Finans og forsikring
FollowDownload sector report (PDF)355 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology
Ranking · 2025 · Morning class Large
| # | Company | Score | Change |
|---|---|---|---|
| 1 | Salt Value AS | 83 | 0 |
| 2 | Verdipapirsentralen ASA | 73 | −2 |
| 3 | DNB Asset Management AS | 66 | +10 |
| 4 | Credo II AS | 66 | +3 |
| 5 | Sparebank 1 Forvaltning AS | 62 | −2 |
| 6 | DNB Asset Management Holding AS | 61 | +5 |
| 7 | HV Capital Vii AS | 59 | +9 |
| 8 | Odin Forvaltning ASsubsidiary of Sparebank 1 Gruppen AS | 59 | +7 |
| 9 | SÖDERBERG & Partners Wealth Management AS | 56 | +4 |
| 10 | KLP Kapitalforvaltning AS | 53 | −2 |
| 11 | Arctic Securities AS | 48 | −7 |
| 12 | Storebrand Asset Management ASsubsidiary of Storebrand ASA | 47 | +4 |
| 13 | Pareto Securities AS | 46 | −3 |
| 14 | Vipps Mobilepay AS | 44 | 0 |
| 15 | Gard AS | 44 | −5 |
| 16 | Formue Norge ASsubsidiary of Formue AS | 44 | −1 |
| 17 | Eika Kapitalforvaltning AS | 44 | +3 |
| 18 | Oslo Børs ASA | 43 | 0 |
| 19 | Lendo AS | 42 | −2 |
| 20 | Alfred Berg Kapitalforvaltning AS | 38 | +1 |
| 21 | Sb1 Markets AS | 37 | −18 |
| 22 | Clarksons Securities AS | 36 | −20 |
| 23 | Abg Sundal Collier ASA | 33 | +8 |
| 24 | Nord Pool AS | 33 | +3 |
| 25 | Oslo Pensjonsforsikring AS | 31 | +9 |
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Large
- Sb1 Markets AS−18
From 2024 to 2025: the operating margin fell from 20.4% to 15.8% and the equity ratio fell from 62.8% to 52.9%.
- DNB Asset Management AS+10
From 2024 to 2025: the equity ratio rose from 31.3% to 39.4% and revenue grew by 14%.
- HV Capital Vii AS+9
From 2024 to 2025: revenue grew by 88% and the operating margin rose from 87.9% to 97.5%.
- Oslo Pensjonsforsikring AS+9
No large changes in the key figures from 2024 to 2025.
Finans og forsikring, Morning class Large: 25 ranked companies in fiscal year 2025.
Best in the sector: Salt Value AS (score 83, operating margin 76.7%, equity ratio 98.9%). Verdipapirsentralen ASA (score 73, operating margin 49.6%, equity ratio 79.0%). DNB Asset Management AS (score 66, operating margin 51.4%, equity ratio 39.4%).
Weakest in the sector: Oslo Pensjonsforsikring AS (score 31, operating margin 2.5%, equity ratio 9.2%). Nord Pool AS (score 33, operating margin 47.8%, equity ratio 5.8%). Abg Sundal Collier ASA (score 33, operating margin 29.6%, equity ratio 13.8%).
Worth a closer look
- The median operating margin rose from 20.8% in 2024 to 23.5% in 2025 (2.7 percentage points).
- The median equity ratio fell from 48.4% in 2024 to 39.4% in 2025 (9.0 percentage points).
- The median revenue growth fell from 16.7% in 2024 to 14.5% in 2025 (2.2 percentage points).
- The share with a loss went from 8% in 2024 to 8% in 2025.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Top lists in the sector · 2025 · Morning class Large
The five largest companies account for 63% of the sector's revenue. Combined profit before tax for the 24 ranked companies: 11,508 MNOK.
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
- Oslo Pensjonsforsikring AS 18,802 MNOK
- DNB Asset Management AS 3,181 MNOK
- Vipps Mobilepay AS 2,088 MNOK
- Pareto Securities AS 1,851 MNOK
- Arctic Securities AS 1,664 MNOK
Operating revenue.
Most employees
- Gard AS 531
- Vipps Mobilepay AS 336
- Sb1 Markets AS 205
- Formue Norge ASsubsidiary of Formue AS 177
- Pareto Securities AS 167
Employees according to the Central Coordinating Register.
Highest revenue per employee
- Oslo Pensjonsforsikring AS 151.6 MNOK
- Odin Forvaltning ASsubsidiary of Sparebank 1 Gruppen AS 28.7 MNOK
- Lendo AS 24.8 MNOK
- DNB Asset Management AS 21.5 MNOK
- Oslo Børs ASA 17.2 MNOK
Only companies with at least 5 employees.
Profit and balance
Who earns the most, who loses the most, and who has the strongest balance sheet.
