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/en/bank-og-finansmarked/statistikker/forsikring/arkiv
4729
Weak results for insurance companies
statistikk
2008-09-11T10:00:00.000Z
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, Q2 2008

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Weak results for insurance companies

Both non-life and life insurance companies had a weaker result in the second quarter of 2008, compared with the corresponding quarter of 2007. The main reason for this was the poor performance in the marked for securities.

From January 2008, new annual account regulation for insurance companies adapted to the new International Financial Reporting Standards (IFRS) was introduced. New regulation for life insurance was introduced at the same time. Both changes have had an impact on the content and presentation of the insurance statistics. The statistics from the second quarter of 2008 can not be compared with those from previous quarters.

 

The life insurance industry achieved a preliminary deficit of 2 billion, a decrease of NOK 8.8 billion compared with the second quarter of 2007. This was mainly due to a decrease in the marked for securities. Total assets increased by NOK 40.7 billion from previous quarter last year. This corresponds to a growth of 6 per cent. Investments in subsidiaries and other shares, participation and primary capital certificates made up 40 per cent of total assets, while bonds made up 41 per cent.

Life insurance. Balance sheet. NOK million
 
  2nd quarter 2008 2nd quarter 2007
 
Total assets  746 119  705 417
Investments in subsidiaries and other shares,
participation and primary capital certificates		  301 216  306 955
Holdings of bonds  306 350  300 188
Holdings of certificates 23 249 16 065
 

The non-life insurance industry achieved a preliminary profit of NOK 1 032 million in the second quarter of 2008. This is a decrease of 1.5 billion compared with the first quarter of 2007. The technical account improved by NOK 2.2 billion compared with the second quarter of 2007.

Non-life insurance. Profit and loss account.NOK million
 
  2nd quarter 2008 2nd quarter 2007
 
Earned premiums 24 860 22 157
Claims incurred 16 669 16 076
Profit/loss of ordinary activities 1 032 2 551
     
Net income from financial assets -183 3 970
Profit/loss of the technical account 3 530 1 352
 

Total assets in the non-life insurance industry increased by NOK 3 billion from the second quarter of 2007 to the same period in 2008, which gives a growth of 2 per cent.. Bonds made up 26 per cent of total assets, while investments in subsidiaries and other shares, participation and primary capital certificates made up 22 per cent.

Non-insurance. Balance sheet. NOK million
 
  2nd quarter 2008 2nd quarter 2007
 
Total assets  171 954  168 991
Investments in subsidiaries and other shares,
participation and primary capital certificates		 38 313 41 033
Holdings of bonds 44 576 44 783
Holdings of certificates 12 688 9 352
 

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