Sector

Finans og forsikring

387 companies ranked against comparable companies in four Morning company classes. Fiscal year 2025. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2025 · Morning class Small

Morning class Small · 2025
#	Company	Profile	Score	Change
1	Startuplab Founders Fund i AS	Leader	84	–
2	Vardfjell AS	Leader	83	+7
3	Karoline AS	Leader	83	+21
4	Viking Growth 27 AS	Leader	82	–
5	Markstøl Invest AS	Leader	81	−8
6	Inak 3 AS	Leader	76	+20
7	Scilla Invest AS	Steward	74	–
8	Skipsaksjeselskapet Kollen AS	Leader	73	–
9	Pref 2023 AS	Leader	72	−4
10	Vartdal Fiskeriselskap AS	Leader	72	+23
11	Petroservice AS	Leader	71	−1
12	Skips AS PEGASUS	Leader	70	+6
13	Finyield AS	Leader	69	+48
14	Varro Vekstpartner AS	Leader	67	+35
15	Positron Capital AS	Leader	66	+1
16	Herskedal Holding AS	Leader	65	−19
17	Linhk AS	Leader	64	−7
18	Chamar AS	Leader	64	−25
19	Wieco AS	Leader	63	−16
20	K. R. Rasmussen AS	Leader	63	−8
21	Sørlandets Forsikringssenter AS	Leader	60	+7
22	SÖDERBERG & Partners Nord-Norge AS	Sprinter	59	−1
23	Storebrand Real Estate ASsubsidiary of Storebrand Asset Management AS	Steward	59	–
24	Teia Invest AS	Leader	58	+12
25	Nordic Benefits AS	Leader	56	−2
26	Carn Capital AS	Steward	54	+2
27	Klippen Forsikring AS	Sprinter	52	+20
28	Done Investor Services AS	Steward	52	0
29	SÖDERBERG & Partners Distribusjon AS	Sprinter	52	+21
30	Tress Asset Management AS	Sprinter	51	−8
31	Nordic Trustee Services AS	Sprinter	51	−2
32	Fram Insurance Brokers AS	Leader	50	−5
33	Permian Fund Services AS	Sprinter	50	+15
34	Nordic Bond Pricing AS	Sprinter	50	+3
35	Norske Finansielle Referanser AS	Leader	50	−3
36	Caaby AS	Sprinter	49	+25
37	Tripol AS	Sprinter	49	+3
38	Garantum Wealth Management Norge AS	Steward	49	+5
39	HV Capital Nef AS	Sprinter	48	+22
40	Lawi Holding AS	Steward	48	−24
41	Bi7 Kontor Holding AS	Builder	47	0
42	Haugaland Forsikringssenter AS	Builder	47	−11
43	Viking Assistance AS	Steward	46	−15
44	Explore Equity AS	Sprinter	46	−7
45	Vertu Kapitalforvaltning AS	Leader	46	−1
46	Validé AS	Steward	43	−2
47	Byggmesterforsikring AS	Steward	42	−13
48	Crox Forsikring AS	Sprinter	42	+11
49	Equro Issuer Services AS	Builder	42	−5
50	Iam Insurance AS	Sprinter	42	+16

Download as CSV (opens in Excel)

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 Small

Galant Forsikring AS
From 2024 to 2025: went from a loss to a profit before tax and revenue grew by 94%.
+26
Caaby AS
From 2024 to 2025: the operating margin rose from −257.5% to 99.5% and revenue grew by 115%.
+25
Lawi Holding AS
From 2024 to 2025: revenue grew by 201% and the operating margin fell from 17.8% to 8.5%.
−24
SÖDERBERG & Partners Distribusjon AS
From 2024 to 2025: the operating margin rose from −13.0% to 12.4% and went from a loss to a profit before tax.
+21

Summary analysis

Finans og forsikring, Morning class Large: 26 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 67, operating margin 51.4%, equity ratio 39.4%).

Weakest in the sector: Oslo Pensjonsforsikring AS (score 32, 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 34, operating margin 29.6%, equity ratio 13.8%).

