ZURICH: At Swiss Reinsurance Company Limited’s (commonly known as Swiss Re) upcoming Annual General Meeting of shareholders (AGM) on 21 April 2017, the Board of Directors proposes a regular dividend of CHF 4.85 per share.
Together with the share buy-back that finished on 9 February 2017, this will bring total pay-out to shareholders for 2016 to CHF 2.5 billion. In addition, the Board of Directors requests the authorization of a new public share buy-back program of up to CHF 1.0 billion purchase value. The Board of Directors further proposes the election of Jay Ralph, Joerg Reinhardt and Jacques de Vaucleroy as new members to the Board of Directors.
Swiss Re published its 2016 Annual Report, its Economic Value Management (EVM) 2016 Annual Report and the 2016 Corporate Responsibility Report.
Based on Swiss Re’s good performance in 2016, the Board of Directors proposes to increase the regular dividend to CHF 4.85 per share, up 5.4% from last year’s regular dividend of CHF 4.60. In addition, the Board of Directors requests authorization for a new public share buy-back program of up to CHF 1.0 billion purchase value to be executed before the 2018 AGM to achieve its objective of returning capital to shareholders when excess capital is available, no major loss events occurred, other business opportunities do not meet Swiss Re’s strategic and financial objectives and the necessary regulatory approvals are obtained. If a new public share buy-back program is launched, the Board of Directors will thereafter at a subsequent AGM propose the cancellation of the repurchased shares, according to Swiss Re.
Swiss Re’s Chairman, Walter B. Kielholz, says: “2016 was a year of profound changes. However, despite many difficulties, Swiss Re was able to stay on course and deliver good results. In the course of our 153 years of experience, we have shown an undisputed ability to operate successfully in ever-changing and highly challenging situations. While we decisively invest in our business and actively address the challenges mentioned, we stay committed to return capital to our shareholders if we do not identify any better investment opportunities.”
