Updated
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Key figures
402 436
million NOK in total assets for pension funds in 2019
Total | ||
---|---|---|
2018 | 2019 | |
Assets | 362 671 | 402 436 |
Shares, participation and primary capital certificates | 190 743 | 223 260 |
Bonds and certificates | 143 071 | 143 489 |
Earned premiums, net of reinsurance | 15 899 | 17 111 |
Net income from financial assets | -829 | 35 829 |
profitt/loss on ordinary activities | 1 301 | 4 541 |
Gross pensions and claims payment | 9 195 | 9 752 |
Value-adjusted result | -9 910 | 23 302 |
See selected tables from this statistics
Table 1
Pension funds. Profitt and loss account. NOK million
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Earned premiums, net of reinsurance | 22 940 | 15 098 | 14 262 | 15 899 | 17 111 |
Gross premiums written | 15 391 | 14 805 | 13 966 | 15 210 | 16 622 |
Reinsurers share of gross premiums writtens | -23 | -22 | -18 | -12 | -15 |
Transfer of premiumreserve from other companies | 7 573 | 315 | 314 | 701 | 504 |
Claims incurred, net of reinsurance | 8 223 | 8 574 | 8 822 | 10 377 | 9 839 |
Gross pensions and claims payments | 7 784 | 8 163 | 8 622 | 9 195 | 9 752 |
Reinsurance share of gross claims payments | -2 | -12 | -1 | -2 | -1 |
Other appropriations | 46 | .. | .. | .. | .. |
Transfers of premiumreserve etc. to other companies | 395 | 422 | 201 | 1 184 | 88 |
Net change in technical provisions | 23 647 | 19 496 | 26 940 | 2 955 | 38 076 |
Premium reserve | 18 378 | 10 623 | 8 738 | 10 120 | 11 546 |
Other technical provisions | 2 091 | 1 790 | 2 121 | 730 | 4 518 |
To/from revaluation reserve | 933 | 1 962 | 10 142 | -11 211 | 18 761 |
Means allocated insurance contracts | 2 245 | 5 120 | 5 939 | 3 315 | 3 250 |
Other operating income (+)/costs (-) | -338 | -374 | -434 | -437 | -484 |
Operating income from real property | 647 | 694 | 667 | 744 | 786 |
Other operating income | 21 | 24 | 14 | 85 | 44 |
Personell costs | 473 | 487 | 655 | 669 | 715 |
Commision submitted | 154 | 172 | 42 | 44 | 53 |
Operating costs from real property | 104 | 110 | 85 | 91 | 116 |
Other operating costs | 274 | 324 | 333 | 462 | 429 |
Investment income (+)/ charges (-) | 7 139 | 7 333 | 7 169 | 7 277 | 8 114 |
Bonds and certificates | 4 187 | 3 835 | 3 616 | 3 624 | 3 982 |
Interest income other assets | 597 | 458 | 705 | 742 | 438 |
Share dividend etc. | 2 365 | 3 060 | 2 855 | 2 922 | 3 718 |
Interest charges | 9 | 20 | 8 | 11 | 24 |
Gains/losses, Value (re-)adjustments on financial assetes | 5 011 | 9 896 | 19 609 | -8 106 | 27 715 |
Realized gains/losses | 3 094 | 6 773 | 7 948 | 5 652 | 6 650 |
Shares, participations and primary capital certificates | 7 483 | 5 558 | 8 440 | 6 602 | 8 593 |
Bonds and certificates | 802 | 205 | -80 | -287 | 298 |
Financial derivatives | -4 771 | 1 160 | -286 | -703 | -2 191 |
Land and buildings | -58 | 2 | .. | 1 | 4 |
Other realized gains/losses | -361 | -152 | -126 | 40 | -54 |
Net change in value | 1 917 | 3 124 | 11 661 | -13 758 | 21 066 |
Shares, participations and primary capital certificates | 2 751 | 2 877 | 10 527 | -12 859 | 18 084 |
Bonds and certificates | -2 188 | -747 | 1 003 | -721 | 659 |
Financial derivatives | 224 | 182 | -164 | -401 | 1 921 |
Land and buildings | 324 | 216 | 293 | 228 | 244 |
Other value re-adjustments (+)/adjustments (-) | 807 | 597 | 3 | -6 | 158 |
Profitt/loss on ordinary activities | 2 883 | 3 884 | 4 845 | 1 301 | 4 541 |
Other results components | -18 | -10 | 4 | 3 | 27 |
Tax | 103 | 221 | 185 | -594 | 143 |
