404049
/en/bank-og-finansmarked/statistikker/forsikring/kvartal
404049
statistikk
2020-05-19T08:00:00.000Z
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

1 672 057 

NOK million, assets for life-insurance companies

Key Figures. NOK Million
Total
1st quarter 20191st quarter 2020
Life insurance companies
Assets1 590 9441 672 057
Earned premiums, net of reinsurance30 26139 461
Gross claims payment15 38518 404
Profitt/loss before tax and allocation to customers4 7391 501
Net income from financial assets50 539-83 123
Value-adjusted profitt/loss20 817-39 984
Non-life insurance companies
Assets262 952277 896
Earned premiums17 30118 997
Gross claims payments15 48916 838
Profitt/loss on ordinary activities6 794-3 389
Balance on the technical account for non-life insurance442630
Net income from financial assets6 514-3 921

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
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st 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 reinsurance30 26164 53295 047122 46039 461
Gross premiums written25 86356 36383 667108 69327 648
Reinsurers share of gross premiums written-225-383-544-767-237
Transfers of premium reserve from other companies4 6238 55211 92414 53512 051
 
Claims incurred, net of reinsurance20 12838 80656 97875 01233 940
Gross claims payment15 38530 47145 40160 91418 404
Reinsurance share of gross claims payments-131-259-410-730-120
Other appropriations1..........
Transfers of premiumreserve etc. to other companies4 8748 59311 98714 82915 656
 
Net change in technical provisions57 09694 063126 355168 176-76 729
Premium reserve35 28562 44585 028115 643-40 233
Other technical provisions2-24-774-957458-872
To/from revaluation reserve18 95725 54634 21638 371-38 555
Means allocated insurance contracts2 8786 8458 06713 7052 930
 
Other operating income/ costs-1 715-3 503-5 067-6 905-557
Commision received-310-51-2
Operating income, real property4252626810
Other operating income3579371 4632 0081 711
Personell costs8471 6832 4043 385745
Commision submitted251499702949277
Operating costs, real property00110
Depreciations of non-financial assets5811419529987
Other operating costs9562 2063 2874 3491 166
 
Investment income /costs9 53520 41132 21844 49711 742
Interest income bonds and certificates4 9029 93014 98221 2355 584
Interest income other assets1 4933 5095 8607 9142 600
Share dividend etc.3 5717 85312 67817 0304 033
Interest costs4318811 3021 682475
 
Gains/losses, value (re-)adjustments on financial assets41 00457 02268 90793 164-94 865
Realized gains/losses-103 9873 1028 1956 740
Shares, participations and primary capital certificates3 8808 51512 26019 71813 636
Bonds and certificates-289-3911 6201 8917 220
Financial derivatives-3 015-3 486-10 004-12 071-15 370
Land and buildings..1110
Other realized gains/losses-586-653-776-1 3441 253
Net change in value41 01453 03565 80684 969-101 605
Shares, participations and primary capital certificates27 98234 73848 84258 674-62 403
Bonds and certificates8841 2712 6874882 819
Financial derivatives6 4828 7644 01710 586-28 898
Land and buildings......0-1
Other net change in value5 6668 26210 25915 221-13 122
 
Profitt/loss on ordinary activities1 8615 5937 77310 028-1 429
 
Other result components-86-89-100101-335
 
Tax3509991 3201 926-1 234
 
Total Profitt/loss1 4254 5056 3538 204-530
 
Specifications
Balance on the technical account for life insurance8402 5644 2515 977-1 649
Value-adjusted profitt/loss20 81731 13941 99048 398-39 984

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

Life insurance companies. Balance sheet by financial instrument. NOK Million
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets2 7112 8162 7482 4314 553
 
Tangible fixed assets1 4171 3421 4011 4121 392
Land and buildings994988979985995
Machinery, equipment and vehicles423354422427397
 
Capital investments1 411 8511 435 0321 469 7781 511 8181 444 907
Shares, participation and primary capital certificate212 803225 791229 033246 874241 432
Shares in securities' fund612 832627 107651 290668 671591 452
Bonds and certificates577 320572 158576 363583 315596 144
Financial derivatives3 7816 0953 36310 5554 815
Other capital investment5 1163 8819 7302 40411 064
 
