Life and non-life insurance companies, accounts, Q1 2010

Life insurance companies achieved a value-adjusted profit of NOK 8 billion in the first quarter of 2010; an increase of NOK 9.4 billion compared to the corresponding quarter of 2009. Profit before tax and allocation to customers resulted in NOK 3.6 billion; an improvement of NOK 5.1 billion from last year. The strong result was mainly due to the improvement of NOK 13.3 billion from net income from financial assets. The earned premium and claims incurred increased by 8 and 2 per cent respectively in one year.

Decline in the holdings of bonds and certificates

Life insurance companies’ share of total assets increased by 11 per cent compared to the corresponding quarter last year. The holdings of subsidiaries and other shares, participation and primary capital certificates as a percentage share of total assets, increased by 5 per cent compared to the first quarter of 2009. Bonds and certificates made up 49 per cent of total assets; a decrease of 6 per cent from the previous year.

Decline in earned premiums and rise in claims incurred

For non-life insurance, earned premiums decreased by 3 per cent. Together with a 5 per cent rise in claims incurred, this was one of the main reasons for the deficit in the technical account of NOK

496 million. This was a NOK 1.4 billion weaker result than the same period last year. The non-life insurance industry achieved a profit of NOK 1.1 billion; a significantly better result than last year. The profit on ordinary activities amounted to NOK 984 million; an improvement of NOK 588 million. The net income from financial assets increased by NOK 1.6 billion compared with the corresponding quarter last year.

Total assets in the non-life insurance industry increased by 7 per cent from the first quarter of 2009 to the corresponding quarter in 2010. Investments in subsidiaries and other shares, participation and primary capital certificates made up 22 per cent of the total assets. This is an increase of 3 per cent from the start of 2009. Bonds and certificates as a share of total assets decreased by 2 per cent.

Tables

Published tables