Norwegian life insurers see profits fall from NOK 8.5bn to NOK 432m

Written by Adam Cadle

28/11/2022

Norwegian life insurers have recorded significantly weaker results in Q1 to Q3 2022 compared to the same period last year, with profits before tax falling from NOK 8.5bn to NOK 432m, figures published by the Financial Supervisory Authority of Norway (Finanstilsynet) have shown.

The fall is due to a decline in international stock markets and a significant rise in interest rates, Finanstilsynet said.

The value-adjusted return in the life insurance companies’ collective portfolio, which includes unrealised value changes, was -2.8%, down from 6.8%. The yield in the investment choice portfolio was also significantly reduced, from 7 to -11.9%.

For non-life insurance companies, the profit before tax amounted to 16.3% of the premium income for own account, compared to 26% in the same period last year. The weaker result is mainly due to a significant decrease in financial income, the Authority said.

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