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Annual Report 2017

Annual Report Swiss Re Ltd

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 2017 amounted to CHF 4 043 million (2016: CHF 3 972 million) and was mostly driven by cash dividends from subsidiaries and affiliated companies of CHF 3 832 million.

The Company earned trademark licence fees of CHF 347 million and incurred administrative expenses of CHF 126 million, of which CHF 122 million were charges for services provided by Swiss Re Management Ltd, and other expenses of CHF 179 million, due to financing costs related to subordinated debt facilities of CHF 87 million, net realised foreign exchange losses of CHF 83 million and capital and indirect taxes of CHF 9 million.


Total assets increased from CHF 23 173 million as of 31 December 2016 to CHF 24 971 million as of 31 December 2017.

Current assets increased by CHF 362 million to CHF 3 958 million as of 31 December 2017, mainly driven by an increase in loans to subsidiaries and affiliates companies and receivables from subsidiaries and affiliated companies, partially offset by a decrease in short-term investments due to funding of capital contributions to subsidiaries and share buy-back programmes.

Non-current assets increased from CHF 19 577 million as of 31 December 2016 to CHF 21 013 million as of 31 December 2017. Investments in subsidiaries and affiliated companies increased by CHF 1 441 million to CHF 20 915 million as of 31 December 2017 due to capital contributions to Swiss Re Corporate Solutions Ltd of CHF 1 001 million, Swiss Re Life Capital Ltd of CHF 306 million and Swiss Re Principal Investments Company Ltd of CHF 134 million.


Total liabilities increased from CHF 352 million as of 31 December 2016 to CHF 726 million as of 31 December 2017.

Short-term liabilities increased by CHF 458 million to CHF 697 million as of 31 December 2017, mainly driven by an increase in loans from subsidiaries and affiliated companies of CHF 429 million.

Long-term liabilities decreased by CHF 84 million to CHF 29 million as of 31 December 2017, mainly due to a reduction in the provision for currency fluctuations of CHF 74 million and tax provision of CHF 10 million.

Shareholders’ equity

Shareholders’ equity increased from CHF 22 821 million as of 31 December 2016 to CHF 24 245 million as of 31 December 2017, mainly due to net income of CHF 4 043 million, partially offset by dividends to shareholders of CHF 1 557 million and share buy-back programmes of CHF 1 064 million.

Share capital decreased by CHF 1 million to CHF 35 million as of 31 December 2017 and legal profit reserves decreased by CHF 980 million to CHF 7 285 million as of 31 December 2017 resulting from the cancellation of own shares.

Own shares (directly held by the Company) increased by CHF 81 million to CHF 1 636 million as of 31 December 2017 due to net purchases of own shares of CHF 17 million and share buy-back programmes of CHF 1 064 million, partially offset by the cancellation of own shares of CHF 1 000 million.