4789 1528 209
 
Specifications
Balance on the technical account for life insurance17 5474 9274 8866 5375 961
Value-adjusted profitt/loss9 93210 75427 460-5 85548 398

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

Life insurance companies. Balance sheet by financial instrument. NOK Million
20152016201720182019
Assets
Intangible assets1 5671 4881 1782 7432 431
 
Tangible fixed assets9801 1951 1751 0761 412
Land and buildings9101 0511 043962985
Machinery, equipment and vehicles70144132115427
 
Capital investments1 160 1901 238 5441 347 6581 360 3951 511 827
Shares, participation and primary capital certificates201 952205 300219 179204 506246 874
Shares in security funds449 384497 782566 082569 130668 680
Bonds and certificates503 018529 711557 622579 178583 315
Financial derivatives2 9993 2882 7383 04110 555
Other capital investments2 8382 4642 0374 5402 404
 
Loans87 210109 460118 544144 969149 988
 
Other claims5 9874 2154 9446 2314 718
Insurance claims3 4641 3571 8991 5311 570
Reinsurance share of technical provisions8929449231 4901 595
Other claims1 6311 9142 1233 2101 554
 
Cash and bank deposits32 33325 53326 14424 88334 394
 
Total assets1 288 2681 380 4351 499 6431 540 2971 704 770
 
Liabilities and equity capital
 
Eqiuty capital85 06492 407100 583105 491111 933
Deposit capital37 52339 27041 10842 24145 934
Company capital7 8477 8477 8477 6127 264
Share premium account17 84917 87418 11417 92018 090
Other deposit capital11 82713 54915 14716 70920 579
Retained earnings47 54153 13759 47563 25065 999
Other equity47 54153 13759 47563 25065 999
 
Subordinated liabilities27 63126 08426 97128 00828 769
Bonds18 06116 51417 40116 93817 699
Other subordinated loans9 5709 5709 57011 07011 070
 
Technical provisions1 151 4771 240 1651 350 4131 378 4031 540 621
Premium reserve1 038 7061 122 3221 209 5361 251 1831 367 983
Additional provisions35 70044 38251 34354 94563 792
Revaluation reserve40 63645 96763 97049 01687 386
Net provision for outstanding claim10 222........
Premium and pension provisions24 28025 83723 94921 50019 669
Net other technical provisions1 9321 6571 6151 7591 791
 
Provisions for other charges2 7164 9174 0403 8203 634
Provisions for pensions1 042958916915872
Deffered tax1 6441 9963 0152 7822 332
Other provisions for charges301 963108123430
 
Remaining liabilites21 38016 86317 63624 57519 813
Expences accrued878831824878803
Deffered income019411153
Payable tax5563781 3843 092
Dividend306176..2 200
Insurance liabilities4 0942 4293 5014 1333 062
Other liabilities5 9177 2577 5258 0209 290
Financial derivatives10 4056 2035 62910 1471 212
 
Total libilities1 288 2681 380 4351 499 6431 540 2971 704 770
 
Specifications
Number of companies1919191817
Loan with morgage on dwelling28 07440 49542 06141 91039 068
Net tehcnical provisions where the risk is borne by the policyholder197 916238 608297 070315 557398 979

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

Non-life insurance. Balance sheet by financial instrument. NOK Million
20152016201720182019
Assets
Intangible assets5 9884 8705 5466 1208 513
 
Tangible fixed assets1 0931 1911 1401 4282 072
Land and buildings579607641744359
Machinery, equipment and veihicles5145844986841 713
 
Capital investments148 630149 080153 204147 485152 464
Shares, participation and primary capital certificates17 13918 28818 46521 26619 751
Shares in securities' fund32 62631 26733 51431 46535 475
Bonds and certificates97 46896 990100 47093 72295 366
Financial derivatives9982 1705063201 340
Other capital investments399366249712532
 
Loans2 4512 3282 6933 8793 787
 
Reinsurance share of technical provisions18 21716 70119 76521 11020 854
 
Remaining claims54 22153 68452 46756 36055 560
Insurance claims18 43918 65520 98725 12226 467
Other claims35 78235 02931 48031 23829 094
 
