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Annual Report 2018

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  • Market environment
    • Primary non-life
    • Reinsurance non-life
    • Primary life
    • Life & health reinsurance
    • Focus – Insurance: A central component of system resilience
  • The year in review
    • Financial highlights
    • Business Units at a glance
    • Message from the Chairman
      • Focus – The road to global economic resilience
    • Statement from the Group CEO
      • Focus – The future is our collective choice
    • Group results
      • Group underwriting
      • Group investments
        • ESG makes economic sense – online only
    • Reinsurance
      • Property & Casualty
      • Life & Health
      • Case – Rethinking automotive insurance
    • Corporate Solutions
      • Case – Pulse
    • Life Capital
      • Case – Eva: the virtual assistant
    • Summary of financial statements
    • Share performance
  • EVM
    • EVM performance
    • EVM financial information
    • Independent Assurance Report
    • Summary of significant EVM principles – online only
    • EVM sensitivities – online only
  • Risk management
    • Overview
    • Financial strength and capital management
      • Swiss Solvency Test (SST)
      • SST risk-bearing capital (SST RBC)
      • SST target capital (SST TC)
      • External dividends to shareholders
      • Business unit structure and capital allocation
      • Rating agency
      • Maintenance of target capital structure
    • Liquidity management
      • Liquidity risk management
      • Liquidity position of Swiss Reinsurance Company Ltd (SRZ)
    • Risk management
      • Risk governance documentation
      • Key risk management principles
      • Fundamental roles for delegated risk-taking
      • Risk culture
      • Organisation of risk management
      • Risk control framework
      • Risk transfer
      • Risk appetite framework
    • Risk assessment
      • Swiss Re’s risk landscape
      • Insurance risk
      • Financial risk
      • Other significant risks
    • Risk management – online only
      • Internal control system and risk model
      • From emerging risks to core business
  • 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
        • Karen Gavan
        • Trevor Manuel
        • Jay Ralph
        • Joerg Reinhardt
        • Eileen Rominger
        • Philip K. Ryan
        • Sir Paul Tucker
        • Jacques de Vaucleroy
        • Susan L. Wagner
        • Larry Zimpleman
      • Independence
      • Conflicts of interest
      • Election, succession planning, qualifications and term of office
      • Nominations for re-election by the AGM
      • Organisational structure
      • Allocation of tasks
      • Work methods
      • Self-assessment
      • Areas of responsibility
      • Board supervision of Executive Management
    • Executive Management
      • Members
        • Christian Mumenthaler
        • John R. Dacey
        • Guido Fürer
        • Agostino Galvagni
        • Russell Higginbotham
        • Thierry Léger
        • Moses Ojeisekhoba
        • Jayne Plunkett
        • Patrick Raaflaub
        • Edouard Schmid
        • J. Eric Smith
        • Thomas Wellauer
      • Changes
      • Other mandates, activities and vested interests
      • Management contracts
      • Key responsibilities of Group Executive Committee members
    • Shareholders’ participation rights
    • Changes of control and defence measures
    • Auditors
    • Information policy
  • Compensation
    • Report from the Compensation Committee
    • Compensation highlights in 2018
    • Compensation framework
      • Compensation Policy
      • Guiding principles
      • Overview of the components
      • Base salary and benefits
      • Annual Performance Incentive
      • Value Alignment Incentive
      • Leadership Performance Plan
      • GSPP and ISP
      • Information on Group EC members
      • Framework Board of Directors
    • Compensation governance
      • Approval
      • Compensation Committee
      • Control functions
    • Performance outcomes 2018
    • Compensation disclosure and shareholdings 2018
      • For members of governing bodies
        • For the Group EC
        • For the members of the Board of Directors
      • Reconciliation of AGM resolutions
    • Report of the statutory auditor
  • Responsibility
    • Climate-related financial disclosures (TCFD)
    • Climate governance
    • Climate strategy
      • Climate-related risks
      • Climate-related opportunities
      • Swiss Re’s climate resilience
    • Climate risk management
    • Climate metrics and targets
      • Re/insurance
      • Investments
  • Financial statements
    • Group financial statements
      • Income statement
      • Statement of comprehensive income
      • Balance sheet
      • Statement of shareholders’ equity
      • Statement of cash flows
    • 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
      • 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
      • 21 Subsequent events
    • Report of the statutory auditor
    • Group financial years 2009–2018
    • 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 Debt
        • 8 Change in shareholders’ equity
        • 9 Own shares
        • 10 Major shareholders
        • 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
    • Our strategy
    • How re/insurance works
    • Corporate calendar
    • Contacts
    • Glossary
    • Cautionary note on forward-looking statements
    • Note on risk factors

