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116887
Decrease in value-adjusted profit for life insurance
statistikk
2013-08-22T10:00:00.000Z
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, Q2 2013

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Decrease in value-adjusted profit for life insurance

Life insurance companies had a decrease in value-adjusted profit of 10.1 per cent in the second quarter of 2013 compared to the same quarter last year. This is mainly due to an increase in claims, net of an outstanding claims provision of NOK 6.6 billion, compared to the same quarter in 2012.

Key Figures. NOK MillionPublished 22 August 2013
Total
2nd quarter 20122nd quarter 2013
Life insurance companies
Assets955 3681 064 527
Earned premiums, net of reinsurance48 90157 712
Gross claims payment21 47322 902
Profitt/loss before tax and allocation to customers5 2465 528
Value-adjusted profitt/loss10 0098 999
Net income from financial assets24 69326 696
Non-life insurance companies
Assets200 633210 699
Earned premiums27 90828 831
Gross claims payments22 51621 979
Profitt/loss on ordinary activities6 7765 187
Balance on the technical account for non-life insurance4 1552 476
Net income from financial assets3 7013 788

Source: Statistics Norway

Life insurers had a value-adjusted profit of NOK 9.0 billion after the second quarter of 2013. This is a decrease of NOK 1.0 billion compared with the previous year. The main reason for the decline is the rise in claims, net of the outstanding claims provision, of a total of 23.9 per cent. Investment income of life insurance totalled NOK 16.5 billion after the second quarter of 2013. This is an increase of 4.9 per cent compared to the same period in 2012. The result amounted to NOK 2.8 billion, an increase of NOK 360 million compared to last year.

Increase in total assets for life insurance

Life insurance companies’ total assets increased by 11.4 per cent compared to the corresponding quarter last year. Bonds and certificates made up 46.4 per cent of total assets; a decrease of 0.9 percentage points from last year. The holding of shares, participation and primary capital certificates, as a percentage of total assets was 41.6 per cent; a decrease of 0.3 percentage points from the previous year.

Decline in profits for non-life insurance

Non-life insurance companies’ earned premiums increased by 3.3 per cent, while the gross claims payment increased by 15.5 per cent compared with the corresponding quarter last year. Non-life insurance companies’ financial income rose by 2.3 per cent compared with the second quarter in 2012. The main reason was the increase in interest earnings and share dividends. The profit of ordinary activities amounted to NOK 5.2 billion. The profit of the technical account decreased by 40.4 per cent to NOK 2.5 billion.

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

Investments in shares, participation and primary capital certificates increased by 10.2 per cent compared to the same quarter last year. As a percentage of total asset investments in shares, participations, primary capital certificates amounted to 21.1 per cent. This is a decline of 1.0 percentage point compared to last year. Bonds and certificates as a share of total assets amounted to 40.6 per cent of total assets; an increase of 0.4 percentage points from the previous year.