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Annual Report 2015

Economic net worth in 2015

Economic Value Management (EVM) (cover)

EVM results for 2015

The 2015 EVM Report, showing Swiss Re’s results for the full year 2015, is available on swissre.com/­investors/financial_information

Economic net worth (ENW) is defined as the difference between the market value of assets and the market-consistent value of liabilities. ENW is the EVM measure of shareholders’ equity and the starting point in determining available capital for SST calculations.

In 2015, ENW decreased by USD 1.0 billion to USD 37.4 billion at the end of December 2015. 2015 EVM income of USD 3.7 billion was more than offset by the Swiss Re Group’s dividend payments and foreign exchange rate movements.

Economic net worth

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USD billions

2014

2015

Change in %

Property & Casualty

16.6

16.1

–3

Life & Health

9.5

10.2

7

Reinsurance

26.1

26.3

1

Corporate Solutions

3.0

3.0

0

Admin Re®

3.3

3.6

9

Group items

5.9

4.5

–24

Total

38.4

37.4

–3