404051
/en/bank-og-finansmarked/statistikker/forsikring/kvartal
404051
statistikk
2020-08-19T08:00:00.000Z
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

1 728 688

NOK million assets for life-insurance companies

Key Figures. NOK Million
Total
2nd quarter 20192nd quarter 2020
Life insurance companies
Assets1 631 8711 728 688
Earned premiums, net of reinsurance64 53266 205
Gross claims payment30 47133 723
Profitt/loss before tax and allocation to customers12 4384 929
Net income from financial assets77 433-11 190
Value-adjusted profitt/loss31 139-13 031
Non-life insurance companies
Assets255 147278 124
Earned premiums35 67939 061
Gross claims payments30 07533 111
Profitt/loss on ordinary activities10 4135 868
Balance on the technical account for non-life insurance2 4104 367
Net income from financial assets8 3341 764

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
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd 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 reinsurance64 53295 047122 46039 46166 205
Gross premiums written56 36383 667108 69327 64851 068
Reinsurers share of gross premiums written-383-544-767-237-454
Transfers of premium reserve from other companies8 55211 92414 53512 05115 591
 
Claims incurred, net of reinsurance38 80656 97875 01233 94053 526
Gross claims payment30 47145 40160 91418 40433 723
Reinsurance share of gross claims payments-259-410-730-120-266
Other appropriations1..........
Transfers of premiumreserve etc. to other companies8 59311 98714 82915 65620 068
 
Net change in technical provisions94 063126 355168 176-76 729-828
Premium reserve62 44585 028115 643-40 2339 029
Other technical provisions2-774-957458-872-1 590
To/from revaluation reserve25 54634 21638 371-38 555-13 114
Means allocated insurance contracts6 8458 06713 7052 9304 846
 
Other operating income/ costs-3 503-5 067-6 905-557-2 235
Commision received10-51-259
Operating income, real property5262681021
Other operating income9371 4632 0081 7112 160
Personell costs1 6832 4043 3857451 594
Commision submitted499702949277541
Operating costs, real property01100
Depreciations of non-financial assets11419529987163
Other operating costs2 2063 2874 3491 1662 177
 
Investment income /costs20 41132 21844 49711 74218 448
Interest income bonds and certificates9 93014 98221 2355 58410 078
Interest income other assets3 5095 8607 9142 6003 409
Share dividend etc.7 85312 67817 0304 0336 090
Interest costs8811 3021 6824751 129
 
Gains/losses, value (re-)adjustments on financial assets57 02268 90793 164-94 865-29 638
Realized gains/losses3 9873 1028 1956 740-1 120
Shares, participations and primary capital certificates8 51512 26019 71813 64721 441
Bonds and certificates-3911 6201 8917 2105 108
Financial derivatives-3 486-10 004-12 071-15 370-24 390
Land and buildings11100
Other realized gains/losses-653-776-1 3441 253-3 279
Net change in value53 03565 80684 969-101 605-28 519
Shares, participations and primary capital certificates34 73848 84258 674-62 480-31 317
Bonds and certificates1 2712 6874882 8963 014
Financial derivatives8 7644 01710 586-28 8983 311
Land and buildings....0-1-1
Other net change in value8 26210 25915 221-13 122-3 526
 
Profitt/loss on ordinary activities5 5937 77310 028-1 42983
 
Other result components-89-100101-335-314
 
Tax9991 3201 926-1 234-1 003
 
Total Profitt/loss4 5056 3538 204-530772
 
Specifications
Balance on the technical account for life insurance2 5644 2515 977-1 649-1 937
Value-adjusted profitt/loss31 13941 99048 398-39 984-13 031

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

Life insurance companies. Balance sheet by financial instrument. NOK Million
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets2 8162 7482 4314 5534 679
 
Tangible fixed assets1 3421 4011 4121 3921 308
Land and buildings988979985995997
Machinery, equipment and vehicles354422427397311
 
