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/en/bank-og-finansmarked/statistikker/forsikring/kvartal
437852
statistikk
2021-05-11T08:00:00.000Z
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
true

Life and non-life insurance companies, accounts

Updated

Next update

Key figures

1 871 989

NOK million assets for life-insurance companies

Key Figures. NOK Million
Total
1st quarter 20201st quarter 2021
Life insurance companies
Assets1 672 0101 871 989
Earned premiums, net of reinsurance39 46149 437
Gross claims payment18 40416 456
Profitt/loss before tax and allocation to customers1 50113 357
Net income from financial assets-83 12334 952
Value-adjusted profitt/loss-39 9841 794
Non-life insurance companies
Assets277 896292 027
Earned premiums18 99720 897
Gross claims payments16 83816 992
Profitt/loss on ordinary activities-3 3894 689
Balance on the technical account for non-life insurance6561 292
Net income from financial assets-3 9212 787

See selected tables from this statistics

Table 1 
Life insurance companies. Profitt and loss account. NOK Million

Life insurance companies. Profitt and loss account. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in complementary provisions is discontinued, the remaining items are continued
Earned premiums, net of reinsurance39 46166 20597 383132 32049 437
Gross premiums written27 64851 06879 263106 14531 208
Reinsurers share of gross premiums written-237-454-584-787-260
Transfers of premium reserve from other companies12 05115 59118 70426 96218 489
 
Claims incurred, net of reinsurance33 94053 52671 84395 61437 059
Gross claims payment18 40433 72348 83565 00416 456
Reinsurance share of gross claims payments-120-266-377-603-100
Other appropriations1..........
Transfers of premiumreserve etc. to other companies15 65620 06823 38431 21320 702
 
Net change in technical provisions-76 729-82844 191111 46642 621
Premium reserve-40 2339 02943 06990 76933 711
Other technical provisions2-872-1 590-1 96414 145162
To/from revaluation reserve-38 555-13 114-8 981422-1 407
Means allocated insurance contracts2 9304 84612 0676 12910 156
 
Other operating income/ costs-557-2 235-3 169-4 635-1 507
Commision received-25925589104
Operating income, real property102131869
Other operating income1 7112 1603 1814 226651
Personell costs7451 5942 4023 243759
Commision submitted2775417931 030287
Operating costs, real property00010
Depreciations of non-financial assets8716324936790
Other operating costs1 1662 1773 1924 3961 136
 
Investment income /costs11 74218 44829 04442 32911 518
Interest income bonds and certificates5 58410 07816 99422 4077 839
Interest income other assets2 6003 4094 3486 9091 158
Share dividend etc.4 0336 0909 06614 6093 071
Interest costs4751 1291 3641 595551
 
Gains/losses, value (re-)adjustments on financial assets-94 865-29 638-3 53745 68023 434
Realized gains/losses6 740-1 12017 29823 76316 783
Shares, participations and primary capital certificates13 64721 44129 39935 4146 259
Bonds and certificates7 2105 1084 9592 531-308
Financial derivatives-15 370-24 390-14 106-11 18310 163
Land and buildings0001..
Other realized gains/losses1 253-3 279-2 955-3 000669
Net change in value-101 605-28 519-20 83521 9186 651
Shares, participations and primary capital certificates-62 480-31 317-18 7484 83410 414
Bonds and certificates2 8963 0142 934719-2 229
Financial derivatives-28 8983 311-4 6048 488-5 756
Land and buildings-1-1-2-2..
Other net change in value-13 122-3 526-4157 8794 222
 
Profitt/loss on ordinary activities-1 429833 6878 6153 201
 
Other result components-335-314-253-95132
 
Tax-1 234-1 003-344603623
 
Total Profitt/loss-5307723 7787 9172 709
 
Specifications
Balance on the technical account for life insurance-1 649-1 9351 0434 6381 485
Value-adjusted profitt/loss-39 984-13 031-5 2949 0371 794

Table 2 
Life insurance companies. Balance sheet by financial instrument. NOK Million

Life insurance companies. Balance sheet by financial instrument. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets4 5534 6794 6994 6424 441
 
Tangible fixed assets1 3921 3082 2572 3302 269
Land and buildings9959979891 0401 014
Machinery, equipment and vehicles3973111 2681 2901 254
 
Capital investments1 444 8611 523 2441 558 1731 620 5861 670 622
Shares, participation and primary capital certificate241 432245 275250 319267 820279 240
Shares in securities' fund591 452639 529678 791723 305758 265
Bonds and certificates596 394609 463610 779606 174620 114
Financial derivatives4 81515 2729 22819 90411 228
Other capital investment10 76713 7069 0563 3821 776
 
