404053
/en/bank-og-finansmarked/statistikker/forsikring/kvartal
404053
statistikk
2020-11-18T08:00:00.000Z
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

1 761 474

NOK million assets for life-insurance companies

Key Figures. NOK Million
Total
3rd quarter 20193rd quarter 2020
Life insurance companies
Assets1 663 5501 761 474
Earned premiums, net of reinsurance95 04797 383
Gross claims payment45 40148 835
Profitt/loss before tax and allocation to customers15 84015 754
Net income from financial assets101 12525 507
Value-adjusted profitt/loss41 990-5 294
Non-life insurance companies
Assets255 344271 367
Earned premiums54 74059 276
Gross claims payments44 81748 440
Profitt/loss on ordinary activities13 27611 993
Balance on the technical account for non-life insurance3 9647 922
Net income from financial assets9 8244 627

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 20194th quarter 20191st quarter 20202nd quarter 20203rd 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 reinsurance95 047122 47539 46166 20597 383
Gross premiums written83 667108 71227 64851 06879 263
Reinsurers share of gross premiums written-544-768-237-454-584
Transfers of premium reserve from other companies11 92414 53112 05115 59118 704
 
Claims incurred, net of reinsurance56 97874 97833 94053 52671 843
Gross claims payment45 40160 89118 40433 72348 835
Reinsurance share of gross claims payments-410-730-120-266-377
Other appropriations1..........
Transfers of premiumreserve etc. to other companies11 98714 81715 65620 06823 384
 
Net change in technical provisions126 355168 651-76 729-82844 191
Premium reserve85 028116 078-40 2339 02943 069
Other technical provisions2-957498-872-1 590-1 964
To/from revaluation reserve34 21638 371-38 555-13 114-8 981
Means allocated insurance contracts8 06713 7052 9304 84612 067
 
Other operating income/ costs-5 067-6 911-557-2 235-3 169
Commision received-5-170-259255
Operating income, real property6268102131
Other operating income1 4632 2081 7112 1603 181
Personell costs2 4043 3847451 5942 402
Commision submitted702959277541793
Operating costs, real property11000
Depreciations of non-financial assets19541287163249
Other operating costs3 2874 2631 1662 1773 192
 
Investment income /costs32 21844 48811 74218 44829 044
Interest income bonds and certificates14 98221 2355 58410 07816 994
Interest income other assets5 8607 8962 6003 4094 348
Share dividend etc.12 67817 0304 0336 0909 066
Interest costs1 3021 6744751 1291 364
 
Gains/losses, value (re-)adjustments on financial assets68 90793 588-94 865-29 638-3 537
Realized gains/losses3 1028 1716 740-1 12017 298
Shares, participations and primary capital certificates12 26019 69313 64721 44129 399
Bonds and certificates1 6201 8927 2105 1084 959
Financial derivatives-10 004-12 071-15 370-24 390-14 106
Land and buildings11000
Other realized gains/losses-776-1 3451 253-3 279-2 955
Net change in value65 80685 417-101 605-28 519-20 835
Shares, participations and primary capital certificates48 84259 108-62 480-31 317-18 748
Bonds and certificates2 6874892 8963 0142 934
Financial derivatives4 01710 586-28 8983 311-4 604
Land and buildings..31-1-1-2
Other net change in value10 25915 204-13 122-3 526-415
 
Profitt/loss on ordinary activities7 77310 010-1 429833 687
 
Other result components-100102-335-314-253
 
Tax1 3201 915-1 234-1 003-344
 
Total Profitt/loss6 3538 197-5307723 778
 
Specifications
Balance on the technical account for life insurance4 25112 770-1 649-1 9351 043
Value-adjusted profitt/loss41 99048 381-39 984-13 031-5 294

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

Life insurance companies. Balance sheet by financial instrument. NOK Million
3rd quarter 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
11st quarter of 2016: complementary provisions is discontinues, premium reserve is continued
21st quarter of 2016: Closed series
Assets
Intangible assets2 7482 4324 5534 6794 699
 
Tangible fixed assets1 4011 4121 3921 3082 257
Land and buildings979985995997989
Machinery, equipment and vehicles4224273973111 268
 
Capital investments1 469 7781 512 4651 444 8611 523 2441 558 173
Shares, participation and primary capital certificate229 033246 875241 432245 275250 319
Shares in securities' fund651 290669 316591 452639 529678 791
Bonds and certificates576 363583 315596 394609 463610 779
Financial derivatives3 36310 5554 81515 2729 228
Other capital investment9 7302 40410 76713 7069 056
 
