385819
/en/bank-og-finansmarked/statistikker/pensjonsfond/aar
385819
statistikk
2019-07-01T08:00:00.000Z
Banking and financial markets
en
pensjonsfond, Pension funds, private pension funds, municipal pension funds, profit and loss account, shares, bonds, lending, borrowers, issuersFinancial institutions and other financial corporations, Banking and financial markets
true

Pension funds

Updated

Next update

Not yet determined

Key figures

362 671

NOK million in total assets for pension funds in 2018

Key figures. NOK Million
Total
20172018
Assets360 584362 671
Shares, participation and primary capital certificates188 958190 878
Bonds and certificates143 645143 071
Earned premiums, net of reinsurance14 26215 899
Net income from financial assets26 778-829
profitt/loss on ordinary activities4 8451 301
Gross pensions and claims payment8 6229 195
Value-adjusted result22 263-6 091

See selected tables from this statistics

Table 1 
Pension funds. Profitt and loss account. NOK million

Pension funds. Profitt and loss account. NOK million
20142015201620172018
Earned premiums, net of reinsurance20 60022 94015 09814 26215 899
Gross premiums written15 61215 39114 80513 96615 210
Reinsurers share of gross premiums writtens-27-23-22-18-12
Transfer of premiumreserve from other companies5 0147 573315314701
 
Claims incurred, net of reinsurance7 5858 2238 5748 82210 377
Gross pensions and claims payments6 8387 7848 1638 6229 195
Reinsurance share of gross claims payments-10-2-12-1-2
Other appropriations-5646......
Transfers of premiumreserve etc. to other companies8123954222011 184
 
Net change in technical provisions30 33723 64719 49626 9402 955
Premium reserve18 65918 37810 6238 73810 120
Other technical provisions2 5712 0911 7902 121730
To/from revaluation reserve5 0079331 96210 142-11 211
Means allocated insurance contracts4 0992 2455 1205 9393 315
 
Other operating income (+)/costs (-)-306-338-374-434-437
Operating income from real property541647694667744
Other operating income221241485
Personell costs454473487655664
Commision submitted1311541724250
Operating costs from real property441041108591
Other operating costs220274324333462
 
Investment income (+)/ charges (-)7 3317 1397 3337 1697 277
Bonds and certificates4 4194 1873 8353 6163 624
Interest income other assets662597458705742
Share dividend etc.2 2752 3653 0602 8552 922
Interest charges25920811
 
Gains/losses, Value (re-)adjustments on financial assetes12 1115 0119 89619 609-8 106
Realized gains/losses6 2453 0946 7737 9485 652
Shares, participations and primary capital certificates7 0327 4835 5588 4406 602
Bonds and certificates993802205-80-287
Financial derivatives-1 762-4 7711 160-286-703
Land and buildings25-582..1
Other realized gains/losses-44-361-152-12640
Net change in value5 8651 9173 12411 661-13 758
Shares, participations and primary capital certificates6 3442 7512 87710 527-12 859
Bonds and certificates1 335-2 188-7471 003-721
Financial derivatives-463224182-164-401
Land and buildings103324216293228
Other value re-adjustments (+)/adjustments (-)-1 4548075973-6
 
Profitt/loss on ordinary activities1 8142 8833 8844 8451 301
 
Other results components3-18-1043
 
Tax74103221185-594
 
Profitt/loss1 7362 7983 6734 6561 898
 
Specifications
Balance on the technical account for pension funds-1199251 5361 7241 133
 
Value-adjusted profitt/loss12 2237 21012 07322 263-6 091

Table 2 
Pension funds. Balance sheet. NOK million

Pension funds. Balance sheet. NOK million
20142015201620172018
 
Assets
 
Intangible assets7700871
 
Tangible fixed assets7 2718 5288 7299 0209 185
Land and buildings7 2708 5278 7259 0169 181
Machinery, equipment and veichles11444
 
Capital investments268 047290 141307 083332 942334 024
Shares, participation and primary capital certificates40 20343 14747 80950 19248 557
Shares in securities' funds95 148109 076120 921138 766142 321
Bonds and certificates132 316137 571137 989143 645143 071
Financial derivatives31625729516267
Other capital investment6489701778
 
Loans6 1336 4746 8008 8869 755
 
Remaining claims1 6491 6051 9971 3831 650
Insurance claims623695583412646
Reinsurance share of technical provisions....17198
Other claims1 0269101 397951997
 
