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  • The year in review
    • Financial highlights
    • Business Units at a glance
    • Message from the Chairman
    • A conversation with the Group CEO
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  • Financial year
    • Market environment
      • The global economy and financial markets
      • Primary non-life
      • Reinsurance non-life
      • Primary life
      • Life & health reinsurance
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      • Group underwriting
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      • Investing in resilience
    • Summary of financial statements
    • Reinsurance
      • Property & Casualty
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    • Corporate Solutions
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    • Overview
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    • Liquidity management
    • Risk management
      • Swiss Re’s risk appetite framework
      • Group Risk Governance
      • Key Risk Management Bodies
      • Risk modelling and risk measures
    • Risk assessment
      • Overall risk in 2016 remained broadly unchanged
      • Swiss Re’s risk landscape
      • Insurance risk
      • Financial risk
      • Other risks
  • Governance
    • Overview
    • Group structure and shareholders
      • Group structure
      • Shareholders
    • Capital structure
    • Board of Directors
      • Members
        • Walter B. Kielholz
        • Renato Fassbind
        • Raymond K.F. Ch’ien
        • Mary Francis, CBE
        • Rajna Gibson Brandon
        • C. Robert Henrikson
        • Trevor Manuel
        • Carlos E. Represas
        • Philip K. Ryan
        • Sir Paul Tucker
        • Susan L. Wagner
      • Independence
      • Conflict of interest
      • Election, qualifications and term of office
      • Nominations for re-election and election by the AGM
      • Organisational structure
      • Allocation of tasks
      • Work methods
      • Self-Assessment
      • Areas of responsibility
      • Key responsibilities of individual members of the GEC
      • Board supervision of executive management
    • Executive Management
      • Members
        • Christian Mumenthaler
        • David Cole
        • John R. Dacey
        • Guido Fürer
        • Agostino Galvagni
        • Jean-Jacques Henchoz
        • Thierry Léger
        • Moses Ojeisekhoba
        • Jayne Plunkett
        • Patrick Raaflaub
        • J. Eric Smith
        • Matthias Weber
        • Thomas Wellauer
      • Changes in 2016
      • Other mandates, activities and vested interests
      • Management contracts
    • Shareholder’s participation rights
    • Changes of control and defence measures
    • Auditors
    • Information policy
  • Responsibility
    • Overview
    • Natural catastrophes and climate change
    • Strengthening risk resilience:
      2016 highlights
    • Our commitments
    • Our sustainability risk framework
    • Diversity and inclusion in our workforce
  • Compensation
    • Report from the Compensation Committee
    • Context and highlights in 2016
    • Compensation framework
      • Compensation Policy
      • Guiding principles
      • Overview of the components
      • Base salary
      • Annual Performance Incentive
      • Value Alignment Incentive
      • Leadership Performance Plan
      • Funding of the API and LPP
      • GSPP and ISP
      • Benefits
      • Information on GEC members
      • Framework Board of Directors
    • Compensation governance
      • Approval
      • Committee activities
      • Control functions
    • Compensation disclosure and shareholdings 2016
      • For members of governing bodies
        • For the Group EC
        • For the members of the Board of Directors
    • Report of the statutory auditor
  • Financial statements
    • Group financial statements
      • Income statement
      • Statement of comprehensive income
      • Balance sheet
      • Statement of shareholders’ equity
      • Statement of cash flow
    • Notes to the Group financial statements
      • 1 Organisation and summary of significant accounting policies
      • 2 Information on business segments
      • 3 Insurance information
      • 4 Premiums written
      • 5 Unpaid claims and claim adjustment expenses
      • 6 Deferred acquisition costs (DAC) and acquired present value of future profits (PVFP)
      • 7 Investments
      • 8 Fair value disclosures
      • 9 Derivative financial instruments
      • 10 Acquisitions and disposals
      • 11 Debt and contingent capital instruments
      • 12 Earnings per share
      • 13 Income taxes
      • 14 Benefit plans
      • 15 Share-based payments
      • 16 Compensation, participations and loans of members of governing bodies
      • 17 Related parties
      • 18 Commitments and contingent liabilities
      • 19 Significant subsidiaries and equity investees
      • 20 Variable interest entities
    • Report of the statutory auditor
    • Group financial years 2007–2016
    • Swiss Re Ltd
      • Annual Report
      • Income statement
      • Balance sheet
      • Notes
        • 1 Significant accounting principles
        • 2 Investment income and expenses
        • 3 Administrative expenses and personnel information
        • 4 Securities lending
        • 5 Investments in subsidiaries and affiliated companies
        • 6 Commitments
        • 7 Change in shareholders’ equity
        • 8 Own shares
        • 9 Major shareholders
        • 10 Legal reserves from capital contributions
        • 11 Release of undisclosed reserves
        • 12 Share ownership, options and related instruments of governing bodies
      • Proposal for allocation of disposable profit
      • Report of the statutory auditor
  • Information
    • Glossary
    • Cautionary note on forward-looking statements
    • Note on risk factors
    • Contacts
    • Corporate calendar

