Pension funds, 1999

Profits have risen sharply for both private and municipal pension funds from 1998 to 1999. In 1998 the municipal pension funds showed a NOK 97 million loss. At the end of 1999 they showed a NOK 69 million profit. The private pension funds more than tripled their earnings from 1998 to 1999, i.e. from NOK 965 million to NOK 2,994 million.

The surge in profits may be viewed in connection with the performance of the securities market. Net earnings from securities and real estate amounted to NOK 1,232 million for municipal pension funds in 1999 as opposed to a loss of NOK 453 million in 1998. The corresponding figures for private pension funds were NOK 5,210 million in earnings 1999 and NOK 214 million in losses in 1998.

The municipal funds' total assets rose by 14.3 per cent in 1999 and amounted to NOK 29.2 billion at the end of the year. Private pension funds increased their total assets by 17.6 per cent to NOK 60.4 billion. Placements in securities comprised a major part of the total assets: 81.3 and 85.6 per cent for municipal and private pension funds, respectively, at the end of 1999. Municipal pension funds increased their portfolio of shares, units and primary capital certificates by 56.7 per cent in 1999 to NOK 6,318 million. The portfolio of bonds increased by 11.3 per cent, while holdings of certificates and Treasury bills fell by 61.8 per cent during the course of 1999. Lending figures show minor changes. Figures for private pension funds show that the holding of shares, units and primary capital certificates went up by 66.8 per cent in 1999 to NOK 18.8 billion. The portfolio of bonds was reduced by 3.6 per cent to NOK 30.1 billion, while holdings of certificates and Treasury bills went up 24.5 per cent to NOK 2,800 million. Lending rose by 25.9 per cent to NOK 1,800 million.

Tables:

• Table 1 Private pension funds. Profit and loss account. Per 31 December 1993-1999. Million kroner
• Table 2 Private pension funds. Balance sheet. Per 31 December 1993-1999. Million kroner.
• Table 3 Municipal pension funds. Profit and loss account. Per 31 December 1993-1999. Million kroner
• Table 4 Municipal pension funds. Balance sheet. Per 31 December 1993-1999. Million kroner
• Table 5 Municipal enterprises pension funds. Profit and loss account. Per 31 December 1998-1999. Million kroner
• Table 6 Municipal pension funds. Balance sheet. Per 31 December 1993-1999. Million kroner