Highest operating margin
- DNB Asset Management Holding AS 100.0%
- Credo II AS 98.3%
- HV Capital Vii AS 97.5%
- Salt Value AS 76.7%
- Oslo Børs ASA 56.5%
Operating result divided by operating revenue.
Largest profit
- DNB Asset Management AS 1,738 MNOK
- HV Capital Vii AS 1,371 MNOK
- Oslo Pensjonsforsikring AS 1,317 MNOK
- Salt Value AS 1,053 MNOK
- Pareto Securities AS 1,007 MNOK
Profit before tax.
Largest loss
- Vipps Mobilepay AS −135 MNOK
- Lendo AS −6 MNOK
Profit before tax, the largest negative.
Most solid
- Salt Value AS 98.9%
- Verdipapirsentralen ASA 79.0%
- Vipps Mobilepay AS 78.1%
- Lendo AS 75.8%
- KLP Kapitalforvaltning AS 68.9%
Equity ratio: equity divided by total assets.
Growth and movement
Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.
Fastest growth
- Credo II AS +166.3%
- HV Capital Vii AS +87.7%
- Salt Value AS +84.4%
- Clarksons Securities AS +53.2%
- Odin Forvaltning ASsubsidiary of Sparebank 1 Gruppen AS +40.5%
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
- DNB Asset Management AS +10.6 points
- Oslo Pensjonsforsikring AS +9.3 points
- HV Capital Vii AS +8.8 points
- Abg Sundal Collier ASA +8.3 points
- Odin Forvaltning ASsubsidiary of Sparebank 1 Gruppen AS +7.0 points
Change in index points from the year before.
Biggest fallers
- Sb1 Markets AS −18.5 points
- Arctic Securities AS −6.6 points
- Gard AS −5.0 points
- Pareto Securities AS −3.4 points
- Verdipapirsentralen ASA −2.2 points
Change in index points from the year before.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2025 · Morning class Large
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2024 (small ring).
- DNB Asset Management AS profitability 83 → 85, solidity 30 → 50
- DNB Asset Management Holding AS profitability 89 → 83, solidity 57 → 75
- KLP Kapitalforvaltning AS profitability 37 → 31, solidity 65 → 83
- Gard AS profitability 28 → 15, solidity 48 → 54
- Formue Norge AS profitability 26 → 40, solidity 52 → 58
Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
| Company | Profile | Profitability | Solidity |
|---|---|---|---|
| HV Capital Vii AS | Cheetah | 96 | 38 |
| Credo II AS | Cheetah | 90 | 8 |
| Oslo Børs ASA | Cheetah | 90 | 29 |
| DNB Asset Management AS | Lion | 85 | 50 |
| DNB Asset Management Holding AS | Lion | 83 | 75 |
| Verdipapirsentralen ASA | Lion | 69 | 96 |
| Pareto Securities AS | Cheetah | 69 | 33 |
| Odin Forvaltning AS | Cheetah | 67 | 42 |
| Salt Value AS | Lion | 65 | 100 |
| Eika Kapitalforvaltning AS | Cheetah | 62 | 25 |
| Sparebank 1 Forvaltning AS | Lion | 60 | 67 |
| Alfred Berg Kapitalforvaltning AS | Cheetah | 56 | 17 |
| Nord Pool AS | Cheetah | 50 | 0 |
| Arctic Securities AS | Beaver | 42 | 46 |
| Abg Sundal Collier ASA | Beaver | 42 | 12 |
| Formue Norge AS | Elephant | 40 | 58 |
| Storebrand Asset Management AS | Elephant | 40 | 79 |
| Clarksons Securities AS | Beaver | 35 | 21 |
| SÖDERBERG & Partners Wealth Management AS | Elephant | 33 | 71 |
| KLP Kapitalforvaltning AS | Elephant | 31 | 83 |
| Sb1 Markets AS | Elephant | 19 | 62 |
| Gard AS | Elephant | 15 | 54 |
| Lendo AS | Elephant | 6 | 88 |
| Oslo Pensjonsforsikring AS | Beaver | 6 | 4 |
| Vipps Mobilepay AS | Elephant | 0 | 92 |
Summary · fiscal year 2025 · Morning class Large
The sector's median operating margin is 23.5%. 0 of 26 companies have negative equity. The median equity ratio is 39.4%.
All figures are for fiscal year 2025. Ranked: 25 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
The total counts each group once: 1 subsidiaries (3,279 MNOK in revenue) are left out of totals and size lists because their parent in the sector has at least as much revenue, so their sales can run through the parent. They are ranked as usual. Methodology
Climbers and fallers · Morning class Large
Change in rank from 2024 to 2025, for 23 companies ranked in both years.
