375067
/en/bank-og-finansmarked/statistikker/forsikring/kvartal
375067
statistikk
2019-11-15T08:00:00.000Z
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

1 663 550 

NOK million, assets for life-insurance companies

Key Figures. NOK Million
Total
3rd quarter 20183rd quarter 2019
Life insurance companies
Assets1 564 0841 663 550
Earned premiums, net of reinsurance89 54595 047
Gross claims payment43 08845 401
Profitt/loss before tax and allocation to customers16 91115 840
Net income from financial assets42 884101 125
Value-adjusted profitt/loss8 10241 990
Non-life insurance companies
Assets246 203255 344
Earned premiums51 00854 740
Gross claims payments41 37744 793
Profitt/loss on ordinary activities7 39213 290
Balance on the technical account for non-life insurance4 6263 964
Net income from financial assets3 2469 839

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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
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 reinsurance89 545112 90930 26164 53295 047
Gross premiums written78 26999 93225 86356 36383 667
Reinsurers share of gross premiums written-574-912-225-383-544
Transfers of premium reserve from other companies11 85013 8884 6238 55211 924
 
Claims incurred, net of reinsurance54 85173 04420 12838 80656 978
Gross claims payment43 08859 16915 38530 47145 401
Reinsurance share of gross claims payments-376-319-131-259-410
Other appropriations1..........
Transfers of premiumreserve etc. to other companies12 13814 1944 8748 59311 987
 
Net change in technical provisions66 10534 61657 09694 063126 355
Premium reserve55 81140 52535 28562 44585 028
Other technical provisions2-4563 291-24-774-957
To/from revaluation reserve970-14 95418 95725 54634 216
Means allocated insurance contracts9 7805 7542 8786 8458 067
 
Other operating income/ costs-4 340-6 551-1 715-3 503-5 067
Commision received3967-310-5
Operating income, real property1100425262
Other operating income1 3001 6963579371 463
Personell costs2 9423 0928471 6832 404
Commision submitted595768251499702
Operating costs, real property11001
Depreciations of non-financial assets27033658114195
Other operating costs1 8724 2179562 2063 287
 
Investment income /costs26 44436 0559 53520 41132 218
Interest income bonds and certificates16 16622 0314 9029 93014 982
Interest income other assets3 8535 7681 4933 5095 860
Share dividend etc.7 3789 5923 5717 85312 678
Interest costs9531 3364318811 302
 
Gains/losses, value (re-)adjustments on financial assets16 440-25 65541 00457 02268 907
Realized gains/losses9 9809 942-103 9873 102
Shares, participations and primary capital certificates9 98512 8733 8808 51512 260
Bonds and certificates-1832 182-289-3911 620
Financial derivatives-153-6 120-3 015-3 486-10 004
Land and buildings391369..11
Other realized gains/losses-60639-586-653-776
Net change in value6 460-35 59641 01453 03565 806
Shares, participations and primary capital certificates1 506-26 89727 98234 73848 896
Bonds and certificates-2 560-1 6798841 2712 633
Financial derivatives4 832-2 9556 4828 7644 017
Land and buildings00......
Other net change in value2 682-4 0665 6668 26210 259
 
Profitt/loss on ordinary activities7 1319 0991 8615 5937 773
 
Other result components-28-28-86-89-100
 
Tax1 431-813509991 320
 
Total Profitt/loss5 6729 1521 4254 5056 353
 
Specifications
Balance on the technical account for life insurance4 67713 2438402 5644 254
Value-adjusted profitt/loss8 102-5 85520 81731 13941 990

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

Life insurance companies. Balance sheet by financial instrument. NOK Million
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets1 7742 7432 7112 8162 748
 
Tangible fixed assets1 0141 0761 4171 3421 401
Land and buildings895962994988979
Machinery, equipment and vehicles120115423354422
 
Capital investments1 381 4101 360 3951 411 8511 435 0321 469 778
Shares, participation and primary capital certificate210 924204 506212 803225 791229 033
Shares in securities' fund597 625569 130612 832627 107651 290
Bonds and certificates563 645579 178577 320572 158576 363
Financial derivatives4 6903 0413 7816 0953 363
Other capital investment4 5264 5405 1163 8819 730
 
