437848
/en/bank-og-finansmarked/statistikker/forsikring/kvartal
437848
statistikk
2021-02-17T08:00:00.000Z
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
true

Life and non-life insurance companies, accounts

Updated

Next update

Key figures

1 831 112

NOK million assets for life-insurance companies

Key Figures. NOK Million
Total
4th quarter 20194th quarter 2020
Life insurance companies
Assets1 705 0721 831 112
Earned premiums, net of reinsurance122 475132 320
Gross claims payment60 89165 004
Profitt/loss before tax and allocation to customers23 71514 744
Net income from financial assets138 07688 009
Value-adjusted profitt/loss48 3819 037
Non-life insurance companies
Assets258 767270 514
Earned premiums74 57279 627
Gross claims payments64 21065 042
Profitt/loss on ordinary activities18 29415 489
Balance on the technical account for non-life insurance7 31010 705
Net income from financial assets13 1078 540

See selected tables from this statistics

Table 1 
Life insurance companies. Profitt and loss account. NOK Million

Life insurance companies. Profitt and loss account. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in complementary provisions is discontinued, the remaining items are continued
Earned premiums, net of reinsurance122 47539 46166 20597 383132 320
Gross premiums written108 71227 64851 06879 263106 145
Reinsurers share of gross premiums written-768-237-454-584-787
Transfers of premium reserve from other companies14 53112 05115 59118 70426 962
 
Claims incurred, net of reinsurance74 97833 94053 52671 84395 614
Gross claims payment60 89118 40433 72348 83565 004
Reinsurance share of gross claims payments-730-120-266-377-603
Other appropriations1..........
Transfers of premiumreserve etc. to other companies14 81715 65620 06823 38431 213
 
Net change in technical provisions168 651-76 729-82844 191111 466
Premium reserve116 078-40 2339 02943 06990 769
Other technical provisions2498-872-1 590-1 96414 145
To/from revaluation reserve38 371-38 555-13 114-8 981422
Means allocated insurance contracts13 7052 9304 84612 0676 129
 
Other operating income/ costs-6 911-557-2 235-3 169-4 635
Commision received-170-259255270
Operating income, real property6810213186
Other operating income2 2081 7112 1603 1814 045
Personell costs3 3847451 5942 4023 243
Commision submitted9592775417931 030
Operating costs, real property10001
Depreciations of non-financial assets41287163249367
Other operating costs4 2631 1662 1773 1924 396
 
Investment income /costs44 48811 74218 44829 04442 329
Interest income bonds and certificates21 2355 58410 07816 99422 460
Interest income other assets7 8962 6003 4094 3486 909
Share dividend etc.17 0304 0336 0909 06614 556
Interest costs1 6744751 1291 3641 595
 
Gains/losses, value (re-)adjustments on financial assets93 588-94 865-29 638-3 53745 680
Realized gains/losses8 1716 740-1 12017 29823 763
Shares, participations and primary capital certificates19 69313 64721 44129 39935 414
Bonds and certificates1 8927 2105 1084 9592 531
Financial derivatives-12 071-15 370-24 390-14 106-11 183
Land and buildings10001
Other realized gains/losses-1 3451 253-3 279-2 955-3 000
Net change in value85 417-101 605-28 519-20 83521 918
Shares, participations and primary capital certificates59 108-62 480-31 317-18 7484 834
Bonds and certificates4892 8963 0142 934719
Financial derivatives10 586-28 8983 311-4 6048 488
Land and buildings31-1-1-2-2
Other net change in value15 204-13 122-3 526-4157 879
 
Profitt/loss on ordinary activities10 010-1 429833 6878 615
 
Other result components102-335-314-253-95
 
Tax1 915-1 234-1 003-344603
 
Total Profitt/loss8 197-5307723 7787 917
 
Specifications
Balance on the technical account for life insurance12 770-1 649-1 9351 0434 638
Value-adjusted profitt/loss48 381-39 984-13 031-5 2949 037

Table 2 
Life insurance companies. Balance sheet by financial instrument. NOK Million