Cash and bank deposits7 5217 2597 1958 3537 185
 
Total assets290 629314 014331 805360 584362 671
 
Liabilities and equity capital
 
Equity capital26 96631 15835 51940 73643 053
Deposit capital10 06011 58912 33213 04613 391
Primary capital........0
Share premium account........30
Other deposit capital10 06011 58912 33213 04613 361
Retained earnings16 90719 56923 18727 69029 662
Other equity16 90719 56923 18727 69029 662
 
Subordinated liabilities446423434434474
Other subordinated liabilities446423434434474
 
Technical provisions259 686280 104294 089317 058316 876
Premium reserve206 613225 573239 622252 292263 434
Additional provision10 33111 99113 15714 51215 116
Revaluation reserve27 04627 98529 92639 58128 611
Net provision for outstanding claims9191 124......
Premium provision and pension provision14 77713 43111 38310 6739 716
 
Provisions for other charges134186359469522
Provisions for pension3872667983
Deffered tax5599247365395
Other provisions for charges4115462544
 
Remaining liabilities3 3962 1431 4051 8871 746
Expences accrued2441618724789
Defferes income..221920
Payable tax19281925185
Dividend67701
Insurance liabilities4448321322
Other liabilities624548689912411
Financial derivatives2 4581 3485686701 018
 
Total liabilities290 629314 014331 805360 584362 671
 
Specifications
Number of companies8890898790
Loan with morgage on dwelling1 7811 3331 092799668

Table 3 
Pension funds. Investments in shares, participation and primary capital certificates by specified sector. NOK Million

Pension funds. Investments in shares, participation and primary capital certificates by specified sector. NOK Million
20142015201620172018
Sum all sectors135 351152 224168 729188 958190 878
 
Non-financial corporations17 87419 11320 96122 17720 924
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 8932 2991 8802 3692 362
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government429226497110102
Private non-financial incorporated enterprises15 53916 58918 58419 69718 459
Private non-financial unincorporated enterprises12........
Private non-profit institutions serving enterprises00000
 
Financial corporations58 12865 65576 28788 97692 741
Norges Bank..........
Banks1 3121 2951 5691 7011 596
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies1 3431 4781 8051 7631 325
Mutual funds50 80356 60865 03476 85980 028
Investment trusts and private equity funds3 9615 4447 2437 9519 194
Other financial enterprises, except insurance companies and pension funds227166145145150
Life insurance companies and pension funds49106596060
Non-life insurance companies433558432497388
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world59 34967 45571 48277 80577 213

Table 4 
Pension funds. Holdings of bonds by issuing sector

Pension funds. Holdings of bonds by issuing sector
20142015201620172018
Sum all sectors132 316137 571137 989143 645143 071
 
Non-financial corporations20 15219 99822 31826 25129 123
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government2 4332 8743 6233 6753 793
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government6 3166 6717 1306 4186 190
Private non-financial incorporated enterprises11 40310 45311 56516 15819 141
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises00000
 
Financial corporations60 08565 26563 65862 89860 153
Norges Bank..........
Banks32 84735 42533 18834 28733 693
Mortgage companies25 43828 65829 07326 84825 087
Finance companies..........
State lending institutions etc...........
Financial holding companies384425464444341
Mutual funds..........
Investment trusts and private equity funds402188155501369
Other financial enterprises, except insurance companies and pension funds63418..351
Life insurance companies and pension funds297399535494284
Non-life insurance companies81152243321328
 
General government26 20724 77928 13731 27830 079
Central government12 6168 83710 00911 1119 981
Local government13 59215 94218 12820 16720 098
 
Non-profit institutions serving households..........
 
Households..........
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc...........
Unspecified sector..........
 
Rest of the world25 87227 52923 87723 21823 716

About the statistics

The statistics cover all pension funds in Norway. They show totals, balance sheets and specifications of individual financial instruments by sector.

Definitions

Definitions of the main concepts and variables

Balance sheet: The balance sheet shows assets, liabilities and equity at the end of accounting period.

Profitt and loss account: The profit and loss account shows income, costs and expenses over the course of the accounting period.

Standard classifications

We have three types of classification: instrument, sector and type.

Financial instruments and physical capital:
Liabilities, claims and other assets in the balance sheet of the financial institutions are divided into two main groups with a view to providing major uniform groups such as bank lending, funding and deposits.
Debtor and creditor sector:
Borrowers and lenders are classified according to institutional sector classification, based on national accounts rules.
Types of income and expenses:
Including interest income and expenses, are based on national accounts rules.

Administrative information

Name and topic

Name: Pension funds
Topic: Banking and financial markets

Responsible division

Division for Financial Markets Statistics

Regional level

Only at the national level.