Loans152 979156 994150 694153 883149 138
 
Remaining claims14 1607 13311 2268 5008 715
Insurance claims2 8912 7516 0123 0833 834
Reinsurance share of technical provisions1 5541 5641 5761 6381 680
Other claims9 7162 8183 6383 7793 201
 
Cash and bank deposits54 06635 33134 42441 17236 805
 
Total assets1 672 0101 728 6881 761 4741 831 1121 871 989
 
Liabilities and equity capital
Eqiuty capital110 987113 510117 869119 718121 309
Deposit capital46 37448 55749 95551 08450 014
Company capital7 3037 3037 3037 3037 275
Share premium account19 10520 35720 55720 59219 780
Other deposit capital19 96620 89722 09523 18922 960
Retained earnings64 61364 95367 91368 63471 296
Other equity65 46857 78257 96059 68961 375
Not allocated profit-8557 1709 9548 9469 920
 
Subordinated liabilities30 87926 69526 86926 65328 496
Bonds19 50915 32515 49915 03316 876
Other subordinated loans11 37011 37011 37011 62011 620
 
Technical provisions1 464 2441 540 5121 582 9651 649 9841 692 834
Premium reserve11 327 0781 376 2421 410 3241 435 8111 471 094
Additional provisions63 52163 12463 04973 12073 370
Revaluation reserve48 83274 27378 40587 80986 402
Net provision for outstanding claims2..........
Premium and pension provision20 07820 45517 56451 18451 103
Net other technical provisions1 7991 7591 7211 8892 322
Unallocated surplus funds to insurance contracts2 9354 66011 9031728 544
 
Provisions for other charges4 5703 3404 6034 5644 580
Provisions for pension1 1191 1911 151954821
Deffered tax1 7701 7682 1072 2852 464
Other provisions for charges1 6813811 3461 3261 294
 
Remaining liabilites61 33144 63129 16830 19324 770
Expences accrued841700628803877
Deffered income127151020
Payable tax2 8182 2982 4793 1642 799
Dividend......152399
Insurance liabilities3 1702 9092 0482 6602 207
Other liabilities22 63137 12916 28222 53916 910
Financial derivatives31 8591 5897 7168661 558
 
Total libilities1 672 0101 728 6881 761 4741 831 1121 871 989
 
Specifications
Number of companies1818181818
Loan with morgage on dwelling37 73036 86935 10435 95334 737
Net tehcnical provisions where the risk is borne by the policyholder355 356400 730427 148471 391500 718

Table 3 
Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million

Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
 
Sum all sectors832 884884 804929 111991 1251 037 505
 
Non-financial corporations147 233145 214151 658160 731163 920
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government245285395456549
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government286237235218235
Private non-financial incorporated enterprises146 703144 693151 029160 057163 136
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations454 784487 113482 278501 279516 607
Norges Bank..........
Banks106140145148149
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 4112 4782 5832 6992 819
Mutual funds420 474450 242470 019488 882503 484
Investment trusts and private equity funds26 59628 3813 6823 8693 983
Other financial enterprises, except insurance companies and pension funds2 4793 1833 4573 1273 492
Life insurance companies and pension funds573401222
Non-life insurance companies2 1452 2882 3902 5522 679
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world230 866252 477295 174329 115356 978

Table 4 
Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million

Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Sum all sectors596 394609 463610 779606 174620 114
 
Non-financial corporations89 37494 24794 59197 538103 583
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government23 74124 40723 89924 27623 878
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government20 21420 51720 92919 61918 560
Private non-financial incorporated enterprises45 41949 32349 76453 64361 145
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations120 729118 060120 000121 155121 314
Norges Bank..........
Banks47 18543 88245 33144 43345 346
Mortgage companies71 61072 25972 69574 49773 437
Finance companies..........
State lending institutions etc...........
Financial holding companies501070341569
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds1 6191 6291 6171 6191 606
Life insurance companies and pension funds178182188184179
Non-life insurance companies87979882178
 
General government43 35944 93944 91444 62446 187
Central government23 21324 98825 55525 52926 423
Local government20 14619 95019 35819 09519 764
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world342 932352 218351 275342 857349 030

Table 5 
Life insurance companies. Total utilized loans by borrower sector. NOK Million

Life insurance companies. Total utilized loans by borrower sector. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Sum all sectors152 979156 994150 694153 883149 138
 