Loans143 891147 533146 842149 988152 979
 
Remaining claims7 77715 37120 4264 71714 160
Insurance claims2 92010 31715 1811 5682 813
Reinsurance share of technical provisions1 6191 5531 5861 5951 554
Other claims3 2383 5023 6591 5549 794
 
Cash and bank deposits23 29629 77822 35534 39454 066
 
Total assets1 590 9441 631 8711 663 5501 704 7601 672 057
 
Liabilities and equity capital
Eqiuty capital105 487108 422111 562111 929110 987
Deposit capital42 23242 85344 08645 93446 374
Company capital7 6017 5797 5797 2647 303
Share premium account17 92017 92017 92018 09019 105
Other deposit capital16 71117 35418 58720 58019 966
Retained earnings63 25565 56967 47765 99564 613
Other equity62 06661 61261 97764 28065 468
Not allocated profit1 1903 9585 4991 715-855
 
Subordinated liabilities27 81227 51328 82428 76930 879
Bonds16 74216 44317 75417 69919 509
Other subordinated loans11 07011 07011 07011 07011 370
 
Technical provisions1 435 1441 471 6601 499 8991 540 6121 464 244
Premium reserve11 286 7481 313 5751 336 5331 367 8341 327 078
Additional provisions54 70854 65154 46155 82763 521
Revaluation reserve67 97274 56283 23287 38648 832
Net provision for outstanding claims2..........
Premium and pension provision21 65121 53017 39128 15920 078
Net other technical provisions1 6191 4791 4741 2641 799
Unallocated surplus funds to insurance contracts2 4465 8636 8081412 935
 
Provisions for other charges4 3924 5014 6253 7924 570
Provisions for pension9811 0029908721 119
Deffered tax2 9763 0943 1622 4921 770
Other provisions for charges4364064744281 681
 
Remaining liabilites18 10819 77518 64019 65761 377
Expences accrued808703612803841
Deffered income17131815312
Payable tax1 4422 0152 1592 9352 818
Dividend......2 200..
Insurance liabilities4 0762 3973 6893 0623 169
Other liabilities10 25614 0228 5339 29022 678
Financial derivatives1 5086263 6281 21231 859
 
Total libilities1 590 9441 631 8711 663 5501 704 7601 672 057
 
Specifications
Number of companies1817171718
Loan with morgage on dwelling40 27840 28340 20439 06837 730
Net tehcnical provisions where the risk is borne by the policyholder344 387359 234373 781398 970355 356

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
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
 
Sum all sectors825 635852 898880 323915 545832 884
 
Non-financial corporations123 841136 157134 482143 206147 233
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government411484510491245
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government257264260285286
Private non-financial incorporated enterprises123 174135 410133 713142 430146 703
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations489 354496 464513 159523 633454 784
Norges Bank..........
Banks989795110106
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 3752 3742 3962 4232 411
Mutual funds457 491464 436479 315488 037420 474
Investment trusts and private equity funds23 53824 09125 75427 85426 596
Other financial enterprises, except insurance companies and pension funds3 1652 7702 8872 3242 479
Life insurance companies and pension funds512491493591573
Non-life insurance companies2 1762 2062 2192 2942 145
 
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 world212 439220 277232 681248 705230 866

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
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Sum all sectors577 320572 158576 363583 315596 144
 
Non-financial corporations94 88291 49590 26289 39689 184
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government24 68524 26524 14524 17223 741
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government24 66221 11521 35720 66620 214
Private non-financial incorporated enterprises45 53546 11644 76044 55845 229
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations112 410113 128113 949118 317120 729
Norges Bank..........
Banks39 22443 32242 23044 17047 185
Mortgage companies72 37068 94369 77072 19271 610
Finance companies..........
State lending institutions etc...........
Financial holding companies3737373750
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds5255671 6411 6441 619
Life insurance companies and pension funds165171177179178
Non-life insurance companies8988959687
 