Worth a closer look

The median operating margin rose from 21.3% in 2024 to 24.1% in 2025 (2.8 percentage points).
The median equity ratio fell from 41.5% in 2024 to 38.1% in 2025 (3.4 percentage points).
The median revenue growth fell from 20.4% in 2024 to 14.4% in 2025 (6.0 percentage points).
The share with a loss went from 8% in 2024 to 7% 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 Small

The five largest companies account for 12% of the sector's revenue. Combined profit before tax for the 73 ranked companies: 487 MNOK.

Size

The largest by revenue and employees, and who earns the most per employee.

Highest revenue

ERGA & Partnere AS 50 MNOK
Norske Finansielle Referanser AS 47 MNOK
Inak 3 AS 45 MNOK
Byggmesterforsikring AS 43 MNOK
Union Forvaltning AS 42 MNOK

Operating revenue.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Oslo Merchant Partners Capital AS 6.2 MNOK
Equro Issuer Services AS 5.3 MNOK
Union Forvaltning AS 5.3 MNOK
Onesettle AS 4.7 MNOK
Explore Equity AS 4.4 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

Viking Growth 27 AS 115.0%
Caaby AS 99.5%
Finyield AS 99.2%
HV Capital Nef AS 98.9%
Karoline AS 98.9%

Operating result divided by operating revenue.

Largest profit

Wieco AS 109 MNOK
Petroservice AS 42 MNOK
Markstøl Invest AS 37 MNOK
Vartdal Fiskeriselskap AS 32 MNOK
Inak 3 AS 30 MNOK

Profit before tax.

Largest loss

Leeward AS −212 MNOK
Fundingpartner AS −7 MNOK
Byggmesterforsikring AS −4 MNOK
Van Ameyde Norway AS −3 MNOK
Njord Kapitalforvaltning AS −2 MNOK

Profit before tax, the largest negative.

Most solid

Startuplab Founders Fund i AS 100.0%
Pref 2023 AS 100.0%
Viking Growth 27 AS 99.9%
Skipsaksjeselskapet Kollen AS 99.8%
Scilla Invest AS 99.8%

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

Inak 3 AS +273.8%
Lawi Holding AS +201.3%
Petroservice AS +147.6%
Caaby AS +114.5%
Galant Forsikring AS +93.8%

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

Chamar AS −68.8%
Wieco AS −60.1%
Oslo Merchant Partners Capital AS −34.1%
Herskedal Holding AS −27.4%
Norwegian Insurance Management AS −21.4%

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

Galant Forsikring AS +26.0 points
Caaby AS +25.2 points
SÖDERBERG & Partners Distribusjon AS +21.0 points
Klippen Forsikring AS +20.2 points
Inak 3 AS +19.6 points

Change in index points from the year before.

Biggest fallers

Lawi Holding AS −24.0 points
Herskedal Holding AS −19.0 points
Stjørdal Forsikringssenter AS −16.3 points
Viking Assistance AS −15.1 points
Byggmesterforsikring AS −13.0 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.

Quadrant analysis

Positions in the sector · 2025 · Morning class Small

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).

Caaby AS profitability 0 → 79, solidity 0 → 11
SÖDERBERG & Partners Distribusjon AS profitability 1 → 55, solidity 27 → 46
Iam Insurance AS profitability 28 → 67, solidity 15 → 8
Viking Assistance AS profitability 70 → 33, solidity 62 → 57
Fram Insurance Brokers AS profitability 77 → 59, solidity 26 → 53

