Key statistics. (Data to 31 December 2014) for skadeforsikring 2014

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1 Key statistics Life Statistikk insurance og nøkkeltall and pensions 215 (Data to 31 December 214) for skadeforsikring 214

2 All data in this report are based on statistics submitted to Finance Norway by member companies in recent years. Note that some figures may be amended if a company discovers errors or omissions in its data. Numbers are rounded. More detailed information can be found on Finance Norway s website at Editors: Randi Mørk and Jan Fredrik Nordby at Finance Norway

3 Contents CHAPTER 1 INSURANCE LIABILITIES 4 CHAPTER 2 GROSS PREMIUMS WRITTEN 5 CHAPTER 3 NEW BUSINESS 6 CHAPTER 4 ASSETS 7 CHAPTER 5 BENEFITS PAID 8 CHAPTER 6 INDIVIDUAL ENDOWMENT AND GROUP LIFE 9 CHAPTER 7 INDIVIDUAL PENSION 11 CHAPTER 8 PRIVATE GROUP PENSION Defined-benefit schemes Defined-contribution schemes Conversion Early unlocking 22 CHAPTER 9 MUNICIPAL GROUP PENSION 23 3

4 CHAPTER 1 INSURANCE LIABILITIES Insurance liabilities climbed to NOK 1 37 billion at the end of 214. Non-unit-linked products accounted for 85 per cent of the total. Non-unit-linked 212: : : Unit-linked 212: : : The charts below split liabilities into five categories and show how they have moved over the past three years. Individual endowment Individual pension Private group pension Municipal group pension Union pension

5 CHAPTER 2 GROSS PREMIUMS WRITTEN Premiums written grew by around 13 per cent from 31 December 213 to 31 December 214. Non-unit-linked 212: : : Unit-linked 212: : : Individual endowment Individual pension Group life Private group pension Municipal group pension Union pension

6 CHAPTER 3 NEW BUSINESS New business grew from around NOK 6.7 billion in 212 to NOK 8.6 billion in 213 and NOK 9.2 billion in 214. Non-unit-linked 212: : : Unit-linked 212: : : Individual endowment Individual pension Group life Private group pension Municipal group pension Union pension

7 CHAPTER 4 ASSETS Insurers had assets of NOK 1 22 billion at the end of 214, up from NOK 1 87 billion at the end of 213 and NOK 992 billion at the end of 212. Non-unit-linked policyholders funds amounted to NOK 94 billion in 214, up from NOK 863 billion in 213 and NOK 81 billion in 212, and were allocated as follows (most real estate is included in Subsidiaries etc. ). 3% 1% Equities Bonds Real estate Subsidiaries etc. Loans Other 12% 11% 13% 15% 24% 28% 23% 39% 13% 46% 43% 13% 15% Unit-linked policyholders funds grew from NOK 17 billion in 212 to NOK 133 billion in 213 and NOK 161 billion in 214 and were allocated as follows. Equities 2.2% 1.6% 1.3% 1.7% 2.5% 1.4% 1.3% 1.2% 1.1% Bonds Real estate Subsidiaries etc. Loans Other 35.4% 32.9% 3.8% 58.2% 62.8% 65.6%

8 CHAPTER 5 BENEFITS PAID Benefits paid rose by 3.5 per cent or NOK 1.6 billion from 213 to 214. The largest increase was in monthly payments, which grew by NOK 2.2 billion, while lump-sum payments fell by NOK.6 billion. Lump-sum payments 212: : : Monthly payments 212: : : Individual endowment Group life Individual pension Private group pension Municipal group pension

9 CHAPTER 6 INDIVIDUAL ENDOWMENT AND GROUP LIFE An endowment policy pays a lump sum and may be a pure insurance product paying out on death or disability, or a combined insurance and savings product. Group life insurance pays out on death (and maybe also disability) and may be taken out by an employer for its employees or by individuals as members of a trade union etc. Again, benefits are paid as a lump sum. Liabilities under endowment policies totalled NOK 46 billion at the end of 214, up NOK 7 billion on a year earlier. The chart below shows how numbers of endowment policies and group life members have moved. Individual endowment policies 212: : : Group life members 212: : : The next chart shows the number of endowment policies with death or disability cover. Number of policies 212: : : Of which, pure death cover 212: : : Of which, pure disability cover 212: : :

