Swiss Re Ltd (the Company), domiciled in Zurich, Switzerland, is the ultimate holding company of the Swiss Re Group. Its principal activity is the holding of investments in Swiss Re Group companies.

Income statement

Net income for 2013 amounted to CHF 2 707 million (2012: CHF 2 718 million) and was mostly driven by cash dividends from subsidiaries and affiliated companies of CHF 2 641 million. In addition, Swiss Reinsurance Company Ltd transferred to the Company its investment in Swiss Re Principal Investments Company Ltd through a dividend in kind of CHF 805 million, which resulted in a valuation adjustment to the Company’s investment in Swiss Reinsurance Company Ltd of the same amount.

The Company earned trademark license fees of CHF 284 million and incurred administrative expenses of CHF 174 million, of which CHF 148 million were charges for services provided by Swiss Reinsurance Company Ltd. In addition, the Company incurred other expenses of CHF 117 million, including changes in the provision for currency fluctuation and realised foreign exchange losses of CHF 112 million, and capital and indirect taxes of CHF 5 million.

Assets

Total assets increased from CHF 19 961 million as of 31 December 2012 to CHF 20 116 million as of 31 December 2013.

Investments in subsidiaries and affiliated companies increased from CHF 16 351 million as of 31 December 2012 to CHF 17 117 million as of 31 December 2013 due to capital contributions made to subsidiaries of Swiss Re Principal Investments Company Ltd and Swiss Re Investments Holding Company Ltd.

As of 31 December 2013, the Company held short-term loans of CHF 1 774 million (2012: CHF 2 710 million) granted to Swiss Reinsurance Company Ltd. The decrease was mainly related to a partial funding of dividends to shareholders and aforementioned capital contributions.

Liabilities

Total liabilities increased from CHF 7 million as of 31 December 2012 to CHF 26 million as of 31 December 2013, mainly due to higher payables to subsidiaries and affiliated companies and accrued expenses.

Shareholders’ equity

Shareholders’ equity increased from CHF 19 954 million as of 31 December 2012 to CHF 20 090 million as of 31 December 2013, mainly driven by the inclusion of net income for 2013 of CHF 2 707 million, mostly offset by dividends to shareholders of CHF 2 571 million.

Legal reserves from capital contributions decreased from CHF 7 994 million as of 31 December 2012 to CHF 5 423 million as of 31 December 2013, reflecting the payment of dividends to shareholders of CHF 2 571 million.