Business indicators in monetary intermediation, insurance and pension funding
1. Contact
Responsible agency
Unit
Contact person
Position
Email (agency)
Phone
2. Statistical presentation
Data description
Data on structural business statistics indicators are used to assess the financial situation, number of employees and other indicators of enterprises of the sectors of monetary intermediation, insurance and pension funding.
Statistical concepts and definitions
Statistical unit
All economically active enterprises operating in the sectors of Monetary Intermediation and Insurance and Pension Funding.
Statistical population
N/A
3. Institutional mandate
Legal acts and other agreements
N/A
4. Accessibility and clarity
On-line database
5. Comparability
Comparability - geographical
Data on entrepreneurship indicators are published on Eurostat website, section Structural business statistics.
Length of comparable time series
N/A
6. Coherence
Coherence- cross domain
N/A
7. Statistical processing (data source etc.)
Source data
The survey includes data of the Bank of Latvia and the Financial and Capital Market Commission (FCMC).The survey includes all economically active enterprises operating in the sectors of Monetary Intermediation and Insurance and Pension Funding.
Data collection
N/A
Data compilation
Calculation methods
The indicators are calculated by using the information provided by the Bank of Latvia and the Financial and Capital Market Commission (FCMC).
Turnover for the statistics on insurance and reinsurance activities (NACE Rev. 2 65.1 and 65.2), ‘Gross premiums written’ is calculated as follows: gross direct premiums written + gross reinsurance premiums accepted, written premiums.
For the statistics on pension funding activities (NACE Rev. 2 65.3), ‘Turnover’ (total pension contributions) is calculated as follows: pension contributions receivable from members + pension contributions receivable from employers + incoming transfers + other pension contributions or
pension contributions to defined benefit schemes + pension contributions to defined contribution schemes + pension contributions to hybrid schemes.
Production value for the statistics on other monetary intermediation (NACE Rev. 2 64.19), ‘Production value’ is calculated as follows: interest receivable and similar income - interest payable and similar charges + commissions receivable + income from shares and other variable-yield securities + net profit or net loss on financial operations + other operating income.
For the statistics on insurance and reinsurance activities (NACE Rev. 2 65.1 and 65.2), ‘Production value’ is calculated as follows:
| Life insurance | Non-life insurance and reinsurance |
| gross premiums written + gross change in the provision for unearned premiums + investment income - value readjustments on investments - gains on the realisation on investments - income from participating interests + [(total gross technical provision – total net technical provisions)/ total net technical provisions) × (investment income – value readjustments on investments – gains on the realisation of investments – income from participating interests) + other technical income, net amount + other income - gross claims payments - gross change in the provision for outstanding claims + external and internal claims management expenses + gains on the realisation on investments + unrealised gains on investments - losses on the realisation on investments - unrealised losses on investments - gross change in life insurance provision - bonuses and rebates, net amount - change in fund for future appropriations - net changes in other technical provisions, not shown under other headings. | gross premiums written + gross change in the provision for unearned premiums + investment income - value readjustments on investments - gains on the realisation on investments - income from participating interests + [(total gross technical provision – total net technical provisions)/ total net technical provisions) × (investment income – value readjustments on investments – gains on the realisation of investments – income from participating interests) + other technical income, net amount + other income - gross claims payments - gross change in the provision for outstanding claims + external and internal claims management expenses + gains on the realisation on investments - losses on the realisation on investments - bonuses and rebates, net amount - change in the equalisation provision - net changes in other technical provisions, not shown under other headings. |
For the statistics on pension funding activities (NACE Rev. 2 65.3), ‘Production value’ is calculated as follows: turnover - insurance premiums payable + investment income + other income + insurance claims receivable - total expenditure on pensions - net change in technical provisions.
Value added is the margin between production value and total purchase of goods and services.
Total purchase of goods and services for statistics on other monetary intermediation (NACE Rev. 2 64.19), the total purchases of goods and services is defined as commissions payable plus other administrative expenses plus other operating charges.
For statistics on insurance and reinsurance activities (NACE Rev. 2 65.1 and 65.2), the total purchases of goods and services is defined as the gross value of reinsurance services received plus total of commissions as referred to in Article 64 of Council Directive 91/674 plus any other external expense on goods and services (excluding personnel costs).
Personnel costs are calculated as follows: wages and salaries + social insurance costs.
Gross investment in tangible goods is gross capital investment in purchase of land, gross capital investment in existing buildings and constructions, gross capital investment in construction and reconstruction of buildings and gross capital investment in equipment and appliances.
Number of persons employed is expressed as an average annual indicator.