385629
/en/bank-og-finansmarked/statistikker/forsikring/aar
385629
statistikk
2019-07-01T08:00:00.000Z
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

7 %

increase in premium income for life insurance companies in 2018

Hovedtallstabell. Life and non-life insurance.
TotalTotal
20172018
Life insurance companies
Gross premium written93 44899 960
Gross claim payment54 25858 872
Non-life insurance companies
Earned premiums65 95166 470
Claims incurred44 50845 230

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
20142015201620172018
 
Gross premiums written92 80991 78594 08493 44899 960
 
Non-linked life insurance and pension services92 80991 78594 08493 44899 960
Individual life insurance services13 07915 88015 51214 37911 760
Individual pension services2 1162 1312 1102 8982 858
Company pension schemes56 76249 52849 13244 06750 764
Defined contribution schemes17 04320 41723 19926 78728 971
Occupational schemes951595291 6911 876
Groupe life insurance services2 1932 1632 1912 2012 259
Accident insurance services1 5201 5061 4131 4251 472
 
Gross claim payments46 78349 25751 23154 25858 872
 
Non-linked life insurance and pension services46 78349 25751 23154 25858 872
Individual life insurance services6 8978 2017 8419 56211 766
Individual pension services6 8746 7957 2796 5286 408
Company pension schemes30 20531 36332 99534 06636 655
Defined contribution schemes7359611 1491 8201 640
Occupational schemes-47-54-12309217
Groupe life insurance services1 4361 3441 3981 3611 549
Accident insurance services683647582613637

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

Non-life insurance companies. Breakdown of premiums and claims
2015201620172018
Earned premiums66 33865 95166 47068 677
Insurance against expenses for medical treatment1 3681 7351 6751 856
Insurance against loss of income2 2183 8993 7963 957
Accident insurance services - industry2 1002 3392 3052 295
Motor vehicle insurance services, third party liability8 2677 7267 6228 139
Motor vehicle insurance services, other classes11 74511 78112 03213 235
Maritim insurance, transport insurance, aviation insurance9 4307 9487 6386 740
Insurance against fire and other property damage19 11120 17520 24720 514
Liability insurance1 7441 6591 7321 878
Credit- and surety insurance250238268273
Legal aid insurance..313337
Assistance insurance2 9372 9773 1023 294
Insurance agains various economic losses2 2792 4782 9123 154
Health insurance3861 7872 3602 530
Annuities for non-life insurance2 558..-4..
Distorted from old industry grouping1 945......
 
Claims incurred46 12444 50845 23048 979
Insurance against expenses for medical treatment1 1331 3371 2391 427
Insurance against loss of income1 6722 6132 2811 981
Accident insurance services - industry8051 1011 454611
Motor vehicle insurance services, third party liability4 4944 4223 6673 817
Motor vehicle insurance services, other classes7 9538 1279 51910 985
Maritim insurance, transport insurance, aviation insurance7 0045 3365 8915 239
Insurance against fire and other property damage14 32414 56514 12116 263
Liability insurance1 0091 0011 2271 242
Credit- and surety insurance62736773
Legal aid insurance..304836
Assistance insurance2 1072 1052 1382 352
Insurance agains various economic losses2 0031 7491 9842 458
Health insurance1801 2731 2551 988
Annuities for non-life insurance1 895532051
Distorted from old industry grouping1 484......

Table 3 
Key figures. NOK Million

Key figures. NOK Million
Total
20172018
Life insurance companies
Assets1 499 6431 540 282
Earned premium103 984..
Gross claims payment54 725..
Profitt/loss before tax and allocation to customers9 458..
Value-adjusted profitt/loss27 460..
Net income from financial assets93 980..
Non-life insurance companies
Assets243 356244 215
Earned premium66 470..
Gross claims payments54 441..
Profitt/loss on ordinary activities16 135..
Profitt/loss on the technical account8 904-14 773

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

Life insurance companies. Profitt and loss account. NOK Million
20142015201620172018
Earned premiums, net of reinsurance131 726106 117104 597103 984..
Gross premiums written92 80991 78594 08493 448..
Reinsurers share of gross premiums written-1 081-1 190-1 039-943..
Transfer of premium reserve from other companies39 99815 52211 55211 480..
 
