295909
/en/bank-og-finansmarked/statistikker/forsikring/aar
295909
statistikk
2017-07-13T08:00:00.000Z
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

Key figures

2.5 %

growth in premium income for life insurance companies in 2016

Hovedtallstabell. Life and non-life insurance.
TotalTotal
20152016
Life insurance companies
Gross premium written91 78594 093
Gross claim payment49 25751 255
Non-life insurance companies
Earned premiums63 46566 338
Claims incurred42 63746 124

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
20122013201420152016
 
Gross premiums written82 10281 76592 80991 78594 093
 
Non-linked life insurance and pension services82 10281 76592 80991 78594 093
Individual life insurance services8 72810 97613 07915 88015 493
Individual pension services2 0611 9942 1162 1312 221
Company pension schemes16 68316 05216 58315 42011 380
Defined contribution schemes51 33349 15957 22354 52560 951
Occupational schemes....95159529
Groupe life insurance services2 1132 2512 1932 1632 107
Accident insurance services1 1841 3321 5201 5061 413
 
Gross claim payments44 19045 11346 78349 25751 255
 
Non-linked life insurance and pension services44 19045 11346 78349 25751 255
Individual life insurance services8 3517 6106 8978 2017 819
Individual pension services7 5217 0456 8746 7957 286
Company pension schemes10 75811 65712 48713 28614 033
Defined contribution schemes15 77316 89718 45319 03820 139
Occupational schemes....-47-54-12
Groupe life insurance services1 4271 4501 4361 3441 409
Accident insurance services360454683647582

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

Non-life insurance companies. Breakdown of premiums and claims
 
Earned premiums60 14263 46566 33866 413
Insurance against expenses for medical treatment1 2911 3961 3681 429
Insurance against loss of income2 0132 2482 2184 564
Accident insurance services - industry2 2372 2012 1002 248
Motor vehicle insurance services, third party liability7 8397 9918 2677 533
Motor vehicle insurance services, other classes11 15811 72911 74512 219
Maritim insurance, transport insurance, aviation insurance7 6308 1549 4307 781
Insurance against fire and other property damage17 27918 42319 11120 229
Liability insurance1 5221 6641 7441 693
Credit- and surety insurance352292250237
Legal aid insurance......31
Assistance insurance2 4922 6522 9372 975
Insurance agains various economic losses2 4492 5182 2792 800
Health insurance4523963861 787
Annuities for non-life insurance1 9342 1792 558..
Distorted from old industry grouping1 4931 6221 945..
 
Claims incurred41 56942 63746 12445 104
Insurance against expenses for medical treatment9849981 1331 031
Insurance against loss of income1 4051 5151 6723 358
Accident insurance services - industry1 5821 1898051 084
Motor vehicle insurance services, third party liability4 9864 7414 4944 246
Motor vehicle insurance services, other classes7 8077 5777 9538 366
Maritim insurance, transport insurance, aviation insurance4 6795 4277 0045 548
Insurance against fire and other property damage12 41212 94614 32414 609
Liability insurance9261 3681 009822
Credit- and surety insurance1511096257
Legal aid insurance......30
Assistance insurance1 7561 7902 1072 105
Insurance agains various economic losses1 5581 4002 0032 029
Health insurance1353161801 273
Annuities for non-life insurance1 9062 0231 89553
Distorted from old industry grouping1 2811 2381 484..

Table 3 
Key figures. NOK Million

Key figures. NOK Million
Total
20152016
Life insurance companies
Assets1 288 2681 380 401
Earned premium106 117104 496
Gross claims payment50 06351 836
Profitt/loss before tax and allocation to customers8 3167 191
Value-adjusted profitt/loss34 10427 378
Net income from financial assets50 21565 247
Non-life insurance companies
Assets243 171239 860
Earned premium66 33866 413
Gross claims payments53 33253 368
Profitt/loss on ordinary activities15 29015 682
Profitt/loss on the technical account7 9649 069

