Pension funds, 2005

Profit before tax for private pension funds amounted to NOK 3 265 million by the end of 2005, which is 71.2 per cent higher than in 2004. Municipal pension funds increased their profit before tax by 43.1 per cent to NOK 727 million, while profit before tax for the municipal enterprises pension funds increased by 88.3 per cent to NOK 467 million during 2005.

The strong development in the Norwegian and in international security markets throughout 2005 is the main cause for the strong improvement in profit before tax. The net earnings from securities and real estate increased by 76.7 per cent, mainly due to the fact that gains on shares increased by 110.5 per cent, to NOK 4 008 million during 2005. Contribution to pension funds increased by 21.7 per cent to NOK 10 788, mainly due to increased transfers from premium funds.

Total assets for pension funds increased by 13.9 per cent to NOK 138 521 million during 2005, - mainly because of the improvement in the security market. Total assets in private pension funds amounted to NOK 101 602 million, which is 14.3 per cent higher than in 2004. Municipal pension funds increased their total assets by 12.6 per cent to NOK 28 875 million, while total assets in municipal enterprises pension funds increased 13.3 per cent NOK 8 044 million during 2005.

84.6 per cent of pension funds' total assets consist of investments in securities. The value of investments in equities, units and primary capital certificates amounted to NOK 49 507 million by the end of 2005, which is 30.3 per cent higher than in 2004. The value of investments in bonds increased by 7.2 per cent to NOK 64 677, while the value of the investments in certificates fell by 52.6 per cent to 3 025 million during 2005.

Private pension funds invest a relatively higher share of their total assets in equities, units and primary capital certificates than municipal pension funds and municipal enterprises pensions funds do. 39.2 per cent of the total assets in private pension funds were invested in equities, units and primary capital certificates. The corresponding figures for municipal pension funds and municipal enterprises pension funds were respectively 24.3 per cent and 32.5 per cent.

Total lending from pension funds decreased by 9.7 per cent to NOK 2 989 million during 2005. However, while lending for private and municipal pension funds decreased respectively by 13.9 per cent and 7.5 per cent, municipal enterprises pension funds increased their lending with 4.6 per cent.

Tables

Published tables