Largest life insurance companies in Norway 2020-2022

The largest life insurance company in Norway in 2022 was KLP. Indeed, this company held a market share of approximately 37 percent during that year. The market share refers to companies selling life products, such as accident insurance, pension products, and so on. In 2021, KLP had a premium income from group life insurance of more than 200 million Norwegian kroner.

Storebrand

  In terms of premium income, however, the largest life insurance company in Norway was Storebrand. Although the company had the second largest market share in terms of life products, their premium income from life insurance was significantly higher than KLP’s income. In 2021, Storebrand had a life insurance premium income of almost three billion Norwegian kroner.

The life insurance market

   Norwegians can have two types of life insurance, either individual or group life insurance. The latter life insurance covers several people, usually connected to the workplace. Most individuals in Norway are covered by group life insurance. Significantly more people in Norway had group life insurance than individual life insurance.