Pension funds
Updated: 2 July 2024
Next update: Not yet determined
| Total | ||
|---|---|---|
| 2022 | 2023 | |
| Assets | 455 861 | 500 076 |
| Shares, participation and primary capital certificates | 278 450 | 308 005 |
| Bonds and certificates | 148 086 | 160 325 |
| Earned premiums, net of reinsurance | 23 234 | 29 249 |
| Net income from financial assets | -23 942 | 37 786 |
| profitt/loss on ordinary activities | -1 458 | 5 275 |
| Gross pensions and claims payment | 11 743 | 12 469 |
Selected tables and charts from this statistics
- Pension funds. Profitt and loss account. NOK millionDownload table as ...Pension funds. Profitt and loss account. NOK million
2019 2020 2021 2022 2023 Earned premiums, net of reinsurance 17 111 21 235 22 668 23 234 29 249 Gross premiums written 16 622 14 135 20 663 22 120 27 548 Reinsurers share of gross premiums writtens -15 -17 -17 -24 -30 Transfer of premiumreserve from other companies 504 7 117 2 022 1 138 1 731 Claims incurred, net of reinsurance 9 839 11 464 11 803 13 282 13 120 Gross pensions and claims payments 9 752 10 428 10 936 11 743 12 469 Reinsurance share of gross claims payments -1 -2 .. .. 0 Other appropriations .. .. .. .. .. Transfers of premiumreserve etc. to other companies 88 1 039 867 1 539 652 Net change in technical provisions 38 076 35 253 40 808 -13 370 47 460 Premium reserve 11 546 9 396 15 158 13 090 21 999 Other technical provisions 4 518 7 186 4 859 -1 112 1 768 To/from revaluation reserve 18 761 12 997 11 936 -18 009 8 947 To/from buffer funds . .. .. -10 576 8 196 Means allocated insurance contracts 3 250 5 674 8 855 3 238 6 549 Other operating income (+)/costs (-) -484 -517 -793 -838 -1 179 Commision received . .. .. 77 12 Operating income from real property 786 855 808 735 722 Other operating income 44 78 42 48 81 Personell costs 715 693 793 269 289 Commision submitted 53 44 101 124 189 Operating costs from real property 116 151 245 263 533 Depreciation, impairment and net change in valuation of non-financial assets . .. .. 1 2 Other operating costs 429 562 504 1 041 981 Investment income (+)/ charges (-) 8 114 7 692 8 831 6 524 7 981 Bonds and certificates 3 982 3 408 3 403 4 101 5 448 Interest income other assets 438 797 670 275 597 Share dividend etc. 3 718 3 523 4 799 2 311 2 106 Interest charges 24 36 42 163 171 Gains/losses, Value (re-)adjustments on financial assetes 27 715 22 825 27 321 -30 466 29 805 Realized gains/losses 6 650 7 204 15 054 5 949 8 504 Shares, participations and primary capital certificates 8 593 7 064 13 269 9 754 9 657 Bonds and certificates 298 810 91 -594 1 302 Financial derivatives -2 191 -706 1 699 -3 202 -2 499 Land and buildings 4 5 8 -8 2 Other realized gains/losses -54 31 -14 -1 43 Net change in value 21 066 15 621 12 268 -36 415 21 301 Shares, participations and primary capital certificates 18 084 13 071 15 168 -32 138 16 489 Bonds and certificates 659 1 419 -1 800 -5 122 3 852 Financial derivatives 1 921 839 -1 784 614 1 155 Land and buildings 244 302 444 356 -147 Other value re-adjustments (+)/adjustments (-) 158 -10 239 -126 -48 Profitt/loss on ordinary activities 4 541 4 518 5 417 -1 458 5 275 Other results components 27 -30 15 -26 25 Tax 143 370 502 120 747 Profitt/loss 4 424 4 117 4 930 -1 604 4 554 Specifications Balance on the technical account for pension funds 948 1 182 2 227 .. .. Value-adjusted profitt/loss 23 302 17 515 17 353 .. .. Explanation of symbolsDownload table as ... - Pension funds. Balance sheet. NOK millionDownload table as ...Pension funds. Balance sheet. NOK million