Non-financial corporations44 30346 67546 27446 06943 277
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government7317778059641 100
Public incorporated enterprises, owned by local government2 3782 6222 6892 7542 962
Private non-financial incorporated enterprises41 19343 27542 77942 35039 215
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises11111
 
Financial corporations2 7082 9992 9274 9603 562
Norges Bank..........
Banks......1 759..
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies086......
Mutual funds..........
Investment trusts and private equity funds2 0482 2532 2672 4912 768
Other financial enterprises, except insurance companies and pension funds660660660711794
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government52 18256 06156 60457 51458 349
Central government7 1317 1136 8676 7066 606
Local government45 05148 94849 73750 80851 743
 
Non-profit institutions serving households494545591640671
 
Households37 83136 96935 20236 05034 832
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.10099989695
Employees, recipients of property income, pensions and social contributions, students etc.37 73136 87035 10535 95434 737
Unspecified sector..........
 
Rest of the world15 46113 7479 0968 6508 447

Table 6 
Non-life insurance company. Profitt and loss account. NOK Million

Non-life insurance company. Profitt and loss account. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in the equalization provision are discontinued. Changes in the provisions for unexpired risk is continued.
Earned premiums, net of reinsurance18 99739 05959 27679 60220 897
Gross premiums written36 59957 90775 63596 05139 069
Reinsurers share of gross premiums writtens-5 353-8 232-10 973-13 998-5 655
Gross change in the provision for unearned premiums-14 538-12 596-6 454-2 739-14 324
Reinsurance share2 2891 9801 0692891 806
 
Claims incurred and net change in technical provisions14 78127 53640 79157 67415 069
Gross claims payment16 83833 12348 44064 95716 992
Reinsurers share of gross claims payments-2 024-4 212-7 393-10 195-2 342
Gross change in the provision for outstanding claims1 028-6583474 262-378
Reinsurers share, gross change in the provision for outstanding claims-1 066-727-594-1 363801
Bonus and rebates1..........
Net change in technical provision2610-1013-4
 
Other operating income/ costs-3 685-7 420-11 121-14 973-3 926
Commision received6211116221145
Operating income, real property4713185
Other operating income131229303546154
Personell costs1 9823 8966 0678 3992 437
Commision submitted9161 9442 6233 467964
Operating costs, real property248122
Depreciations of non-financial assets174368570813181
Other operating costs8091 5532 3303 057546
 
Investment income /costs4101 5392 4863 7001 002
Interest income9311 6772 3902 872612
Share dividend etc.-456-172681 053440
Interest costs6412217222549
 
Gains/losses, value (re-)adjustments on financial assets-4 3312252 1414 9321 785
Net realized gains/losses3192071 6592 2061 888
Net change in value-4 650184822 726-103
 
Profitt/loss on ordinary activities-3 3895 86611 99315 5874 689
 
Other result components-314-195-175-17153
 
Tax-3031 3652 8353 485694
 
Total Profitt/loss-3 4004 3068 98311 9314 048
 
Specifications
Balance on the technical account for non-life insurance6564 3967 9877 7781 292

Table 7 
Non-life insurance companies. Balance sheet by financial instrument. NOK Million

Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
11st quarter of 2016: The Equalization provision discontinued. The provision for unexpired risk is continued.
21st quarter of 2016: Closed series
Assets
Intangible assets8 4688 3087 9657 7717 233
 
Tangible fixed assets2 0822 3482 2812 1792 178
Land and buildings380378359334327
Machinery, equipment and vehicles1 7021 9701 9221 8451 851
 
Capital investments150 240159 002157 433160 204161 414
Shares, participation and primary capital certificates18 71121 02821 98323 52624 189
Shares in securities' fund29 94133 73835 21835 61339 380
Bonds and certificates97 680102 53698 58998 75796 375
Financial derivatives1 7351 1557201 421696
Other capital investments2 173544922887775
 
Loans4 0884 3294 4064 6524 248
 
Reinsurance share of technical provisions26 38924 33024 37322 92726 202
 
Remaining claims67 07564 24461 06859 80874 148
Insurance claims34 64832 79628 88628 33935 711
Other claims32 42731 44832 18231 47038 438
 
Cash and bank deposits19 55415 56513 84212 97716 603
 
Total assets277 896278 126271 367270 518292 027
 
Liabilities and equity capital
Eqiuty capital85 40492 25691 15287 25889 862
Deposit capital18 34218 28818 34218 67921 091
Company capital4 7584 6434 6594 6694 669
Share premium account8 0828 1508 1708 3318 481
Other deposit capital5 5025 4955 5125 6797 941
Retained earnings67 06173 96772 81068 57968 771
Other equity67 05267 56262 18958 53162 560
Not allocated profit106 40510 62210 0486 211
 