Cash and bank deposits9 20510 3068 5429 76212 324
 
Total assets239 806238 160243 356246 143255 574
 
Liabilities and equity capital
 
Eqiuty capital49 00475 79478 29876 74382 273
Deposit capital12 59414 25114 90214 60517 094
Company capital4 7364 9384 9844 8594 642
Share premium account3 3663 5904 1673 9376 728
Other deposit capital4 4925 7245 7515 8105 724
Retained earnings36 41061 54363 39662 13765 179
Other equity36 41061 54363 39662 13765 179
 
Subordinated liabilities1 7732 4713 0693 2013 237
Bonds1 5952 0932 6902 9222 923
Other subordinated loans178378378279314
 
Technical provisions161 528123 400124 327125 448126 387
Gross provision for unearned premium28 75427 89528 75430 84432 627
Gross provision for outstanding claims92 84389 13689 30189 97888 866
Gross provision for bonuses and rebates80........
Equalization provision38 0776 3696 2724 6274 893
Other technical provisions1 773........
 
Provisions for other charges3 38010 27310 50910 36211 357
Provisions for pensions1 7361 6521 6251 5691 617
Deffered tax7077 6037 9357 5617 319
Other provisions for charges9371 0189491 2322 422
 
Remaning liabilites24 12126 22227 15330 38932 320
Expences accrued1 3071 2851 7981 6401 759
Deffered income236259258280251
Payable tax2 3962 5612 2971 9912 677
Dividend5 0185 6935 1966 5756 760
Insurance liabilities4 9525 1164 5154 9055 622
Other liabilities9 0879 33512 42614 28415 051
Financial derivatives1 1251 974663713200
 
Total libilities239 806238 160243 356246 143255 574
 
Specifications
Number of companies8586858382
Loan with morgage on dwelling277265232255253

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

Non-life insurance companies. Profitt and loss account. NOK Million
20152016201720182019
 
Earned premiums, net of reinsurance66 33865 95166 47069 08573 986
Gross premiums written79 13179 36679 20582 68988 628
Reinsurers share of gross premiums written-12 615-11 287-11 670-12 213-11 887
Gross change in the provisions for unearned premiums-187-2 036-1 111-1 140-2 416
Reinsurers share, gross change in the provision for outstanding claims9-9146-252-339
 
Claims incurred and net change in technical provisions47 41644 82545 46549 78355 563
Gross claim payment53 33253 80254 44158 33963 072
Reinsurers share of gross claim payments-6 944-6 532-7 424-7 720-7 471
Gross change in the provision for outstanding claims1 802-3 438258-699145
Reinsurers share, gross change in the provision for outstanding claims-2 066676-2 045-215-146
Bonuses and rebates106........
Net change in technical provisions1 18631723577-37
 
Other operating income/ costs-10 311-11 524-12 431-12 845-13 559
Commisions received212207204188204
Operating income from real property5643566161
Other operating income1 508415436428527
Personnel costs4 5015 6976 5836 9037 299
Commisions submitted3 2182 9772 9843 3053 605
Operating costs real property1714141411
Depreciations of non-financial assets393422565455723
Other operating costs3 9583 0802 9812 8452 715
 
Investment income /costs4 7193 8543 5663 3353 934
Interest income3 4703 3813 2323 0182 999
Share dividend etc.1 3716505194851 148
Interst charges122178186167212
 
Gains/losses, value (re-)adjustments on financial assets1 9602 5713 996-1 4408 608
Net realized gains/ losses2 3303 3003 5252 2734 034
Net change in value-370-729471-3 7134 573
 
Profitt/loss on ordinary activities15 29016 02716 1358 35317 407
 
Other result components-355-38-323....
 
Tax3 8213 5593 1352 2732 464
 
Total Profitt/loss11 11512 43012 6776 08014 942
 
Specifications
Balance on the technical account for non-life insurance7 9649 1758 9046 4904 631

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
20152016201720182019
Total651 335703 082785 261773 636915 553
 
Non-financial enterprises133 659132 394139 022129 873143 206
Central government enterprises..........
Other state enterprises1 0641 2701 546852491
Municipal enterprises..........
Private incorporated companies131 910130 088137 282128 764142 430
Private non-profit institutions..........
 
