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4793
Poor results in insurance
statistikk
2002-03-18T10:00:00.000Z
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 2001

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Poor results in insurance

Weak performance of the Norwegian and the 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 were considerably weaker in 2001 than in 2000.

Non-life insurance

The results of the technical account have improved since the fourth quarter 2000, from minus NOK 1.5 billion to minus NOK 97 million. The result of ordinary activities for non-life insurance companies were reduced from NOK 135 million in 2000 to minus NOK 3 565 million in 2001. Weak performance in the securities marked lead to a decrease in the net financial income from NOK 3.7 billion in 2000 to NOK 2.2 billion in 2001, and this is the main explanation for the poor development of the result for non-life insurance companies.

Earned premiums for non-life insurance companies increased by 12 per cent from 2000 to 2001, from NOK 26.2 billion to NOK 29.2 billion. During the same period the claims incurred increased by 10 per cent, to NOK 25.7 billion. Total assets for non-life insurance companies increased by 5 per cent from 2000 to 2001, and total asset was NOK 100 billion by the end of 2001.

Life insurance

The weak performance of the securities marked has led to weak results for life insurance companies. Net income from financial assets decreased from NOK 9.5 billion, to minus NOK 0.7 billion. The result before tax and allocation to costumers was NOK 0.8 billion in 2001, against NOK 6.8 billion in 2000. This was 0.2 per cent and 1.8 per cent of total assets in 2001 and 2000 respectively. The value-adjusted result was minus NOK 8.3 billion in 2000 against minus NOK 6.3 billion in 2001.

Earned premiums (exclusive transfers to other companies) increased by 29.4 per cent from NOK 27.2 billion in 2000 to NOK 35.2 billion in 2001. During the same period the claims incurred increased by 12 per cent, to NOK 20.6 billion. Total assets for non-life insurance companies increased by 8.4 per cent between 2000 and 2001, and total asset was NOK 413 billion by the end of 2001.

 

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