10 CHAPTER 6 INDIVIDUAL ENDOWMENT AND GROUP LIFE The chart below shows the cover provided by group life insurance. Almost all group life policies pay out on death, while some also pay out on disability. Number of insured (principal) Death cover Disability cover Gross premiums written climbed from NOK 11.1 billion in 213 to NOK 13 billion in 214 for individual endowment policies, but fell from NOK 3.8 billion to NOK 3.7 billion for group life policies. The following table shows total payouts on individual endowment and group life policies in recent years. Death Disability Individual endowment Group life

11 CHAPTER 7 INDIVIDUAL PENSION Most employees in Norway now have an occupational pension through their employer in addition to the state pension, but there will still be people who fall outside a mandatory occupational pension for some reason and will therefore have a need for additional pension savings. Some will also need to save on top of their occupational pension because their employer s scheme only meets the minimum requirements for the mandatory occupational pension, and many take out disability cover on an individual basis because their employer s scheme does not include this. 28 saw the launch of a new individual pension scheme, IPS, under which contributions of up to NOK 15 per annum are tax-deductible. This replaced the previous IPA individual pension scheme. Total liabilities under individual pensions amounted to NOK 73.1 billion at the end of 214, compared with NOK 74.1 billion a year earlier, and broke down as follows Life annuity IPA IPS Premiums written have totalled around NOK 1.6 billion over the past three years, including NOK 342 million for IPS pensions. New IPS business came to just NOK 33 million in

12 KAPITTEL 7 INDIVIDUAL PENSION A total of 927 individual pension policies were in force at the end of 214. These broke down as follows. IPA IPS Life annuity The table below shows the number of payouts on individual pension policies. Quite naturally, the bulk of these related to retirement. Disability Retirement Survivor The next table shows total benefits for different types of pension. Again, the bulk related to retirement. Retirement and survivor Disability, including waiver of premium/contribution

13 CHAPTER 8 PRIVATE GROUP PENSION Liabilities for group occupational pensions in the private sector totalled NOK 472 billion at the end of 214. The split between defined-benefit and defined-contribution schemes was as follows. Private group pension Active defined-benefit Paid-up policies Active defined-contribution Pension capital certificates Paid-up policies accounted for around 59 per cent, or NOK 28 billion, of liabilities under defined-benefit schemes, up from 54 per cent in 213. Pension capital certificates accounted for around 3 per cent, or NOK 36 billion, of liabilities under defined-contribution schemes, up from 26 per cent in 213. The following chart shows how the various segments have developed over the past five years. Active defined-benefit Paid-up policies Active defined-contribution Pension capital certificates Premiums of NOK 33.4 billion were paid into private group occupational pension schemes in 214, breaking down into NOK 16.5 billion into defined-benefit schemes and NOK 16.9 billion into defined-contribution schemes. 13

14 CHAPTER 8 PRIVATE GROUP PENSION The chart below shows movements in premiums paid in the private sector. Defined-contribution schemes now account for around 5.6 per cent of premiums in the sector. This is the first time that premiums for defined-contribution schemes have exceeded those for defined-benefit schemes at Finance Norway s member companies. Defined-benefit 2 Defined-contribution The following table shows the number of policies and persons insured for various pension solutions. 211 Number of policies Number of insured Defined-benefit, policies Defined-benefit, insured Defined-contribution, policies Defined-contribution, insured Group life annuity, policies Group life annuity, insured

15 chapter 8 PRIVATE GROUP PENSION The following charts show movements in the balance between definedbenefit and defined-contribution pensions from 29 to 214. Defined-contribution Defined-benefit 14% Number of policies 8% 86% 92% Number of insured 28% 15% 72% 85% Defined-contribution schemes account for a higher proportion of policies than persons insured, which indicates that there are still some large employers with defined-benefit schemes, and that many have chosen to close their defined-benefit schemes to new members. 15

