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Annual Report 2012 - Swiss Life

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98 Market Consistent Embedded Value (MCEV)<br />

6 Auditor’s <strong>Report</strong> on Embedded Value<br />

To the Board of Directors of<br />

<strong>Swiss</strong> <strong>Life</strong> Holding Ltd<br />

We have audited the Market Consistent Embedded Value <strong>Report</strong> (“MCEV <strong>Report</strong>”) of <strong>Swiss</strong> <strong>Life</strong><br />

Holding Ltd for the year ended 31 December <strong>2012</strong>. The embedded value information included in the<br />

MCEV <strong>Report</strong> has been prepared in accordance with the Market Consistent Embedded Value<br />

(“MCEV”) Principles issued by the European Insurance CFO Forum, as described in sections 1 and 4<br />

of the MCEV <strong>Report</strong>.<br />

Board of Directors’ Responsibility<br />

The Board of Directors is responsible for the preparation of the MCEV <strong>Report</strong> in accordance with the<br />

MCEV Principles, including the applied methodology and the assumptions used and for such internal<br />

controls as determined necessary to enable the preparation of the MCEV <strong>Report</strong> that is free from<br />

material misstatement, whether due to fraud or error.<br />

Auditor’s Responsibility<br />

Our responsibility is to express an opinion on whether the MCEV <strong>Report</strong> has been properly prepared<br />

in accordance with the MCEV Principles. We conducted our audit in accordance with International<br />

Standards on Auditing. Those standards require that we comply with ethical requirements and plan<br />

and perform the audit to obtain reasonable assurance about whether the MCEV <strong>Report</strong> is free from<br />

material misstatement.<br />

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures<br />

in the MCEV <strong>Report</strong>. The procedures selected depend on the auditor’s judgment, including the assessment<br />

of the risks of material misstatement of the MCEV <strong>Report</strong>, whether due to fraud or error.<br />

In making those risk assessments, the auditor considers internal controls relevant to the entity’s<br />

preparation of the MCEV <strong>Report</strong> in order to design audit procedures that are appropriate in the circumstances,<br />

but not for the purpose of expressing an opinion on the effectiveness of the entity’s<br />

internal controls. An audit also includes evaluating the appropriateness of the principles used and<br />

the reasonableness of significant estimates made, as well as evaluating the adequacy of the overall<br />

presentation of the MCEV <strong>Report</strong>.<br />

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for<br />

our audit opinion.<br />

<strong>Swiss</strong> <strong>Life</strong> – <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>

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