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4723
Financial crisis affects insurance companies
statistikk
2009-03-12T10:00:00.000Z
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, Q4 2008

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Financial crisis affects insurance companies

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

The value-adjusted profit for life insurance companies achieved a preliminary deficit of NOK 19.3 billion; a decrease of NOK 34.2 billion compared with the fourth quarter of 2007. This was mainly due to a decrease in the market for securities.

Life insurance. Profit and loss account. NOK million
 
  4th quarter 2008 4th quarter 2007
 
Earned premiums, exclusive of transfers to other companies 79 782 79 105
Claims incurred 65 640 70 193
Profit/loss before tax and allocation to customers -548 18 763
     
Net income from financial assets -23 122 48 053
Value-adjusted profit/loss -19 291 14 934
 

Total assets decreased by NOK 2.4 billion from the previous quarter last year. This corresponds to a decline of 0.3 per cent. Investments in subsidiaries and other shares, participation and primary capital certificates made up 31.4 per cent of total assets; a decrease of 12 per cent compared to the corresponding quarter last year. Bonds made up 47 per cent; an increase of 8 per cent.

Life insurance. Balance sheet. NOK million
 
  4th quarter 2008 4th 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 905 million in the fourth quarter of 2008. This is a decrease of NOK 2.7 billion compared with the fourth quarter of 2007. The technical account improved by NOK 4.1 billion compared with the fourth quarter of 2007.

Non-life insurance. Profit and loss account.NOK million
 
  4th quarter 2008 4th quarter 2007
 
Earned premiums 47 860 41 882
Claims incurred 34 077 30 014
Profit/loss of ordinary activities  905 3 606
     
Net income from financial assets -1 555 5 057
Profit/loss of the technical account 7 151 3 097
 

Total assets in the non-life insurance industry increased by NOK 5.7 billion from the fourth quarter of 2007 to the same period in 2008, which gives a growth of 3.4 per cent. Bonds made up 29 per cent of total assets, while investments in subsidiaries and other shares, participation and primary capital certificates made up 20 per cent.

Non-insurance. Balance sheet. NOK million
 
  4th quarter 2008 4th quarter 2007
 
Total assets  171 858  166 156
Investments in subsidiaries and other shares,
participation and primary capital certificates		 33 760 42 995
Holdings of bonds 49 645 43 317
Holdings of certificates 15 681 8 710
 

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

 

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