Solvency

The SST ratio is a function of available and required capital based on an economic valuation of assets and liabilities with an integrated forward-looking assessment of underwriting, financial market and credit risk and, therefore, our SST ratio could fluctuate from reporting date to reporting date, and such fluctuations could be significant. SST ratios filed with our regulator are subject to the regulator’s review and approval of the internal model. See "Note on risk factors" and "Cautionary note on forward-looking statements" in our most recent annual or half-year report for factors that could affect the SST ratio.

¹ Ratios calculated based on the changed FINMA methodology for calculating the SST ratio, which became effective on 1 January 2017.
² Based on the changed FINMA methodology for calculating the SST ratio, the SST 2016 ratio for Swiss Re Ltd would have amounted to 261%, and the SST 2016 ratio for Swiss Reinsurance Company Ltd would have amounted to 237%.