Navigation

  • Market environment
    • Primary non-life
    • Reinsurance non-life
    • Primary life
    • Life & health reinsurance
    • Focus – Insurance: A central component of system resilience
  • The year in review
    • Financial highlights
    • Business Units at a glance
    • Message from the Chairman
      • Focus – The road to global economic resilience
    • Statement from the Group CEO
      • Focus – The future is our collective choice
    • Group results
      • Group underwriting
      • Group investments
        • ESG makes economic sense – online only
    • Reinsurance
      • Property & Casualty
      • Life & Health
      • Case – Rethinking automotive insurance
    • Corporate Solutions
      • Case – Pulse
    • Life Capital
      • Case – Eva: the virtual assistant
    • Summary of financial statements
    • Share performance
  • EVM
    • EVM performance
    • EVM financial information
    • Independent Assurance Report
    • Summary of significant EVM principles – online only
    • EVM sensitivities – online only
  • Risk management
    • Overview
    • Financial strength and capital management
      • Swiss Solvency Test (SST)
      • SST risk-bearing capital (SST RBC)
      • SST target capital (SST TC)
      • External dividends to shareholders
      • Business unit structure and capital allocation
      • Rating agency
      • Maintenance of target capital structure
    • Liquidity management
      • Liquidity risk management
      • Liquidity position of Swiss Reinsurance Company Ltd (SRZ)
    • Risk management
      • Risk governance documentation
      • Key risk management principles
      • Fundamental roles for delegated risk-taking
      • Risk culture
      • Organisation of risk management
      • Risk control framework
      • Risk transfer
      • Risk appetite framework
    • Risk assessment
      • Swiss Re’s risk landscape
      • Insurance risk
      • Financial risk
      • Other significant risks
    • Risk management – online only
      • Internal control system and risk model
      • From emerging risks to core business
  • 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
        • Karen Gavan
        • Trevor Manuel
        • Jay Ralph
        • Joerg Reinhardt
        • Eileen Rominger
        • Philip K. Ryan
        • Sir Paul Tucker
        • Jacques de Vaucleroy
        • Susan L. Wagner
        • Larry Zimpleman
      • Independence
      • Conflicts of interest
      • Election, succession planning, qualifications and term of office
      • Nominations for re-election by the AGM
      • Organisational structure
      • Allocation of tasks
      • Work methods
      • Self-assessment
      • Areas of responsibility
      • Board supervision of Executive Management
    • Executive Management
      • Members
        • Christian Mumenthaler
        • John R. Dacey
        • Guido Fürer
        • Agostino Galvagni
        • Russell Higginbotham
        • Thierry Léger
        • Moses Ojeisekhoba
        • Jayne Plunkett
        • Patrick Raaflaub
        • Edouard Schmid
        • J. Eric Smith
        • Thomas Wellauer
      • Changes
      • Other mandates, activities and vested interests
      • Management contracts
      • Key responsibilities of Group Executive Committee members
    • Shareholders’ participation rights
    • Changes of control and defence measures
    • Auditors
    • Information policy
  • Compensation
    • Report from the Compensation Committee
    • Compensation highlights in 2018
    • Compensation framework
      • Compensation Policy
      • Guiding principles
      • Overview of the components
      • Base salary and benefits
      • Annual Performance Incentive
      • Value Alignment Incentive
      • Leadership Performance Plan
      • GSPP and ISP
      • Information on Group EC members
      • Framework Board of Directors
    • Compensation governance
      • Approval
      • Compensation Committee
      • Control functions
    • Performance outcomes 2018
    • Compensation disclosure and shareholdings 2018
      • For members of governing bodies
        • For the Group EC
        • For the members of the Board of Directors
      • Reconciliation of AGM resolutions
    • Report of the statutory auditor
  • Responsibility
    • Climate-related financial disclosures (TCFD)
    • Climate governance
    • Climate strategy
      • Climate-related risks
      • Climate-related opportunities
      • Swiss Re’s climate resilience
    • Climate risk management
    • Climate metrics and targets
      • Re/insurance
      • Investments
  • Financial statements
    • Group financial statements
      • Income statement
      • Statement of comprehensive income
      • Balance sheet
      • Statement of shareholders’ equity
      • Statement of cash flows
    • 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
      • 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
      • 21 Subsequent events
    • Report of the statutory auditor
    • Group financial years 2009–2018
    • 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 Debt
        • 8 Change in shareholders’ equity
        • 9 Own shares
        • 10 Major shareholders
        • 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
    • Our strategy
    • How re/insurance works
    • Corporate calendar
    • Contacts
    • Glossary
    • Cautionary note on forward-looking statements
    • Note on risk factors

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  • Financial Report
  • Financial statements
  • Swiss Re Ltd
  • 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 flows
  • 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
    • 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
    • 21 Subsequent events
  • Report of the statutory auditor
  • Group financial years 2009–2018
  • 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 Debt
      • 8 Change in shareholders’ equity
      • 9 Own shares
      • 10 Major shareholders
      • 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 2018 and 2017, no net undisclosed reserves were released.

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Certain statements and illustrations contained herein are forward-looking.

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