Owing in part to a number of uncertain political outcomes, 2016 was a year with increased market volatility. Interest rates continued to decline over the first three quarters of the year, but showed some signs of recovery in the last quarter of 2016 and into the first quarter of 2017. This publication focuses on embedded value results as at year-end 2016 and provides an overview of companies’ results and methodologies, covering changes in methodologies they have adopted in the post-Solvency II world.