19738_not-searchable
/en/bank-og-finansmarked/statistikker/forsikring/arkiv
19738
Poor results for insurance companies
statistikk
2003-11-13T10:00:00.000Z
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, 2002

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Poor results for insurance companies

Weak performance of the Norwegian and the international securities markets led to negative results for life and non-life insurance companies in 2002. Losses on financial assets have increased considerably the past two years as a consequence of the downward economic trend.

Life insurance

Life insurance companies had in 2002 a total deficit - before tax and allocation to customers - in the profit and loss account of NOK 2 145 million, compared with a surplus of NOK 796 million in 2001. Net income from financial assets increased from minus NOK 1 317 million in 2001 to NOK 661 million in 2002. The value-adjusted result was minus NOK 3 387 million in 2002, compared with minus NOK 6 298 million in 2001.

Earned premiums (exclusive transfers to other companies) increased by 7.8 per cent, from NOK 34 653 million in 2001 to NOK 37 378 million in 2001. Claims incurred were about at the same level in 2002 as in 2001, and were by the end of 2002 NOK 20 346 million.

Total assets for life insurance companies increased by 4.3 per cent from 2001 to 2002, from NOK 412 426 million to NOK 429 978 million. 14.6 per cent of total assets consisted of investments in subsidiaries and other shares, participations and primary capital certificates in 2002. The corresponding figure for 2001 was 24.6 per cent. 50.8 per cent of total assets consisted of bonds in 2002. The share of certificates was 11.7 per cent in 2002, compared with 7.6 per cent in 2001.

Non-life insurance

The result of the technical account has improved since 2001, from minus NOK 1 390 million to NOK 1141 million in 2002. Poor performance in the securities markets led to less income from financial assets, which contributed to an overall deficit of NOK 2 436 million in 2002. Net income from financial assets decreased by NOK 1 067 million from 2001 to 2002, from NOK 663 million to minus NOK 404 million.

Earned premiums for non-life insurance companies increased by 9.3 per cent from 2001 to 2002, from NOK 30 964 million to NOK 33 844 million. Claims decreased by 2 per cent in the same period, to NOK 25 620 million.

Total assets for non-life insurance companies declined by 3.8 per cent from 2001 to 2002, and were by the end of 2002 NOK 97 246 million. 11 per cent of total assets consisted of investments in subsidiaries and other shares, participations and primary capital certificates in 2002. The corresponding figure for 2001 was 22 per cent. 28.6 per cent of total assets consisted of bonds in 2002 while the share of certificates was 9.5 per cent.

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