Loans137 566144 969143 891147 533146 842
 
Remaining claims19 0276 2317 77715 37120 426
Insurance claims16 4381 5312 92010 31715 181
Reinsurance share of technical provisions9611 4901 6191 5531 586
Other claims1 6273 2103 2383 5023 659
 
Cash and bank deposits23 29324 88323 29629 77822 355
 
Total assets1 564 0841 540 2971 590 9441 631 8711 663 550
 
Liabilities and equity capital
Eqiuty capital106 650105 491105 487108 422111 562
Deposit capital42 11342 24142 23242 85344 086
Company capital7 6127 6127 6017 5797 579
Share premium account17 92017 92017 92017 92017 920
Other deposit capital16 58116 70916 71117 35418 587
Retained earnings64 53763 25063 25565 56967 477
Other equity59 15863 25062 06661 61261 977
Not allocated profit5 379..1 1903 9585 499
 
Subordinated liabilities25 61328 00827 81227 51328 824
Bonds16 04316 93816 74216 44317 754
Other subordinated loans9 57011 07011 07011 07011 070
 
Technical provisions1 411 3911 378 4031 435 1441 471 6601 499 899
Premium reserve11 265 1161 251 1831 286 7481 313 5751 336 533
Additional provisions51 17354 94554 70854 65154 461
Revaluation reserve64 94049 01667 97274 56283 232
Net provision for outstanding claims2..........
Premium and pension provision19 61021 50021 65121 53017 391
Net other technical provisions1 4061 7591 6191 4791 474
Unallocated surplus funds to insurance contracts9 146..2 4465 8636 808
 
Provisions for other charges5 4853 8204 3924 5014 625
Provisions for pension9129159811 002990
Deffered tax4 4792 7822 9763 0943 162
Other provisions for charges95123436406474
 
Remaining liabilites14 94624 57518 10819 77518 640
Expences accrued621878808703612
Deffered income1711171318
Payable tax1031 3841 4422 0152 159
Dividend..........
Insurance liabilities4 0334 1334 0762 3973 689
Other liabilities9 1388 02010 25614 0228 533
Financial derivatives1 03310 1471 5086263 628
 
Total libilities1 564 0841 540 2971 590 9441 631 8711 663 550
 
Specifications
Number of companies1818181716
Loan with morgage on dwelling42 49241 91040 27840 28340 204
Net tehcnical provisions where the risk is borne by the policyholder334 692315 557344 387359 234373 781

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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
 
Sum all sectors808 549773 636825 635852 898880 323
 
Non-financial corporations126 234129 873123 841136 157134 482
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government951852411484510
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government234257257264260
Private non-financial incorporated enterprises125 050128 764123 174135 410133 713
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations465 163450 863489 354496 464513 159
Norges Bank..........
Banks11892989795
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 8892 7272 3752 3742 396
Mutual funds455 416428 964457 491464 436479 315
Investment trusts and private equity funds1 52713 56823 53824 09125 754
Other financial enterprises, except insurance companies and pension funds2 5742 9143 1652 7702 887
Life insurance companies and pension funds519513512491493
Non-life insurance companies2 1202 0842 1762 2062 219
 
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 world217 151192 900212 439220 277232 681

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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Sum all sectors563 645579 178577 320572 158576 363
 
Non-financial corporations93 74196 83394 88291 49590 262
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government24 66626 37724 68524 26524 145
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government25 24724 61824 66221 11521 357
Private non-financial incorporated enterprises43 82845 83845 53546 11644 760
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations113 999115 630112 410113 128113 949
Norges Bank..........
Banks43 13943 74039 22443 32242 230
Mortgage companies70 05571 06672 37068 94369 770
Finance companies..........
State lending institutions etc...........
Financial holding companies4242373737
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds5075325255671 641
Life insurance companies and pension funds168163165171177
Non-life insurance companies8887898895
 