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

Life insurance companies. Profitt and loss account. NOK Million
20122013201420152016
Earned premiums, net of reinsurance92 00895 365131 726106 117104 496
Gross premiums written82 10281 76592 80991 78594 093
Reinsurers share of gross premiums written-1 123-981-1 081-1 190-1 063
Transfer of premium reserve from other companies11 02914 58139 99815 52211 466
 
Claims incurred, net of reinsurance53 73959 37292 70372 69162 662
Gross claim payment44 94445 62547 31450 06351 836
Reinsurers share of gross claim payments-754-512-531-805-566
Other provisions1 008635713458..
Transfer of premiumreserve etc. to other companies8 54113 62445 20722 97611 391
 
Net change in technical provisions83 93089 59198 38969 17793 622
Premium reserve71 46873 87873 28043 47773 450
Other technical provisions374-4675 1934 3328 676
To/from revaluation reserve8 3469 43714 2801 6165 331
Means allocated to insurance contracts3 7426 7435 63619 7536 166
 
Other operating income/ costs-5 901-5 549-5 654-6 148-6 267
Commisions received538212255-193
Operating income, real property60324543183
Other operating income1 2321 3201 5791 3071 609
Personnel cost3 3822 9042 6432 9892 884
Commisions submitted7288289661 002983
Operating costs, real property23422
Depreciations of non-financial assets335296365295572
Other operating costs2 7992 9523 4233 2653 425
 
Investment income /costs33 99233 34134 46740 92236 063
Interest income from bonds and certificates24 05822 15121 95921 19822 200
Interest income other assets5 8465 3115 6277 5624 750
Share dividend etc.5 5107 1428 14713 58310 760
Interest costs1 4221 2621 2661 4211 647
 
Gains/losses, value (re-)adjustments on financial assets22 75432 79936 6399 29329 184
Realized gains/losses9 0068 03613 0624 25815 907
Shares, participations and primary capital certificates4 38214 68320 34921 8198 309
Bonds and certificates8132913 1303 502298
Financial derivatives3 801-6 695-10 563-21 7187 241
Land and buildings4-113110
Other realizes gains/ losses6-23214365449
Net change in value13 74824 76223 5775 03513 276
Shares, participations and primary capital certificates8 49621 29823 7582 0228 496
Bonds and certificates-4388994 481-307-1 958
Financial derivatives3 276-2 000-8 0631 7763 523
Land and buildings-1030-4412142
Other net change in value2 4244 5343 4441 5333 073
 
Profitt/loss on ordinary activities5 1836 9936 0868 3167 191
 
Other result components200-130-550312-127
 
Tax558584620-1 750-297
 
Total Profitt/loss4 8256 2794 91710 3787 362
 
Specifications
Balance on the technical account for life insurance3 00315 2463 38217 5474 896
Value-adjusted profitt/loss17 31222 45431 08034 10427 378

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

Life insurance companies. Balance sheet by financial instrument. NOK Million
20122013201420152016
Assets
Intangible assets1 3101 1971 1921 5671 489
 
Tangible fixed assets1 2561 1601 0979801 195
Land and buildings1 1241 0561 0169101 051
Machinery, equipment and vehicles1321038170144
 
Capital investments901 037978 3901 085 3371 154 6781 230 169
Shares, participation and primary capital certificates174 297169 289189 226201 952204 566
Shares in security funds252 520285 410416 267449 384497 629
Bonds and certificates470 415520 119476 569497 505522 210
Financial derivatives4 1772 6953 4902 9993 288
Other capital investments-372878-2152 8382 476
 
Loans51 53760 04479 62692 722117 693
 
Other claims7 4178 2567 8855 9874 328
Insurance claims3 7915 4965 3853 4641 419
Reinsurance share of technical provisions613685813892952
Other claims3 0132 0751 6871 6311 957
 
Cash and bank deposits31 47741 57831 18132 33325 528
 
Total assets994 0341 090 6241 206 3181 288 2681 380 401
 
Liabilities and equity capital
 
Eqiuty capital60 59367 10673 31585 06494 180
Deposit capital31 25832 09534 41937 52339 268
Company capital7 5247 5257 7707 8477 847
Share premium account15 30915 36915 87617 84917 872
Other deposit capital8 4249 20110 77311 82713 549
Retained earnings29 33535 01138 89647 54154 912
Other equity29 33535 01138 89647 54154 912
 