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	In 2024 (profitability / solidity)
Cubera PE Viii AS	Cheetah	89	1	90 / 2
Startuplab Founders Fund i AS	Lion	88	100	–
Viking Growth 27 AS	Lion	88	97	–
Nordic Trustee Services AS	Cheetah	84	22	82 / 18
Positron Capital AS	Lion	83	61	84 / 63
Nordic Bond Pricing AS	Cheetah	79	29	73 / 28
Caaby AS	Cheetah	79	11	0 / 0
Vardfjell AS	Lion	76	92	–
Karoline AS	Lion	75	89	–
Tripol AS	Cheetah	75	28	73 / 24
SÖDERBERG & Partners Nord-Norge AS	Cheetah	74	49	62 / 55
Markstøl Invest AS	Lion	72	82	–
Oslo Merchant Partners Capital AS	Cheetah	71	36	–
Varro Vekstpartner AS	Lion	70	74	–
Nordvest Forsikringssenter AS	Cheetah	69	7	69 / 5
Herskedal Holding AS	Lion	68	87	77 / 85
Iam Insurance AS	Cheetah	67	8	28 / 15
Finyield AS	Lion	66	71	–
Klippen Forsikring AS	Cheetah	66	25	59 / 13
Tress Asset Management AS	Cheetah	66	50	70 / 47
Explore Equity AS	Cheetah	66	44	68 / 54
Agder Forsikringssenter AS	Cheetah	64	21	70 / 19
Chamar AS	Lion	64	79	–
Permian Fund Services AS	Cheetah	63	40	–
Wieco AS	Lion	62	86	–
K. R. Rasmussen AS	Lion	62	81	66 / 83
ERGA & Partnere AS	Cheetah	62	10	61 / 6
HV Capital Nef AS	Cheetah	61	32	–
Petroservice AS	Lion	60	75	54 / 77
Crox Forsikring AS	Cheetah	60	18	52 / 8
Nordic Benefits AS	Lion	60	62	56 / 65
Teia Invest AS	Lion	60	67	–
Fram Insurance Brokers AS	Lion	59	53	77 / 26
Skips AS PEGASUS	Lion	57	78	51 / 79
Norske Finansielle Referanser AS	Lion	56	51	59 / 49
Sørlandets Forsikringssenter AS	Lion	56	58	51 / 58
Bærum Forsikringssenter AS	Cheetah	56	14	–
SÖDERBERG & Partners Distribusjon AS	Cheetah	55	46	1 / 27
Inak 3 AS	Lion	55	93	50 / 82
Skipsaksjeselskapet Kollen AS	Lion	51	96	–
Pref 2023 AS	Lion	51	99	55 / 97
Vertu Kapitalforvaltning AS	Lion	51	54	24 / 68
Vartdal Fiskeriselskap AS	Lion	51	85	–
Linhk AS	Lion	50	90	44 / 88
Scilla Invest AS	Elephant	49	94	–
Haugaland Forsikringssenter AS	Beaver	49	47	62 / 46
Bi7 Kontor Holding AS	Beaver	47	33	52 / 29
Carn Capital AS	Elephant	45	60	–
Norwegian Insurance Management AS	Beaver	44	31	49 / 4
Akershus Forsikringssenter AS	Beaver	43	12	41 / 10

The sector in numbers

Summary · fiscal year 2025 · Morning class Small

The sector's median operating margin is 23.0%. 2 of 80 companies have negative equity. The median equity ratio is 49.8%.

Companies with accounts80

Total revenue1,900 MNOK

Median operating margin23.0%

Median equity ratio49.8%

Share with a loss12%

Share with negative equity2%

All figures are for fiscal year 2025. Ranked: 74 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 (40 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

1 company reports in another currency. Its revenue is converted at the mean rate for the accounting period and makes up 2% of the total.

Climbers and fallers · Morning class Small

Change in rank from 2024 to 2025, for 54 companies ranked in both years.

Climbers

40Caaby ASfrom rank 76 to 3649
37Klippen Forsikring ASfrom rank 64 to 2752
36SÖDERBERG & Partners Distribusjon ASfrom rank 65 to 2952
26Galant Forsikring ASfrom rank 80 to 5440
25Iam Insurance ASfrom rank 75 to 5042

Fallers

30Lawi Holding ASfrom rank 10 to 4048
21Viking Assistance ASfrom rank 22 to 4346
16Stjørdal Forsikringssenter ASfrom rank 49 to 6530
15Haugaland Forsikringssenter ASfrom rank 27 to 4247
14Herskedal Holding ASfrom rank 2 to 1665