General government40 20538 75038 44837 90037 130
Central government21 98518 35019 09020 38019 125
Local government18 22020 40019 35917 51918 005
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world315 701327 965331 581329 635335 022

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

Life insurance companies. Total utilized loans by borrower sector. NOK Million
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Sum all sectors137 566144 969143 891147 533146 842
 
Non-financial corporations22 49543 24142 26943 89742 764
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government447473529613643
Public incorporated enterprises, owned by local government2 4942 4642 4572 4572 274
Private non-financial incorporated enterprises19 54940 30039 27940 82339 844
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises44444
 
Financial corporations18 4733 4633 0652 9922 567
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies16 36261461548915
Mutual funds..........
Investment trusts and private equity funds1 6191 9971 9521 9922 005
Other financial enterprises, except insurance companies and pension funds492852497512547
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government43 04945 10545 90648 23449 541
Central government6 2046 6427 0136 9576 654
Local government36 84538 46338 89341 27742 886
 
Non-profit institutions serving households425413415418468
 
Households42 60442 01940 38740 38840 308
Unincorporated enterprises within households00000
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.111108108105103
Employees, recipients of property income, pensions and social contributions, students etc.42 49341 91140 27940 28340 205
Unspecified sector..........
 
Rest of the world10 52110 72711 85011 60311 193

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

Non-life insurance company. Profitt and loss account. NOK Million
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
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 reinsurance51 00869 08517 30135 67954 740
Gross premiums written64 52682 68933 15652 65970 069
Reinsurers share of gross premiums writtens-9 376-12 213-4 771-6 834-9 586
Gross change in the provision for unearned premiums-4 574-1 140-12 885-11 455-6 214
Reinsurance share432-2521 8011 309472
 
Claims incurred and net change in technical provisions36 93249 78313 61426 62740 693
Gross claims payment41 37758 33915 48930 05744 793
Reinsurers share of gross claims payments-5 328-7 720-1 688-2 949-5 331
Gross change in the provision for outstanding claims489-699-337-7101 344
Reinsurers share, gross change in the provision for outstanding claims360-215140219-75
Bonus and rebates1..........
Net change in technical provision234771010-37
 
Other operating income/ costs-9 930-12 845-3 406-6 973-10 596
Commision received14018859108152
Operating income, real property276191917
Other operating income507428109248372
Personell costs5 6626 9031 9303 8105 804
Commision submitted2 3553 3058991 8802 737
Operating costs, real property1114777
Depreciations of non-financial assets329455125310475
Other operating costs2 2482 8456221 3412 112
 
Investment income /costs2 5973 3351 0932 0492 717
Interest income2 1563 0186981 5112 184
Share dividend etc.564485450643694
Interest costs12316754105161
 
Gains/losses, value (re-)adjustments on financial assets649-1 4405 4216 2857 122
Net realized gains/losses2 1662 2733 1953 5793 570
Net change in value-1 517-3 7132 2262 7063 552
 
Profitt/loss on ordinary activities7 3928 3536 79410 41313 290
 
Other result components-57........
 
Tax1 7472 2736231 4481 899
 
Total Profitt/loss5 5886 0806 1718 96611 391
 
Specifications
Balance on the technical account for non-life insurance4 6268 5234422 4103 964

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

Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
11st quarter of 2016: The Equalization provision discontinued. The provision for unexpired risk is continued.
21st quarter of 2016: Closed series
Assets
Intangible assets5 9596 1208 0118 0488 071
 
Tangible fixed assets1 4231 4282 5992 5092 068
Land and buildings718744738752359
Machinery, equipment and vehicles7056841 8611 7571 710
 
Capital investments151 472147 393152 128150 468151 602
Shares, participation and primary capital certificates21 78521 25019 16218 78917 436
Shares in securities' fund33 36931 48134 77833 20935 293
Bonds and certificates95 29193 63097 14397 20097 559
Financial derivatives516320390499442
Other capital investments511712655771872
 