Loans146 842149 988152 979156 994150 694
 
Remaining claims20 4264 40614 1607 13311 226
Insurance claims15 1811 5262 8912 7516 012
Reinsurance share of technical provisions1 5861 5751 5541 5641 576
Other claims3 6591 3059 7162 8183 638
 
Cash and bank deposits22 35534 34654 06635 33134 424
 
Total assets1 663 5501 705 0481 672 0101 728 6881 761 474
 
Liabilities and equity capital
Eqiuty capital111 562111 729110 987113 510117 869
Deposit capital44 08645 93446 37448 55749 955
Company capital7 5797 2647 3037 3037 303
Share premium account17 92018 09019 10520 35720 557
Other deposit capital18 58720 57919 96620 89722 095
Retained earnings67 47765 79564 61364 95367 913
Other equity61 97765 79565 46857 78257 960
Not allocated profit5 499..-8557 1709 954
 
Subordinated liabilities28 82428 76930 87926 69526 869
Bonds17 75417 69919 50915 32515 499
Other subordinated loans11 07011 07011 37011 37011 370
 
Technical provisions1 499 8991 541 2281 464 2441 540 5121 582 965
Premium reserve11 336 5331 368 5781 327 0781 376 2421 410 324
Additional provisions54 46163 79263 52163 12463 049
Revaluation reserve83 23287 38648 83274 27378 405
Net provision for outstanding claims2..........
Premium and pension provision17 39119 66920 07820 45517 564
Net other technical provisions1 4741 8031 7991 7591 721
Unallocated surplus funds to insurance contracts6 808..2 9354 66011 903
 
Provisions for other charges4 6253 6294 5703 3404 603
Provisions for pension9908721 1191 1911 151
Deffered tax3 1622 3271 7701 7682 107
Other provisions for charges4744311 6813811 346
 
Remaining liabilites18 64019 71861 33144 63129 168
Expences accrued612802841700628
Deffered income1815312715
Payable tax2 1593 0892 8182 2982 479
Dividend..2 200......
Insurance liabilities3 6893 0803 1702 9092 048
Other liabilities8 5339 18222 63137 12916 282
Financial derivatives3 6281 21231 8591 5897 716
 
Total libilities1 663 5501 705 0721 672 0101 728 6881 761 474
 
Specifications
Number of companies1617181818
Loan with morgage on dwelling40 20439 06837 73036 86935 104
Net tehcnical provisions where the risk is borne by the policyholder373 781399 627355 356400 730427 148

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 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
 
Sum all sectors880 323916 191832 884884 804929 111
 
Non-financial corporations134 482143 207147 233145 214151 658
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government510491245285395
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government260285286237235
Private non-financial incorporated enterprises133 713142 431146 703144 693151 029
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations513 159524 279454 784487 113482 278
Norges Bank..........
Banks95110106140145
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies2 3962 4232 4112 4782 583
Mutual funds479 315488 682420 474450 242470 019
Investment trusts and private equity funds25 75427 85426 59628 3813 682
Other financial enterprises, except insurance companies and pension funds2 8872 3242 4793 1833 457
Life insurance companies and pension funds4935915734012
Non-life insurance companies2 2192 2942 1452 2882 390
 
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 world232 681248 705230 866252 477295 174

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 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Sum all sectors576 363583 315596 394609 463610 779
 
Non-financial corporations90 26289 39689 37494 24794 591
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government24 14524 17223 74124 40723 899
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government21 35720 75120 21420 51720 929
Private non-financial incorporated enterprises44 76044 47345 41949 32349 764
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations113 949118 328120 729118 060120 000
Norges Bank..........
Banks42 23044 20847 18543 88245 331
Mortgage companies69 77072 16571 61072 25972 695
Finance companies..........
State lending institutions etc...........
Financial holding companies3737501065
Mutual funds..........
Investment trusts and private equity funds........5
Other financial enterprises, except insurance companies and pension funds1 6411 6441 6191 6291 617
Life insurance companies and pension funds177179178182188
Non-life insurance companies9596879798
 
General government37 13039 52143 35944 93944 914
Central government19 12518 09723 21324 98825 555
Local government18 00521 42320 14619 95019 358
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world335 022336 070342 932352 218351 275

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 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Sum all sectors146 842149 988152 979156 994150 694
 
Non-financial corporations42 76444 10443 49143 10242 761
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government..........
Public unincorporated enterprises, owned by local government643718731777805
Public incorporated enterprises, owned by local government2 2742 2792 3782 6222 689
Private non-financial incorporated enterprises39 84441 10640 38139 70339 266
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises41111
 
Financial corporations2 5672 6492 7082 9992 927
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies150086..
Mutual funds..........
Investment trusts and private equity funds2 0052 0342 0482 2532 267
Other financial enterprises, except insurance companies and pension funds547615660660660
Life insurance companies and pension funds..........
Non-life insurance companies..........
 