Awards · 2025 · Morning class Small

Most profitableViking Growth 27 AS115.0%

Fastest growthLeeward AS86,902.2%

Strongest balance sheetStartuplab Founders Fund i AS100.0%

Largest revenueERGA & Partnere AS50 MNOK

Highest revenue per employeeOslo Merchant Partners Capital AS6.2 MNOK

Needs attention · 2025 · Morning class Small

24 companies show at least one warning sign. Showing the 15 most important.

criticalLeeward ASNegative equity · Current ratio below 1 (−76.16) · Loss before tax
criticalVan Ameyde Norway ASNegative equity · Loss before tax
watchØstfold Forsikring ASVery low equity ratio (1.3%) · Current ratio below 1 (0.77)
watchAkershus Forsikringssenter ASVery low equity ratio (3.6%) · Current ratio below 1 (0.97)
watchUnion Forsikring ASVery low equity ratio (5.5%) · Current ratio below 1 (0.97)
watchERGA & Partnere ASVery low equity ratio (2.8%)
watchByggmesterforsikring ASLoss before tax
watchUnion Forvaltning ASLoss before tax
watchCaaby ASVery low equity ratio (3.0%)
watchNjord Kapitalforvaltning ASLoss before tax
watchFundingpartner ASLoss before tax
watchNordvest Forsikringssenter ASVery low equity ratio (2.3%)
watchIam Insurance ASVery low equity ratio (2.8%)
watchOslo Forsikringssenter ASVery low equity ratio (1.6%)
watchSector Capital ASLoss before tax