Subordinated liabilities3 2373 2373 2363 3914 588
Bonds2 9232 9232 9223 0774 274
Other subordinated loans314314314314314
 
Technical provisions145 005141 048135 325132 552145 022
Gross provision for unearned premium46 47244 63438 93235 30648 769
Gross Provision for outstanding claims94 11791 92092 08792 98392 147
Gross provision for bonuses and rebates2..........
Equalization provision14 4164 4954 3064 2644 106
Other technical provision2..........
 
Provisions for other charges10 84911 59411 24210 86710 431
Provisions for pension1 4421 4661 4331 4941 463
Deffered tax6 7047 1966 7936 3996 105
Other provisions for charges2 7032 9323 0152 9732 863
 
Remaning liabilites33 40229 99230 41236 45042 125
Expences accrued1 6301 5371 7581 8371 894
Deffered income15113597258115
Payable tax3 3433 7135 0345 4733 999
Dividend65410106 3547 606
Insurance liabilities8 4707 9116 3666 02710 158
Other liabilities15 61316 15716 30316 14818 011
Financial derivatives3 542530843353341
 
Total libilities277 896278 126271 367270 518292 027
 
Specifications
Number of companies8281817979
Loan with morgage on dwelling279493517273236

Table 8 
Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million

Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Sum all sectors48 65154 76657 20259 13963 568
 
Non-financial corporations10 26710 78511 30112 12112 162
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government165143216181165
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government33333
Private non-financial incorporated enterprises9 4239 98810 43011 25111 301
Private non-financial unincorporated enterprises677651653687693
Private non-profit institutions serving enterprises..........
 
Financial corporations19 45921 92722 62723 15526 099
Norges Bank..........
Banks279304302311321
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies113136124298650
Mutual funds16 12017 31117 83018 11320 661
Investment trusts and private equity funds730708713746762
Other financial enterprises, except insurance companies and pension funds459466450482497
Life insurance companies and pension funds1 6822 9343 1343 1343 134
Non-life insurance companies7769747274
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world18 92522 05423 27423 86225 308

Table 9 
Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million

Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Sum all sectors97 680102 53698 58998 75796 375
 
Non-financial corporations14 18915 94415 59916 71316 038
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 3951 9911 5981 8321 720
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government4 2604 6484 7414 8714 630
Private non-financial incorporated enterprises8 5349 3059 26010 0099 688
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations34 93337 03535 87434 76434 414
Norges Bank..........
Banks12 95214 39113 43014 25914 008
Mortgage companies21 61422 53622 32520 03316 064
Finance companies........5
State lending institutions etc...........
Financial holding companies11292928
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds0003544 219
Life insurance companies and pension funds27910101010
Non-life insurance companies8897797979
 
General government12 64913 6679 92810 45610 539
Central government4 4014 2952 7642 6252 271
Local government8 2499 3727 1647 8308 269
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world35 90935 89037 18836 82535 383

Table 10 
Non-life insurance companies. Total utilized loans by borrower sector. NOK Million

Non-life insurance companies. Total utilized loans by borrower sector. NOK Million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Sum all sectors4 0884 3294 4064 6524 248
 
Non-financial corporations2 7032 7292 7692 9022 388
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government..........
Private non-financial incorporated enterprises2 7032 7292 7692 9022 388
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations1 0971 0991 1111 4711 619
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds708715726830951
Other financial enterprises, except insurance companies and pension funds8277798282
Life insurance companies and pension funds300300300552579
Non-life insurance companies77777
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households288501525279242
Unincorporated enterprises within households88765
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.279493518274237
Unspecified sector..........
 
Rest of the world000..0

About the statistics

The statistics cover all life and non-life insurance companies and branches of foreign companies in Norway. It shows overall performance, balance and some specifications for the sector and industry.

Definitions

Definitions of the main concepts and variables

Balance sheet: The balance sheet shows assets, liabilities and equity at the end of accounting period.

Profitt and loss account: The profit and loss account shows income, costs and expenses over the course of the accounting period.

Standard classifications

We have four types of classification: instrument, sector, industry and type.

