Statistical presentation

Data description

These statistics are an annual statement of the number of life insurance companies, the number of non-life insurance companies, and the number of pension funds. In addition, for life insurance companies and non-life insurance companies, profit and loss accounts as well as balance sheet are estimated at an aggregated level in DKK million. For pension funds, assets and liabilities are stated in DKK million divided into intersectoral pension funds and corporate pension funds. Also estimated for pension funds, are the:

• number of members
• number of working members
• number of retired members
• number of retired spouses
• number of children receiving child pension

Classification system

These statistics follow Dansk Branchekode DB07. Insurance and pension companies are usually registered in industry K65 - Insurance, reinsurance and pension funding, except compulsory social security.

Sector coverage

The financial sector.

Statistical concepts and definitions

Pension company: Financial institution that handles pension savings for its customers. Pension companies manage contributions to pension savings, manage the saved funds and pay pensions. In Denmark, there are two types of pension companies: life insurance companies and pension funds.

Life insurance company: Financial institution that handles life insurance. In order to operate life insurance business in Denmark the life insurance company must have a concession from the Danish Financial Supervisory Authority. Life insurance companies can be organized as a limited company or as a mutual company.

Pension fund: Association whose purpose is to provide retirement and disability pension to members and pension to members' surviving spouse and if any minor children. Pension funds fall into two groups: corporate pension funds and intersectoral pension funds. In Denmark, pension funds are regulated by the Danish Financial Business Act.

Intersectoral pension fund: Pension fund created by agreement between employers and employees, which typically covers an industry or a professional group across companies. An intersectoral pension fund is owned by the members in association.

Corporate pension fund: Pension fund created by agreement between employers and employees covering a single company.

Insurance company: Company providing insurance business with the purpose of covering ascertainable financial losses in the event of unfortunate events. Insurance companies must meet the requirements of the Danish Financial Business Act in order to obtain a concession from the Danish Financial Supervisory Authority. As a general rule, insurance must not be combined with life insurance in the same company.

Arbejdsmarkedets ErhvervsSikring (AES): Labour market insurance institution which deals with occupational injury cases, pays compensation for occupational diseases and collects AES contributions.

Arbejdsmarkedets Tillægspension (ATP): Institution which administers the compulsory pension scheme ATP Lifelong Pension. ATP was established by the Danish Parliament on March 3 by law in 1964.

Lønmodtagernes Dyrtidsfond (LD): Organisation that was created in 1980 to manage the money with which the state no longer had to regulate wages in the event of price increases. You receive a pension from the Employees' Expensive Time Fund if ATP contributions were paid in the period 1977 to 1979. For everyone else, the scheme is irrelevant.

Den Særlige Pensionsopsparing (SP): A statutory scheme whereby employees, self-employed persons and recipients of unemployment benefits and cash benefits from the period 1998 to 2003 had to pay 1 pct. of the income to a pension scheme in ATP. The scheme was suspended in 2004, and finally repealed at the end of 2009. The paid-in money could then be withdrawn by those who had paid them.

Statistical unit

The statistics are published for the legal entities by their CVR-number in Statistics Denmark's Business Registers.

Statistical population

Companies that provide some kind of financial aid based on risk calculations and statistics.

Reference area

Denmark.

Time coverage

These statistics covers the period from 2001 and onwards for insurance companies and from 2000 and onwards for pension funds.

Base period

Not relevant for these statistics.

Unit of measure

DKK million.

Reference period

Calendar year.

Frequency of dissemination

Annual.

Legal acts and other agreements

As all statistical information has been collected and published by other authorities, a special title is not needed. No EU-regulation.

Cost and burden

There is no response burden as the data is already published by the Danish FSA.

Comment

Additional information is available by contacting Statistics Denmark.