Life and non-life insurance companies, accounts, Q3 2001

The weak performance of the securities markets led to a severe decline in the profit and loss account for the life insurance companies. Net income from financial assets decreased from NOK 17 billion, to minus 14,3 billion in 2001. The result before tax and allocation to costumers was NOK -9,6 billion in the tree first quarters of this year, against NOK 13,2 billion in 2000. This was -2,4 per cent of the total assets in 2001, and 3,4 percent of total assets in 2000. The value-adjusted result was reduced from NOK 6,7 billion in the third quarter 2000 to minus 17,2 billion in 2001.

The weak performance of the securities markets also influenced total assets for life insurance companies and the allocation of securities. At the end of the third quarter the total assets was NOK 397 billion, which implies that the total assets have decreased 2 per cent from the second quarter of 2001. The holdings of interest bearing securities have increased, and the holdings of certificates and bonds have respectively been doubled and increased with 14,3 per cent since the third quarter of 2000.

Non-life insurance

The result of the technical account has improved since the third quarter last year, from minus NOK 1 billion to NOK 1,7 billion. However poor performance in the securities marked has led to a weaker income from financial assets, which has contributed to an overall loss. In the third quarter last year the net income from financial asset was NOK 4,2 billion. This year the net income from financial assets was minus NOK 1,2 billion, which led to a loss of minus NOK 3,7 billion on the ordinary activities.

Earned premiums for non-life insurance companies increased by 13,7 per cent from the third quarter of 2000 to 2001, from NOK 19 billion to 21,6 billion. During the same period the claims incurred increased by 11,7 per cent, to NOK 17,9 billion. Total assets for non-life insurance companies declined by 7,4 per cent from the third quarter of 2000 to 2001, and total assets were at the end of the third quarter of 2001 NOK 94 billion.

Tables

Published tables