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117329
Decrease in technical account for non-life insurance
statistikk
2013-11-25T10:00:00.000Z
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 2013

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Decrease in technical account for non-life insurance

The non-life insurance companies had a decrease in the technical account of 16.8 per cent compared to the third quarter last year. This is mainly due to an increase in the claims incurred and net change in technical provisions of 11.6 per cent, compared to the same quarter in 2012.

Key Figures. NOK MillionPublished 25 November 2013
Total
3rd quarter 20123rd quarter 2013
Life insurance companies
Assets978 8451 080 820
Earned premiums, net of reinsurance71 56177 115
Gross claims payment32 58434 269
Profitt/loss before tax and allocation to customers8 9058 042
Value-adjusted profitt/loss19 86816 266
Net income from financial assets44 45644 516
Non-life insurance companies
Assets202 722211 965
Earned premiums42 20944 542
Gross claims payments32 60432 412
Profitt/loss on ordinary activities11 4799 667
Balance on the technical account for non-life insurance6 6085 501
Net income from financial assets6 5105 919

Source: Statistics Norway

Life insurers had a value-adjusted profit of NOK 16.3 billion after the third quarter of 2013. This is a decrease of NOK 3.6 billion compared with the previous year. The main reason for the incline is the rise in claims incurred, net of reinsurance, of a total of 17.0 per cent. The interest income on bonds and certificates declined by 4.8 per cent. Life insurance had a realised gain on financial assets of NOK 3.0 billion; a decrease of 20.9 per cent compared to last year. The profit amounted to NOK 4.3 billion; an increase of NOK 420 million.

Share in securities funds increases for life insurance

Life insurance companies’ total assets increased by 10.4 per cent compared to the corresponding quarter last year. Bonds and certificates made up 47.0 per cent of total assets; an increase of 0.9 percentage points from last year. The holding of shares in securities funds increased by 16.1 per cent. As a share of total assets, this amounts to 26.3 per cent.

Decline in profits for non-life insurance

The balance of the technical account declined by 16.8 per cent, and at the end of the third quarter of 2013 it amounted to NOK 5.5 billion. The profit of ordinary activities amounted to NOK 9.7 billion; a decrease of NOK 1.8 billion. Non-life insurance companies’ earned premiums increased by 5.5 per cent, while the gross claims payment increased by 11.6 per cent compared with the corresponding quarter last year.

Increase in reinsurance for non-life insurance companies

The non-life insurance companies had an increase in the reinsurance share of technical provisions of 13.2 per cent. The holding of shares in securities funds increased by 15.9 per cent. As a share of total assets, this amounts to 11.6 per cent. Bonds and certificates as a share of total assets amounted to 41.1 per cent; a decrease of 0.8 percentage points from the previous year.