This is an archived release.
Lower operating profit for insurance brokers
The operating profit for insurance brokers fell by 36 per cent in 2002 compared with the year before. The decline was mostly due to increased personnel costs and other operating expenses.
Operating income grew by 23 per cent while operating expenses went up by 34 per cent. The operating result fell from NOK 132 million in 2001 to NOK 85 million in 2002. Increased financial income and lower taxes contributed to an improvement in profit of 3.5 per cent compared with 2001, to NOK 88 million.
91 per cent of the NOK 1 014 million in operating income came from commissions. Operating expenses amounted to NOK 929 million in 2002. Personnel costs had the largest portion of the operating expenses by 57 per cent. Personnel costs grew by 29 per cent from 2001 to NOK 525 million in 2002. Other operating expenses rose by 45 per cent to NOK 358 million in 2002.
Insurance brokers are intermediary of insurance and information between customers and insurance companies. The statistics include all insurance brokers that report to and are registered by The Banking, Insurance and Securities Commission of Norway.