Life insurance companies. Balance sheet by financial instrument. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets2 4324 5534 6794 6994 642
 
Tangible fixed assets1 4121 3921 3082 2572 330
Land and buildings9859959979891 040
Machinery, equipment and vehicles4273973111 2681 290
 
Capital investments1 512 4651 444 8611 523 2441 558 1731 620 586
Shares, participation and primary capital certificate246 875241 432245 275250 319267 820
Shares in securities' fund669 316591 452639 529678 791723 305
Bonds and certificates583 315596 394609 463610 779606 174
Financial derivatives10 5554 81515 2729 22819 904
Other capital investment2 40410 76713 7069 0563 382
 
Loans149 988152 979156 994150 694153 883
 
Remaining claims4 43114 1607 13311 2268 500
Insurance claims1 5262 8912 7516 0123 083
Reinsurance share of technical provisions1 5751 5541 5641 5761 638
Other claims1 3299 7162 8183 6383 779
 
Cash and bank deposits34 34654 06635 33134 42441 172
 
Total assets1 705 0721 672 0101 728 6881 761 4741 831 112
 
Liabilities and equity capital
Eqiuty capital111 729110 987113 510117 869119 725
Deposit capital45 93446 37448 55749 95551 088
Company capital7 2647 3037 3037 3037 303
Share premium account18 09019 10520 35720 55720 592
Other deposit capital20 57919 96620 89722 09523 192
Retained earnings65 79564 61364 95367 91368 637
Other equity65 79565 46857 78257 96059 691
Not allocated profit..-8557 1709 9548 946
 
Subordinated liabilities28 76930 87926 69526 86926 653
Bonds17 69919 50915 32515 49915 033
Other subordinated loans11 07011 37011 37011 37011 620
 
Technical provisions1 541 2281 464 2441 540 5121 582 9651 649 984
Premium reserve11 368 5781 327 0781 376 2421 410 3241 435 811
Additional provisions63 79263 52163 12463 04973 120
Revaluation reserve87 38648 83274 27378 40587 809
Net provision for outstanding claims2..........
Premium and pension provision19 66920 07820 45517 56451 184
Net other technical provisions1 8031 7991 7591 7211 889
Unallocated surplus funds to insurance contracts..2 9354 66011 903172
 
Provisions for other charges3 6294 5703 3404 6034 558
Provisions for pension8721 1191 1911 151954
Deffered tax2 3271 7701 7682 1072 278
Other provisions for charges4311 6813811 3461 326
 
Remaining liabilites19 71861 33144 63129 16830 193
Expences accrued802841700628803
Deffered income1531271510
Payable tax3 0892 8182 2982 4793 164
Dividend2 200......152
Insurance liabilities3 0803 1702 9092 0482 660
Other liabilities9 18222 63137 12916 28222 539
Financial derivatives1 21231 8591 5897 716866
 
Total libilities1 705 0721 672 0101 728 6881 761 4741 831 112
 
Specifications
Number of companies1718181819
Loan with morgage on dwelling39 06837 73036 86935 10435 953
Net tehcnical provisions where the risk is borne by the policyholder399 627355 356400 730427 148471 328

Table 3 
Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million

Life insurance companies. Investments in shares, participations and primary capital certificates by sector. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
 
Sum all sectors916 191832 884884 804929 111991 125
 
Non-financial corporations143 207147 233145 214151 658160 731
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government491245285395456
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government285286237235218
Private non-financial incorporated enterprises142 431146 703144 693151 029160 057
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations524 279454 784487 113482 278501 279
Norges Bank..........
Banks110106140145148
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 4232 4112 4782 5832 699
Mutual funds488 682420 474450 242470 019488 882
Investment trusts and private equity funds27 85426 59628 3813 6823 869
Other financial enterprises, except insurance companies and pension funds2 3242 4793 1833 4573 127
Life insurance companies and pension funds59157340122
Non-life insurance companies2 2942 1452 2882 3902 552
 
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 world248 705230 866252 477295 174329 115

Table 4 
Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million

Life insurance companies. Holding of bonds and certificates by issuing sector. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Sum all sectors583 315596 394609 463610 779606 174
 