Navigation

  • The year in review
    • Financial highlights
    • Business Units at a glance
    • Message from the Chairman
    • A conversation with the Group CEO
    • Our business model
  • Financial year
    • Market environment
      • The global economy and financial markets
      • Primary non-life
      • Reinsurance non-life
      • Primary life
      • Life & health reinsurance
    • Group strategy
    • Group results
      • Group underwriting
      • Group investments
      • Investing in resilience
    • Summary of financial statements
    • Reinsurance
      • Property & Casualty
        • Risk knowledge in P&C
      • Life & Health
        • Risk knowledge in L&H
    • Corporate Solutions
      • Resilience
    • Life Capital
      • Integration
    • Share performance
  • Risk management
    • Overview
    • Capital management
    • Economic Value Management
    • Liquidity management
    • Risk management
      • Swiss Re’s risk appetite framework
      • Group Risk Governance
      • Key Risk Management Bodies
      • Risk modelling and risk measures
    • Risk assessment
      • Overall risk in 2016 remained broadly unchanged
      • Swiss Re’s risk landscape
      • Insurance risk
      • Financial risk
      • Other risks
  • Governance
    • Overview
    • Group structure and shareholders
      • Group structure
      • Shareholders
    • Capital structure
    • Board of Directors
      • Members
        • Walter B. Kielholz
        • Renato Fassbind
        • Raymond K.F. Ch’ien
        • Mary Francis, CBE
        • Rajna Gibson Brandon
        • C. Robert Henrikson
        • Trevor Manuel
        • Carlos E. Represas
        • Philip K. Ryan
        • Sir Paul Tucker
        • Susan L. Wagner
      • Independence
      • Conflict of interest
      • Election, qualifications and term of office
      • Nominations for re-election and election by the AGM
      • Organisational structure
      • Allocation of tasks
      • Work methods
      • Self-Assessment
      • Areas of responsibility
      • Key responsibilities of individual members of the GEC
      • Board supervision of executive management
    • Executive Management
      • Members
        • Christian Mumenthaler
        • David Cole
        • John R. Dacey
        • Guido Fürer
        • Agostino Galvagni
        • Jean-Jacques Henchoz
        • Thierry Léger
        • Moses Ojeisekhoba
        • Jayne Plunkett
        • Patrick Raaflaub
        • J. Eric Smith
        • Matthias Weber
        • Thomas Wellauer
      • Changes in 2016
      • Other mandates, activities and vested interests
      • Management contracts
    • Shareholder’s participation rights
    • Changes of control and defence measures
    • Auditors
    • Information policy
  • Responsibility
    • Overview
    • Natural catastrophes and climate change
    • Strengthening risk resilience:
      2016 highlights
    • Our commitments
    • Our sustainability risk framework
    • Diversity and inclusion in our workforce
  • Compensation
    • Report from the Compensation Committee
    • Context and highlights in 2016
    • Compensation framework
      • Compensation Policy
      • Guiding principles
      • Overview of the components
      • Base salary
      • Annual Performance Incentive
      • Value Alignment Incentive
      • Leadership Performance Plan
      • Funding of the API and LPP
      • GSPP and ISP
      • Benefits
      • Information on GEC members
      • Framework Board of Directors
    • Compensation governance
      • Approval
      • Committee activities
      • Control functions
    • Compensation disclosure and shareholdings 2016
      • For members of governing bodies
        • For the Group EC
        • For the members of the Board of Directors
    • Report of the statutory auditor
  • Financial statements
    • Group financial statements
      • Income statement
      • Statement of comprehensive income
      • Balance sheet
      • Statement of shareholders’ equity
      • Statement of cash flow
    • Notes to the Group financial statements
      • 1 Organisation and summary of significant accounting policies
      • 2 Information on business segments
      • 3 Insurance information
      • 4 Premiums written
      • 5 Unpaid claims and claim adjustment expenses
      • 6 Deferred acquisition costs (DAC) and acquired present value of future profits (PVFP)
      • 7 Investments
      • 8 Fair value disclosures
      • 9 Derivative financial instruments
      • 10 Acquisitions and disposals
      • 11 Debt and contingent capital instruments
      • 12 Earnings per share
      • 13 Income taxes
      • 14 Benefit plans
      • 15 Share-based payments
      • 16 Compensation, participations and loans of members of governing bodies
      • 17 Related parties
      • 18 Commitments and contingent liabilities
      • 19 Significant subsidiaries and equity investees
      • 20 Variable interest entities
    • Report of the statutory auditor
    • Group financial years 2007–2016
    • Swiss Re Ltd
      • Annual Report
      • Income statement
      • Balance sheet
      • Notes
        • 1 Significant accounting principles
        • 2 Investment income and expenses
        • 3 Administrative expenses and personnel information
        • 4 Securities lending
        • 5 Investments in subsidiaries and affiliated companies
        • 6 Commitments
        • 7 Change in shareholders’ equity
        • 8 Own shares
        • 9 Major shareholders
        • 10 Legal reserves from capital contributions
        • 11 Release of undisclosed reserves
        • 12 Share ownership, options and related instruments of governing bodies
      • Proposal for allocation of disposable profit
      • Report of the statutory auditor
  • Information
    • Glossary
    • Cautionary note on forward-looking statements
    • Note on risk factors
    • Contacts
    • Corporate calendar

