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246126
Decrease in value-adjusted profit for life insurance
statistikk
2016-05-18T10:00:00.000Z
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 insurance companies had a decrease in value-adjusted profit of a total of 61.6 per cent compared to the first quarter last year.

Life and non-life insurance companies, accounts, Q1 2016

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Decrease in value-adjusted profit for life insurance

Life insurance companies had a decrease in value-adjusted profit of a total of 61.6 per cent compared to the first quarter last year. This is mainly due to a net negative change in value on shares, participations and primary capital certificates.

Key Figures. NOK MillionPublished 18 May 2016
Total
1st quarter 20151st quarter 2016
Life insurance companies
Assets1 230 4261 309 951
Earned premiums, net of reinsurance37 92229 294
Gross claims payment12 20012 783
Profitt/loss before tax and allocation to customers4 2403 737
Value-adjusted profitt/loss12 4894 793
Net income from financial assets24 7897 138
Non-life insurance companies
Assets233 989247 827
Earned premiums15 60215 902
Gross claims payments13 76712 280
Profitt/loss on ordinary activities4 1182 379
Balance on the technical account for non-life insurance1 2131 934
Net income from financial assets3 237555

Source: Statistics Norway

Life insurance companies had a value-adjusted profit of NOK 4.8 billion after the first quarter of 2016. This is a decrease of NOK 7.7 billion compared with the previous year. One of the main reasons is a net negative change in value on shares, participations and primary capital certificates of NOK 18.9 billion. Profit after tax amounted to NOK 389 million in the first quarter of 2016 compared to NOK 771 million at the same time last year.

Increase in shares in securities funds for life insurance

Life insurance companies’ total assets increased by 6.5 per cent compared to the corresponding quarter last year. Bonds and certificates made up 38.4 per cent of total assets; a decrease of 1.0 percentage points from last year. Shares in mutual funds increased by 2.5 per cent, and as a proportion of total assets, mutual funds made up 35.1 per cent.

Increase in technical account for non-life insurance

The balance of the technical account increased by a total of 59.4 per cent, and amounted to NOK 1.9 billion at the end of the first quarter of 2016. The profit of ordinary activities amounted to NOK 2.4 billion; a decrease of 42.2 per cent. Non-life insurance companies’ earned premiums written increased by 1.9 per cent. Gross claim payment decreased by 10.8 per cent.

Increase in bonds and certificates

The non-life insurance companies’ assets increased by 5.9 per cent in the first quarter of 2016 compared to the corresponding quarter in 2015. The holdings of shares’ in security funds decreased by 7.6 per cent compared to the first quarter last year. As a share of total assets, this amounts to 12.8 per cent. This is a decrease of 1.9 percentage points compared to the previous year. Bonds and certificates as a share of total assets amounted to 39.7 per cent; an increase of 0.6 percentage points from the previous year.