Non-financial corporations89 39689 37494 24794 59197 538
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government24 17223 74124 40723 89924 276
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government20 75120 21420 51720 92919 619
Private non-financial incorporated enterprises44 47345 41949 32349 76453 643
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations118 328120 729118 060120 000121 155
Norges Bank..........
Banks44 20847 18543 88245 33144 433
Mortgage companies72 16571 61072 25972 69574 497
Finance companies..........
State lending institutions etc...........
Financial holding companies37501070341
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds1 6441 6191 6291 6171 619
Life insurance companies and pension funds179178182188184
Non-life insurance companies9687979882
 
General government39 52143 35944 93944 91444 624
Central government18 09723 21324 98825 55525 529
Local government21 42320 14619 95019 35819 095
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world336 070342 932352 218351 275342 857

Table 5 
Life insurance companies. Total utilized loans by borrower sector. NOK Million

Life insurance companies. Total utilized loans by borrower sector. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Sum all sectors149 988152 979156 994150 694153 883
 
Non-financial corporations44 10443 49143 10242 76142 291
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government718731777805964
Public incorporated enterprises, owned by local government2 2792 3782 6222 6892 754
Private non-financial incorporated enterprises41 10640 38139 70339 26638 572
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises11111
 
Financial corporations2 6492 7082 9992 9274 960
Norges Bank..........
Banks........1 759
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies0086....
Mutual funds..........
Investment trusts and private equity funds2 0342 0482 2532 2672 491
Other financial enterprises, except insurance companies and pension funds615660660660711
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government50 97752 18256 06156 60457 514
Central government6 6747 1317 1136 8676 706
Local government44 30345 05148 94849 73750 808
 
Non-profit institutions serving households492494545591640
 
Households39 17037 83136 96935 20236 050
Unincorporated enterprises within households..........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.101100999896
Employees, recipients of property income, pensions and social contributions, students etc.39 06937 73136 87035 10535 954
Unspecified sector..........
 
Rest of the world12 59716 27317 31912 60912 427

Table 6 
Non-life insurance company. Profitt and loss account. NOK Million

Non-life insurance company. Profitt and loss account. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
11st quarter of 2016: Closed series
21st quarter of 2016: Changes in the equalization provision are discontinued. Changes in the provisions for unexpired risk is continued.
Earned premiums, net of reinsurance74 57218 99739 05959 27679 627
Gross premiums written89 80336 59957 90775 63596 042
Reinsurers share of gross premiums writtens-12 767-5 353-8 232-10 973-13 996
Gross change in the provision for unearned premiums-2 450-14 538-12 596-6 454-2 665
Reinsurance share-132 2891 9801 069246
 
Claims incurred and net change in technical provisions55 63214 78127 53640 79157 728
Gross claims payment64 21016 83833 12348 44065 042
Reinsurers share of gross claims payments-8 569-2 024-4 212-7 393-10 228
Gross change in the provision for outstanding claims-2791 028-6583474 262
Reinsurers share, gross change in the provision for outstanding claims281-1 066-727-594-1 361
Bonus and rebates1..........
Net change in technical provision2-11610-1013
 
Other operating income/ costs-13 753-3 685-7 420-11 121-14 950
Commision received21162111162211
Operating income, real property61471318
Other operating income508131229303540
Personell costs7 3851 9823 8966 0678 436
Commision submitted3 3799161 9442 6233 470
Operating costs, real property1024812
Depreciations of non-financial assets944174368570833
Other operating costs2 8148091 5532 3302 968
 
Investment income /costs3 9504101 5392 4863 660
Interest income3 0109311 6772 3882 880
Share dividend etc.1 148-457-172711 006
Interest costs20764122172227
 
Gains/losses, value (re-)adjustments on financial assets9 157-4 3312252 1414 880
Net realized gains/losses4 1353192071 6592 203
Net change in value5 022-4 650184822 677
 