2019 2020 2021 2022 2023 Assets Intangible assets 0 0 0 0 0 Tangible fixed assets 9 411 10 071 10 888 11 482 11 423 Land and buildings 9 406 10 066 10 884 11 479 11 421 Machinery, equipment and veichles 5 5 5 3 2 Capital investments 368 050 405 321 440 305 427 969 470 343 Shares, participation and primary capital certificates 53 079 60 800 65 944 73 743 69 264 Shares in securities' funds 170 302 201 157 227 530 204 707 238 741 Bonds and certificates 143 368 141 472 146 323 148 086 160 325 Financial derivatives 1 132 1 890 507 1 433 2 014 Other capital investment 170 2 .. .. .. Loans 10 022 10 172 11 812 2 705 2 976 Remaining claims 2 962 3 665 3 992 5 276 5 409 Insurance claims 466 578 1 059 831 661 Reinsurance share of technical provisions 5 4 .. .. 15 Other claims 2 491 3 082 2 933 4 445 4 734 Cash and bank deposits 11 990 9 535 8 383 8 429 9 924 Total assets 402 436 438 763 475 380 455 861 500 076 Liabilities and equity capital Equity capital 48 004 52 602 56 649 55 629 60 236 Deposit capital 13 886 14 492 14 428 15 034 15 618 Share premium account 35 40 85 .. .. Other deposit capital 13 851 14 451 14 342 15 034 15 618 Retained earnings 34 118 38 109 42 221 40 595 44 618 Other equity 34 118 38 109 42 221 40 595 44 618 Subordinated liabilities 659 1 189 1 161 1 119 1 104 Other subordinated liabilities 659 1 189 1 161 1 119 1 104 Technical provisions 351 293 381 887 414 614 394 727 433 253 Premium reserve 275 472 283 933 299 488 313 522 334 508 Additional provision 22 973 26 456 24 666 11 666 11 384 Revaluation reserve 42 824 54 399 71 599 26 438 35 182 Net provision for outstanding claims .. .. .. .. .. Buffer funds . .. .. 29 323 38 275 Premium provision and pension provision 10 024 17 099 18 861 13 778 13 904 Provisions for other charges 596 667 698 92 813 Provisions for pension 67 102 112 138 113 Deffered tax 461 493 510 -214 556 Other provisions for charges 68 71 77 168 145 Remaining liabilities 1 884 2 419 2 257 4 295 4 669 Expences accrued 576 721 171 .. .. Defferes income 12 61 5 .. .. Payable tax 200 238 412 331 479 Dividend 1 1 1 .. .. Insurance liabilities 35 308 17 .. .. Other liabilities 913 1 014 1 130 2 749 3 409 Financial derivatives 147 76 522 1 214 782 Total liabilities 402 436 438 763 475 380 455 861 500 076 Specifications Number of companies 90 86 83 80 77 Loan with morgage on dwelling 561 462 318 507 549 Explanation of symbolsDownload table as ... - Pension funds. Investments in shares, participation and primary capital certificates by specified sector. NOK MillionDownload table as ...Pension funds. Investments in shares, participation and primary capital certificates by specified sector. NOK Million
2019 2020 2021 2022 2023 Sum all sectors 223 381 261 957 293 474 278 450 308 005 Non-financial corporations 23 380 27 702 29 889 25 242 23 113 Public unincorporated enterprises, owned by central government .. .. .. .. .. Public incorporated enterprises, owned by central government 2 120 2 339 2 716 2 269 2 135 Public unincorporated enterprises, owned by local government .. .. .. .. .. Public incorporated enterprises, owned by local government 128 131 125 244 137 Private non-financial incorporated enterprises 21 132 25 232 27 049 22 729 20 840 Private non-financial unincorporated enterprises .. .. .. .. .. Private non-profit institutions serving enterprises 0 .. .. .. .. Financial corporations 113 630 134 521 156 153 160 633 186 276 Norges Bank .. .. .. .. .. Banks 1 882 1 917 3 006 2 375 2 319 Mortgage companies .. 