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/en/bank-og-finansmarked/statistikker/forsikring/arkiv
53426
Increase in earned premiums for occupational pensions
statistikk
2011-12-20T10:00:00.000Z
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, 2010

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Increase in earned premiums for occupational pensions

Pension payments for occupational pensions were NOK 47 billion in 2010; an increase of 7.4 per cent compared to 2009. The life insurance companies had the largest increase, with a rise of 7.6 per cent.

Payments 2010

Earned premiums increased by 3.9 per cent in 2010 compared to 2009. The main reason was an increase in earned premiums for life insurance companies of 4.6 per cent.

Pension liabilities increased from NOK 1 069 billion in 2009 to NOK 1 152 billion in 2010. This is an increase of 7.8 per cent. Life insurance companies had the largest increase, with a rise of 9.5 per cent.

Definitions

Public service pensions

Public service pensions provide a gross pension benefit. This means that the benefit from the pension plan is coordinated with benefits from the National insurance scheme paid on retirement. The total pension payout will be at least 66 per cent of pensionable salary regardless of the level of benefits from the scheme, in accordance with the tariff agreement. The main collective agreement between the Norwegian Association of Local and Regional Authorities (KS)/the State and the affected employee organisations regulates how the pension scheme in the local authorities/state should be organised.

Private occupational pension schemes

Private pension schemes are based on net pension. This means that the benefits from the pension plan are coordinated with the National insurance scheme paid on retirement. In other words, there is no coordination between the National insurance scheme and private pension schemes. Net pension scheme does not ensure total payments in the same manner as the gross scheme. If the payment from the National insurance scheme paid on retirement goes down, the total pension payments go down accordingly. Net pension plans can be defined benefit or defined contribution. For defined benefit schemes the pension is normally determined as a percentage of final salary, as either a gross level including National insurance scheme or as a net addition to the National insurance scheme. A contribution scheme is a retirement plan where the employer pays an annual agreed deposit normally as a percentage of salary.

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