Claims incurred, net of reinsurance92 70372 69162 61565 298..
Gross claim payment47 31450 06351 82954 725..
Reinsurers share of gross claim payments-531-805-598-466..
Other provisions713458......
Transfer of premiumreserve etc. to other companies45 20722 97611 38411 040..
 
Net change in technical provisions98 38969 17793 644118 974..
Premium reserve73 28043 47773 47086 740..
Other technical provisions5 1934 3328 6766 401..
To/from revaluation reserve14 2801 6165 33118 003..
Means allocated to insurance contracts5 63619 7536 1677 830..
 
Other operating income/ costs-5 654-6 148-8 066-4 235..
Commisions received12255-193-271..
Operating income, real property454318342..
Other operating income1 5791 3071 6091 768..
Personnel cost2 6432 9892 8833 056..
Commisions submitted9661 002987846..
Operating costs, real property4221..
Depreciations of non-financial assets365295572285..
Other operating costs3 4233 2655 2221 585..
 
Investment income /costs34 46740 92236 07241 708..
Interest income from bonds and certificates21 95921 19822 20023 702..
Interest income other assets5 6277 5624 7596 078..
Share dividend etc.8 14713 58310 76013 405..
Interest costs1 2661 4211 6471 476..
 
Gains/losses, value (re-)adjustments on financial assets36 6399 29329 08052 272..
Realized gains/losses13 0624 25815 90716 441..
Shares, participations and primary capital certificates20 34921 8198 30915 519..
Bonds and certificates3 1303 5022981 044..
Financial derivatives-10 563-21 7187 24112..
Land and buildings31105..
Other realizes gains/ losses14365449-139..
Net change in value23 5775 03513 17335 831..
Shares, participations and primary capital certificates23 7582 0228 39330 052..
Bonds and certificates4 481-307-1 958-1 255..
Financial derivatives-8 0631 7763 523-40..
Land and buildings-4412142....
Other net change in value3 4441 5333 0737 075..
 
Profitt/loss on ordinary activities6 0868 3165 4249 458..
 
Other result components-550312-127-13..
 
Tax620-1 750-286967..
 
Total Profitt/loss4 91710 3785 5848 478..
 
Specifications
Balance on the technical account for life insurance3 38217 5474 9274 886-6 706
Value-adjusted profitt/loss20 3679 93210 75427 460..

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

Life insurance companies. Balance sheet by financial instrument. NOK Million
20142015201620172018
Assets
Intangible assets1 1921 5671 4881 1782 743
 
Tangible fixed assets1 0979801 1951 1751 076
Land and buildings1 0169101 0511 043962
Machinery, equipment and vehicles8170144132115
 
Capital investments1 085 3371 154 6781 238 5441 347 6581 360 262
Shares, participation and primary capital certificates189 226201 952205 300219 179204 506
Shares in security funds416 267449 384497 782566 082568 997
Bonds and certificates476 569497 505529 711557 622579 178
Financial derivatives3 4902 9993 2882 7383 041
Other capital investments-2152 8382 4642 0374 540
 
Loans79 62692 722109 460118 544144 969
 
Other claims7 8855 9874 2154 9446 377
Insurance claims5 3853 4641 3571 8991 522
Reinsurance share of technical provisions8138929449231 510
Other claims1 6871 6311 9142 1233 344
 
Cash and bank deposits31 18132 33325 53326 14424 855
 
Total assets1 206 3181 288 2681 380 4351 499 6431 540 282
 
Liabilities and equity capital
 
Eqiuty capital73 31585 06492 407100 583105 481
Deposit capital34 41937 52339 27041 10842 241
Company capital7 7707 8477 8477 8477 612
Share premium account15 87617 84917 87418 11417 920
Other deposit capital10 77311 82713 54915 14716 709
Retained earnings38 89647 54153 13759 47563 240
Other equity38 89647 54153 13759 47563 240
 
