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149648
Decrease in technical account for non-life insurance
statistikk
2014-02-28T10:00:00.000Z
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, Q4 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 18.9 per cent compared to the fourth quarter last year. This is mainly due to an increase in the claims incurred and a net change in technical provisions of 6.6 per cent, compared to the same quarter in 2012.

Key Figures. NOK MillionPublished 28 February 2014
Total
4th quarter 20124th quarter 2013
Life insurance companies
Assets994 0341 090 007
Earned premiums, net of reinsurance92 00895 109
Gross claims payment44 94445 835
Profitt/loss before tax and allocation to customers8 92513 748
Value-adjusted profitt/loss17 31222 663
Net income from financial assets56 74665 822
Non-life insurance companies
Assets202 988213 736
Earned premiums57 51459 594
Gross claims payments46 31844 285
Profitt/loss on ordinary activities15 02113 902
Balance on the technical account for non-life insurance9 4487 659
Net income from financial assets8 4378 584

Source: Statistics Norway

Life insurers had a value-adjusted profit of NOK 22.7 billion after the fourth quarter of 2013. This is an increase of NOK 5.4 billion compared with the previous year. The main reason for the increase is an increase in net value adjustments on financial assets. The profit amounted to NOK 6.3 billion; an increase of NOK 1.5 billion.

Share in securities funds increases for life insurance

Life insurance companies’ total assets increased by 9.7 per cent compared to the corresponding quarter last year. Bonds and certificates made up 47.7 per cent of total assets; an increase of 0.4 percentage points from last year. Shares in securities funds increased by 13.1 per cent. As a share of total assets, this amounts to 26.2 per cent.

Decline in profits for non-life insurance

The balance of the technical account declined by 18.9 per cent, and at the end of the fourth quarter of 2013 amounted to NOK 7.7 billion. The profit of ordinary activities amounted to NOK 13.9 billion; a decrease of NOK 1.1 billion. Non-life insurance companies’ earned premiums increased by 5.1 per cent, while the gross claims payment increased by 6.6 per cent compared with the corresponding quarter last year.

Increase in shares and equity certificates for non-life insurance

The non-life insurance companies’ holdings of shares and equity certificates, including shares of security funds increased by 10.8 per cent compared to the fourth quarter last year. As a share of total assets, this amounts to 21.4 per cent. This is an increase of 1.1 percentage points compared to the fourth quarter of 2012. Bonds and certificates as a share of total assets amounted to 41 per cent; a decrease of 0.9 percentage points from the previous year.