16 CHAPTER 8.1 DEFINED-BENEFIT SCHEMES Of a total of active members of defined-benefit schemes, are on schemes that include the accrual of retirement pension entitlements. Figures from insurers indicate that around 35 per cent of policies issued under the Company Pension Schemes Act (LOF pensions) are closed schemes, and that around 51 per cent of those insured under definedbenefit schemes are in closed schemes. In addition, 5 per cent of those with retirement pension entitlements were born before The replacement rate for defined-benefit schemes is illustrated in the chart below. As can be seen, some 38 per cent of defined-benefit schemes in the private sector have a replacement rate of 66 per cent. Number of policies 4% Number of insured 35% 3% 25% 2% 15% 1% 5% % More than 7% 7% 67-69% 66% 63-65% 6-62% Less than 6% Looking at additional covers linked to defined-benefit schemes, we obtain the following picture. The column on the far left shows that more than 9 per cent of defined-benefit contracts include disability cover. Number of policies Number of insured 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % With disability pension With paid-up disability pension rights With spouse pension As can be seen, most defined-benefit retirement pensions come with disability and surviving spouse pensions. 16

17 chapter 8.1 DEFINED-BENEFIT SCHEMES Approximately 92 pensions were in payment under active definedbenefit schemes at the end of 214, and 31 pensions under paid-up policies. The breakdown is shown in the following charts. Pensions in payment 214 Paid-up policies 214 Disability pension Retirement pension (LOF) Spouse pension 14% 16% 29% 15% 57% 69% A total of NOK 12.6 billion was paid to pensioners on defined-benefit schemes in 214, of which NOK 6.9 billion was under paid-up policies. Around 19 per cent of payments were to disability pensioners. PAID-UP POLICIES The option of converting paid-up policies into unit-linked policies was introduced in autumn 214. Only the retirement pension component of the paid-up policy can be converted. There were 795 paid-up policies on 31 December 214, of which the retirement pension component was worth NOK 12 billion. Active defined-benefit schemes with retirement pension entitlements accounted for an additional NOK 92 billion. There were 2 74 unit-linked paid-up policies at the end of 214, with a combined value of around NOK 1 billion. The next chart breaks down liabilities under paid-up policies and active contracts by age. LOF pensions Paid-up policies and below

18 CHAPTER 8.2 DEFINED-CONTRIBUTION SCHEMES Life insurers had 17 policies in force under the Definedcontribution Pensions Act at the end of 214, covering a total of 1.2 million people. The statistics show that 98.8 per cent of liabilities relating to defined-contribution schemes are for unit-linked policies. The table below shows the percentages of liabilities, persons insured and policies for which defined-contribution schemes account Defined-contribution, policies 87.5% 88.9% 9.2% 9.7% 91.3% Defined-contribution, insured 74.1% 76.5% 79.1% 81.4% 84.4% Defined-contribution, liabilities 12.9% 14.8% 17.9% 22.2% 25.6% Approximately 23 5 pensions under defined-contribution schemes were in payment at the end of 214. Only NOK 57 million was paid in retirement pensions under these schemes, which is because the schemes are young and so contain little capital. Payouts have increased substantially in percentage terms in recent years and climbed 36 per cent from 213 to 214. CONTRIBUTION RATES AND LIMITS New rates for defined-contribution pensions were introduced on 1 January 214. A rate must now be set for salaries of 1 to 12 times the national insurance multiplier ( G ), with an upper limit of 7. per cent. It is also possible to pay an additional premium for salaries between 7.1 and 12 times the multiplier, with an upper limit of 18.1 per cent. In addition, contributions may now be made from the first krone earned. There is a three-year transition period for companies to adapt to the new limits and trigger points. 18