Profitt/loss on ordinary activities18 294-3 3895 86611 99315 489
 
Other result components-90-314-195-175-89
 
Tax2 722-3031 3652 8353 456
 
Total Profitt/loss15 483-3 4004 3068 98311 944
 
Specifications
Balance on the technical account for non-life insurance7 3106304 3507 92210 705

Table 7 
Non-life insurance companies. Balance sheet by financial instrument. NOK Million

Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
11st quarter of 2016: The Equalization provision discontinued. The provision for unexpired risk is continued.
21st quarter of 2016: Closed series
Assets
Intangible assets8 5518 4688 3087 9657 806
 
Tangible fixed assets2 1192 0822 3482 2812 169
Land and buildings359380378359334
Machinery, equipment and vehicles1 7591 7021 9701 9221 835
 
Capital investments152 783150 240159 002157 433159 942
Shares, participation and primary capital certificates19 72418 71121 02821 98323 524
Shares in securities' fund37 24729 94133 73835 21835 613
Bonds and certificates93 58297 680102 53698 58998 503
Financial derivatives1 3341 7351 1557201 416
Other capital investments8962 173544922887
 
Loans3 7934 0884 3294 4064 888
 
Reinsurance share of technical provisions22 44326 38924 33024 37322 930
 
Remaining claims57 55567 07564 24461 06859 783
Insurance claims26 56534 64832 79628 88628 299
Other claims30 98932 42731 44832 18231 484
 
Cash and bank deposits11 52419 55415 56513 84212 996
 
Total assets258 767277 896278 126271 367270 514
 
Liabilities and equity capital
Eqiuty capital83 50185 40492 25691 15287 208
Deposit capital16 99018 34218 28818 34218 615
Company capital4 6424 7584 6434 6594 669
Share premium account6 8288 0828 1508 1708 331
Other deposit capital5 5205 5025 4955 5125 615
Retained earnings66 51167 06173 96772 81068 593
Other equity66 51167 05267 56262 18958 889
Not allocated profit..106 40510 6229 704
 
Subordinated liabilities3 2373 2373 2373 2363 466
Bonds2 9232 9232 9232 9223 152
Other subordinated loans314314314314314
 
Technical provisions127 328145 005141 048135 325132 550
Gross provision for unearned premium33 20046 47244 63438 93235 338
Gross Provision for outstanding claims90 28894 11791 92092 08792 949
Gross provision for bonuses and rebates2..........
Equalization provision13 8394 4164 4954 3064 264
Other technical provision2..........
 
Provisions for other charges11 43410 84911 59411 24210 893
Provisions for pension1 6201 4421 4661 4331 494
Deffered tax7 3186 7047 1966 7936 425
Other provisions for charges2 4952 7032 9323 0152 973
 
Remaning liabilites33 26933 40229 99230 41236 397
Expences accrued1 8761 6301 5371 7581 695
Deffered income25215113597283
Payable tax3 6173 3433 7135 0345 440
Dividend6 76065410106 354
Insurance liabilities5 3918 4707 9116 3666 055
Other liabilities15 17215 61316 15716 30316 217
Financial derivatives2003 542530843353
 
Total libilities258 767277 896278 126271 367270 514
 
Specifications
Number of companies8484838384
Loan with morgage on dwelling253279493517532

Table 8 
Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million

Non-life insurance companies. Investment in shares, participations and primary capital certificates by sector. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Sum all sectors56 97148 65154 76657 20259 137
 
Non-financial corporations10 89110 26710 78511 30112 019
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government145165143216181
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government33333
Private non-financial incorporated enterprises10 0619 4239 98810 43011 148
Private non-financial unincorporated enterprises682677651653687
Private non-profit institutions serving enterprises..........
 
