19746_not-searchable
/en/bank-og-finansmarked/statistikker/pensjonsfond/aar
19746
Continued decline for pension funds
statistikk
2003-11-04T10:00:00.000Z
Banking and financial markets
en
pensjonsfond, Pension funds, private pension funds, municipal pension funds, profit and loss account, shares, bonds, lending, borrowers, issuersFinancial institutions and other financial corporations, Banking and financial markets
false

Pension funds, 2002

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Continued decline for pension funds

In 2002 private, municipal and municipal enterprises pension funds showed deficits on the profit and loss account. The reason for the negative results is weak performance in the securities market, which has given pension funds considerable losses on securities.

Private pension funds had a NOK 2 265 million deficit in 2002, compared with a NOK 388 million surplus in 2001. Municipal pension funds had a deficit of NOK 486 million in 2002, while the municipal enterprises pension funds had a deficit of NOK 108 million in the same period.

Net earnings from securities and real estate amounted to minus NOK 5 182 million for private pension funds, minus NOK 770 million for municipal pension funds and minus NOK 154 million for municipal enterprises pension funds. The weak performance in the securities market has led to low gains on shares and considerable losses on securities.

 

Net financial income from securities and real property

Total assets for private pension funds declined by 3.8 per cent to NOK 61 billion in 2002 - mainly because one of the largest private pension funds last year moved their pension scheme from a pension fund to a life insurance company. Municipal pension funds increased their total assets by 11.4 per cent, from NOK 17 billion in 2001 to NOK 18.9 billion in 2002. Municipal enterprises pension funds increased their total assets by 17.1 per cent in the same period - from NOK 3.9 billion to NOK 4.6 billion.

82 per cent of private pension funds' total assets consist of investments in securities. Corresponding figures for municipal and municipal enterprises pension funds were 75 and 79 per cent respectively.

Investments in shares for private pension funds were reduced by 33 per cent from 2001 to 2002, from NOK 19.5 billion to NOK 13.1 billion. Holdings of bonds were reduced by 0.6 per cent, while lending increased by 12.5 per cent in the same period. For the municipal pension funds investments in shares and participation went down by 13 per cent, from NOK 3.4 billion in 2001 to NOK 2.9 billion in 2002. Bonds increased by 13.2 per cent, to NOK 10.8 billion in 2002, while lending decreased by 8.9 per cent from 2001 to 2002. Municipal enterprises pension funds increased their investments in shares by 17 per cent to NOK 1.2 billion in 2002. Holdings of bonds increased by 16.6 per cent to NOK 2.4 billion, while lending increased by 17.5 per cent from 2001 to 2002.

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