This mid-year publication provides an update on the embedded value (EV) reporting for European insurance companies that have published interim EV results in 2016. Disclosed EV results have been mixed over the first six months of 2016, partly reflecting poor growth in the equity markets and persistently low interest rates. Many European equity market indices have exhibited poor and variable growth over the last 18 months. Against this backdrop, the firms included in the survey have disclosed generally positive levels of the value of new business.