Financial enterprises362 634399 417445 101450 863523 642
State lending institutions..........
Banks185811092110
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)356 033390 906435 660428 964488 045
Other financial enterprises)8451 3951 32213 56827 854
Life insurance companies etc.317328537513591
Non-life insurance companies1 4441 9591 9602 0842 294
Financial auxiliaries1 8512 1392 6522 9142 324
 
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 world155 042171 271201 138192 900248 705

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
20152016201720182019
Total503 018529 711557 622579 178583 315
 
Non-financial enterprises74 73681 67392 16896 83389 396
Central government enterprises..........
Other state enterprises22 16021 94423 75326 37724 172
Municipal enterprises..........
Private incorporated companies30 09334 54743 07245 83844 473
Private non-profit institutions..........
 
Financial enterprises111 111117 570113 530115 630118 328
State lending institutions..........
Banks52 53349 85346 27843 74044 208
Mortgage companies57 51066 66366 18471 06672 165
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises5........
Life insurance companies etc.122154179163179
Bob-life insurance companies781081068796
Financial auxiliaries7917527335321 644
 
General government46 85549 75046 76038 75039 521
Central government28 77325 77326 44918 35018 097
County municipalities18 08223 97720 31120 40021 423
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 world270 316280 717305 165327 965336 070

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

Life insurance companies. Total utilized loans by borrower sector. NOK Million
20152016201720182019
Total87 210109 460118 544144 969149 988
 
Non-financial enterprises17 93726 30931 27743 24144 104
Central government enterprises..........
Other state enterprises..6050....
Municipal enterprises288229373473718
Private incorporated companies10 54918 49722 28240 30041 106
Private non-profit institutions65541
 
Financial enterprises2 3462 8992 9233 4632 649
State lending institutions..........
Banks..........
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises1 7861 9401 4671 9972 034
Life insurance companies etc...........
Non-life insurance companies..........
Financial auxiliaries5606841 260852615
 
General government27 96229 62432 26245 10550 977
Central government......6 6426 674
County municipalities27 96229 62432 26238 46344 303
Municipalities00000
 
Household etc.28 16440 57942 11842 01939 170
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises0000..
Households of employees28 02040 44842 01541 91139 069
Unspecified sector1........
 
Rest of the world10 4149 6569 53610 72712 597

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
20152016201720182019
Total49 76549 55551 97952 73155 226
 
Non-financial enterprises4 8925 6195 8959 28610 897
Central government enterprises..........
Other state enterprises207209195223145
Municipal enterprises..........
Private incorporated companies4 1274 7885 0398 38210 067
Private non-profit institutions..........
 
Financial enterprises17 19118 04821 50020 34621 087
State lending institutions..........
Banks1 1709472 6622 746342
Mortgage companies..........
Finance companies..........
Unit trust (UK)/ Mutual funds (US)12 07912 74616 56115 55417 618
Other financial enterprises330419590681716
Life insurance companies etc.....682682682
Non-life insurance companies89594107663
Financial auxiliaries4063773854231 526
 
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 world27 68225 88824 58323 10023 242

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
20152016201720182019
Total97 46896 990100 47093 72295 366
 
Non-financial enterprises12 33012 73613 82813 83313 333
Central government enterprises..........
Other state enterprises1 4181 4791 4231 4611 465
Municipal enterprises..........
Private incorporated companies5 1905 4097 2607 0897 781
Private non-profit institutions..........
 
Financial enterprises39 33838 55040 27636 31536 202
State lending institutions..........
Banks19 10416 80915 18013 31614 025
Mortgage companies20 04321 42824 74422 81421 776
Finance companies..........
Unit trusts(UK)/ Mutual funds (US)..........
Other financial enterprises41......
Life insurance companies etc.2481436307
Non-life insurance companies5811015412787
Financial auxiliaries2315952
 
General government13 99515 39714 31214 10813 298
Central government7 1366 8866 0864 8022 728
County municipalities6 8598 5118 2269 30610 570
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 world31 80530 30732 05429 46532 534

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
20152016201720182019
Total2 4512 3282 6933 8793 787
 
Non-financial enterprises1 5861 4591 6922 7862 727
Central government enterprises..........
Other state enterprises..........
Municipal enterprises..........
Private incorporated companies1 5861 4591 6922 7862 727
Private non-profit institutions..........
 
Financial enterprises485524707790796
State lending institutions..........
Banks..........
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises412472587631708
Life insurance companies etc...........
Non-life insurance companies13121277
Financial auxilliaries614010815181
 
General government..........
Central government..........
County municipalities..........
Municipalities00000
 
Household etc.380345294303263
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises1017962489
Households of employees279266233256254
Unspecified sector..........
 
Rest of the world0..000

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