Frequency and timeliness

Annual.

International reporting

Eurostat

Microdata

Micro data are stored in an Oracle database.

Background

Background and purpose

The purpose is to provide statistics for the national accounts, financial sector balances and census of foreign assets and liabilities.

Users and applications

The statistics are included in national accounts, financial sector balances, balance of payments and statistics on Norway's foreign assets and liabilities. Other major users are Norges Bank, The Financial Supervisory Authority of Norway, Ministry of Finance and the media.

Equal treatment of users

Not relevant

Coherence with other statistics

The statistics are based on the guidelines in the national accounts standards System of National Accounts (SNA), European System of Accounts (ESA) and the IMF Manual on Monetary and Financial Statistics.

Statistics from the financial institutions are used in the national accounts, financial sector accounts, the balance of payments and in the Norwegian statistics of foreign debt and receivables.

Legal authority

Statistics Act Section 3-2 (banks and finance corporations), Act on the The Financial Supervisory Authority of Norway Sections 1 and 4.

EEA reference

Council regulation 295/2008. Council regulation 251/2009. Amendments to council regulation 295/2008.

Council regulation (EC) no. 2223/96 The regulation covers the European system for national and regional accounts.

Council regulation (EC) no. 1392/2007 Amendments to council regulation 2223/96.

Council regulation (EC) no. 1606/2002 Regulation on the application of international accounting standards.

Council regulation (EC) no. 297/2008 Amendments to council regulation 1606/2002.

Production

Population

The population is all pension funds with lincence from The Financial Supervisory Authority of Norway.

Data sources and sampling

The statistics are based on accounting data from the enterprises.

Total count.

Collection of data, editing and estimations

The Financial Supervisory Authority of Norway and Statistics Norway work together to collect the accounting data.

Revision of the pension funds accounting statements are undertaken by Statistics Norway and The Financial Supervisory Authority of Norway.

Seasonal adjustment

Not relevant

Confidentiality

The analysis is split into two parts, i.e. the sum of all municipal pension funds and the sum of all private pension funds. From 1998 data for pension funds established by municipal enterprises are separated from private pension funds.

Comparability over time and space

The accounting statistics for the financial institutions is based on current accounting regulations for financial institutions. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the financial institutions. Structural changes like new companies, mergers and spin-offs, with portfolio movements as one consequence, may also lead to breaches in the time series.

International Financial Reporting Standard (IFRS) The new accounting standard IFRS is an example of a change that will cause breaches in the time series in the periods to come. In 2009/2010 all reporting companies must, in one way or another, report according to the IFRS standard, and data may then be fully comparable again. However, the IFRS standard will lead to larger fluctuations in the data because of the more extensive use of fair value in the accounting. The comparison of the reported data with the companies' official accounts is also challenging because the IFRS standard does not require a specific presentation of the accounts, as the traditional Norwegian accounting standard does.

Regulation on loans The IFRS-adapted regulation on loans was introduced 1. January 2005. It lead to a small change in the measuring of the value of loans and guaranties in the accounting data and thereby to a small breach in the time series for loans and loan loss provisions. There were also a breach in the time series on loans in 1992 due to changed accounting rules.

Changes in the presentation of the statistics Credit lines secured on dwellings became a new specification from January 2006. As a consequence the numbers for repayment loans secured on dwellings and credit lines, working capital facility and consumer credit were reduced.

Structural changes There are several mergers, spin-offs and new companies being started every year. Many of these structural changes have no significant impact on the statistics, while others leads to major breaches in the time series. When the latter is the case, it will be commented upon in this section.

Portfolio movements The introduction of IFRS, the regulation on loans and the structural changes mentioned, has lead to portfolio movements especially between banks and mortgage companies. This gives breaches in the time series and needs to be taken into consideration when interpreting the data.

Accuracy and reliability

Sources of error and uncertainty

Errors and discrepancies can occur in the accounting data. These discrepancies can have a number of sources:

  • Errors in the reporting institutions' accounts
  • Errors in the transfer of data from the institution's primary accounts to recipients
  • Different accounting and evaluation principles
  • Different accounting dates for transactions
  • Insufficient data from the reporting parties
  • Processing errors

Due to large amounts of data and a dynamic control and revision system, published data will be regarded as preliminary until next years data for the same period is published. This means that data for the current year may be revised without this being marked in the preceeding publishing. Large and important revision however, will be commented upon in the publishing of Today's Statistics.

Revision

Not relevant