General government49 54150 97752 18256 06156 604
Central government6 6546 6747 1317 1136 867
Local government42 88644 30345 05148 94849 737
 
Non-profit institutions serving households468492494545591
 
Households40 30839 17037 83136 96935 202
Unincorporated enterprises within households0........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.1031011009998
Employees, recipients of property income, pensions and social contributions, students etc.40 20539 06937 73136 87035 105
Unspecified sector..........
 
Rest of the world11 19312 59716 27317 31912 609

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

Non-life insurance company. Profitt and loss account. NOK Million
3rd quarter 20194th quarter 20191st quarter 20202nd quarter 20203rd 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 reinsurance54 74074 57818 99739 05959 276
Gross premiums written70 06989 83836 59957 90775 635
Reinsurers share of gross premiums writtens-9 586-12 754-5 353-8 232-10 973
Gross change in the provision for unearned premiums-6 214-2 451-14 538-12 596-6 454
Reinsurance share472-562 2891 9801 069
 
Claims incurred and net change in technical provisions40 69355 65714 78127 53640 791
Gross claims payment44 81764 44516 83833 12348 440
Reinsurers share of gross claims payments-5 331-8 766-2 024-4 212-7 393
Gross change in the provision for outstanding claims1 320671 028-658347
Reinsurers share, gross change in the provision for outstanding claims-75-78-1 066-727-594
Bonus and rebates1..........
Net change in technical provision2-37-11610-10
 
Other operating income/ costs-10 596-13 744-3 685-7 420-11 121
Commision received15221162111162
Operating income, real property17614713
Other operating income372508131229303
Personell costs5 8047 3921 9823 8966 067
Commision submitted2 7373 4039161 9442 623
Operating costs, real property710248
Depreciations of non-financial assets475943174368570
Other operating costs2 1122 7768091 5532 330
 
Investment income /costs2 7133 9414101 5392 486
Interest income2 1803 0019311 6772 391
Share dividend etc.6941 148-457-17268
Interest costs16120764122172
 
Gains/losses, value (re-)adjustments on financial assets7 1119 150-4 3312252 141
Net realized gains/losses3 5704 1283192071 659
Net change in value3 5415 022-4 65018482
 
Profitt/loss on ordinary activities13 27618 268-3 3895 86611 993
 
Other result components-90-83-314-195-175
 
Tax1 8992 679-3031 3652 835
 
Total Profitt/loss11 28615 505-3 4004 3068 983
 
Specifications
Balance on the technical account for non-life insurance3 9647 3496304 3507 922

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 20194th quarter 20191st quarter 20202nd quarter 20203rd 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 0718 5318 4688 3087 965
 
Tangible fixed assets2 0682 1182 0822 3482 281
Land and buildings359359380378359
Machinery, equipment and vehicles1 7101 7591 7021 9701 922
 
Capital investments151 602152 783150 240159 002157 296
Shares, participation and primary capital certificates17 45419 72418 71121 02821 983
Shares in securities' fund35 27437 24729 94133 73835 218
Bonds and certificates97 60993 58297 680102 53698 452
Financial derivatives4421 3341 7351 155720
Other capital investments8228962 173544922
 
Loans3 7253 7934 0884 3294 406
 
Reinsurance share of technical provisions21 57722 69826 38924 33024 310
 
Remaining claims56 11257 79267 07564 24461 131
Insurance claims27 29226 59534 64832 79628 886
Other claims28 81931 19832 42731 44832 245
 
Cash and bank deposits12 18911 52319 55415 56513 979
 
Total assets255 344259 239277 896278 126271 367
 
Liabilities and equity capital
Eqiuty capital84 79283 48485 40492 25691 152
Deposit capital16 76217 10918 34218 28818 342
Company capital4 5844 6424 7584 6434 659
Share premium account6 7366 8288 0828 1508 170
Other deposit capital5 4425 6395 5025 4955 512
Retained earnings68 03066 37567 06173 96772 810
Other equity54 85466 37567 05267 56262 189
Not allocated profit13 176..106 40510 622
 