Subordinated liabilities13 63814 06415 03727 63126 084
Bonds10 93411 32411 75718 06116 514
Other subordinated loans2 7052 7403 2809 5709 570
 
Technical provisions901 389989 3301 085 1581 151 4771 240 158
Premium reserve836 014910 109983 6841 038 7061 122 099
Additional provisions25 80325 04831 69735 70044 381
Revaluation reserve15 30424 74139 02140 63645 967
Net provision for outstanding claim7 2277 9388 88510 222..
Premium and pension provisions15 84020 27719 91224 28026 067
Net other technical provisions1 1491 2181 9601 9321 643
 
Provisions for other charges2 8533 1434 4672 7163 101
Provisions for pensions1 2321 2951 4421 042958
Deffered tax1 5611 7632 9251 6441 995
Other provisions for charges608510030148
 
Remaining liabilites15 56116 98228 34221 38016 879
Expences accrued8459391 046878832
Deffered income000019
Payable tax3468375557
Dividend......3061
Insurance liabilities2 6853 4926 8784 0942 453
Other liabilities10 4369 5856 2985 9177 254
Financial derivatives1 5622 89814 08210 4056 203
 
Total libilities994 0341 090 6241 206 3181 288 2681 380 401
 
Specifications
Number of companies2121211919
Loan with morgage on dwelling13 15511 4668 65132 42846 138
Net tehcnical provisions where the risk is borne by the policyholder108 834136 034163 162197 916238 455

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

Non-life insurance. Balance sheet by financial instrument. NOK Million
20122013201420152016
Assets
Intangible assets6 4016 5966 1195 9884 834
 
Tangible fixed assets1 1111 1781 2651 0931 120
Land and buildings779764770579608
Machinery, equipment and veihicles331414495514512
 
Capital investments127 847134 468140 058148 630149 611
Shares, participation and primary capital certificates19 49119 27518 60217 13918 279
Shares in securities' fund21 76826 34430 19632 62631 267
Bonds and certificates85 05087 19989 06497 46897 529
Financial derivatives1 0631 0281 1259982 169
Other capital investments4756211 071399366
 
Loans1 0593 4164 3782 4512 330
 
Reinsurance share of technical provisions13 06915 17314 80718 21717 299
 
Remaining claims46 96649 02454 06054 22155 222
Insurance claims15 62717 12517 86118 43919 157
Other claims31 33931 89936 19935 78236 065
 
Cash and bank deposits6 5356 7267 0829 2059 444
 
Total assets202 988216 580227 769239 806239 860
 
Liabilities and equity capital
 
Eqiuty capital51 50646 83050 42052 37076 050
Deposit capital13 66014 72214 99115 95914 326
Company capital4 5024 4144 4674 7364 938
Share premium account2 6052 8942 9733 3663 590
Other deposit capital6 5547 4137 5517 8585 798
Retained earnings37 84532 10835 42936 41061 724
Other equity37 84532 10835 42936 41061 724
 
Subordinated liabilities2452521 4491 7732 471
Bonds1481481 3451 5952 093
Other subordinated loans97104104178378
 
Technical provisions135 866146 672152 757161 528125 283
Gross provision for unearned premium24 88026 85528 09328 75429 590
Gross provision for outstanding claims80 35185 70187 25592 84390 760
Gross provision for bonuses and rebates12410510880..
Equalization provision29 35832 63135 65138 0774 932
Other technical provisions1 1521 3801 6491 773..
 