Sector map · 2025 · Morning class Small

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
Startuplab Founders Fund i AS	82.3%	100.0%	14 MNOK
Vardfjell AS	92.4%	99.4%	17 MNOK
Karoline AS	98.9%	98.3%	15 MNOK
Viking Growth 27 AS	115.0%	99.9%	23 MNOK
Markstøl Invest AS	97.3%	95.8%	38 MNOK
Inak 3 AS	59.0%	99.7%	45 MNOK
Scilla Invest AS	62.8%	99.8%	10 MNOK
Skipsaksjeselskapet Kollen AS	97.5%	99.8%	12 MNOK
Pref 2023 AS	88.3%	100.0%	29 MNOK
Vartdal Fiskeriselskap AS	91.4%	97.3%	35 MNOK
Petroservice AS	96.2%	88.1%	35 MNOK
Skips AS PEGASUS	92.8%	90.6%	24 MNOK
Finyield AS	99.2%	80.1%	17 MNOK
Varro Vekstpartner AS	36.5%	87.2%	11 MNOK
Positron Capital AS	53.3%	62.0%	16 MNOK
Herskedal Holding AS	97.7%	97.9%	10 MNOK
Linhk AS	58.3%	98.7%	11 MNOK
Chamar AS	96.6%	94.6%	18 MNOK
Wieco AS	78.9%	97.5%	32 MNOK
K. R. Rasmussen AS	95.7%	95.3%	18 MNOK
Sørlandets Forsikringssenter AS	15.0%	61.2%	20 MNOK
SÖDERBERG & Partners Nord-Norge AS	24.4%	48.9%	23 MNOK
Storebrand Real Estate AS	32.2%	96.0%	40 MNOK
Teia Invest AS	86.9%	76.1%	12 MNOK
Nordic Benefits AS	23.7%	64.3%	35 MNOK
Carn Capital AS	18.3%	61.3%	12 MNOK
Klippen Forsikring AS	17.6%	20.1%	21 MNOK
Done Investor Services AS	5.8%	77.0%	16 MNOK
SÖDERBERG & Partners Distribusjon AS	12.4%	41.6%	38 MNOK
Tress Asset Management AS	23.5%	50.8%	14 MNOK
Nordic Trustee Services AS	61.6%	19.8%	34 MNOK
Fram Insurance Brokers AS	19.8%	52.5%	35 MNOK
Permian Fund Services AS	23.2%	37.0%	11 MNOK
Nordic Bond Pricing AS	38.4%	24.9%	38 MNOK
Norske Finansielle Referanser AS	40.5%	50.9%	47 MNOK
Caaby AS	99.5%	3.0%	30 MNOK
Tripol AS	35.7%	24.6%	19 MNOK
Garantum Wealth Management Norge AS	8.5%	55.5%	27 MNOK
HV Capital Nef AS	98.9%	27.0%	14 MNOK
Lawi Holding AS	8.5%	82.0%	40 MNOK
Bi7 Kontor Holding AS	73.0%	29.5%	14 MNOK
Haugaland Forsikringssenter AS	9.0%	42.2%	16 MNOK
Viking Assistance AS	12.4%	58.5%	28 MNOK
Explore Equity AS	37.1%	38.7%	31 MNOK
Vertu Kapitalforvaltning AS	13.4%	53.8%	23 MNOK
Validé AS	0.6%	76.1%	39 MNOK
Byggmesterforsikring AS	−15.0%	90.0%	43 MNOK
Crox Forsikring AS	10.0%	6.8%	19 MNOK
Equro Issuer Services AS	6.0%	35.2%	27 MNOK
Iam Insurance AS	20.8%	2.8%	24 MNOK
Bærum Forsikringssenter AS	11.3%	4.2%	15 MNOK
Agder Forsikringssenter AS	19.1%	19.2%	17 MNOK
Njord Kapitalforvaltning AS	−5.6%	70.3%	27 MNOK
Galant Forsikring AS	4.7%	20.0%	22 MNOK
Oslo Merchant Partners Capital AS	34.4%	33.8%	37 MNOK
ERGA & Partnere AS	15.9%	2.8%	50 MNOK
Vertu Forsikringsmegling AS	1.1%	32.6%	13 MNOK
Nordvest Forsikringssenter AS	22.9%	2.3%	26 MNOK
Union Forvaltning AS	−4.9%	68.5%	42 MNOK
Cubera PE Viii AS	89.8%	0.6%	11 MNOK
Norwegian Insurance Management AS	8.0%	26.2%	18 MNOK
Onesettle AS	7.0%	37.5%	38 MNOK
Union Forsikring AS	3.7%	5.5%	21 MNOK
Oslo Forsikringssenter AS	6.6%	1.6%	21 MNOK
Stjørdal Forsikringssenter AS	6.3%	6.6%	17 MNOK
Kaman AS	0.4%	10.9%	15 MNOK
Akershus Forsikringssenter AS	8.1%	3.6%	28 MNOK
Cofounder Management AS	9.9%	24.1%	13 MNOK
CARTER & Sønn AS	3.0%	1.9%	20 MNOK
Leeward AS	45.0%	−12.9%	17 MNOK
INSURANCE MANAGEMENT ADMINISTRATION & Advisors AS	−3.0%	38.5%	14 MNOK
Østfold Forsikring AS	2.2%	1.3%	30 MNOK
Fundingpartner AS	−34.2%	34.1%	26 MNOK
Van Ameyde Norway AS	−9.6%	−18.6%	25 MNOK

Holding and investment companies · 2025

1,833 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: 596 have at least 10 MNOK in assets and are listed.

Holding and investment companies
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	96	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	89	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