Climbers
- 7Storebrand Asset Management ASfrom rank 19 to 1247
- 5HV Capital Vii ASfrom rank 12 to 759
- 3DNB Asset Management ASfrom rank 6 to 366
- 3Odin Forvaltning ASfrom rank 11 to 859
- 3Eika Kapitalforvaltning ASfrom rank 20 to 1744
Fallers
- 14Sb1 Markets ASfrom rank 7 to 2137
- 2KLP Kapitalforvaltning ASfrom rank 8 to 1053
- 2Arctic Securities ASfrom rank 9 to 1148
- 2Lendo ASfrom rank 17 to 1942
- 2Nord Pool ASfrom rank 22 to 2433
Awards · 2025 · Morning class Large
Needs attention · 2025 · Morning class Large
6 companies show at least one warning sign. Showing the 6 most important.
- watchOslo Pensjonsforsikring ASVery low equity ratio (9.2%)
- watchVipps Mobilepay ASLoss before tax
- watchHV Capital Vii ASCurrent ratio below 1 (0.38)
- watchLendo ASLoss before tax
- watchOslo Børs ASACurrent ratio below 1 (0.89)
- watchNord Pool ASVery low equity ratio (5.8%)
Sector map · 2025 · Morning class Large
Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.
Show the map's figures as a table
| Company | Operating margin | Equity ratio | Revenue |
|---|---|---|---|
| Salt Value AS | 76.7% | 98.9% | 1,373 MNOK |
| Verdipapirsentralen ASA | 49.6% | 79.0% | 756 MNOK |
| DNB Asset Management AS | 51.4% | 39.4% | 3,181 MNOK |
| Credo II AS | 98.3% | 13.0% | 595 MNOK |
| Sparebank 1 Forvaltning AS | 43.8% | 61.0% | 706 MNOK |
| DNB Asset Management Holding AS | 100.0% | 65.5% | 870 MNOK |
| HV Capital Vii AS | 97.5% | 20.9% | 1,403 MNOK |
| Odin Forvaltning AS | 22.7% | 33.1% | 1,434 MNOK |
| SÖDERBERG & Partners Wealth Management AS | 12.1% | 64.9% | 732 MNOK |
| KLP Kapitalforvaltning AS | 16.8% | 68.9% | 589 MNOK |
| Arctic Securities AS | 18.5% | 36.8% | 1,664 MNOK |
| Storebrand Asset Management AS | 21.3% | 68.5% | 3,279 MNOK |
| Pareto Securities AS | 32.4% | 20.3% | 1,851 MNOK |
| Vipps Mobilepay AS | −6.3% | 78.1% | 2,088 MNOK |
| Gard AS | 4.3% | 42.0% | 1,354 MNOK |
| Formue Norge AS | 14.1% | 45.8% | 861 MNOK |
| Eika Kapitalforvaltning AS | 24.7% | 17.4% | 642 MNOK |
| Oslo Børs ASA | 56.5% | 19.4% | 982 MNOK |
| Lendo AS | −2.6% | 75.8% | 1,019 MNOK |
| Alfred Berg Kapitalforvaltning AS | 17.2% | 15.9% | 1,098 MNOK |
| Sb1 Markets AS | 15.8% | 52.9% | 1,184 MNOK |
| Clarksons Securities AS | 23.5% | 17.0% | 584 MNOK |
| Abg Sundal Collier ASA | 29.6% | 13.8% | 1,278 MNOK |
| Nord Pool AS | 47.8% | 5.8% | 822 MNOK |
| Oslo Pensjonsforsikring AS | 2.5% | 9.2% | 18,802 MNOK |
Holding and investment companies · 2025
1,832 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 595 have at least 10 MNOK in assets and are listed.