Provisions for other charges2 9393 5844 3523 38010 288
Provisions for pensions1 9422 5913 1951 7361 657
Deffered tax3122192697077 603
Other provisions for charges6857748889371 028
 
Remaning liabilites15 03822 13721 76424 12125 767
Expences accrued9641 0101 1791 3071 270
Deffered income121132205236259
Payable tax3 0112 6942 5062 3962 576
Dividend1 8186 9184 2525 0185 693
Insurance liabilities3 5024 2795 0124 9524 577
Other liabilities5 0096 1326 6669 0879 419
Financial derivatives6139721 9431 1251 974
 
Total libilities205 593219 474230 742243 171239 860
 
Specifications
Number of companies9896968586
Loan with morgage on dwelling279280310277265

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

Non-life insurance companies. Profitt and loss account. NOK Million
20122013201420152016
 
Earned premiums, net of reinsurance57 51460 14263 46566 33866 413
Gross premiums written68 02372 25174 95579 13178 367
Reinsurers share of gross premiums written-9 415-10 644-10 811-12 615-11 811
Gross change in the provisions for unearned premiums-1 445-1 867-849-18720
Reinsurers share, gross change in the provision for outstanding claims3504011709-163
 
Claims incurred and net change in technical provisions40 73944 30045 69447 41645 387
Gross claim payment46 31843 90247 44953 33253 368
Reinsurers share of gross claim payments-6 506-5 384-6 573-6 944-6 163
Gross change in the provision for outstanding claims-8514 1206691 802-2 075
Reinsurers share, gross change in the provision for outstanding claims945-1 0701 092-2 066-27
Bonuses and rebates22823284106..
Net change in technical provisions6052 4992 9731 186283
 
Other operating income/ costs-10 191-10 164-10 943-10 311-11 473
Commisions received147220386212207
Operating income from real property96109625643
Other operating income1 9432 3942 3701 508421
Personnel costs5 3465 4005 8284 5015 607
Commisions submitted2 5692 6202 4193 2182 904
Operating costs real property1718211714
Depreciations of non-financial assets229292306393440
Other operating costs4 2164 5575 1873 9583 180
 
Investment income /costs4 9714 9216 0174 7193 747
Interest income4 2034 1154 1953 4703 279
Share dividend etc.8708951 9131 371649
Interst charges1029091122181
 
Gains/losses, value (re-)adjustments on financial assets3 4663 8183 9951 9602 381
Net realized gains/ losses1 6932591 9082 3303 341
Net change in value1 7723 5582 088-370-960
 
Profitt/loss on ordinary activities15 02114 41716 84115 29015 682
 
Other result components701354-626-355-54
 
Tax3 7252 7982 8823 8213 523
 
Total Profitt/loss11 99711 97313 33311 11512 104
 
Specifications
Balance on the technical account for non-life insurance8 5297 1808 6167 9649 069

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
20122013201420152016
Total426 817454 698605 493651 335702 194
 
Non-financial enterprises127 348121 907132 956133 659132 394
Central government enterprises..........
Other state enterprises1 8011 6821 5491 0641 270
Municipal enterprises..........
Private incorporated companies125 198119 549130 050131 910130 088
Private non-profit institutions..........
 
Financial enterprises211 787232 506349 816362 634398 199
State lending institutions12........
Banks3455281858
Mortgage companies2917......
Finance companies..........
Unit trust(UK)/ Mutual funds(US)207 758227 509343 726356 033390 423
Other financial enterprises)352613948845660
Life insurance companies etc.73113116317328
Non-life insurance companies9211 0481 3151 4441 959
Financial auxiliaries1 0051 3731 7481 8512 139
 
General government..........
Central government..........
County municipalities..........
Municipalities00000
 
Household etc.2........
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 sector2........
 
Rest of the world87 680100 286122 721155 042171 601

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
20122013201420152016
Total470 415520 119476 569497 505522 210
 
Non-financial enterprises54 39367 17468 91269 22374 172
Central government enterprises..........
Other state enterprises16 72923 94322 98322 16021 944
Municipal enterprises..........
Private incorporated companies18 90620 97324 80924 58127 046
Private non-profit institutions..........
 