General government38 44837 90037 13039 52143 359
Central government19 09020 38019 12518 09723 213
Local government19 35917 51918 00521 42320 146
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world331 581329 635335 022336 081342 872

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

Life insurance companies. Total utilized loans by borrower sector. NOK Million
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Sum all sectors143 891147 533146 842149 988152 979
 
Non-financial corporations42 26943 89742 76443 27243 491
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government529613643718731
Public incorporated enterprises, owned by local government2 4572 4572 2742 2792 378
Private non-financial incorporated enterprises39 27940 82339 84440 27440 381
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises44411
 
Financial corporations3 0652 9922 5672 6492 708
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies6154891500
Mutual funds..........
Investment trusts and private equity funds1 9521 9922 0052 0342 048
Other financial enterprises, except insurance companies and pension funds497512547615660
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government45 90648 23449 54150 97752 182
Central government7 0136 9576 6546 6747 131
Local government38 89341 27742 88644 30345 051
 
Non-profit institutions serving households415418468492494
 
Households40 38740 38840 30839 17037 831
Unincorporated enterprises within households000....
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.108105103101100
Employees, recipients of property income, pensions and social contributions, students etc.40 27940 28340 20539 06937 731
Unspecified sector..........
 
Rest of the world11 85011 60311 19313 42916 273

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

Non-life insurance company. Profitt and loss account. NOK Million
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st 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 reinsurance17 30135 67954 74074 18718 997
Gross premiums written33 15652 65970 06988 68936 599
Reinsurers share of gross premiums writtens-4 771-6 834-9 586-11 877-5 353
Gross change in the provision for unearned premiums-12 885-11 455-6 214-2 373-14 538
Reinsurance share1 8011 309472-2532 289
 
Claims incurred and net change in technical provisions13 61426 62740 69354 75314 781
Gross claims payment15 48930 07544 81762 24316 838
Reinsurers share of gross claims payments-1 688-2 949-5 331-7 438-2 024
Gross change in the provision for outstanding claims-337-7281 320-271 028
Reinsurers share, gross change in the provision for outstanding claims140219-7512-1 066
Bonus and rebates1..........
Net change in technical provision21010-37-376
 
Other operating income/ costs-3 406-6 973-10 596-14 413-3 685
Commision received5910815220162
Operating income, real property91917664
Other operating income109248372500131
Personell costs1 9303 8105 8048 0681 982
Commision submitted8991 8802 7373 591916
Operating costs, real property777112
Depreciations of non-financial assets125310475721174
Other operating costs6221 3412 1122 788809
 
Investment income /costs1 0932 0492 7133 734410
Interest income6981 5112 1803 024931
Share dividend etc.450643694921-457
Interest costs5410516121264
 
Gains/losses, value (re-)adjustments on financial assets5 4216 2857 1118 777-4 331
Net realized gains/losses3 1953 5793 5704 027319
Net change in value2 2262 7063 5414 750-4 650
 
Profitt/loss on ordinary activities6 79410 41313 27617 531-3 389
 
Other result components..........
 
Tax6231 4481 8992 658-303
 
Total Profitt/loss6 1718 96611 37614 873-3 086
 
Specifications
Balance on the technical account for non-life insurance4422 4103 9645 674630

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

Non-life insurance companies. Balance sheet by financial instrument. NOK Million1
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st 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 0118 0488 0718 4928 468
 
Tangible fixed assets2 5992 5092 0682 0722 082
Land and buildings738752359359380
Machinery, equipment and vehicles1 8611 7571 7101 7131 702
 
Capital investments152 128150 468151 602152 531149 246
Shares, participation and primary capital certificates19 17818 80617 45419 73018 694
Shares in securities' fund34 76133 19235 27435 05729 963
Bonds and certificates97 14397 20097 60996 12597 680
Financial derivatives3904994421 0891 735
Other capital investments6557718225311 173
 
Loans3 7443 7363 7253 7875 082
 
Reinsurance share of technical provisions21 40120 44221 57720 65226 389
 
Remaining claims61 39360 48356 11255 00967 075
Insurance claims30 94229 90527 29226 42834 648
Other claims30 45130 57828 81928 58132 427
 