Capital investments1 435 0321 469 7781 511 8181 444 8611 523 244
Shares, participation and primary capital certificate225 791229 033246 874241 432245 275
Shares in securities' fund627 107651 290668 671591 452639 529
Bonds and certificates572 158576 363583 315596 394609 463
Financial derivatives6 0953 36310 5554 81515 272
Other capital investment3 8819 7302 40410 76713 706
 
Loans147 533146 842149 988152 979156 994
 
Remaining claims15 37120 4264 71714 1607 133
Insurance claims10 31715 1811 5682 8912 751
Reinsurance share of technical provisions1 5531 5861 5951 5541 564
Other claims3 5023 6591 5549 7162 818
 
Cash and bank deposits29 77822 35534 39454 06635 331
 
Total assets1 631 8711 663 5501 704 7601 672 0101 728 688
 
Liabilities and equity capital
Eqiuty capital108 422111 562111 929110 987113 510
Deposit capital42 85344 08645 93446 37448 557
Company capital7 5797 5797 2647 3037 303
Share premium account17 92017 92018 09019 10520 392
Other deposit capital17 35418 58720 58019 96620 862
Retained earnings65 56967 47765 99564 61364 953
Other equity61 61261 97764 28065 46857 782
Not allocated profit3 9585 4991 715-8557 170
 
Subordinated liabilities27 51328 82428 76930 87926 695
Bonds16 44317 75417 69919 50915 325
Other subordinated loans11 07011 07011 07011 37011 370
 
Technical provisions1 471 6601 499 8991 540 6121 464 2441 540 512
Premium reserve11 313 5751 336 5331 367 8341 327 0781 376 242
Additional provisions54 65154 46163 79263 52163 124
Revaluation reserve74 56283 23287 38648 83274 273
Net provision for outstanding claims2..........
Premium and pension provision21 53017 39120 19520 07820 455
Net other technical provisions1 4791 4741 2641 7991 759
Unallocated surplus funds to insurance contracts5 8636 8081412 9354 660
 
Provisions for other charges4 5014 6253 7924 5703 340
Provisions for pension1 0029908721 1191 191
Deffered tax3 0943 1622 4921 7701 768
Other provisions for charges4064744281 681381
 
Remaining liabilites19 77518 64019 65761 33144 631
Expences accrued703612803841700
Deffered income1318153127
Payable tax2 0152 1592 9352 8182 298
Dividend....2 200....
Insurance liabilities2 3973 6893 0623 1702 909
Other liabilities14 0228 5339 29022 63137 129
Financial derivatives6263 6281 21231 8591 589
 
Total libilities1 631 8711 663 5501 704 7601 672 0101 728 688
 
Specifications
Number of companies1717171818
Loan with morgage on dwelling40 28340 20439 06837 73036 869
Net tehcnical provisions where the risk is borne by the policyholder359 234373 781398 970355 356400 730

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
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
 
Sum all sectors852 898880 323915 545832 884884 804
 
Non-financial corporations136 157134 482143 206147 233156 859
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government484510491245285
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government264260285286237
Private non-financial incorporated enterprises135 410133 713142 430146 703156 338
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations496 464513 159523 633454 784475 468
Norges Bank..........
Banks9795110106140
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 3742 3962 4232 4112 478
Mutual funds464 436479 315488 037420 474450 242
Investment trusts and private equity funds24 09125 75427 85426 59616 736
Other financial enterprises, except insurance companies and pension funds2 7702 8872 3242 4793 183
Life insurance companies and pension funds491493591573401
Non-life insurance companies2 2062 2192 2942 1452 288
 
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 world220 277232 681248 705230 866252 477

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
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Sum all sectors572 158576 363583 315596 394609 463
 
Non-financial corporations91 49590 26289 39689 37494 247
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government24 26524 14524 17223 74124 407
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government21 11521 35720 66620 21420 517
Private non-financial incorporated enterprises46 11644 76044 55845 41949 323
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations113 128113 949118 317120 729118 632
Norges Bank..........
Banks43 32242 23044 17047 18543 882
Mortgage companies68 94369 77072 19271 61072 832
Finance companies..........
State lending institutions etc...........
Financial holding companies3737375010
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds5671 6411 6441 6191 629
Life insurance companies and pension funds171177179178182
Non-life insurance companies8895968797
 
