Financial holding companies, 1999

Financial holding company profits soared from NOK 457 million in 1998 to NOK 3 023 million in 1999. The surge is largely attributed to the profit Vital Forsikring Holding AS made on the transfer of all its shares to DNB Holding ASA. NOR Forsikrings Holding AS sale of all its shares in NOR Forsikring AS was also a major contribution to the improved profits. Excluding these two events, share dividends, unit trust units and primary capital certificates, and profits on financial current assets increased in particular. It should also be noted that two new companies in addition to DNB Holding ASA are included in the 1999 figures.

Total assets increased from NOK 16 649 million in 1998 to NOK 58 679 million in 1999. This change was also highly influenced by the conversion of the DNB group into a financial holding company. Total assets excluding DNB Holding ASA were NOK 28 359 million in 1999, i.e. an increase of 70.3 per cent. This improvement can mainly be explained by larger stakes in group and associated companies, greater lending, increased bank deposits and accounts receivable. A number of these increases can largely be attributed to individual companies.

Tables:

• Table 1 Financial holding companies. Balance sheet by financial instrument. 31 December. 1995-1999. Million kroner
• Table 2 Financial holding companies. Profit and loss account. 31 December. 1995-1999. Million kroner