Profitt/loss | 2 798 | 3 673 | 4 656 | 1 898 | 4 424 |
Specifications | |||||
Balance on the technical account for pension funds | 925 | 1 536 | 1 724 | 1 133 | 948 |
Value-adjusted profitt/loss | 3 815 | 5 846 | 14 987 | -9 910 | 23 302 |
Table 2
Pension funds. Balance sheet. NOK million
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Assets | |||||
Intangible assets | .. | 0 | 0 | 0 | 0 |
Tangible fixed assets | 8 528 | 8 729 | 9 020 | 9 185 | 9 411 |
Land and buildings | 8 527 | 8 725 | 9 016 | 9 181 | 9 406 |
Machinery, equipment and veichles | 1 | 4 | 4 | 4 | 5 |
Capital investments | 290 141 | 307 083 | 332 942 | 333 889 | 368 050 |
Shares, participation and primary capital certificates | 43 147 | 47 809 | 50 192 | 48 422 | 52 958 |
Shares in securities' funds | 109 076 | 120 921 | 138 766 | 142 321 | 170 302 |
Bonds and certificates | 137 571 | 137 989 | 143 645 | 143 071 | 143 489 |
Financial derivatives | 257 | 295 | 162 | 67 | 1 132 |
Other capital investment | 89 | 70 | 177 | 8 | 170 |
Loans | 6 474 | 6 800 | 8 886 | 9 890 | 10 022 |
Remaining claims | 1 612 | 1 997 | 1 383 | 2 522 | 2 962 |
Insurance claims | 695 | 583 | 412 | 646 | 466 |
Reinsurance share of technical provisions | .. | 17 | 19 | 8 | 5 |
Other claims | 917 | 1 397 | 951 | 1 868 | 2 491 |
Cash and bank deposits | 7 259 | 7 195 | 8 353 | 7 185 | 11 990 |
Total assets | 314 014 | 331 805 | 360 584 | 362 671 | 402 436 |
Liabilities and equity capital | |||||
Equity capital | 31 158 | 35 519 | 40 736 | 43 053 | 48 004 |
Deposit capital | 11 589 | 12 332 | 13 046 | 13 391 | 13 886 |
Primary capital | .. | .. | .. | .. | .. |
Share premium account | .. | .. | .. | 30 | 35 |
Other deposit capital | 11 589 | 12 332 | 13 046 | 13 361 | 13 851 |
Retained earnings | 19 569 | 23 187 | 27 690 | 29 662 | 34 118 |
Other equity | 19 569 | 23 187 | 27 690 | 29 662 | 34 118 |
Subordinated liabilities | 423 | 434 | 434 | 474 | 659 |
Other subordinated liabilities | 423 | 434 | 434 | 474 | 659 |
Technical provisions | 280 104 | 294 089 | 317 058 | 316 876 | 351 293 |
Premium reserve | 225 573 | 239 622 | 252 292 | 263 434 | 275 472 |
Additional provision | 11 991 | 13 157 | 14 512 | 15 116 | 22 973 |
Revaluation reserve | 27 985 | 29 926 | 39 581 | 28 611 | 42 824 |
Net provision for outstanding claims | 1 124 | .. | .. | .. | .. |
Premium provision and pension provision | 13 431 | 11 383 | 10 673 | 9 716 | 10 024 |
Provisions for other charges | 186 | 359 | 469 | 522 | 596 |
Provisions for pension | 72 | 66 | 79 | 83 | 67 |
Deffered tax | 99 | 247 | 365 | 395 | 461 |
Other provisions for charges | 15 | 46 | 25 | 44 | 68 |
Remaining liabilities | 2 143 | 1 405 | 1 887 | 1 746 | 1 884 |
Expences accrued | 161 | 87 | 247 | 89 | 576 |
Defferes income | 2 | 2 | 19 | 20 | 12 |
Payable tax | 28 | 19 | 25 | 185 | 200 |
Dividend | 7 | 7 | 0 | 1 | 1 |
Insurance liabilities | 48 | 32 | 13 | 22 | 35 |
Other liabilities | 548 | 689 | 912 | 411 | 913 |
Financial derivatives | 1 348 | 568 | 670 | 1 018 | 147 |
Total liabilities | 314 014 | 331 805 | 360 584 | 362 670 | 402 436 |
Specifications | |||||
Number of companies | 90 | 89 | 87 | 91 | 90 |
Loan with morgage on dwelling | 1 333 | 1 092 | 799 | 668 | 561 |
Table 3
Pension funds. Investments in shares, participation and primary capital certificates by specified sector. NOK Million
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Sum all sectors | 152 224 | 168 729 | 188 958 | 190 743 | 223 259 |
Non-financial corporations | 19 113 | 20 961 | 22 177 | 20 623 | 23 380 |