General government37 90037 13039 52143 35944 366
Central government20 38019 12518 09723 21324 268
Local government17 51918 00521 42320 14620 098
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world329 635335 022336 081342 932352 218

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

Life insurance companies. Total utilized loans by borrower sector. NOK Million
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Sum all sectors147 533146 842149 988152 979156 994
 
Non-financial corporations43 89742 76443 27243 49143 102
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government613643718731777
Public incorporated enterprises, owned by local government2 4572 2742 2792 3782 622
Private non-financial incorporated enterprises40 82339 84440 27440 38139 703
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises44111
 
Financial corporations2 9922 5672 6492 7082 999
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies489150086
Mutual funds..........
Investment trusts and private equity funds1 9922 0052 0342 0482 253
Other financial enterprises, except insurance companies and pension funds512547615660660
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government48 23449 54150 97752 18256 061
Central government6 9576 6546 6747 1317 113
Local government41 27742 88644 30345 05148 948
 
Non-profit institutions serving households418468492494545
 
Households40 38840 30839 17037 83136 969
Unincorporated enterprises within households00......
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.10510310110099
Employees, recipients of property income, pensions and social contributions, students etc.40 28340 20539 06937 73136 870
Unspecified sector..........
 
Rest of the world11 60311 19313 42916 27317 319

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

Non-life insurance company. Profitt and loss account. NOK Million
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd 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 reinsurance35 67954 74074 18718 99739 061
Gross premiums written52 65970 06988 68936 59957 907
Reinsurers share of gross premiums writtens-6 834-9 586-11 877-5 353-8 229
Gross change in the provision for unearned premiums-11 455-6 214-2 373-14 538-12 596
Reinsurance share1 309472-2532 2891 980
 
Claims incurred and net change in technical provisions26 62740 69354 75314 78127 524
Gross claims payment30 07544 81762 24316 83833 111
Reinsurers share of gross claims payments-2 949-5 331-7 438-2 024-4 212
Gross change in the provision for outstanding claims-7281 320-271 028-658
Reinsurers share, gross change in the provision for outstanding claims219-7512-1 066-727
Bonus and rebates1..........
Net change in technical provision210-37-37610
 
Other operating income/ costs-6 973-10 596-14 412-3 685-7 433
Commision received10815220262111
Operating income, real property19176647
Other operating income248372500131228
Personell costs3 8105 8048 0681 9823 907
Commision submitted1 8802 7373 5919161 945
Operating costs, real property771124
Depreciations of non-financial assets310475721174368
Other operating costs1 3412 1122 7888091 555
 
Investment income /costs2 0492 7133 8864101 534
Interest income1 5112 1803 0239311 673
Share dividend etc.6436941 074-457-17
Interest costs10516121264122
 
Gains/losses, value (re-)adjustments on financial assets6 2857 1118 624-4 331230
Net realized gains/losses3 5793 5704 027319212
Net change in value2 7063 5414 597-4 65018
 
Profitt/loss on ordinary activities10 41313 27617 531-3 3895 868
 
Other result components..........
 
Tax1 4481 8992 658-3031 365
 
Total Profitt/loss8 96611 37614 873-3 0864 503
 
Specifications
Balance on the technical account for non-life insurance2 4103 9645 6746304 367

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

Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd 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 0488 0718 4928 4688 308
 
Tangible fixed assets2 5092 0682 0722 0822 348
Land and buildings752359359380378
Machinery, equipment and vehicles1 7571 7101 7131 7021 970
 
Capital investments150 468151 602152 765150 240159 002
Shares, participation and primary capital certificates18 80617 45419 72418 71121 028
Shares in securities' fund33 19235 27435 05729 94133 738
Bonds and certificates97 20097 60996 12597 680102 536
Financial derivatives4994421 3281 7351 155
Other capital investments7718225312 173544
 
Loans3 7363 7253 7924 0884 329
 
Reinsurance share of technical provisions20 44221 57720 65226 38924 330
 
Remaining claims60 48356 11255 00967 07564 242
Insurance claims29 90527 29226 42834 64832 796
Other claims30 57828 81928 58132 42731 446
 