Financial corporations21 08719 45921 92722 62723 341
Norges Bank..........
Banks342279304302311
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies141113136124398
Mutual funds17 61816 12017 31117 83018 198
Investment trusts and private equity funds716730708713746
Other financial enterprises, except insurance companies and pension funds1 526459466450482
Life insurance companies and pension funds6821 6822 9343 1343 134
Non-life insurance companies6377697472
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world24 99318 92522 05423 27423 777

Table 9 
Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million

Non-life insurance companies. Holdings of bonds and certificates by issuing sector. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Sum all sectors93 58297 680102 53698 58998 503
 
Non-financial corporations13 33314 18915 94415 59916 713
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 4651 3951 9911 5981 832
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government4 0874 2604 6484 7414 871
Private non-financial incorporated enterprises7 7818 5349 3059 26010 009
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations36 20234 93337 03535 87434 764
Norges Bank..........
Banks14 02512 95214 39113 43014 259
Mortgage companies21 77621 61422 53622 32520 033
Finance companies..........
State lending institutions etc...........
Financial holding companies5112929
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds2000354
Life insurance companies and pension funds307279101010
Non-life insurance companies8788977979
 
General government13 30412 64913 6679 92810 201
Central government2 7344 4014 2952 7642 625
Local government10 5708 2499 3727 1647 575
 
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 world30 74335 90935 89037 18836 825

Table 10 
Non-life insurance companies. Total utilized loans by borrower sector. NOK Million

Non-life insurance companies. Total utilized loans by borrower sector. NOK Million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Sum all sectors3 7934 0884 3294 4064 888
 
Non-financial corporations2 7272 7032 7292 7692 881
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government..........
Private non-financial incorporated enterprises2 7272 7032 7292 7692 881
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations8021 0971 0991 1111 469
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds714708715726830
Other financial enterprises, except insurance companies and pension funds8182777982
Life insurance companies and pension funds..300300300550
Non-life insurance companies77777
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households263288501525539
Unincorporated enterprises within households98876
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.254279493518533
Unspecified sector..........
 
Rest of the world0000..

About the statistics

The statistics cover all life and non-life insurance companies and branches of foreign companies in Norway. It shows overall performance, balance and some specifications for the sector and industry.

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 four types of classification: instrument, sector, industry and type.

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

Administrative information

Name and topic

Name: Life and non-life insurance companies, accounts
Topic: Banking and financial markets

Next release

Responsible division

Division for Financial Markets Statistics

Regional level

Only at the national level.

Frequency and timeliness

Annual and quarterly.

International reporting

Eurostat

Microdata

Publication-ready data are stored in a FAME-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, and publish current credit market statistics. Accounting statistics for life and non-life insurance companies was first published in NOS Credit Market Statistics 1912. From 1998 the accounts statistics was based up on new electronic reports, which have more details than the former manual reports. Among others it gives the possibility to divide between capital assets and short-term assets, and it also contains quarterly profit and loss accounts.

.

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 the Central Bank of Norway, the Financial Supervisory authority, 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 from (SNA) 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 (state lending institutions), Act on the Supervision on Credit Institutions, Insurance Companies and Securities Trading, etc., Sections 1 and 4 (insurance companies).

EEA reference

Council Directive 674/91

Council Regulation (EC) no. 2223/96

Council Regulation (EC) 410/98

Council Regulation (EC) no. 1392/2007

Council Regulation (EC) no. 2056/2002

Council Regulation (EC) no. 1606/2002

Council Regulation (EC) no. 297/2008

Commission Regulation 1225/1999

Commission Regulation 1227/1999

Commission Regulation 1228/1999

Production

Population

The population is all life and non-life insurance companies in Norway, including foreign branches in Norway. According to the Standard Industrial Classification this covers industries 65.110, 65.120 and 65.200.

The statistical unit forming the basis for the accounting reports is the enterprise.

Data sources and sampling

The statistics are based on accounting data from the enterprises.

The sample is defined on the basis of a number of financial corporations licensed by the Financial Supervisory authority (the statistics are in principle based on total censuses).

Collection of data, editing and estimations

The Financial Supervisory authority and Statistics Norway cooperate in the collection of accounting information.

The data is controlled by the Banking, Insurance and Securities Commission and Statistics Norway.

Seasonal adjustment

Not relevant

Confidentiality

Not relevant

Comparability over time and space

The accounting statistics for the life and non-life insurance companies is based on current accounting regulations for life and non-life insurance companies. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the life and non-life insurance companies. 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 2008 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.

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