19740_not-searchable
/en/bank-og-finansmarked/statistikker/forsikring/arkiv
19740
Poor results for insurance companies
statistikk
2002-11-26T10:00:00.000Z
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, 2001

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Poor results for insurance companies

Weak performance of the Norwegian and the international securities markets led to weaker results for life and non-life insurance companies. For non-life insurance the result of ordinary activities was considerably weaker in 2001 than in 2000.

Life insurance

The weak performance of the securities markets has led to a considerable decline in the profit and loss account for life insurance companies. Net income from financial assets decreased from NOK 9238 million in 2000 to minus NOK 1307 million in 2001. The result before tax and allocation to customers was NOK 794 million in 2001, compared with NOK 9906 million in 2000. The value-adjusted result was minus NOK 7392 million in 2001, compared with minus NOK 7644 million in 2000.

Earned premiums - exclusive transfers to other companies - increased by 24 per cent, from NOK 27 943 million in 2000 to NOK 34 643 million in 2001. During the same period claims incurred increased by 11.9 per cent, from NOK 18 283 million in 2000 to NOK 20 460 million in 2001.

Total assets for life insurance companies increased by 7.6 per cent from NOK 383 129 million in 2000 to NOK 412 382 million in 2001. 24.6 per cent of total assets consisted of investments in subsidiaries and other shares, participations and primary capital certificates in 2001. The corresponding figure for 2000 was 34 per cent. 45 per cent of total assets consisted of bonds in 2001. The share of certificates was 7.6 per in 2001, compared with 3.7 per cent in 2000.

Non-life insurance

The result of the technical account has improved since 2000, from minus NOK 1353 million to minus NOK 1197 million. Poor performance in the securities markets led to less income from financial assets, which contributed to an overall deficit of NOK 3 869 million in 2001. Net income from financial assets decreased by 83 per cent from 2000 to 2001, from NOK 3958 million to NOK 670 million.

Earned premiums for non-life insurance companies increased by 14 per cent from 2000 to 2001, from NOK 25 961 million to NOK 29 607 million. Claims increased by 12.6 per cent in the same period, to NOK 26 134 million.

Total assets for non-life insurance companies rose by 5 per cent from 2000 to 2001, and were by the end of 2001 NOK 101 053 million.

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