Subordinated liabilities15 03727 63126 08426 97128 008
Bonds11 75718 06116 51417 40116 938
Other subordinated loans3 2809 5709 5709 57011 070
 
Technical provisions1 085 1581 151 4771 240 1651 350 4131 378 337
Premium reserve983 6841 038 7061 122 3221 209 5361 251 120
Additional provisions31 69735 70044 38251 34354 945
Revaluation reserve39 02140 63645 96763 97049 016
Net provision for outstanding claim8 88510 222......
Premium and pension provisions19 91224 28025 83723 94921 500
Net other technical provisions1 9601 9321 6571 6151 756
 
Provisions for other charges4 4672 7164 9174 0403 821
Provisions for pensions1 4421 042958916915
Deffered tax2 9251 6441 9963 0152 784
Other provisions for charges100301 963108122
 
Remaining liabilites28 34221 38016 86317 63624 634
Expences accrued1 046878831824879
Deffered income0019411
Payable tax375563781 391
Dividend..306176..
Insurance liabilities6 8784 0942 4293 5014 132
Other liabilities6 2985 9177 2577 5258 073
Financial derivatives14 08210 4056 2035 62910 147
 
Total libilities1 206 3181 288 2681 380 4351 499 6431 540 282
 
Specifications
Number of companies1819191918
Loan with morgage on dwelling8 65132 42840 49542 06141 910
Net tehcnical provisions where the risk is borne by the policyholder163 162197 916238 608297 070315 442

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

Non-life insurance. Balance sheet by financial instrument. NOK Million
20142015201620172018
Assets
Intangible assets6 1195 9884 8705 5346 114
 
Tangible fixed assets1 2651 0931 1911 1521 431
Land and buildings770579607641744
Machinery, equipment and veihicles495514584510687
 
Capital investments140 058148 630149 080153 204147 114
Shares, participation and primary capital certificates18 60217 13918 28818 46521 265
Shares in securities' fund30 19632 62631 26733 51430 061
Bonds and certificates89 06497 46896 990100 47094 976
Financial derivatives1 1259982 170506314
Other capital investments1 071399366249497
 
Loans4 3782 4512 3282 6933 879
 
Reinsurance share of technical provisions14 80718 21716 70119 76519 262
 
Remaining claims54 06054 22153 68452 46756 460
Insurance claims17 86118 43918 65520 98724 804
Other claims36 19935 78235 02931 48031 656
 
Cash and bank deposits7 0829 20510 3068 5429 956
 
Total assets227 769239 806238 160243 356244 215
 
Liabilities and equity capital
 
Eqiuty capital47 44649 00475 79478 29874 250
Deposit capital12 01812 59414 25114 90214 642
Company capital4 4674 7364 9384 9844 859
Share premium account2 9733 3663 5904 1673 937
Other deposit capital4 5784 4925 7245 7515 847
Retained earnings35 42936 41061 54363 39659 608
Other equity35 42936 41061 54363 39659 608
 
Subordinated liabilities1 4491 7732 4713 0693 201
Bonds1 3451 5952 0932 6902 922
Other subordinated loans104178378378279
 
Technical provisions152 757161 528123 400124 327125 828
Gross provision for unearned premium28 09328 75427 89528 75430 686
Gross provision for outstanding claims87 25592 84389 13689 30188 284
Gross provision for bonuses and rebates10880......
Equalization provision35 65138 0776 3696 2726 858
Other technical provisions1 6491 773......
 