26 36 .. .. Finance companies .. .. .. .. .. State lending institutions etc. .. .. .. .. .. Financial holding companies 1 384 2 187 1 362 1 176 1 308 Mutual funds 99 267 117 517 135 937 132 093 159 709 Alternative investment funds (AIF) excluding mutal funds 10 637 12 423 15 168 23 828 21 802 Other financial enterprises, except insurance companies and pension funds 126 61 48 734 640 Life insurance companies and pension funds .. .. .. .. .. Non-life insurance companies 334 392 596 427 498 General government .. .. .. .. .. Central government .. .. .. .. .. Local government .. .. .. .. .. Non-profit institutions serving households .. .. .. .. .. Households .. .. .. .. .. Unincorporated enterprises within households .. .. .. .. .. Private non-financial unincorporated enterprises inclusive housing cooperatives etc. .. .. .. .. .. Employees, recipients of property income, pensions and social contributions, students etc. .. .. .. .. .. Unspecified sector .. .. .. .. .. Rest of the world 86 371 99 734 107 432 92 575 98 616 Explanation of symbolsDownload table as ... - Pension funds. Holdings of bonds by issuing sectorDownload table as ...Pension funds. Holdings of bonds by issuing sector
2019 2020 2021 2022 2023 Sum all sectors 143 368 141 472 146 323 148 086 160 325 Non-financial corporations 29 178 34 792 40 235 39 986 42 807 Public unincorporated enterprises, owned by central government .. .. .. .. .. Public incorporated enterprises, owned by central government 3 327 3 163 3 627 4 009 7 295 Public unincorporated enterprises, owned by local government .. 0 .. .. .. Public incorporated enterprises, owned by local government 5 625 7 188 7 851 7 459 8 142 Private non-financial incorporated enterprises 20 226 24 441 28 757 28 519 27 370 Private non-financial unincorporated enterprises .. .. .. .. .. Private non-profit institutions serving enterprises 0 .. .. .. .. Financial corporations 58 647 48 455 47 100 47 398 49 316 Norges Bank .. .. .. .. .. Banks 33 350 32 631 34 273 35 099 34 296 Mortgage companies 23 903 14 287 11 315 8 781 12 113 Finance companies .. .. .. .. .. State lending institutions etc. .. .. .. .. .. Financial holding companies 249 139 209 166 1 476 Mutual funds .. .. .. .. .. Alternative investment funds (AIF) excluding mutal funds 521 625 580 2 303 339 Other financial enterprises, except insurance companies and pension funds 14 11 17 66 92 Life insurance companies and pension funds 332 449 352 539 521 Non-life insurance companies 277 314 354 445 479 General government 28 429 28 433 31 671 32 311 35 194 Central government 7 198 9 205 10 972 13 608 14 947 Local government 21 231 19 228 20 699 18 703 20 247 Non-profit institutions serving households .. .. .. .. .. Households .. .. .. .. .. Unincorporated enterprises within households .. .. .. .. .. Private non-financial unincorporated enterprises inclusive housing cooperatives etc. .. .. .. .. .. Employees, recipients of property income, pensions and social contributions, students etc. .. .. .. .. .. Unspecified sector .. .. .. .. .. Rest of the world 27 115 29 791 27 317 28 390 33 008 Explanation of symbolsDownload table as ...
About the statistics
The statistics cover all pension funds in Norway. They show totals, balance sheets and specifications of individual financial instruments by sector.
The information under «About the statistics» was last updated 22 March 2021.
Balance sheet: The balance sheet shows assets, liabilities and equity at the end of accounting period.
Profitt and loss account: The profit and loss account shows income, costs and expenses over the course of the accounting period.
We have three types of classification: instrument, sector and type.
- Financial instruments and physical capital:
- Liabilities, claims and other assets in the balance sheet of the financial institutions are divided into two main groups with a view to providing major uniform groups such as bank lending, funding and deposits.
- Debtor and creditor sector:
- Borrowers and lenders are classified according to institutional sector classification, based on national accounts rules.
- Types of income and expenses:
- Including interest income and expenses, are based on national accounts rules.
Name: Pension funds
Topic: Banking and financial markets
Division for Financial Markets Statistics
Only at the national level.
