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4757
Solid profits in insurance industry
statistikk
2005-12-08T10:00:00.000Z
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, Q3 2005

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Solid profits in insurance industry

Both non-life and life insurance companies experienced a large increase in their financial incomes during the third quarter of 2005, which has brought solid profits in the insurance industry. The main reason is the positive development in the financial markets during the third quarter of 2005.

Life insurance. Profit and loss account. NOK million
 
 3rd quarter 20053rd quarter 2004
 
Earned premiums, exclusive of transfers to other companies45 33838 844
Claims incurred20 37017 503
Profit/loss before tax and allocation to customers10 7548 169
   
Net income from financial assets31 96620 089
Value-adjusted profit/loss17 5528 123
 

Life insurance: Increase in revaluation reserve

The increase in the net income from the financial assets amounts to 59.1 per cent since the third quarter in 2004. This is mainly due to the increase in the value of the unrealised gains from NOK 1.4 billion in the third quarter of 2004 to NOK 10.6 billion. The adjusted result increased by 116.1 per cent during the last 12 months, of which NOK 6.9 billion is appropriation to the revaluation reserve. In the same period last year this appropriation amounted to NOK 80 million.

Life insurance. Balance sheet. NOK million
 
 3rd quarter 20053rd quarter 2004
 
Total assets 588 594 523 809
Investments in subsidiaries and other shares, participation and primary capital certificates 159 329 121 840
Holdings of bonds 282 249 277 160
Holdings of certificates41 43522 839
 

The total assets increased by 12.4 per cent since the third quarter in 2004. The value of the certificates increased by 81.4 per cent during the last year, and amounted to 7 per cent of the total assets. In general it is the current assets, that are the main reason for the increase in the total assets in the last year. 27.1 per cent of total assets are held in investments in subsidiaries and other shares, participation and primary capital certificates and holdings of bonds amount to 48 per cent.

Non-life insurance: Slight decrease in technical account

The non-life insurance companies also experienced a considerable increase in their financial assets, with a growth of 136.1 per cent from the third quarter in 2004. The profit amounted to NOK 7 billion at the end of the third quarter 2005, which is an increase of 80.1 per cent since the end of the third quarter of 2004. The technical account decreased slightly during the last year, by 1.5 per cent. This equals NOK 50 million.

Non-life insurance. Profit and loss account. NOK million
 
 3rd quarter 2005          3rd quarter 2004
 
Earned premiums30 37228 545
Claims incurred20 18418 771
Profit/loss of ordinary activities7 2554 029
   
Net income from financial assets5 8672 485
Profit/loss of the technical account3 2833 333
 

The total assets of the non-life insurance companies have increased by 15.6 per cent compared to last year, and at the end of the third quarter of 2005 came to a total of NOK 130 billion. 16.9 per cent of this is investment in subsidiaries and other shares, participation and primary capital certificates, 31.5 per cent is holdings of bonds and 14.2 per cent holdings of certificates.

Non-insurance. Balance sheet. NOK million
 
 3rd quarter 20053rd quarter 2004
 
Total assets 130 366 112 792
Investments in subsidiaries and other shares, participation and primary capital certificates22 06817 245
Holdings of bonds41 13032 745
Holdings of certificates18 56815 241
 

 

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