Public unincorporated enterprises, owned by central government | .. | .. | .. | .. | .. |
Public incorporated enterprises, owned by central government | 2 299 | 1 880 | 2 369 | 2 400 | 2 120 |
Public unincorporated enterprises, owned by local government | .. | .. | .. | .. | .. |
Public incorporated enterprises, owned by local government | 226 | 497 | 110 | 102 | 128 |
Private non-financial incorporated enterprises | 16 589 | 18 584 | 19 697 | 18 122 | 21 132 |
Private non-financial unincorporated enterprises | .. | .. | .. | .. | .. |
Private non-profit institutions serving enterprises | 0 | 0 | 0 | 0 | 0 |
Financial corporations | 65 655 | 76 287 | 88 976 | 92 907 | 113 508 |
Norges Bank | .. | .. | .. | .. | .. |
Banks | 1 295 | 1 569 | 1 701 | 1 596 | 1 882 |
Mortgage companies | .. | .. | .. | .. | .. |
Finance companies | .. | .. | .. | .. | .. |
State lending institutions etc. | .. | .. | .. | .. | .. |
Financial holding companies | 1 478 | 1 805 | 1 763 | 1 345 | 1 384 |
Mutual funds | 56 608 | 65 034 | 76 859 | 80 028 | 99 267 |
Investment trusts and private equity funds | 5 444 | 7 243 | 7 951 | 9 340 | 10 516 |
Other financial enterprises, except insurance companies and pension funds | 166 | 145 | 145 | 150 | 126 |
Life insurance companies and pension funds | 106 | 59 | 60 | 60 | .. |
Non-life insurance companies | 558 | 432 | 497 | 388 | 334 |
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 world | 67 455 | 71 482 | 77 805 | 77 213 | 86 371 |
Table 4
Pension funds. Holdings of bonds by issuing sector
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Sum all sectors | 137 571 | 137 989 | 143 645 | 143 071 | 143 489 |
Non-financial corporations | 19 998 | 22 318 | 26 251 | 29 123 | 29 178 |
Public unincorporated enterprises, owned by central government | .. | .. | .. | .. | .. |
Public incorporated enterprises, owned by central government | 2 874 | 3 623 | 3 675 | 3 812 | 3 327 |
Public unincorporated enterprises, owned by local government | .. | .. | .. | .. | .. |
Public incorporated enterprises, owned by local government | 6 671 | 7 130 | 6 418 | 6 228 | 5 625 |
Private non-financial incorporated enterprises | 10 453 | 11 565 | 16 158 | 19 084 | 20 226 |
Private non-financial unincorporated enterprises | .. | .. | .. | .. | .. |
Private non-profit institutions serving enterprises | 0 | 0 | 0 | 0 | 0 |
Financial corporations | 65 265 | 63 658 | 62 898 | 60 153 | 58 768 |
Norges Bank | .. | .. | .. | .. | .. |
Banks | 35 425 | 33 188 | 34 287 | 33 675 | 33 350 |
Mortgage companies | 28 658 | 29 073 | 26 848 | 25 087 | 23 903 |
Finance companies | .. | .. | .. | .. | .. |
State lending institutions etc. | .. | .. | .. | .. | .. |
Financial holding companies | 425 | 464 | 444 | 344 | 249 |
Mutual funds | .. | .. | .. | .. | .. |
Investment trusts and private equity funds | 188 | 155 | 501 | 369 | 642 |
Other financial enterprises, except insurance companies and pension funds | 18 | .. | 3 | 51 | 14 |
Life insurance companies and pension funds | 399 | 535 | 494 | 299 | 332 |
Non-life insurance companies | 152 | 243 | 321 | 328 | 277 |
General government | 24 779 | 28 137 | 31 278 | 30 079 | 28 429 |
Central government | 8 837 | 10 009 | 11 111 | 9 981 | 7 198 |
Local government | 15 942 | 18 128 | 20 167 | 20 098 | 21 231 |
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 world | 27 529 | 23 877 | 23 218 | 23 716 | 27 115 |
About the statistics
The statistics cover all pension funds in Norway. They show totals, balance sheets and specifications of individual financial instruments by sector.
