Market Consistent Embedded Value (MCEV) - Swiss Life - Online ...

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Market Consistent Embedded Value595.3 OPERATING ASSUMPTIONSNon-economic assumptions such as mortality, morbidityand lapse rates have been determined by the respectivebusiness units based on their best estimate as at the valuationdate. Best estimate assumptions are set by consideringpast and current experience.Expense assumptions are reconciled with past and currentexperience. They do not account for future costreductions. Projected expenses are subject to inflation. Allthe expected expense overruns affecting the covered business,such as overhead expenses and development costs innew markets have been allowed for in the calculations.Corporate costs are included in the expenses of marketunits by means of a “look-through” procedure (see section4.6).Swiss Life — Financial Statements 2010
60 Market Consistent Embedded Value6 External Auditors’ StatementTo the Board of Directors ofSwiss Life Holding AGGeneral-Guisan-Quai 408002 ZürichReport of the Auditor on Embedded Value Report 2010As requested, we have audited the accompanying Embedded Value Report 2010 of Swiss Life Group for the periodended 31 December 2010. The Embedded Value Report has been prepared in accordance with the Market ConsistentEmbedded Value (“MCEV”) Principles issued in June 2008 and amended in October 2009 by the European InsuranceCFO Forum as described in Section 1.The Board of Directors of Swiss Life Holding AG is responsible for the preparation of the Embedded Value Report inaccordance with the MCEV Principles as described in Section 1. Our responsibility is to express an opinion on theEmbedded Value Report based on our audit.We conducted our audit in accordance with Swiss Auditing Standards and with the International Standards on Auditing.Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether theEmbedded Value Report is free of material misstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures of the Embedded Value Report. An audit also includes assessing the principlesused, significant estimates made by management, as well as evaluating the overall presentation of the Embedded ValueReport. We believe that our audit provides a reasonable basis for our opinion.In our opinion, the Embedded Value Report at 31 December 2010 has been properly prepared on the basis of the MCEVPrinciples. Without qualifying our opinion, we draw your attention to the fact that areas of non-compliance with theguidance underlying the MCEV Principles have been disclosed by Swiss Life Holding AG in accordance with G1.4 ofthe MCEV Principles.This report has been prepared solely for the Board of Directors of Swiss Life Holding AG in accordance with the termsof our engagement letter. We do not, in giving this opinion, accept or assume responsibility for any other purpose orto any other person to whom this report is shown except where explicitly agreed by our prior consent in writing. Thisreport does not extend to any financial statements of Swiss Life Holding AG.PricewaterhouseCoopers AGPeter LüssiAudit expertMichael KöhlerZurich, 28 February 2011
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Market Consistent Embedded Value (MCEV) - Swiss Life - Online ...

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