Finances of old-age and survivor's insurance
At the end of 2015 the AVS recorded negative operating results. The operating deficit of 2008 was due to the substantial capital losses caused by the stock market crisis. In 2015, AVS capital reserves stood at CHF 44.2 billion, which complies with the principle that reserves should never fall below annual expenditure. However, if the loan to the AI (CHF 12.2 billion) is deducted, the capital reserves of the AVS scheme would come to CHF 32.0 billion, or 76.7% of annual expenditure.