Provisions for other charges4 3523 38010 27310 50910 367
Provisions for pensions3 1951 7361 6521 6251 561
Deffered tax2697077 6037 9357 560
Other provisions for charges8889371 0189491 246
 
Remaning liabilites21 76424 12126 22227 15330 569
Expences accrued1 1791 3071 2851 7981 598
Deffered income205236259258319
Payable tax2 5062 3962 5612 2972 090
Dividend4 2525 0185 6935 1966 540
Insurance liabilities5 0124 9525 1164 5154 977
Other liabilities6 6669 0879 33512 42614 331
Financial derivatives1 9431 1251 974663713
 
Total libilities227 769239 806238 160243 356244 215
 
Specifications
Number of companies8685868583
Loan with morgage on dwelling310277265232255

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

Non-life insurance companies. Profitt and loss account. NOK Million
20142015201620172018
 
Earned premiums, net of reinsurance63 46566 33865 95166 470..
Gross premiums written74 95579 13179 36679 205..
Reinsurers share of gross premiums written-10 811-12 615-11 287-11 670..
Gross change in the provisions for unearned premiums-849-187-2 036-1 111..
Reinsurers share, gross change in the provision for outstanding claims1709-9146..
 
Claims incurred and net change in technical provisions45 69447 41644 82545 465..
Gross claim payment47 44953 33253 80254 441..
Reinsurers share of gross claim payments-6 573-6 944-6 532-7 424..
Gross change in the provision for outstanding claims6691 802-3 438258..
Reinsurers share, gross change in the provision for outstanding claims1 092-2 066676-2 045..
Bonuses and rebates84106......
Net change in technical provisions2 9731 186317235..
 
Other operating income/ costs-10 943-10 311-11 524-12 431..
Commisions received386212207204..
Operating income from real property62564356..
Other operating income2 3701 508415436..
Personnel costs5 8284 5015 6976 583..
Commisions submitted2 4193 2182 9772 984..
Operating costs real property21171414..
Depreciations of non-financial assets306393422565..
Other operating costs5 1873 9583 0802 981..
 
Investment income /costs6 0174 7193 8543 566..
Interest income4 1953 4703 3813 232..
Share dividend etc.1 9131 371650519..
Interst charges91122178186..
 
Gains/losses, value (re-)adjustments on financial assets3 9951 9602 5713 996..
Net realized gains/ losses1 9082 3303 3003 525..
Net change in value2 088-370-729471..
 
Profitt/loss on ordinary activities16 84115 29016 02716 135..
 
Other result components-626-355-38-323..
 
Tax2 8823 8213 5593 135..
 
Total Profitt/loss13 33311 11512 43012 677..
 
Specifications
Balance on the technical account for non-life insurance8 6167 9649 1758 904-14 773

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
20142015201620172018
Total605 493651 335703 082785 261773 503
 
Non-financial enterprises132 956133 659132 394139 022129 873
Central government enterprises..........
Other state enterprises1 5491 0641 2701 546852
Municipal enterprises..........
Private incorporated companies130 050131 910130 088137 282128 764
Private non-profit institutions..........
 
Financial enterprises349 816362 634399 417445 101450 730
State lending institutions..........
Banks28185811092
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)343 726356 033390 906435 660428 832
Other financial enterprises)9488451 3951 32213 568
Life insurance companies etc.116317328537513
Non-life insurance companies1 3151 4441 9591 9602 084
Financial auxiliaries1 7481 8512 1392 6522 914
 
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 world122 721155 042171 271201 138192 900

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
20142015201620172018
Total476 569497 505529 711557 622579 178
 
Non-financial enterprises68 91269 22381 67392 16896 833
Central government enterprises..........
Other state enterprises22 98322 16021 94423 75326 377
Municipal enterprises..........
Private incorporated companies24 80924 58134 54743 07245 838
Private non-profit institutions..........
 