19 CHAPTER 8.2 DEFINED-CONTRIBUTION SCHEMES The chart below shows movements in the number of policies (right-hand scale) and persons insured since 29. Number of policies Number of insured The introduction of mandatory occupational pensions led to many taking out policies at the minimum level required by law. At the end of 214, 57 per cent of policies were at the minimum level, while 42 per cent of those insured were making contributions at the minimum level. The figures show that around 5 people are still covered by the minimum contribution requirements. This indicates that a very large number of policies were taken out for only small numbers of members when the mandatory occupational pension was introduced. It will take up to three years for everyone to convert to the new limits and trigger points. Statistics from insurers show that around 35 out of 17 contracts, covering around 3 employees, have converted to the new contribution limits. The statistics also reveal that around 3 per cent of members who have adjusted to the new contribution rates have also had their rates increased somewhat, either through additional contributions between 7.1 and 12 times the national insurance multiplier or through contributions above 5 per cent between 1 and 12 times the multiplier. 19

20 CHAPTER 8.2 DEFINED-CONTRIBUTION SCHEMES In terms of risk cover, disability benefits are included in around 18 per cent of policies but cover 42 per cent of those insured. One explanation here is that those switching from defined-benefit to defined-contribution pensions generally retain their disability cover. In addition, around 98 per cent have opted out of paid-up policy rights for disability benefits, and a similar percentage have opted out of other covers such as surviving spouse, partner and child pensions. Number of policies Number of insured 1% 8% 6% 4% 2% % With disability cover Disability cover without paid-up policy rights With cover for surviving spouse 2

21 CHAPTER 8.3 CONVERSION Many employers have chosen to convert their defined-benefit schemes to defined-contribution schemes. Finance Norway s statistics show that around 156 members have been switched since 26. However, this figure includes only cases where a defined-contribution scheme has been set up with the same insurer that provided the defined-benefit scheme. The actual number converting to defined-contribution schemes will therefore be higher, due to those taking out a defined-contribution scheme with a different insurer, public enterprises converting to definedcontribution schemes, and pension funds transferring all or some of their members to defined-contribution schemes in the private sector. It should also be noted that many contracts are closed schemes, where a substantial proportion of employees are still covered by the defined-benefit scheme. The chart below illustrates the acceleration in conversion in 214. Number of members converting to defined-contribution schemes Number of policies converting A new occupational pension product was introduced from 1 January 214 which combines the characteristics of defined-benefit and definedcontribution schemes. The contribution limits follow the same structure as defined-contribution pensions but contributions are compulsory from the first krone earned. Finance Norway will monitor developments going forward, but no such schemes had been taken out by the end of

22 CHAPTER 8.4 EARLY UNLOCKING The pension reform opened up the possibility of drawing a retirement pension from the age of 62, covering both the state pension and private occupational pensions. The AFP contractual pension scheme in the private sector was also revised. A total of 4 6 new retirement pensioners were registered under schemes in the private sector in 214. Around 52 per cent of these had paid-up policies, while 35 per cent were on defined-contribution schemes and 13 per cent were on active defined-benefit schemes. The chart below shows that most wait until the age of 67 to draw their pension. Defined-benefit schemes Paid-up policies Defined-contribution schemes 8% 7% 6% 5% 4% 3% 2% 1% % and over 22

23 CHAPTER 9 MUNICIPAL GROUP PENSION Liabilities under municipal schemes totalled NOK 442 billion at the end of 214, up from NOK 413 billion in 213 and NOK 376 billion in 212. Premiums amounted to NOK 4 billion in 214, up by around NOK 6 billion on 213. There were 2 85 municipal contracts in force at the end of the year with a total of 463 principal members. A total of 24 were reported to have vested rights, and 281 pensions were in payment. The number of pensions in payment breaks down as follows Disability pension Retirement pension AFP and early retirement pensions Spouse pension Child pension Payouts on retirement, AFP, disability and survivor pensions under municipal schemes totalled around NOK 17 billion at the end of 214. The following chart shows how payouts have moved over the past three years. Retirement, AFP and survivor pensions Disability pension, including waiver of premium/contribution As can be seen, disability pensioners accounted for a third of all benefits paid. 23

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