Improved results for insurance

Both non-life and life insurance companies have achieved better results in the first three quarters of 2009 compared to last year. This is mainly due to the increase in the income from financial assets.

Life insurance companies achieved a value-adjusted profit of NOK 15.1 billion, an increase of NOK 48.9 billion compared with the three first quarters of 2008. This was mainly due to the improvement in the net income from financial assets of NOK 62.5 billion. Life insurance has a profit before tax and allocation to customers of NOK 12.5 billion. While the earned premium for life insurance companies decreased by 4 percent, the claims incurred were 31 percent lower from the three first quarters of 2008 to the corresponding period in 2009.

Investments in subsidiaries and other shares, participation and primary capital certificates made up 33 percent of total assets; a decrease of 3 percent compared to the corresponding quarter last year. Bonds and certificates made up 52 percent of total assets, an increase from 47 percent compared with the third quarter of 2008. Total assets increased by NOK 42.1 billion.

The non-life insurance industry achieved a profit of ordinary activities of NOK 8 billion in the third quarter of 2009. This is an increase of NOK 6.6 billion compared with the corresponding quarter of 2008. One of the main sources is the NOK 7.1 billion increase in the net income from financial assets the last year. The profit of the technical account decreased by 41 percent.

Investments in subsidiaries and other shares, participation and primary capital certificates made up 20 percent of the total assets. Bonds and certificates increased by 16 percent. Bonds and certificates made up 16 percent of total assets in the third quarter of 2009, an increase of 5 percent compared to last year. Total assets in the non-life insurance industry improved NOK 6.7 billion when comparing the third quarter 2009 with the corresponding quarter in 2008.

Source: Statistics Norway