407418
/en/bank-og-finansmarked/statistikker/pensjonsfond/aar
407418
statistikk
2020-06-23T08:00:00.000Z
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

402 436

million NOK in total assets for pension funds in 2019

Key figures. NOK Million
Total
20182019
Assets362 671402 436
Shares, participation and primary capital certificates190 743223 260
Bonds and certificates143 071143 489
Earned premiums, net of reinsurance15 89917 111
Net income from financial assets-82935 829
profitt/loss on ordinary activities1 3014 541
Gross pensions and claims payment9 1959 752
Value-adjusted result-9 91023 302

See selected tables from this statistics

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

Pension funds. Profitt and loss account. NOK million
20152016201720182019
Earned premiums, net of reinsurance22 94015 09814 26215 89917 111
Gross premiums written15 39114 80513 96615 21016 622
Reinsurers share of gross premiums writtens-23-22-18-12-15
Transfer of premiumreserve from other companies7 573315314701504
 
Claims incurred, net of reinsurance8 2238 5748 82210 3779 839
Gross pensions and claims payments7 7848 1638 6229 1959 752
Reinsurance share of gross claims payments-2-12-1-2-1
Other appropriations46........
Transfers of premiumreserve etc. to other companies3954222011 18488
 
Net change in technical provisions23 64719 49626 9402 95538 076
Premium reserve18 37810 6238 73810 12011 546
Other technical provisions2 0911 7902 1217304 518
To/from revaluation reserve9331 96210 142-11 21118 761
Means allocated insurance contracts2 2455 1205 9393 3153 250
 
Other operating income (+)/costs (-)-338-374-434-437-484
Operating income from real property647694667744786
Other operating income2124148544
Personell costs473487655669715
Commision submitted154172424453
Operating costs from real property1041108591116
Other operating costs274324333462429
 
Investment income (+)/ charges (-)7 1397 3337 1697 2778 114
Bonds and certificates4 1873 8353 6163 6243 982
Interest income other assets597458705742438
Share dividend etc.2 3653 0602 8552 9223 718
Interest charges92081124
 
Gains/losses, Value (re-)adjustments on financial assetes5 0119 89619 609-8 10627 715
Realized gains/losses3 0946 7737 9485 6526 650
Shares, participations and primary capital certificates7 4835 5588 4406 6028 593
Bonds and certificates802205-80-287298
Financial derivatives-4 7711 160-286-703-2 191
Land and buildings-582..14
Other realized gains/losses-361-152-12640-54
Net change in value1 9173 12411 661-13 75821 066
Shares, participations and primary capital certificates2 7512 87710 527-12 85918 084
Bonds and certificates-2 188-7471 003-721659
Financial derivatives224182-164-4011 921
Land and buildings324216293228244
Other value re-adjustments (+)/adjustments (-)8075973-6158
 
Profitt/loss on ordinary activities2 8833 8844 8451 3014 541
 
Other results components-18-104327
 
Tax103221185-594143
 
Profitt/loss2 7983 6734 6561 8984 424
 
Specifications
Balance on the technical account for pension funds9251 5361 7241 133948
 
Value-adjusted profitt/loss3 8155 84614 987-9 91023 302

Table 2 
Pension funds. Balance sheet. NOK million

Pension funds. Balance sheet. NOK million
20152016201720182019
 
Assets
 
Intangible assets..0000
 
Tangible fixed assets8 5288 7299 0209 1859 411
Land and buildings8 5278 7259 0169 1819 406
Machinery, equipment and veichles14445
 
Capital investments290 141307 083332 942333 889368 050
Shares, participation and primary capital certificates43 14747 80950 19248 42252 958
Shares in securities' funds109 076120 921138 766142 321170 302
Bonds and certificates137 571137 989143 645143 071143 489
Financial derivatives257295162671 132
Other capital investment89701778170
 
Loans6 4746 8008 8869 89010 022
 
Remaining claims1 6121 9971 3832 5222 962
Insurance claims695583412646466
Reinsurance share of technical provisions..171985
Other claims9171 3979511 8682 491
 
Cash and bank deposits7 2597 1958 3537 18511 990
 
Total assets314 014331 805360 584362 671402 436
 
Liabilities and equity capital
 
Equity capital31 15835 51940 73643 05348 004
Deposit capital11 58912 33213 04613 39113 886
Primary capital..........
Share premium account......3035
Other deposit capital11 58912 33213 04613 36113 851
Retained earnings19 56923 18727 69029 66234 118
Other equity19 56923 18727 69029 66234 118
 
Subordinated liabilities423434434474659
Other subordinated liabilities423434434474659
 
Technical provisions280 104294 089317 058316 876351 293
Premium reserve225 573239 622252 292263 434275 472
Additional provision11 99113 15714 51215 11622 973
Revaluation reserve27 98529 92639 58128 61142 824
Net provision for outstanding claims1 124........
Premium provision and pension provision13 43111 38310 6739 71610 024
 
Provisions for other charges186359469522596
Provisions for pension7266798367
Deffered tax99247365395461
Other provisions for charges1546254468
 
Remaining liabilities2 1431 4051 8871 7461 884
Expences accrued1618724789576
Defferes income22192012
Payable tax281925185200
Dividend77011
Insurance liabilities4832132235
Other liabilities548689912411913
Financial derivatives1 3485686701 018147
 
Total liabilities314 014331 805360 584362 670402 436
 
Specifications
Number of companies9089879190
Loan with morgage on dwelling1 3331 092799668561

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
20152016201720182019
Sum all sectors152 224168 729188 958190 743223 259
 
Non-financial corporations19 11320 96122 17720 62323 380
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government2 2991 8802 3692 4002 120
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government226497110102128
Private non-financial incorporated enterprises16 58918 58419 69718 12221 132
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises00000
 
Financial corporations65 65576 28788 97692 907113 508
Norges Bank..........
Banks1 2951 5691 7011 5961 882
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies1 4781 8051 7631 3451 384
Mutual funds56 60865 03476 85980 02899 267
Investment trusts and private equity funds5 4447 2437 9519 34010 516
Other financial enterprises, except insurance companies and pension funds166145145150126
Life insurance companies and pension funds106596060..
Non-life insurance companies558432497388334
 
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 world67 45571 48277 80577 21386 371

Table 4 
Pension funds. Holdings of bonds by issuing sector

Pension funds. Holdings of bonds by issuing sector
20152016201720182019
Sum all sectors137 571137 989143 645143 071143 489
 
Non-financial corporations19 99822 31826 25129 12329 178
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government2 8743 6233 6753 8123 327
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government6 6717 1306 4186 2285 625
Private non-financial incorporated enterprises10 45311 56516 15819 08420 226
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises00000
 
Financial corporations65 26563 65862 89860 15358 768
Norges Bank..........
Banks35 42533 18834 28733 67533 350
Mortgage companies28 65829 07326 84825 08723 903
Finance companies..........
State lending institutions etc...........
Financial holding companies425464444344249
Mutual funds..........
Investment trusts and private equity funds188155501369642
Other financial enterprises, except insurance companies and pension funds18..35114
Life insurance companies and pension funds399535494299332
Non-life insurance companies152243321328277
 
General government24 77928 13731 27830 07928 429
Central government8 83710 00911 1119 9817 198
Local government15 94218 12820 16720 09821 231
 
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 world27 52923 87723 21823 71627 115

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