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53434
Strong results for insurance
statistikk
2011-03-03T10:00:00.000Z
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 2010

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Strong results for insurance

Non-life and life insurance companies’ preliminary profits for 2010 show an additional improvement compared to 2009. For life insurance this is mainly due to the increase in the net income from financial assets.

During 2010, life insurance companies achieved a value-adjusted profit of NOK 26.6 billion. This is an improvement of 25 per cent compared to 2009. During 2010 the net income from financial assets increased by 8 per cent, amounting to NOK 8 billion. Profit before tax and allocation to customers was NOK 12.6 billion; an increase of NOK 3 billion from last year. The earned premium and claims incurred increased by 7 and 12 per cent respectively in one year.

Life insurance. Profit and loss account. NOK million
 
  1st-4th quarter 2010 1st-4th quarter 2009
 
Earned premiums, exclusive of transfers to other companies 80 108 74 964
Claims incurred 50 937 45 635
Profit/loss before tax and allocation to customers 12 602 9 616
     
Net income from financial assets 54 160 50 072
Value-adjusted profit/loss 26 608 21 227
 

Increase in the holdings of shares and primary capital certificates

Life insurance companies’ total assets increased by 9 per cent compared to the fourth quarter of 2009. The holdings of shares, primary capital certificates as a percentage share of total assets, increased by 8 per cent in the same period. Bonds and certificates made up 46 per cent of total assets; a decrease of 5 per cent from the previous year.

Life insurance. Balance sheet. NOK million
 
  4th quarter 2010 4th quarter 2009
 
Total assets  862 708  793 582
Investments in subsidiaries and other shares,
participation and primary capital certificates		  372 690  279 375
Holdings of bonds and certificates  393 607  401 047
 

Lower tax expenses for non-life insurance

Non-life insurance companies’ tax expenses decreased by 23 per cent compared with the fourth quarter last year. This was one of the reasons why the non-life insurance industry achieved a 9 per cent stronger result than last year, which added up to NOK 8.7 billion in 2010. The technical result for the non-life insurance companies improved by 4 per cent in one year. The profit on ordinary activities amounted to NOK 10.6 billion at the end of 2010.

Non-life insurance. Profit and loss account. NOK million
 
  1st-4th quarter 2010 1st-4th quarter 2009
 
Earned premiums 51 222 50 500
Claims incurred 37 273 38 250
Profit/loss of ordinary activities 10 598 9 671
     
Net income from financial assets 7 750 8 950
Profit/loss of the technical account 5 082 4 888
 

Total assets in non-life insurance companies increased by 4 per cent compared to the fourth quarter of 2009. 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 2 per cent from the fourth quarter of 2009. Bonds and certificates as a share of total assets have been stable in the last year and made up 39 per cent.

Non-insurance. Balance sheet. NOK million
 
  4th quarter 2010 4th quarter 2009
 
Total assets  188 162  180 518
Investments in subsidiaries and other shares,
participation and primary capital certificates		 42 901 38 784
Holdings of bonds and certificates 74 030 71 476
 
 

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