Financial instruments and physical capital
Liabilities, claims and other assets in the balance sheet of the financial institutions are divides into two main groups with a view to providing major uniform groups such as bank lending, funding and deposits.
Debtor and creditor industry
Borrowers and lenders are classified according to institutional sector classification, based on national accounts rules.
Debtor and creditor industry
Based on the rules in the industry standard, the individual financial instruments are grouped according to the debtor's or creditor's industry affiliation.
Types of income and expenses
Including interest income and expenses, are based on national accounts rules.

Administrative information

Name and topic

Name: Life and non-life insurance companies, accounts
Topic: Banking and financial markets

Next release

Responsible division

Division for Financial Markets Statistics

Regional level

Only at the national level.

Frequency and timeliness

Annual and quarterly.

International reporting

Eurostat

Microdata

Publication-ready data are stored in a FAME-database

Background

Background and purpose

The purpose is to provide statistics for the national accounts, financial sector balances and census of foreign assets and liabilities, and publish current credit market statistics. Accounting statistics for life and non-life insurance companies was first published in NOS Credit Market Statistics 1912. From 1998 the accounts statistics was based up on new electronic reports, which have more details than the former manual reports. Among others it gives the possibility to divide between capital assets and short-term assets, and it also contains quarterly profit and loss accounts.

.

Users and applications

The statistics are included in national accounts, financial sector balances, balance of payments and statistics on Norway's foreign assets and liabilities. Other major users are the Central Bank of Norway, the Financial Supervisory authority, Ministry of Finance and the media.

Equal treatment of users

Not relevant

Coherence with other statistics

The statistics are based on the guidelines in the national accounts standards System of National Accounts from (SNA) and the IMF Manual on Monetary and Financial Statistics.

Statistics from the financial institutions are used in the national accounts, financial sector accounts, the balance of payments and in the Norwegian statistics of foreign debt and receivables.

Legal authority

Statistics Act Section 3-2 (state lending institutions), Act on the Supervision on Credit Institutions, Insurance Companies and Securities Trading, etc., Sections 1 and 4 (insurance companies).

EEA reference

Council Directive 674/91

Council Regulation (EC) no. 2223/96

Council Regulation (EC) 410/98

Council Regulation (EC) no. 1392/2007

Council Regulation (EC) no. 2056/2002

Council Regulation (EC) no. 1606/2002

Council Regulation (EC) no. 297/2008

Commission Regulation 1225/1999

Commission Regulation 1227/1999

Commission Regulation 1228/1999

Production

Population

The population is all life and non-life insurance companies in Norway, including foreign branches in Norway. According to the Standard Industrial Classification this covers industries 65.110, 65.120 and 65.200.

The statistical unit forming the basis for the accounting reports is the enterprise.

Data sources and sampling

The statistics are based on accounting data from the enterprises.

The sample is defined on the basis of a number of financial corporations licensed by the Financial Supervisory authority (the statistics are in principle based on total censuses).

Collection of data, editing and estimations

The Financial Supervisory authority and Statistics Norway cooperate in the collection of accounting information.

The data is controlled by the Banking, Insurance and Securities Commission and Statistics Norway.

Seasonal adjustment

Not relevant

Confidentiality

Not relevant

Comparability over time and space

The accounting statistics for the life and non-life insurance companies is based on current accounting regulations for life and non-life insurance companies. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the life and non-life insurance companies. Structural changes like new companies, mergers and spin-offs, with portfolio movements as one consequence, may also lead to breaches in the time series.

International Financial Reporting Standard (IFRS) The new accounting standard IFRS is an example of a change that will cause breaches in the time series in the periods to come. In 2008 all reporting companies must, in one way or another, report according to the IFRS standard, and data may then be fully comparable again. However, the IFRS standard will lead to larger fluctuations in the data because of the more extensive use of fair value in the accounting. The comparison of the reported data with the companies' official accounts is also challenging because the IFRS standard does not require a specific presentation of the accounts, as the traditional Norwegian accounting standard does.

Accuracy and reliability

Sources of error and uncertainty

Errors and discrepancies can occur in the accounting data. These discrepancies can have a number of sources:

  • Errors in the reporting institutions' accounts
  • Errors in the transfer of data from the institution's primary accounts to recipients
  • Different accounting and evaluation principles
  • Different accounting dates for transactions
  • Insufficient data from the reporting parties
  • Processing errors

Due to large amounts of data and a dynamic control and revision system, published data will be regarded as preliminary until next years data for the same period is published. This means that data for the current year may be revised without this being marked in the preceeding publishing. Large and important revision however, will be commented upon in the publishing of Today's Statistics.

Revision

Not relevant