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4809
Poor results in insurance
statistikk
2000-03-22T10:00:00.000Z
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
false

Life and non-life insurance companies, accounts, Q4 1999

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Poor results in insurance

Weak performance of Norwegian and international securities markets led to a weaker result for life and non-life insurance companies. For non-life insurance companies the result of ordinary activities was considerably weaker in 2000 than in 1999.

Non-life insurance

Result of ordinary activities for non-life insurance companies was reduced from 4 356 million NOK in 1999 to 137 million NOK in 2000. Weak performance in the securities marked lead to a decrease in the net financial income from 9.3 billion NOK in 1999 to 3.9 billion NOK in 2000, and this is the main explanation of the poor development of the result for non-life insurance companies.

Earned premiums for non-life insurance companies increased by 10 per cent from 1999 to 2000, from 23.8 billion NOK to 26.2 billion NOK. During the same period the claims incurred increased by 5.2 per cent, to 26.2 billion NOK. Total assets for non-life insurance companies declined by 1.7 per cent from 1999 to 2000, and total asset was 95 billion NOK at the end of 2000.

Life insurance

The poor performance of the securities marked led to a severe decline in net financial income and the value-adjusted result for the life insurance companies. Net financial income decreased from 48.4 billion NOK in 1999 to 11.5 billion NOK in 2000, a decrease of 76.1 per cent. The value-adjusted result was reduced from 32.9 billion NOK in 1999 to minus 8.3 billion NOK in 2000. The result before allocation to customers and tax was also reduced, from 8.3 billion NOK in 1999 to 6.5 billion NOK in 2000.

Earned premiums (exclusive transfers to other companies) for life insurance companies increased by 8.,4 per cent from 25.1 billion NOK 1999 to 27,2 billion NOK in 2000. Total assets for non-life insurance companies increased by 4.1 per cent from 1999 to 2000, and total asset was at the end of 2000 on 381 billion NOK.