19726_not-searchable
/en/bank-og-finansmarked/statistikker/forsikring/arkiv
19726
Weak results for insurance companies
statistikk
2009-12-22T10:00:00.000Z
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, 2008

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Weak results for insurance companies

2008 was a poor year for the insurance industry. Both life and non-life insurance had weak net income from financial assets.

From January 2008, new annual account regulations for insurance companies adapted to the new International Financial Reporting Standards (IFRS) were introduced. New regulations for life insurance were introduced at the same time. Both changes have had an impact on the content and presentation of the insurance statistics. The statistics from 2008 cannot be compared with those from previous years.

Asset allocation: Life insurance companies. NOK million

Life insurance

The losses for the life insurance industry amounted to NOK -2.3 billion in 2008. The value adjusted result achieved a preliminary deficit of NOK -2.3 billion. The profit before tax and allocation to customers was NOK 656 million. The weak result was mainly due to the net loss from financial assets. Net income from financial assets was reduced from a profit of NOK 48 billion in 2007 to a loss of NOK 24.2 billion in 2008. Gross premiums increased by 1 per cent while claims sank by a total of 8 per cent.

Total assets were reduced by NOK 1.8 billion during 2008. Total assets amounted to NOK 740 billion by the end of 2008. The stock of investments in subsidiaries and other shares, participation and primary capital certificates decreased by NOK 85.7 billion, and amounted to 32 per cent of total assets, which is a decrease of 11 per cent from 2007. The holdings of bonds increased by 20 per cent, while the holdings of certificates increased by 108 per cent. As a share of the total assets, the bonds increased by 8 per cent, and amounted to 48 per cent. In the same period, certificates as a share of the total assets expanded from 2 to 5 per cent.

Asset allocation: Non-life insurance companies. NOK million.

Non-life insurance

The profit for the non-life insurance industry amounted to NOK 1.6 billion during 2008, which is a 51 per cent decrease compared to 2007. The profit from ordinary activities had a drop of 43 per cent, and was mainly due to the fall in net profit from financial assets. Net income from financial assets decreased from NOK 5.6 billion to NOK 0.2 billion during 2008. The earned premiums increased by 17 per cent compared to 2007, while the claims incurred increased by 17 per cent during the same period.

Total assets increased by 4 per cent. Investments in subsidiaries and other shares, participation and primary capital certificates amounted to 20 per cent of the total assets; a decrease of 5 per cent. The holdings of bonds amounted to 28 per cent of the total assets; a 3 per cent increase compared to 2007. Certificates as an amount of total assets increased from 5 to 8 per cent during 2008.

 

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