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4781
Better results for insurance companies
statistikk
2003-06-05T10:00:00.000Z
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, Q1 2003

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Better results for insurance companies

Life insurance companies reported a surplus of NOK 741 million in the first quarter of 2003. Non-life insurance companies had a deficit of NOK 131 million against NOK 320 million in the first quarter last year.

Life insurance: Increased surplus

The result before tax and allocation to customers for life insurance companies was NOK 875 million in the first quarter of 2003, compared with a surplus of NOK 473 million in 2002. The value-adjusted result was NOK 912 million in the first quarter of 2003, compared with NOK 558 million the corresponding period in 2002.

Earned premiums - excluding transfers to other companies - were at the same level the first quarter 2002 and 2003, NOK 11.6 billion. During the same period claims incurred decreased by 6.7 per cent to NOK 5.2 billion.

Total assets for life insurance companies increased by 4.1 per cent from the first quarter 2002 to 2003, and were by the end of the first quarter 2003 NOK 440 billion. 14.6 per cent of total assets consisted of investments in subsidiaries and other shares, participation and primary capital certificates. The corresponding figure for 2002 was 25.4 per cent. 52 per cent of total assets consisted of bonds, while the proportion of commercial papers was 11 per cent by the end of the first quarter 2003.

Non-life insurance: High claims incurred cause deficit

The result of ordinary activities has improved since the first quarter 2002, and was by the end of the first quarter 2003 minus NOK 131 million. At the same time in 2002 the deficit was NOK 320 million. The result of the technical account was minus NOK 270 million by the end of first quarter 2003. Earned premiums increased by 11.8 per cent to NOK 9.1 billion, while claims incurred increased by only 5.4 per cent to NOK 6.8 billion. Net income from financial assets increased by NOK 4.4 billion from the first quarter 2002 to 2003, from NOK 5.5 billion to NOK 9.9 billion.

Total assets for non-life insurance companies decreased by 2 per cent from the first quarter 2002 to 2003, and were by the end of first quarter 2003 NOK 105 billion. 11.2 per cent of total assets consisted of investments in subsidiaries and other shares, participation and primary capital certificates. The corresponding figure for 2002 was 19.6 per cent. 26.3 per cent of total assets consisted of bonds, while the proportion of commercial papers was 11 per cent by the end of first quarter 2003.

 

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