Loans3 1433 9713 7443 7363 725
 
Reinsurance share of technical provisions19 93021 11021 40120 44221 577
 
Remaining claims55 38856 36061 39360 48356 112
Insurance claims24 23425 12230 94229 90527 292
Other claims31 15431 23830 45130 57828 819
 
Cash and bank deposits8 8909 76213 6759 46112 189
 
Total assets246 203246 143262 952255 147255 344
 
Liabilities and equity capital
Eqiuty capital80 74175 78280 78483 44084 792
Deposit capital14 65114 60516 77416 76016 762
Company capital4 8424 8594 6954 5604 584
Share premium account4 1603 9376 6366 6366 636
Other deposit capital5 6495 8105 4435 5645 542
Retained earnings66 09061 17764 01066 68068 030
Other equity58 79761 17754 94855 33254 854
Not allocated profit7 293..9 06211 34713 176
 
Subordinated liabilities3 1253 2013 2013 2383 236
Bonds2 8462 9222 9222 9242 922
Other subordinated loans279279279314314
 
Technical provisions129 360126 442136 837133 733130 614
Gross provision for unearned premium33 71830 84442 22840 54035 638
Gross Provision for outstanding claims89 86189 97888 51387 16190 155
Gross provision for bonuses and rebates2..........
Equalization provision15 7805 6206 0966 0334 821
Other technical provision2..........
 
Provisions for other charges10 64910 36211 71911 68911 580
Provisions for pension1 5961 5691 5691 5581 697
Deffered tax7 9617 5617 6727 7167 455
Other provisions for charges1 0911 2322 4772 4142 428
 
Remaning liabilites22 32930 35630 41023 04725 122
Expences accrued1 4311 6401 5621 4171 464
Deffered income122280157125114
Payable tax1 5021 9911 5131 2671 918
Dividend..6 5435 996....
Insurance liabilities4 9274 9056 4076 1455 909
Other liabilities14 14014 28414 50013 85915 135
Financial derivatives207713275234582
 
Total libilities246 203246 143262 952255 147255 344
 
Specifications
Number of companies8181808082
Loan with morgage on dwelling229255266260258

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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Sum all sectors55 15452 73153 94051 99852 729
 
Non-financial corporations9 6369 2869 4219 3869 876
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government191223189172167
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government34433
Private non-financial incorporated enterprises8 7728 3828 5478 5329 029
Private non-financial unincorporated enterprises670677681679677
Private non-profit institutions serving enterprises..........
 
Financial corporations21 81420 34619 70019 66019 800
Norges Bank..........
Banks2 6692 746306323323
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies237183186164153
Mutual funds17 19815 55417 34517 25217 405
Investment trusts and private equity funds662687678698708
Other financial enterprises, except insurance companies and pension funds293418422481479
Life insurance companies and pension funds682682682682682
Non-life insurance companies7376816051
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world23 70423 10024 81922 95223 053

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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Sum all sectors95 29193 63097 14397 20097 559
 
Non-financial corporations13 86913 83314 09215 68614 656
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 5061 4611 5371 7111 579
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government5 3035 2845 2055 0844 916
Private non-financial incorporated enterprises7 0607 0897 3508 8918 162
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations37 32936 22338 49237 07436 555
Norges Bank..........
Banks13 85813 23914 10914 41614 502
Mortgage companies23 20422 81424 19722 47821 938
Finance companies..........
State lending institutions etc...........
Financial holding companies7346514315
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds445552
Life insurance companies and pension funds206666
Non-life insurance companies12911312512592
 
General government14 88814 10815 65412 77313 059
Central government5 1104 8026 0374 5243 743
Local government9 7789 3069 6178 2499 316
 
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 world29 20629 46528 90631 66733 289

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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Sum all sectors3 1433 9713 7443 7363 725
 
Non-financial corporations2 1432 7862 6932 7132 715
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 1432 7862 6932 7132 715
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations718882739750741
Norges Bank..........
Banks077000
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds598631658668658
Other financial enterprises, except insurance companies and pension funds113151747576
Life insurance companies and pension funds..........
Non-life insurance companies722777
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households282303311272269
Unincorporated enterprises within households5148441210
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.231256267260258
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