|Sep 2016||Dec 2016||Mar 2017||Jun 2017||Sep 2017|
|Outwards reinsurance & other recovery assets||2,842||4,678||4,600||4,650||4,263|
|Deferred acquisition cost assets||492||499||485||516||517|
|Deferred & future tax on policy liabilities||-2,065||-1,894||-1,932||-2,010||-2,041|
|Other insurance assets||86||81||54||45||60|
|Total insurance assets||3,218||5,202||4,941||5,273||4,870|
|Cash and deposits||2,577||2,309||2,191||2,172||2,159|
|Other investment assets||253||148||128||191||116|
|Total investment assets||15,479||15,033||14,968||14,754||14,566|
|Goodwill & other intangible assets||566||509||510||504||483|
|Policy liabilities life||3,402||3,203||3,219||3,097||3,097|
|Policy unvested benefit liability life||954||933||943||951||967|
|Gross outstanding claims liability non-life||3,768||5,717||5,616||5,173||4,818|
|Gross unearned premium and unexpired risk liability non-life||2,786||2,800||2,688||2,914||3,009|
|Outwards reinsurance liabilities||738||673||595||900||792|
|Other insurance-related liabilities||385||366||358||343||305|
|Total insurance liabilities||12,034||13,691||13,419||13,379||12,987|
|Net assets ($m)|
|Return on net assets (%)||13.9||12.8||11.6||8.7||7.9|
|Investment return (%)||9.4||5.9||4.9||4.3||3.6|
The Data: Coverage, Periodicity, and Timeliness
The Insurance Balance Sheet statistics contain the asset and liability data of New Zealand’s insurance industry.
Data is collected from the Quarterly Insurer Survey (QIS) which collects data from insurance companies with:
but excluding reinsurers with no NZ primary insurance
The standard QIS currently covers 28 out of 88 insurers and reinsurers accounting for just under 90% of assets and premiums of the regulated insurance industry as a whole.
The QIS does not cover the Earthquake Commission (EQC) and the Accident Compensation Corporation (ACC), as these organisations have their own enabling legislation and are not supervised by the Reserve Bank.
More information regarding the regulated insurance industry can be found in the Insurers section.
Data is released approximately three months after the reference quarter.
For the initial publication released on 27 February 2018 the quarters covered are June 2016 to September 2017.
Access by the public
Statistics release calendar
The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.
Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses
The Reserve Bank of New Zealand (RBNZ) is the prudential regulator and supervisor of all insurers carrying on insurance business in New Zealand, and is responsible for administering the Insurance (Prudential Supervision) Act 2010 (IPSA).
In 2015 the Reserve Bank introduced regular data collections from New Zealand licensed insurers to support the Reserve Bank’s own prudential supervision under IPSA and monitoring of the financial sector as mandated by the Reserve Bank of New Zealand Act 1989.
The Reserve Bank publishes only aggregated data. All information collected in the insurer data returns is subject to section 135 confidentiality provisions under IPSA.
Provision of information about revisions and advance notice of major changes in methodology
New data, or revised data, is in bold font. This applies to the summary table only and not excel files. Revisions are generally published when a table is next due to be updated and released. Should revisions need to be made more promptly, a ‘special note’ is published.
Any major changes in methodology are posted on the website as a ‘special note’.
Dissemination of documentation on methodology and sources used in preparing statistics
QIS respondents submit an Excel template each quarter within 40 working days of the previous quarter. The template is accompanied by a file that specifies procedures and definitions for survey respondents.
Please see New Zealand Insurer Data Collections for more information.
Aggregate for all insurers that reported using life insurance methods.
Aggregate for all insurers that reported using general insurance methods.
Insurance valuation methods that are consistent with Appendix D of NZ IFRS 4, or equivalents under other accounting standards. These are a mixture of past and future cash-flows but without including any future renewals. Information that is reported specifically for general insurance methods (and not life insurance methods).
Insurance valuation methods that are consistent with Appendix C of NZ IFRS 4, or equivalents under other accounting standards. These are either projection (long-term future cash-flows including any renewals), accumulation (past cash-flows), or a mixture. Information that is reported specifically for life insurance methods (and not general insurance methods).
Unpaid premiums and premiums yet to be forwarded to the insurer by agents or brokers.
The reinsurance assets in respect of insurance liabilities plus other claim recoveries.
Asset for capitalised (deferred) acquisition costs, grossed up for any write-down associated with unexpired risk liability. Excludes outwards reinsurance commission.
Assets for deferred and future tax associated with gross policy liabilities and policyholder unvested benefit liability, less outwards reinsurance of gross policy liabilities. This may be negative in some circumstances. Applicable only if life insurance methods are used and tax components of policy liabilities are separately recorded in financial statements or alternative financial information.
Any other assets associated with insurance business that is not included elsewhere, and excluding negative liabilities.
