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/en/bank-og-finansmarked/statistikker/forsikring/arkiv
4731
Weak result for insurance companies
statistikk
2008-06-11T10:00:00.000Z
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, Q1 2008

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Weak result for insurance companies

The insurance companies had a negative result for the first quarter of 2008. The main reason for this was the decline in the marked for securities.

From January 2008 new annual account regulation for insurance companies adapted to IFRS was introduced. New regulation for life insurance was introduced at the same time, and both changes have an impact on the content and presentation of the insurancestatistics. The statistics from the first quarter of 2008 can not be compared with those from previous quarters.

 

Total assets increased by NOK 48.6 billion from previous quarter last year. This corresponds to a growth of 7 per cent. Investments in subsidiaries and other shares, participation and primary capital certificates made up 32 per cent of total assets, while bonds made up 41 per cent.

Life insurance. Balance sheet. NOK million
 
       1st quarter 2008      1st quarter 2007
 
Total assets  740 393  691 777
Investments in subsidiaries and other shares,
participation and primary capital certificates     		  237 359  252 632
Holdings of bonds  301 612  299 204
Holdings of certificates 27 531 15 945
 

The non-life insurance industry achieved a preliminary negative profit of NOK 354 million in the first quarter of 2008. This is a decrease of 567 million compared to first quarter 2007. The technical account improved by NOK 811 million compared to the first quarter of 2007.

Non-life insurance. Profit and loss account. NOK million
 
       1st quarter 2008      1st quarter 2007
 
Earned premiums 12 039 11 140
Claims incurred 8 364 8 316
Profit/loss of ordinary activities -586 1 305
     
Net income from financial assets -1 082 1 693
Profit/loss of the technical account      1 536  725
 

Total assets in the non-life insurance industry increased by NOK 21.1 billion from the first quarter of 2007 to the same period in 2008, which gives a growth of 14 per cent. Bonds made up 25 per cent of total assets, while investments in subsidiaries and other shares, participation and primary capital certificates made up 21 per cent.

Non-insurance. Balance sheet. NOK million
 
       1st quarter 2008      1st quarter 2007
 
Total assets  171 822  150 715
Investments in subsidiaries and other shares,
participation and primary capital certificates     		 36 589 38 305
Holdings of bonds 43 003 44 470
Holdings of certificates 16 498 9 420
 

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