Cash and bank deposits9 46112 18912 40519 55415 565
 
Total assets255 147255 344255 186277 896278 124
 
Liabilities and equity capital
Eqiuty capital83 44084 79281 47785 40492 257
Deposit capital16 76016 76216 89618 34218 288
Company capital4 5604 5844 5824 7584 643
Share premium account6 6366 6366 7297 9828 050
Other deposit capital5 5645 5425 5855 6025 595
Retained earnings66 68068 03064 58067 06173 969
Other equity55 33254 85449 35067 05267 562
Not allocated profit11 34713 17615 230106 407
 
Subordinated liabilities3 2383 2363 2373 2373 237
Bonds2 9242 9222 9232 9232 923
Other subordinated loans314314314314314
 
Technical provisions133 733130 614126 594145 005141 048
Gross provision for unearned premium40 54035 63831 04746 47244 634
Gross Provision for outstanding claims87 16190 15590 65494 11791 933
Gross provision for bonuses and rebates2..........
Equalization provision16 0334 8214 8934 4164 482
Other technical provision2..........
 
Provisions for other charges11 68911 58011 61210 84911 594
Provisions for pension1 5581 6971 6501 4421 466
Deffered tax7 7167 4557 4596 7047 196
Other provisions for charges2 4142 4282 5032 7032 932
 
Remaning liabilites23 04725 12232 26733 40229 988
Expences accrued1 4171 4641 6371 6301 537
Deffered income125114251151135
Payable tax1 2671 9182 6793 3433 713
Dividend....6 76065410
Insurance liabilities6 1455 9095 5308 4707 907
Other liabilities13 85915 13515 21015 61316 157
Financial derivatives2345822003 542530
 
Total libilities255 147255 344255 186277 896278 124
 
Specifications
Number of companies8282828283
Loan with morgage on dwelling260258251276490

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
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Sum all sectors51 99852 72954 78148 65154 766
 
Non-financial corporations9 3869 87510 87310 26710 785
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government172167145165143
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government33333
Private non-financial incorporated enterprises8 5329 02810 0449 4239 988
Private non-financial unincorporated enterprises679677682677651
Private non-profit institutions serving enterprises..........
 
Financial corporations19 66019 80121 00619 45921 927
Norges Bank..........
Banks323323342279304
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies164153141113136
Mutual funds17 25217 40517 60316 12017 311
Investment trusts and private equity funds698709716730708
Other financial enterprises, except insurance companies and pension funds4814791 460459466
Life insurance companies and pension funds6826826821 6822 934
Non-life insurance companies6051627769
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world22 95223 05322 90218 92522 054

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
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Sum all sectors97 20097 60996 12597 680102 536
 
Non-financial corporations15 68614 65613 33214 18915 944
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 7111 5791 4661 3951 991
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government5 0844 9164 0904 2604 648
Private non-financial incorporated enterprises8 8918 1627 7778 5349 305
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations37 07436 60535 13934 93337 037
Norges Bank..........
Banks14 41614 50214 02312 95214 393
Mortgage companies22 47821 98820 70321 61422 536
Finance companies..........
State lending institutions etc...........
Financial holding companies4315511
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds52200
Life insurance companies and pension funds6630727910
Non-life insurance companies12592998897
 
General government12 77313 05913 28612 64913 667
Central government4 5243 7432 7164 4014 295
Local government8 2499 31610 5708 2499 372
 
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 world31 66733 28934 36835 90935 888

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
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Sum all sectors3 7363 7253 7924 0884 329
 
Non-financial corporations2 7232 7282 7302 7052 731
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 7132 7152 7302 7052 731
Private non-financial unincorporated enterprises1014......
Private non-profit institutions serving enterprises..........
 
Financial corporations7517418021 0971 099
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds668658714708715
Other financial enterprises, except insurance companies and pension funds7576818277
Life insurance companies and pension funds......300300
Non-life insurance companies77777
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households262255261285498
Unincorporated enterprises within households1210988
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.250245251277490
Unspecified sector..........
 
Rest of the world00000

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