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4739
Large gains on equities for the life insurance industry
statistikk
2007-09-05T10:00:00.000Z
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
false

Life and non-life insurance companies, accounts, Q2 2007

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Large gains on equities for the life insurance industry

The life insurance industry has achieved gains of almost NOK 18.5 billion on their equities during the first half of 2007. This is a NOK 14.3 billion growth compared with the same period last year.

Life insurance. Profit and loss account. NOK million
 
 2th quarter 20072th quarter 2006
 
Earned premiums, exclusive of transfers to other companies37 44836 619
Claims incurred39 27224 434
Profit/loss before tax and allocation to customers16 2649 098
   
Net income from financial assets30 55612 428
Value-adjusted profit/loss18 9933 777
 

The increase in financial assets revenue contributed to a NOK 15 billon growth in value-adjusted profit compared to the first half of 2006. Life insurance and pension benefits paid increased from NOK 24.4 billion in the first half of 2006, to NOK 39.3 billions in the first half of 2007.

Life insurance. Balance sheet. NOK million
 
 2th quarter 20072th quarter 2006
 
Total assets 704 603 638 667
Investments in subsidiaries and other shares, participation and primary capital certificates 264 219 192 804
Holdings of bonds 300 256 311 207
Holdings of certificates16 06524 225
 

Total assets decreased by NOK 1.9 billion since the first quarter of 2007. Investments in subsidiaries and other shares, participation and primary capital certificates made up 37 per cent, while bonds made up 43 per cent of total assets. This is an increase of 1 percentage points for both, compared withthe first quarter of 2007.

Non-life insurance companies

Non-life insurance. Profit and loss account. NOK million
 
 2th quarter 20072th quarter 2006
 
Earned premiums22 15721 291
Claims incurred16 07614 203
Profit/loss of ordinary activities3 0523 032
   
Net income from financial assets3 9862 371
Profit/loss of the technical account1 3522 364
 

The non-life insurance industry achieved a preliminary profit of NOK 2.6 billion in the first quarter of 2007. This is 8 per cent lower than during the first half of 2006. But preliminary profit for second quarter 2007 isolated, has an increase of 545 millions compared to second quarter 2006.

Non-insurance. Balance sheet. NOK million
 
 2th quarter 20072th quarter 2006
 
Total assets 166 845 142 359
Investments in subsidiaries and other shares, participation and primary capital certificates41 01129 162
Holdings of bonds44 55844 739
Holdings of certificates9 35212 313
 

Total assets in the non-life insurance industry have increased by NOK 19 billion since the first quarter of 2007. This is mainly because of new accounting rules that consider the reinsurance share of technical provision to be part of assets. The new rule also has a negative effect on investment in securities part of assets. In the first quarter of 2007 investment in securities had a share of 62 percent, which is reduced to 57 percent in the second quarter of 2007.

 

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