The sum of policyholder debt, outwards reinsurance and other recovery assets, deferred acquisition cost assets, deferred and future tax on policy liabilities and other insurance assets.
Comprises cash at bank, transferable deposits directly useable for making payments, and fixed term deposits. Amounts are redeemable or withdrawable (with or without penalty) and are usually held with registered banks or other deposit taking institutions. Excludes loans and advances, debt securities and securities purchased under agreement to resell.
Comprises negotiable instruments serving as evidence of debt with a residual term to maturiy of 1 year or less. Excludes loans and advances, securities purchased under agreements to resell and derivatives.
Comprises negotiable instruments serving as evidence of debt with a residual term to maturiy of greater than 1 year. Excludes loans and advances, securities purchased under agreements to resell, and derivatives.
Comprises equity investments that are listed and not listed on an official stock exchange (such as NZX or ASX). Excludes investments in subsidaries and associates.
Comprises investment in pooled investment vehicles that are and are not listed on an official stock exchange (such as NZX or ASX).
Comprises land and buildings for the purpose of investment as well as owner-occupied property.
Any other assets, not included in the categories above, that are expected to generate investment revenue. This includes derivatives for investment, other financial assets and other non-financial assets.
The sum of cash and deposits, short-term debt, long-term debt, equities, unit trusts, property and other investment assets.
Assets that have been issued by a person, company or other entity that ordinarly domiciled or has a principal centre of economic interest in New Zealand.
Assets that have been issued by a person, company or other entity that ordinarly domiciled or has a principal centre of economic interest in a country other than New Zealand.
The value of businesses previously purchased (goodwill) and any other intangible assets.
Any other assets not elsewhere classified. This includes loans, derivatives not for investment, fixed, tax and related party assets. Excludes assets in relation to insurance business and investment assets.
The sum of total insurance assets, total investment assets, goodwill and other intangible assets and other assets.
Comprises gross policy liabilities - insurance contracts and gross policy liabilities - investment contracts.
Under life insurance methods, the liability for insurance contracts business, gross of outwards reinsurance. Excludes policyholder unvested benefits liability. May be gross or net of tax, consistent with the insurer’s financial statements or alternative financial information. The liability may be negative in some situations.
Under life insurance methods, the liability for investment contracts business, gross of outwards reinsurance. May be gross or net of tax, consistent with the insurer’s financial statements or alternative financial information.
The liability for undistributed past profits that are expected to be paid to policyholders through future bonuses.
The liability for claims that have occurred but are unpaid, gross of outwards reinsurance, under general insurance methods. Includes reported unpaid claims, incurred but not reported claims, incured but not enough reported claims and reopened claims. Inclusive of claims handling expenses and risk margins.
Comprises gross unearned premium liability and unexpired risk liability.
The liability for the portion of premiums that relates to the period of cover that is in the future, gross of outwards reinsurance, under general insurance methods.
The liability for the failure of the liability adequacy test that is additional to gross unearned premiums liability i.e. the expected deficiency of premiums to meet claims and relevant expenses in respect of the period of cover that is the future.
The portions of gross policy liabilities and policyholder unvested benefit liability that is met from outwards reinsurance. This may be negative in some circumstances. Applicable only if life insurance methods are used for the corresponding liabilities.
The liabilities associated with insurance business that is not included elsewhere (such as premium refunds payable). Excludes liabilities that are not directly insurance-related and negative assets.
The sum of policy liabilities, policyholder unvested benefit liability, gross outstanding claims liability, gross unearned premium and unexpired risk liability, outwards reinsurance liabilities and other insurance-related liabilities.
Comprises any liability not elsewhere classifed. Excludes liabilities in relation to insurance business.
The sum of total insurance liabilities and other liabilities.
Total assets less total liabilities.
New capital that has been raised during the financial year, other than through profit after tax or movement in reserves. This includes issue of new share equity, transfer from head office for an overseas insurer, and contributions to members’ funds for a mutual insurer.
Total revenue less total expenses, net of tax expense.
The sum of interest, dividends and rent, together with realised and unrealised gains and losses.
The net profit after tax divided by the total estimated net assets at the start of the period. This is expressed as annual percentage rates.
Total investment revenue divided by total investment assets.
Today the Reserve Bank has published its first release of Insurance financial statistics.
This release includes financial performance (Insurance: Income Statement - J10) and financial position (Insurance: Balance Sheet - J20) aggregates for the insurance industry as collected through the Quarterly Insurer Survey (QIS).
The QIS currently covers 28 of 88 licensed insurers which accounts for just under 90% of assets and premiums of the insurance industry as a whole. Insurance provided by government entities such as Accident Compensation Corporation (ACC) and Earthquake Commission (EQC) are not included in these statistics.
Please see the background notes and series descriptions for the respective tables for more information about this publication.
If you have any questions, please contact us at email@example.com.
27 February 2018
|0||Zero or value rounded to zero|
|light red background||Historical|