Definitions
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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.
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We have three types of classification: instrument, sector and type.
- Financial instruments and physical capital:
- Liabilities, claims and other assets in the balance sheet of the financial institutions are divided into two main groups with a view to providing major uniform groups such as bank lending, funding and deposits.
- Debtor and creditor sector:
- Borrowers and lenders are classified according to institutional sector classification, based on national accounts rules.
- Types of income and expenses:
- Including interest income and expenses, are based on national accounts rules.
Administrative information
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Name: Pension funds
Topic: Banking and financial markets
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Division for Financial Markets Statistics
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Only at the national level.
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Annual.
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Eurostat
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Micro data are stored in an Oracle database.
Background
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The purpose is to provide statistics for the national accounts, financial sector balances and census of foreign assets and liabilities.
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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 Norges Bank, The Financial Supervisory Authority of Norway, Ministry of Finance and the media.
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Not relevant
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The statistics are based on the guidelines in the national accounts standards System of National Accounts (SNA), European System of Accounts (ESA) 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.
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Statistics Act Section 3-2 (banks and finance corporations), Act on the The Financial Supervisory Authority of Norway Sections 1 and 4.
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Council regulation 295/2008. Council regulation 251/2009. Amendments to council regulation 295/2008.
Council regulation (EC) no. 2223/96 The regulation covers the European system for national and regional accounts.
Council regulation (EC) no. 1392/2007 Amendments to council regulation 2223/96.
Council regulation (EC) no. 1606/2002 Regulation on the application of international accounting standards.
Council regulation (EC) no. 297/2008 Amendments to council regulation 1606/2002.
Production
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The population is all pension funds with lincence from The Financial Supervisory Authority of Norway.
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The statistics are based on accounting data from the enterprises.
Total count.
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The Financial Supervisory Authority of Norway and Statistics Norway work together to collect the accounting data.
Revision of the pension funds accounting statements are undertaken by Statistics Norway and The Financial Supervisory Authority of Norway.
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Not relevant
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The analysis is split into two parts, i.e. the sum of all municipal pension funds and the sum of all private pension funds. From 1998 data for pension funds established by municipal enterprises are separated from private pension funds.
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The accounting statistics for the financial institutions is based on current accounting regulations for financial institutions. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the financial institutions. 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 2009/2010 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.
Regulation on loans The IFRS-adapted regulation on loans was introduced 1. January 2005. It lead to a small change in the measuring of the value of loans and guaranties in the accounting data and thereby to a small breach in the time series for loans and loan loss provisions. There were also a breach in the time series on loans in 1992 due to changed accounting rules.
Changes in the presentation of the statistics Credit lines secured on dwellings became a new specification from January 2006. As a consequence the numbers for repayment loans secured on dwellings and credit lines, working capital facility and consumer credit were reduced.
Structural changes There are several mergers, spin-offs and new companies being started every year. Many of these structural changes have no significant impact on the statistics, while others leads to major breaches in the time series. When the latter is the case, it will be commented upon in this section.
Portfolio movements The introduction of IFRS, the regulation on loans and the structural changes mentioned, has lead to portfolio movements especially between banks and mortgage companies. This gives breaches in the time series and needs to be taken into consideration when interpreting the data.
Accuracy and reliability
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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.
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Not relevant
Contact
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Kjell Hammer
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Dag Waage Gausdal