Cash and bank deposits13 6759 46112 18912 40519 554
 
Total assets262 952255 147255 344254 947277 896
 
Liabilities and equity capital
Eqiuty capital80 78483 44084 79281 47785 404
Deposit capital16 77416 76016 76216 89618 342
Company capital4 6954 5604 5844 5824 758
Share premium account6 6366 6366 6366 7298 082
Other deposit capital5 4435 5645 5425 5855 502
Retained earnings64 01066 68068 03064 58067 061
Other equity54 94855 33254 85449 35067 052
Not allocated profit9 06211 34713 17615 23010
 
Subordinated liabilities3 2013 2383 2363 2373 237
Bonds2 9222 9242 9222 9232 923
Other subordinated loans279314314314314
 
Technical provisions136 837133 733130 614126 624145 005
Gross provision for unearned premium42 22840 54035 63831 04746 472
Gross Provision for outstanding claims88 51387 16190 15590 65494 117
Gross provision for bonuses and rebates2..........
Equalization provision16 0966 0334 8214 9244 416
Other technical provision2..........
 
Provisions for other charges11 71911 68911 58011 61210 849
Provisions for pension1 5691 5581 6971 6501 442
Deffered tax7 6727 7167 4557 4596 704
Other provisions for charges2 4772 4142 4282 5032 703
 
Remaning liabilites30 41023 04725 12231 99733 402
Expences accrued1 5621 4171 4641 6371 630
Deffered income157125114251151
Payable tax1 5131 2671 9182 6793 343
Dividend5 996....6 760654
Insurance liabilities6 4076 1455 9095 4998 470
Other liabilities14 50013 85915 13515 21015 613
Financial derivatives275234582-393 542
 
Total libilities262 952255 147255 344254 947277 896
 
Specifications
Number of companies8282828284
Loan with morgage on dwelling266260258253279

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
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Sum all sectors53 94051 99852 72954 78648 657
 
Non-financial corporations9 4219 3869 87511 88510 292
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government189172167145165
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government43333
Private non-financial incorporated enterprises8 5478 5329 02811 0559 447
Private non-financial unincorporated enterprises681679677682677
Private non-profit institutions serving enterprises..........
 
Financial corporations19 70019 66019 80120 00019 439
Norges Bank..........
Banks306323323342279
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies186164153141113
Mutual funds17 34517 25217 40517 60316 120
Investment trusts and private equity funds678698709716730
Other financial enterprises, except insurance companies and pension funds422481479454459
Life insurance companies and pension funds6826826826821 682
Non-life insurance companies8160516257
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households........0
 
Rest of the world24 81922 95223 05322 90218 926

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
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Sum all sectors97 14397 20097 60996 12597 680
 
Non-financial corporations14 09215 68614 65613 33214 189
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 5371 7111 5791 4661 395
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government5 2055 0844 9164 0904 260
Private non-financial incorporated enterprises7 3508 8918 1627 7778 534
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations38 49237 07436 60535 13934 933
Norges Bank..........
Banks14 10914 41614 50214 02312 952
Mortgage companies24 19722 47821 98820 70321 614
Finance companies..........
State lending institutions etc...........
Financial holding companies51431551
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds55220
Life insurance companies and pension funds666307279
Non-life insurance companies125125929988
 
General government15 65412 77313 05913 28612 649
Central government6 0374 5243 7432 7164 401
Local government9 6178 2499 31610 5708 249
 
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 world28 90631 66733 28934 36835 909

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
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Sum all sectors3 7443 7363 7253 7875 082
 
Non-financial corporations2 7042 7232 7282 7273 703
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 6932 7132 7152 7273 703
Private non-financial unincorporated enterprises101014....
Private non-profit institutions serving enterprises..........
 
Financial corporations7397517417961 092
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds658668658708702
Other financial enterprises, except insurance companies and pension funds7475768182
Life insurance companies and pension funds........300
Non-life insurance companies77777
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households301262255263288
Unincorporated enterprises within households44121098
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.257250245254279
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