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/en/bank-og-finansmarked/statistikker/forsikring/arkiv
4727
The financial crisis influence insurance companies
statistikk
2008-12-09T10:00:00.000Z
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, Q3 2008

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The financial crisis influence insurance companies

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

The value-adjusted profit for life insurance companies achieved a preliminary deficit of 32.1 billion, a decrease of NOK 53.8 billion compared with the third quarter of 2007. This was mainly due to a decrease in the market for securities.

Life insurance. Profit and loss account. NOK million
 
  3rd quarter 2008 3rd quarter 2007
 
Earned premiums, exclusive of transfers to other companies 63 799 61 907
Claims incurred 50 442 54 504
Profit/loss before tax and allocation to customers -14 892 4 962
     
Net income from financial assets -27 407 39 501
Value-adjusted profit/loss -32 096 21 696
 

Total assets increased by NOK 11.6 billion from previous quarter last year. This corresponds to a growth of 2 per cent. Investments in subsidiaries and other shares, participation and primary capital certificates made up 36 per cent of total assets, a decrease of 4 per cent compared to the corresponding quarter last year. Bonds made up 44 per cent, an increase by 3 per cent.

Life insurance. Balance sheet. NOK million
 
  3rd quarter 2008 3rd quarter 2007
 
Total assets  734 290  722 692
Investments in subsidiaries and other shares, participation and primary capital certificates  264 593  291 158
Holdings of bonds  322 374  298 787
Holdings of certificates 24 621 16 146
 

The non-life insurance industry achieved a preliminary profit of NOK 1.8 billion in the third quarter of 2008. This is a decrease of 3.5 billion compared with the third quarter of 2007. The technical account improved by NOK 1.6 billion compared with the third quarter of 2007.

Non-life insurance. Profit and loss account. NOK million
 
  3rd quarter 2008 3rd quarter 2007
 
Earned premiums 35 776 33 747
Claims incurred 24 712 23 929
Profit/loss of ordinary activities 1 754 5 299
     
Net income from financial assets -238 4 962
Profit/loss of the technical account 5 698 4 134
 

Total assets in the non-life insurance industry increased by NOK 4.7 billion from the third quarter of 2007 to the same period in 2008, which gives a growth of 3 per cent. Bonds made up 27 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
 
  3nd quarter 2008 3nd quarter 2007
 
Total assets  172 428  167 766
Investments in subsidiaries and other shares, participation and primary capital certificates 35 925 42 396
Holdings of bonds 46 293 44 854
Holdings of certificates 14 856 9 538
 

From January 2008 a 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 third quarter of 2008 can not be compared with those from previous quarters.

 

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