Financial enterprises113 932111 111117 570113 530115 630
State lending institutions..........
Banks55 82452 53349 85346 27843 740
Mortgage companies56 12557 50566 66366 18471 066
Finance companies805......
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises55......
Life insurance companies etc.415122154179163
Bob-life insurance companies597810810687
Financial auxiliaries1 299791752733532
 
General government47 74746 85549 75046 76038 750
Central government30 52628 77325 77326 44918 350
County municipalities17 22118 08223 97720 31120 400
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 world245 978270 316280 717305 165327 965

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

Life insurance companies. Total utilized loans by borrower sector. NOK Million
20142015201620172018
Total79 62692 722109 460118 544144 969
 
Non-financial enterprises15 70923 44926 30931 27743 241
Central government enterprises..........
Other state enterprises....6050..
Municipal enterprises447288229373473
Private incorporated companies9 49316 06118 49722 28240 300
Private non-profit institutions1546554
 
Financial enterprises11 3952 3462 8992 9233 463
State lending institutions..........
Banks7 379........
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises1 6371 7861 9401 4671 997
Life insurance companies etc...........
Non-life insurance companies..........
Financial auxiliaries1 9355606841 260852
 
General government23 91427 96229 62432 26245 105
Central government........6 642
County municipalities23 91427 96229 62432 26238 463
Municipalities00000
 
Household etc.8 80028 16440 57942 11842 019
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises00000
Households of employees8 59628 02040 44842 01541 911
Unspecified sector..1......
 
Rest of the world19 49410 4149 6569 53610 727

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
20142015201620172018
Total48 79849 76549 55551 97951 326
 
Non-financial enterprises5 4494 8925 6195 8959 286
Central government enterprises..........
Other state enterprises271207209195223
Municipal enterprises..........
Private incorporated companies4 6804 1274 7885 0398 382
Private non-profit institutions..........
 
Financial enterprises17 02217 19118 04821 50020 346
State lending institutions..........
Banks1 6081 1709472 6622 746
Mortgage companies..........
Finance companies..........
Unit trust (UK)/ Mutual funds (US)11 57812 07912 74616 56115 554
Other financial enterprises323330419590687
Life insurance companies etc.......682682
Non-life insurance companies108895941076
Financial auxiliaries550406377385418
 
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 world26 32727 68225 88824 58321 695

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
20142015201620172018
Total89 06497 46896 990100 47094 976
 
Non-financial enterprises11 39812 33012 73613 82813 833
Central government enterprises..........
Other state enterprises1 4181 4181 4791 4231 461
Municipal enterprises..........
Private incorporated companies4 9345 1905 4097 2607 089
Private non-profit institutions..........
 
Financial enterprises37 81339 33838 55040 27636 316
State lending institutions..........
Banks18 23819 10416 80915 18013 316
Mortgage companies19 32520 00021 42824 74422 814
Finance companies3347......
Unit trusts(UK)/ Mutual funds (US)..........
Other financial enterprises841....
Life insurance companies etc.252481436
Non-life insurance companies4554110154128
Financial auxiliaries1231595
 
General government14 41013 99515 39714 31214 115
Central government7 2697 1366 8866 0864 809
County municipalities7 1416 8598 5118 2269 306
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 world25 44231 80530 30732 05430 712

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
20142015201620172018
Total4 3782 4512 3282 6933 879
 
Non-financial enterprises3 4971 5861 4591 6922 786
Central government enterprises..........
Other state enterprises..........
Municipal enterprises..........
Private incorporated companies3 4971 5861 4591 6922 786
Private non-profit institutions..........
 
Financial enterprises443485524707790
State lending institutions..........
Banks....000
Mortgage companies..........
Finance companies..........
Unit trust(UK)/ Mutual funds(US)..........
Other financial enterprises377412472587631
Life insurance companies etc...........
Non-life insurance companies121312127
Financial auxilliaries546140108151
 
General government..........
Central government..........
County municipalities..........
Municipalities00000
 
Household etc.437380345294303
Quasi-corporated private enterprises (i.e. partnership companies, joint ownership etc.)00000
Private non-profit institutions serving households00000
Unincorporated private enterprises126101796248
Households of employees311279266233256
Unspecified sector..........
 
Rest of the world20..00

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