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4707
Weak results for non-life insurance companies
statistikk
2010-12-13T10:00:00.000Z
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 2010

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Weak results for non-life insurance companies

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

During the third quarter of 2010, life insurance companies achieved a value-adjusted profit of NOK 15.3 billion. Profit before tax and allocation to customers was NOK 10.2 billion; a deterioration of NOK 2.4 billion from last year. The weak result was mainly due to the reduction of NOK 2.2 billion from net income from financial assets. The earned premium and claims incurred increased by 6 and 8 per cent respectively in one year.

Life insurance. Profit and loss account. NOK million
 
  1st-3rd quarter 2010 1st-3rd quarter 2009
 
Earned premiums, exclusive of transfers to other companies 65 307 61 343
Claims incurred 37 733 35 008
Profit/loss before tax and allocation to customers 10 184 12 546
     
Net income from financial assets 32 922 35 109
Value-adjusted profit/loss 15 273 15 097
 

Increase in the holdings of shares and primary capital certificates

Life insurance companies’ total assets increased by 9 per cent compared to the third quarter of 2009. The holdings of shares, primary capital certificates as a percentage share of total assets, increased by 4 per cent compared to the third quarter of 2009. Bonds and certificates made up 48 per cent of total assets; a decrease of 4 per cent from the previous year.

Life insurance. Balance sheet. NOK million
 
  3rd quarter 2010 3rd quarter 2009
 
Total assets  845 755  776 418
Investments in subsidiaries and other shares, participation and primary capital certificates  313 535  253 234
Holdings of bonds and certificates  406 253  404 594
 

Decline in net income from financial assets

Non-life insurance companies’ net income from financial assets decreased by 25 per cent compared with the corresponding quarter last year. This was one of the reasons why the non-life insurance industry achieved an 8 per cent weaker result than last year, which added up to NOK 5.8 billion in 2010. The technical result for non-life insurance companies was 7 per cent weaker than the third quarter of 2009. The profit on ordinary activities amounted to NOK 6.6 billion; a worsening of NOK 1.7 billion. Both the earned premiums and claims incurred increased by 5 per cent respectively in one year.

Non-life insurance. Profit and loss account.NOK million
 
  1st-3rd quarter 2010 1st-3rd quarter 2009
 
Earned premiums 37 559 35 652
Claims incurred 27 838 26 425
Profit/loss of ordinary activities 6 561 8 221
     
Net income from financial assets 5 137 6 806
Profit/loss of the technical account 3 115 3 348
 

Total assets in non-life insurance companies increased by 5 per cent from the third quarter of 2009 to the corresponding quarter in 2010. Investments in subsidiaries and other shares, participation and primary capital certificates made up 23 per cent of the total assets. This is a decrease of 3 per cent from the third quarter of 2009. Bonds and certificates as a share of total assets made up 40 per cent.

Non-insurance. Balance sheet. NOK million
 
  3rd quarter 2010 3rd quarter 2009
 
Total assets  188 366  179 152
Investments in subsidiaries and other shares, participation and primary capital certificates 42 625 35 405
Holdings of bonds and certificates 74 857 71 691
 

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