Annual.
Eurostat
Micro data are stored in an Oracle database.
The purpose is to provide statistics for the national accounts, financial sector balances and census of foreign assets and liabilities.
The statistics are included in national accounts, financial sector balances, balance of payments and statistics on Norway's foreign assets and liabilities. Other major users are Norges Bank, The Financial Supervisory Authority of Norway, Ministry of Finance and the media.
Not relevant
The statistics are based on the guidelines in the national accounts standards System of National Accounts (SNA), European System of Accounts (ESA) and the IMF Manual on Monetary and Financial Statistics.
Statistics from the financial institutions are used in the national accounts, financial sector accounts, the balance of payments and in the Norwegian statistics of foreign debt and receivables.
Statistics Act Section 3-2 (banks and finance corporations), Act on the The Financial Supervisory Authority of Norway Sections 1 and 4.
Council regulation 295/2008. Council regulation 251/2009. Amendments to council regulation 295/2008.
Council regulation (EC) no. 2223/96 The regulation covers the European system for national and regional accounts.
Council regulation (EC) no. 1392/2007 Amendments to council regulation 2223/96.
Council regulation (EC) no. 1606/2002 Regulation on the application of international accounting standards.
Council regulation (EC) no. 297/2008 Amendments to council regulation 1606/2002.
The population is all pension funds with lincence from The Financial Supervisory Authority of Norway.
The statistics are based on accounting data from the enterprises.
Total count.
The Financial Supervisory Authority of Norway and Statistics Norway work together to collect the accounting data.
Revision of the pension funds accounting statements are undertaken by Statistics Norway and The Financial Supervisory Authority of Norway.
Not relevant
The analysis is split into two parts, i.e. the sum of all municipal pension funds and the sum of all private pension funds. From 1998 data for pension funds established by municipal enterprises are separated from private pension funds.
The accounting statistics for the financial institutions is based on current accounting regulations for financial institutions. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the financial institutions. Structural changes like new companies, mergers and spin-offs, with portfolio movements as one consequence, may also lead to breaches in the time series.
International Financial Reporting Standard (IFRS) The new accounting standard IFRS is an example of a change that will cause breaches in the time series in the periods to come. In 2009/2010 all reporting companies must, in one way or another, report according to the IFRS standard, and data may then be fully comparable again. However, the IFRS standard will lead to larger fluctuations in the data because of the more extensive use of fair value in the accounting. The comparison of the reported data with the companies' official accounts is also challenging because the IFRS standard does not require a specific presentation of the accounts, as the traditional Norwegian accounting standard does.
Regulation on loans The IFRS-adapted regulation on loans was introduced 1. January 2005. It lead to a small change in the measuring of the value of loans and guaranties in the accounting data and thereby to a small breach in the time series for loans and loan loss provisions. There were also a breach in the time series on loans in 1992 due to changed accounting rules.
Changes in the presentation of the statistics Credit lines secured on dwellings became a new specification from January 2006. As a consequence the numbers for repayment loans secured on dwellings and credit lines, working capital facility and consumer credit were reduced.
Structural changes There are several mergers, spin-offs and new companies being started every year. Many of these structural changes have no significant impact on the statistics, while others leads to major breaches in the time series. When the latter is the case, it will be commented upon in this section.
Portfolio movements The introduction of IFRS, the regulation on loans and the structural changes mentioned, has lead to portfolio movements especially between banks and mortgage companies. This gives breaches in the time series and needs to be taken into consideration when interpreting the data.
Errors and discrepancies can occur in the accounting data. These discrepancies can have a number of sources:
- Errors in the reporting institutions' accounts
- Errors in the transfer of data from the institution's primary accounts to recipients
- Different accounting and evaluation principles
- Different accounting dates for transactions
- Insufficient data from the reporting parties
- Processing errors
Due to large amounts of data and a dynamic control and revision system, published data will be regarded as preliminary until next years data for the same period is published. This means that data for the current year may be revised without this being marked in the preceeding publishing. Large and important revision however, will be commented upon in the publishing of Today's Statistics.
Not relevant