| Rank | Company | Score | Equity ratio | Return on assets | Current ratio | Total assets |
|---|---|---|---|---|---|---|
| 1 | Torricks Holding AS | 97 | 100.0% | 99.1% | – | 14 MNOK |
| 2 | Photo Invest Holding AS | 96 | 100.0% | 117.9% | – | 24 MNOK |
| 3 | Magellan Capital AS | 95 | 100.0% | 86.0% | – | 10 MNOK |
| 4 | Storstad Holding AS | 95 | 100.0% | 98.4% | 5,581.26 | 41 MNOK |
| 5 | GA Bilben Holding AS | 95 | 100.0% | 82.6% | – | 17 MNOK |
| 6 | Wangen Holding AS | 92 | 100.0% | 50.9% | – | 18 MNOK |
| 7 | Brekke Investering AS | 90 | 100.0% | 35.4% | – | 41 MNOK |
| 8 | Haveland Holding AS | 90 | 100.0% | 56.2% | 1,689.40 | 19 MNOK |
| 9 | R Hetland Holding AS | 90 | 100.0% | 33.9% | – | 12 MNOK |
| 10 | SAGA CAPITAL | 88 | 100.0% | 30.1% | – | 15 MNOK |
| 11 | Einar Holding AS | 88 | 99.8% | 98.2% | 414.83 | 25 MNOK |
| 12 | Ulsrud Invest AS | 88 | 99.8% | 81.7% | 386.26 | 14 MNOK |
| 13 | ARETE CAPITAL | 87 | 99.8% | 77.3% | 506.59 | 17 MNOK |
| 14 | Aksa Holding AS | 87 | 99.9% | 60.1% | 414.98 | 51 MNOK |
| 15 | TI MO Invest AS | 87 | 99.8% | 70.0% | 548.57 | 31 MNOK |
| 16 | Atlantis Invest AS | 86 | 100.0% | 24.8% | – | 14 MNOK |
| 17 | Faso Holding AS | 86 | 100.0% | 27.0% | 2,108.58 | 14 MNOK |
| 18 | Exa Invest AS | 85 | 99.9% | 34.0% | 752.57 | 20 MNOK |
| 19 | Gos Holding AS | 85 | 100.0% | 22.4% | – | 20 MNOK |
| 20 | Viridis Holding AS | 85 | 99.9% | 28.1% | 1,266.80 | 25 MNOK |
Show all 100
Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology
In our articles
- Finance earns 58.3% on operations; the typical Norwegian industry makes 5.7%No. 1 of 22 on median operating margin
Scenario analysis: the sector's weakest year
The sector's weakest year was 2026, with a median operating margin of −13.5%.
Based on the 6 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2021 | −3.9% | −45.5% |
| 2022 | 33.1% | 49.6% |
| 2023 | 35.5% | 69.2% |
| 2024 | 43.2% | 74.1% |
| 2025 | 53.0% | 79.0% |
| 2026 · weakest year | −13.5% | 22.3% |
In 2026, 1 ranked companies did better than the sector, 0 about the same and 0 weaker.
Held up best in 2026
- 1Lockton Norway ASequity ratio 22.3%−13.5%
Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 9.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| Sector's median operating margin | −3.9% | 33.1% | 35.5% | 43.2% | 53.0% | −13.5% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 9.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| Sector's median operating margin | −3.9% | 33.1% | 35.5% | 43.2% | 53.0% | −13.5% |
Source: SSB (14710, CC BY 4.0). Source · fetched 3 November 2026
When policy rate fell in 2025, 178 of 320 ranked companies kept their operating margin at or above the year before. Among the largest: Storebrand Asset Management AS (9.5% → 21.3%), DNB Asset Management AS (50.7% → 51.4%), Vipps Mobilepay AS (−44.2% → −6.3%), Arctic Securities AS (12.4% → 18.5%), HV Capital Vii AS (87.9% → 97.5%).
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
The sector in Norway (SSB)
The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.
Bankruptcies in the industry
16 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +60.0% against the four quarters before (10).
Source: Statistics Norway (SSB), table 10790. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.
Latest bankruptcies and liquidations
- Viken Forsikring AS 999529755 Bankruptcy · 2 November 2026 · 3 MNOK (2025)
- A1-Invest AS 989177567 Voluntary liquidation · 31 October 2026
- Børke Holding AS 988938955 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Jamst Invest AS 989255819 Voluntary liquidation · 31 October 2026
- Johnsen VVS Invest AS 920725953 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- KJELKA EIENDOM & Invest AS 989261592 Voluntary liquidation · 31 October 2026 · 1 MNOK (2025)
- Sakka Holding AS 920730671 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
- Chamar Shipping AS 911954753 Voluntary liquidation · 30 October 2026
Industry codes (NACE)
| Code | Description |
|---|---|
| 64* | Hele hovedgruppe 64 |
| 64.190 | Banker og kredittforetak |
| 64.210 | Holdingforetak i finanskonsern |
| 64.220 | Spesielle holdingselskaper |
| 64.312 | Alternative investeringsfond (aif) som ikke er verdipapirfond |
| 64.322 | Egeninvesteringsselskaper i finansielle konsern og for offentlig forvaltning |
| 64.323 | Andre egeninvesteringsselskaper |
| 64.920 | Annen kredittgivning |
| 64.990 | Annen finansieringsvirksomhet ikke nevnt annet sted |
| 65* | Hele hovedgruppe 65 |
| 65.110 | Livsforsikring |
| 65.120 | Skadeforsikring |
| 66* | Hele hovedgruppe 66 |
| 66.110 | Administrasjon av finansmarkeder |
| 66.120 | Verdipapirmegling |
| 66.190 | Andre tjenester tilknyttet finansieringsvirksomhet og kollektive investeringsfond |
| 66.210 | Risiko- og skadevurdering |
| 66.220 | Forsikringsformidling |
| 66.290 | Tjenester tilknyttet forsikringsvirksomhet ikke nevnt annet sted |
| 66.300 | Fondsforvaltningsvirksomhet |