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96092
Slight fall in profit for life insurance
statistikk
2013-05-30T10:00:00.000Z
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
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Life and non-life insurance companies, accounts, Q1 2013

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Slight fall in profit for life insurance

Life insurance companies had a decrease in profit of 6.5 per cent compared to the corresponding quarter last year. This is mainly due to a decrease in the net change in value for shares, participations and primary capital certificates.

Key Figures. NOK MillionPublished 30 May 2013
Total
1st quarter 20121st quarter 2013
Life insurance companies
Assets952 9631 028 604
Earned premiums, net of reinsurance28 39834 697
Gross claims payment11 03211 474
Profitt/loss before tax and allocation to customers3 3073 098
Value-adjusted profitt/loss11 5398 285
Net income from financial assets22 46019 303
Non-life insurance companies
Assets200 035210 501
Earned premiums13 68613 904
Gross claims payments11 73310 563
Profitt/loss on ordinary activities3 4233 625
Balance on the technical account for non-life insurance1 0651 647
Net income from financial assets2 8522 607

Source: Statistics Norway

Life insurers had a value-adjusted profit of NOK 8.3 billion after the first quarter of 2013. This is a decrease of NOK 3.2 billion compared with the previous year. The main reason for the decline is reduced net value adjustments on financial assets. Investment income of life insurance totalled NOK 8.2 billion after the first quarter of 2013. This is an increase of 4.4 per cent compared to the same period in 2012. The result amounted to NOK 1.2 billion, a decline of NOK 85 million compared to last year.

Increase in bonds and certificates for life insurance

Life insurance companies’ total assets increased by 7.9 per cent compared to the corresponding quarter last year. The holding of shares and primary capital certificates as a percentage of total assets was 42.8 per cent, an increase of 0.9 percentage points from the previous year. Bonds and certificates made up 46.4 per cent of total assets; a decrease of 0.7 percentage points from last year.

Growth in earned premiums for non-life insurance

Non-life insurance companies’ earned premiums increased by 1.6 per cent, while the gross claims payment was reduced by 1 per cent compared with the corresponding quarter last year.

Non-life insurance companies’ financial income declined by 0.1 per cent compared with the corresponding quarter last year. The main reason was the decline in interest earnings. The profit on ordinary activities amounted to NOK 3.6 billion. The profit for the technical account increased by 54.6.per cent to NOK 1.6 billion.

Increase in shares and primary capital certificates for non-life insurance companies

Investments in shares, participation and primary capital certificates increased by 3.9 per cent compared to the corresponding quarter last year. As a percentage of total asset investments in shares, participations, primary capital certificates and shares in securities, funds amounted to 20.9 per cent. This is a decline of 0.6 percentage points compared to last year. Bonds and certificates amounted to 41.5 per cent of total assets, an increase of 0.4 percentage points compared to last year.