Rank	Company	Score	Total assets
21	Bjsa Holding AS	84	25 MNOK
22	Fiesta Invest AS	84	25 MNOK
23	Fair Winds Invest AS	84	13 MNOK
24	PK Taurus Invest AS	83	23 MNOK
25	Tgaa Holding AS	83	28 MNOK
26	Ccc Invest AS	83	20 MNOK
27	Magnolia Invest AS	83	39 MNOK
28	Bøckman Invest AS	83	12 MNOK
29	Deal Invest AS	82	12 MNOK
30	Jamami Invest AS	82	117 MNOK
31	Investeringsselskapet Rolf Borge AS	82	17 MNOK
32	Hja Holding AS	82	88 MNOK
33	Hce Invest AS	82	27 MNOK
34	Gjs Holding AS	81	19 MNOK
35	Terje Gram Holding AS	81	11 MNOK
36	Marit Crawfurd Holding AS	81	10 MNOK
37	Mexa Invest AS	81	20 MNOK
38	Curious Capital AS	81	19 MNOK
39	Not Holding AS	80	108 MNOK
40	Oma Invest AS	80	44 MNOK
41	Spinnaker Holding AS	80	27 MNOK
42	Salhus Holding AS	80	16 MNOK
43	Stord Teknologi Invest AS	80	55 MNOK
44	Jds-Invest AS	79	18 MNOK
45	DB Invest AS	79	36 MNOK
46	Hpj Holding AS	78	11 MNOK
47	T-A Invest AS	78	16 MNOK
48	Dme Holding AS	78	19 MNOK
49	Rune Kapital AS	78	11 MNOK
50	H.A.S. Holding AS	77	15 MNOK
51	Alveng Holding AS	77	14 MNOK
52	V. Stavdal Holding AS	77	29 MNOK
53	Hedlo Invest AS	77	19 MNOK
54	Emkay Invest AS	77	149 MNOK
55	Aosr Holding AS	77	10 MNOK
56	Anders Wien Holding AS	76	33 MNOK
57	Borgsund Holding AS	76	77 MNOK
58	KA Bakken Holding AS	76	15 MNOK
59	Rube Invest AS	75	13 MNOK
60	Rak-Invest AS	74	14 MNOK
61	Pum Holding AS	74	33 MNOK
62	Fuglestad Holding AS	74	35 MNOK
63	Micro Invest AS	74	12 MNOK
64	Rossing Holding AS	74	12 MNOK
65	Storenup Invest AS	74	42 MNOK
66	Holding Nausttun AS	74	22 MNOK
67	Lerbi Invest AS	74	18 MNOK
68	Glenn Tveite Holding AS	74	22 MNOK
69	Rennemo Holding AS	74	13 MNOK
70	P.K. Holding AS	73	12 MNOK
71	Subito Holding AS	73	26 MNOK
72	Grasan Invest AS	73	17 MNOK
73	J Kapital AS	73	10 MNOK
74	RS Holding- AS	73	27 MNOK
75	Ihr Holding AS	73	14 MNOK
76	Swiss Life Ref Nordic 2018 Invest AS	72	417 MNOK
77	Meisfjord Holding AS	72	474 MNOK
78	Eugenies Invest AS	72	18 MNOK
79	Taust Holding AS	72	22 MNOK
80	Heggelund Invest AS	72	13 MNOK
81	Hveding Invest AS	72	14 MNOK
82	Løye Holding AS	71	14 MNOK
83	Linda Holding AS	71	24 MNOK
84	Emmo Capital AS	71	205 MNOK
85	AS FONDAL	71	268 MNOK
86	Asky Invest AS	71	22 MNOK
87	Nisau Holding AS	70	21 MNOK
88	Nordvik Holding AS	70	24 MNOK
89	Harfinn Invest AS	70	11 MNOK
90	Sitron Invest AS	70	11 MNOK
91	Berit Sivertsen Holding AS	70	17 MNOK
92	Auj Holding AS	70	13 MNOK
93	Emy Capital AS	70	12 MNOK
94	Liapynten Invest AS	70	15 MNOK
95	G.R. Invest AS	70	13 MNOK
96	Helander Holding AS	70	12 MNOK
97	D. Lund Holding AS	70	179 MNOK
98	Cbg Holding AS	70	13 MNOK
99	St Invest AS	70	11 MNOK
100	Rap Holding AS	69	13 MNOK

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

All articles

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	8.5%	12.4%
2023	31.6%	65.1%
2024	35.8%	69.3%
2025	40.3%	75.7%
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)

Latest value: 4.50 (2026-10)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 4.5 percentage points.

Policy rate per year and the sector's median operating margin
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%	8.5%	31.6%	35.8%	40.3%	−13.5%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 3 November 2026

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 4.5 percentage points.

Consumer price index per year and the sector's median operating margin
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%	8.5%	31.6%	35.8%	40.3%	−13.5%

Source: SSB (14710, CC BY 4.0). Source · fetched 3 November 2026

When policy rate fell in 2025, 191 of 350 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

All bankruptcies and liquidations in the sector

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