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53428
Lower income from financial assets
statistikk
2011-06-06T10:00:00.000Z
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, Q1 2011

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Lower income from financial assets

During the first quarter of 2011 both non-life and life insurance companies had a significantly lower income from financial assets compared to last year. This is manly due to a negative value adjustment on financial assets.

Life insurance companies achieved a value-adjusted profit of NOK 5 billion in the first quarter of 2011; a decrease of 37 per cent compared to the corresponding quarter of 2010. During the same period the net income from financial assets decreased by 32 per cent, equivalent to a reduction of NOK 4.8 billion. This was mainly due to the negative value adjustment on financial assets. Profit before tax and allocation to customers resulted in NOK 6.2 billion; an improvement of NOK 2.6 billion from last year. The claims incurred increased by 16 per cent respectively in one year.

Life insurance. Profit and loss account. NOK million
 
  1st quarter 2011 1st quarter 2010
 
Earned premiums, exclusive of transfers to other companies 27 117 26 551
Claims incurred 16 542 14 293
Profit/loss before tax and allocation to customers 6 218 3 648
     
Net income from financial assets 10 326 15 125
Value-adjusted profit/loss 5 037 7 956
 

Increase in securities' fund

Life insurance companies’ total assets increased by 9 per cent in the first quarter of 2011 compared to the first quarter of 2010. The holdings of shares, primary capital certificates as a percentage share of total assets, increased by 36 per cent in the same period, mainly due to the increase in securities' fund. Bonds and certificates made up 43 per cent of total assets; a decrease of 6 per cent from the previous year.

Life insurance. Balance sheet. NOK million
 
  1st quarter 2011 1st quarter 2010
 
Total assets  894 686  819 043
Investments in subsidiaries and other shares, participation and primary capital certificates  404 791  296 471
Holdings of bonds and certificates  382 738  404 653
 

Decrease in unrealised change in value from financial assets

For non-life insurance companies the net income from financial assets decreased by NOK 934 million compared with the corresponding quarter last year, mainly due to a negative value adjustment on financial assets. The non-life insurance industry achieved a profit of NOK 614 million; a decrease of 42 per cent compared to the beginning of last year. For non-life insurance, earned premiums increased by 7 per cent in one year.

Non-life insurance. Profit and loss account. NOK million
 
  1st quarter 2011 1st quarter 2010
 
Earned premiums 12 955 12 089
Claims incurred 10 375 10 494
Profit/loss of ordinary activities 1 054  984
     
Net income from financial assets 1 225 2 159
Profit/loss of the technical account  559 -509
 

Total assets in non-life insurance companies increased by 9 per cent compared to the first quarter of 2010. Investments in subsidiaries and other shares, participation and primary capital certificates made up 24 per cent of the total assets. This is a decrease of 2 per cent from the first quarter of 2010. Bonds and certificates as a share of the total increased by 2 per cent and made up 39 per cent.

Non-insurance. Balance sheet. NOK million
 
  1st quarter 2011 1st quarter 2010
 
Total assets  192 546  189 795
Investments in subsidiaries and other shares, participation and primary capital certificates 45 996 42 133
Holdings of bonds and certificates 75 082 70 942
 

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