Financial enterprises142 409146 359113 932111 111117 570
State lending institutions..........
Banks71 46573 56655 82452 53349 853
Mortgage companies68 71070 96556 12557 50566 663
Finance companies..55805..
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises401555..
Life insurance companies etc.366352415122154
Bob-life insurance companies....5978108
Financial auxiliaries1 3311 3101 299791752
 
General government62 48174 77847 74746 85549 750
Central government40 02242 43630 52628 77325 773
County municipalities22 45932 34217 22118 08223 977
Municipalities00000
 
Household etc.........0
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Unincorporated private enterprises00000
Unincorporated private enterprises..........
Households of employees..........
Unspecified sector........0
 
Rest of the world211 133231 808245 978270 316280 717

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

Life insurance companies. Total utilized loans by borrower sector. NOK Million
20122013201420152016
Total51 53760 04479 62692 722117 693
 
Non-financial enterprises14 40416 42515 70923 44934 544
Central government enterprises..........
Other state enterprises........60
Municipal enterprises469470447288229
Private incorporated companies9 51111 0969 49316 06126 731
Private non-profit institutions2216315465
 
Financial enterprises1 1354 39211 3952 3462 898
State lending institutions..........
Banks82857 379....
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises1 1041 1981 6371 7861 940
Life insurance companies etc...........
Non-life insurance companies..........
Financial auxiliaries-2401791 935560683
 
General government15 65719 10423 91427 96229 624
Central government..........
County municipalities15 65719 10423 91427 96229 624
Municipalities00000
 
Household etc.13 33111 5898 80028 16440 579
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises..0000
Households of employees13 16211 4058 59628 02040 448
Unspecified sector-1-2..1..
 
Rest of the world6 7898 19519 49410 4149 656

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
20122013201420152016
Total41 25945 61948 79849 76549 547
 
Non-financial enterprises5 1675 0355 4494 8925 619
Central government enterprises..........
Other state enterprises333268271206207
Municipal enterprises..........
Private incorporated companies4 5164 3404 6804 1284 788
Private non-profit institutions..........
 
Financial enterprises17 49518 01717 02217 19118 048
State lending institutions..........
Banks1 1001 1361 6081 170947
Mortgage companies..........
Finance companies..........
Unit trust (UK)/ Mutual funds (US)10 41711 05811 57812 07912 746
Other financial enterprises225255323330419
Life insurance companies etc...........
Non-life insurance companies360971088959
Financial auxiliaries368527550406377
 
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 world18 59722 56726 32727 68225 880

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
20122013201420152016
Total85 05087 19989 06497 46897 529
 
Non-financial enterprises10 59611 67911 39812 33012 736
Central government enterprises..........
Other state enterprises2 3221 8671 4181 4181 479
Municipal enterprises..........
Private incorporated companies4 5884 9984 9345 1905 409
Private non-profit institutions..........
 
Financial enterprises34 89837 40037 81339 33838 550
State lending institutions..........
Banks19 29019 50618 23819 10416 816
Mortgage companies15 57217 74319 32520 00021 396
Finance companies..25334737
Unit trusts(UK)/ Mutual funds (US)..........
Other financial enterprises..1841
Life insurance companies etc.1213252481
Non-life insurance companies....455498
Financial auxiliaries....1231
 
General government15 23813 19914 41013 99515 409
Central government10 4588 0477 2697 1366 898
County municipalities4 7805 1527 1416 8598 511
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 31724 92225 44231 80530 835

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
20122013201420152016
Total1 0593 4164 3782 4512 330
 
Non-financial enterprises402 4073 4971 5861 461
Central government enterprises..........
Other state enterprises..........
Municipal enterprises..........
Private incorporated companies392 4063 4971 5861 461
Private non-profit institutions..........
 
Financial enterprises550565443485524
State lending institutions..........
Banks..........
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises364335377412472
Life insurance companies etc...........
Non-life insurance companies512121312
Financial auxilliaries181218546140
 
General government..........
Central government..........
County municipalities..........
Municipalities00000
 
Household etc.468437437380345
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises19115612610179
Households of employees277280311279266
Unspecified sector..........
 
Rest of the world28200

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

Next release

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