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53432
Decrease in results for insurance
statistikk
2011-12-01T10:00:00.000Z
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 2011

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Decrease in results for insurance

Both non-life and life insurance companies had lower profits in the 3rd quarter of 2011 compared to the same period last year. This is mainly due to a decrease in the net change in value for shares, participations and primary capital certificates.

Life insurance companies achieved a value-adjusted profit of minus NOK 7.6 billion in the 3rd quarter of 2011; a decrease of NOK 22.9 billion compared with the corresponding period in 2010. The main reason for the fall is the decline in the stock market in the last quarter. In the same period, the net change in value for financial assets was NOK 29 billion. Profit totalled NOK 786 million; a decrease of NOK 2.4 billion from last year.

Life insurance. Profit and loss account. NOK million
(Corrected 1 December 2011)
 
  1st-3rd quarter 2011     1st-3rd quarter 2010
 
Earned premiums, exclusive of transfers to other companies 69 541 65 307
Claims incurred 41 929 37 733
Profit/loss before tax and allocation to customers 6 763 10 184
     
Net income from financial assets 1 583 33 113
Value-adjusted profit/loss1 -7 592 15 273
 

Increase in securities' fund

Life insurance companies’ total assets increased by 6 per cent compared to the corresponding quarter last year. The holdings of shares and primary capital certificates as a percentage share of total assets increased by 7 per cent in the same period, mainly due to the increase in the securities' fund. Bonds and certificates made up 44 per cent of total assets; a decrease of 4 per cent from the previous year.

Life insurance. Balance sheet. NOK million
 
  3rd quarter 2011    3rd quarter 2010
 
Total assets  893 106  845 755
Investments in subsidiaries and other shares, participation and primary capital certificates  396 528  313 535
Holdings of bonds and certificates  396 019  406 431
 

Growth in financial income

Non-life insurance companies’ financial income increased by 28 per cent compared with the corresponding quarter last year. The main reason was that the shares dividend increased by 212 per cent. The profit of the technical account resulted in NOK 4.7 billion; an increase of NOK 1.5 billion in one year. The earned premiums and claims incurred increased by 5 and 3 per cent respectively in one year.

Non-life insurance. Profit and loss account.NOK million
 
  1st-3rd quarter 2011    1st-3rd quarter 2010
 
Earned premiums 39 406 37 559
Claims incurred 28 891 27 838
Profit/loss of ordinary activities 4 807 6 581
     
Net income from financial assets 2 149 5 137
Profit/loss of the technical account 4 661 3 115
 

Decrease in stocks of shares and primary capital certificates

Investments in subsidiaries and other shares, participation and primary capital certificates decreased by 4 per cent, mainly due to a decrease in stocks by 8 per cent. As a per cent of total assets, investments in subsidiaries and other shares, participation and primary capital certificates remained stable from the third quarter of 2010 to the same quarter in 2011.

Non-insurance. Balance sheet. NOK million
 
  3rd quarter 2011    3rd quarter 2010
 
Total assets  190 539  188 366
Investments in subsidiaries and other shares, participation and primary capital certificates 41 366 42 625
Holdings of bonds and certificates 77 078 74 857
 
1Figures were corrected 1 December 2011 at 11.35

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