4709_not-searchable
/en/bank-og-finansmarked/statistikker/forsikring/arkiv
4709
Weak results for insurance companies
statistikk
2010-09-08T10:00:00.000Z
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 2010

Variants of the statistics:

Content

Published:

This is an archived release.

Go to latest release

Weak results for insurance companies

The non-life and life insurance companies had a decrease in the net income from financial assets in the first half of 2010. This is one of the main reasons for the weak results in this period.

Life insurance companies achieved a value-adjusted profit of NOK 1.5 billion in the first half of 2010, a decrease of NOK 4.3 billion compared to the corresponding quarters of 2009. Profit before tax and allocation to customers was NOK 3.7 billion, a deterioration of NOK 2 billion from last year. The weak result was mainly due to the reduction of NOK 6.3 billion from net income from financial assets. The earned premium and claims incurred increased by 10 and 7 per cent respectively in one year.

Life insurance. Profit and loss account. NOK million
 
  1st-2nd quarter 2010 1st-2nd quarter 2009
 
Earned premiums, exclusive of transfers to other companies 41 288 37 555
Claims incurred 25 870 23 941
Profit/loss before tax and allocation to customers 3 694 5 667
     
Net income from financial assets 11 448 17 710
Value-adjusted profit/loss 1 456 5 797
 

Increase in the holdings of shares and primary capital certificates

Life insurance companies’ total assets increased by 11 per cent compared to the corresponding first half of 2009. The holdings of shares, primary capital certificates as a percentage share of total assets, increased by 3 per cent compared to the first half of 2009. Bonds and certificates made up 48 per cent of total assets, a decrease of 7 per cent from the previous year.

Life insurance. Balance sheet. NOK million
 
  2nd quarter 2010 2nd quarter 2009
 
Total assets  833 819  752 291
Investments in subsidiaries and other shares, participation and primary capital certificates  296 494  248 679
Holdings of bonds and certificates  403 655  412 010
 

Decline in net income from financial assets

Non-life insurance companies’ net income from financial assets decreased by 26 per cent compared with the corresponding quarter last year. This was one of the reasons why the non-life insurance industry achieved a 28 per cent weaker result than last year, which added up to NOK 2.6 billion in 2010. The technical result for non-life insurance companies was 42 per cent weaker than the first half of 2009. The profit on ordinary activities amounted to NOK 3 billion; a worsening of NOK 1.6 billion.

Non-life insurance. Profit and loss account.NOK million
 
  1st-2nd quarter 2010 1st-2nd quarter 2009
 
Earned premiums 24 519 24 515
Claims incurred 19 006 18 557
Profit/loss of ordinary activities 2 969 4 616
     
Net income from financial assets 2 871 3 873
Profit/loss of the technical account 1 403 2 399
 

Total assets in non-life insurance companies increased by 7 per cent from the second quarter of 2009 to the corresponding quarter in 2010. Investments in subsidiaries and other shares, participation and primary capital certificates made up 21 per cent of the total assets. This is an increase of 1 per cent from the first half of 2009. Bonds and certificates as a share of total assets made up 38 per cent.

Non-insurance. Balance sheet. NOK million
 
  2nd quarter 2010 2nd quarter 2009
 
Total assets  190 947  178 983
Investments in subsidiaries and other shares, participation and primary capital certificates 40 884 34 963
Holdings of bonds and certificates 73 041 69 646
 

Tables

Published tables