Subordinated liabilities3 2363 2373 2373 2373 236
Bonds2 9222 9232 9232 9232 922
Other subordinated loans314314314314314
 
Technical provisions130 614127 572145 005141 048135 325
Gross provision for unearned premium35 63833 22246 47244 63438 932
Gross Provision for outstanding claims90 15590 51194 11791 92092 087
Gross provision for bonuses and rebates2..........
Equalization provision14 8213 8394 4164 4954 306
Other technical provision2..........
 
Provisions for other charges11 58011 46810 84911 59411 242
Provisions for pension1 6971 6211 4421 4661 433
Deffered tax7 4557 3186 7047 1966 793
Other provisions for charges2 4282 5292 7032 9323 015
 
Remaning liabilites25 12233 47833 40229 99230 412
Expences accrued1 4641 7821 6301 5371 758
Deffered income11425215113597
Payable tax1 9183 6173 3433 7135 034
Dividend..6 7606541010
Insurance liabilities5 9095 7198 4707 9116 366
Other liabilities15 13515 14715 61316 15716 350
Financial derivatives5822003 542530795
 
Total libilities255 344259 239277 896278 126271 367
 
Specifications
Number of companies8284848383
Loan with morgage on dwelling258253279493517

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 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Sum all sectors52 72956 97148 65154 76657 202
 
Non-financial corporations9 87510 89110 26710 78511 301
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government167145165143216
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government33333
Private non-financial incorporated enterprises9 02810 0619 4239 98810 430
Private non-financial unincorporated enterprises677682677651653
Private non-profit institutions serving enterprises..........
 
Financial corporations19 80121 08719 45921 92722 627
Norges Bank..........
Banks323342279304302
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies153141113136124
Mutual funds17 40517 61816 12017 31117 830
Investment trusts and private equity funds709716730708713
Other financial enterprises, except insurance companies and pension funds4791 526459466450
Life insurance companies and pension funds6826821 6822 9343 134
Non-life insurance companies5163776974
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households..........
 
Rest of the world23 05324 99318 92522 05423 274

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 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Sum all sectors97 60993 58297 680102 53698 452
 
Non-financial corporations14 65613 33314 18915 94415 599
Public unincorporated enterprises, owned by central government..........
Public incorporated enterprises, owned by central government1 5791 4651 3951 9911 598
Public unincorporated enterprises, owned by local government..........
Public incorporated enterprises, owned by local government4 9164 0874 2604 6484 741
Private non-financial incorporated enterprises8 1627 7818 5349 3059 260
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations36 60536 20234 93337 03535 874
Norges Bank..........
Banks14 50214 02512 95214 39113 430
Mortgage companies21 98821 77621 61422 53622 325
Finance companies..........
State lending institutions etc...........
Financial holding companies1551129
Mutual funds..........
Investment trusts and private equity funds..........
Other financial enterprises, except insurance companies and pension funds22000
Life insurance companies and pension funds63072791010
Non-life insurance companies9287889779
 
General government13 05913 30412 64913 6679 791
Central government3 7432 7344 4014 2952 627
Local government9 31610 5708 2499 3727 164
 
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 world33 28930 74335 90935 89037 188

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 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Sum all sectors3 7253 7934 0884 3294 406
 
Non-financial corporations2 7152 7272 7032 7292 769
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 7152 7272 7032 7292 769
Private non-financial unincorporated enterprises..........
Private non-profit institutions serving enterprises..........
 
Financial corporations7418021 0971 0991 111
Norges Bank..........
Banks..........
Mortgage companies..........
Finance companies..........
State lending institutions etc...........
Financial holding companies..........
Mutual funds..........
Investment trusts and private equity funds658714708715726
Other financial enterprises, except insurance companies and pension funds7681827779
Life insurance companies and pension funds....300300300
Non-life insurance companies77777
 
General government..........
Central government..........
Local government..........
 
Non-profit institutions serving households..........
 
Households269263288501525
Unincorporated enterprises within households109887
Private non-financial unincorporated enterprises inclusive housing cooperatives etc...........
Employees, recipients of property income, pensions and social contributions, students etc.258254279493518
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