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  • Notes
  • 11 Release of undisclosed reserves

Financial Report

  • Group financial statements
    • Income statement
    • Statement of comprehensive income
    • Balance sheet
    • Statement of shareholders’ equity
    • Statement of cash flow
  • Notes to the Group financial statements
    • 1 Organisation and summary of significant accounting policies
    • 2 Information on business segments
    • 3 Insurance information
    • 4 Premiums written
    • 5 Unpaid claims and claim adjustment expenses
    • 6 Deferred acquisition costs (DAC) and acquired present value of future profits (PVFP)
    • 7 Investments
    • 8 Fair value disclosures
    • 9 Derivative financial instruments
    • 10 Acquisitions and disposals
    • 11 Debt and contingent capital instruments
    • 12 Earnings per share
    • 13 Income taxes
    • 14 Benefit plans
    • 15 Share-based payments
    • 16 Compensation, participations and loans of members of governing bodies
    • 17 Related parties
    • 18 Commitments and contingent liabilities
    • 19 Significant subsidiaries and equity investees
    • 20 Variable interest entities
  • Report of the statutory auditor
  • Group financial years 2007–2016
  • Swiss Re Ltd
    • Annual Report
    • Income statement
    • Balance sheet
    • Notes
      • 1 Significant accounting principles
      • 2 Investment income and expenses
      • 3 Administrative expenses and personnel information
      • 4 Securities lending
      • 5 Investments in subsidiaries and affiliated companies
      • 6 Commitments
      • 7 Change in shareholders’ equity
      • 8 Own shares
      • 9 Major shareholders
      • 10 Legal reserves from capital contributions
      • 11 Release of undisclosed reserves
      • 12 Share ownership, options and related instruments of governing bodies
    • Proposal for allocation of disposable profit
    • Report of the statutory auditor

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  • 12

11 Release of undisclosed reserves

In 2016 and 2015 no net undisclosed reserves were released.

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