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Swiss Re proposes dividend of USD 6.40 per share, supported by very strong capital position

Ad hoc announcement pursuant to Article 53 LR

Zurich – WEBWIRE
  • Swiss Re maintains a very strong capital position; Group Swiss Solvency Test (SST) ratio of 294% as of 1 January 2023
  • Renato Fassbind and Susan L. Wagner will not stand for re-election to the Board of Directors; all other members are proposed for re-election for a one-year term
  • Swiss Re proposes to elect Vanessa Lau and Pia Tischhauser as new Board members for a one-year term

Swiss Re today published its 2022 Annual Report, Sustainability Report and the agenda for the upcoming Annual General Meeting of shareholders (AGM) on 12 April 2023.

Consistent with its capital management priorities, Swiss Re continues to focus on ensuring superior capitalisation while remaining committed to its capital return policy and deploying capital to profitable growth opportunities. The Group’s capital position remains very strong with a Group SST ratio of 294% as of 1 January 2023. Combined with a positive business outlook, Swiss Re’s Board of Directors decided to propose a dividend of USD 6.40 per share. As previously announced, the dividend payment is declared in US dollars starting this year, to align with Swiss Re’s reporting currency.

Swiss Re’s Chairman Sergio P. Ermotti said: “Although 2022 was a challenging year, our very strong capital position allows us to fulfil our commitment to the shareholders by proposing a dividend of USD 6.40 per share. We are confident that our businesses are well-positioned for the future, and the new targets for 2023, announced last month, reflect our ambition to drive profitability and create shareholder value.”

Swiss Re’s Economic Value Management (EVM) results

EVM is Swiss Re’s proprietary integrated economic valuation and steering framework, which consistently measures economic performance across all businesses.

Total economic net worth (ENW) decreased to USD 31.1 billion as of 31 December 2022 from USD 35.4 billion as of 31 December 2021. ENW per share was USD 107.64 (CHF 99.57) as of 31 December 2022. ENW per share growth amounted to –5.9% in 2022.

The result was impacted by the war in Ukraine, reserve adjustments for economic inflation, the decline in global equity markets and credit spread widening, elevated natural catastrophe losses, updates to the internal pandemic risk model and inflation scenarios, as well as Life & Health Reinsurance assumption updates.

Providing a partial compensation was the strong EVM profit on new business, driven by solid margins in Life & Health Reinsurance, as well as strong new business performance by Property & Casualty Reinsurance and Corporate Solutions.

Publication of the 2022 Annual Report and Sustainability Report

Swiss Re today published its 2022 Annual Report, consisting of the Business Report and the Financial Report, as well as the Sustainability Report. The Business Report explores how Swiss Re is building innovative risk solutions and client partnerships in areas such as natural catastrophe resilience, supply chain risks for corporations as well as health and wellbeing. The Financial Report includes the audited consolidated and statutory financial statements for 2022. Both the 2022 Annual Report and the Sustainability Report are available on Swiss Re’s Annual Report website. In addition, the SRZ (Swiss Reinsurance Company Ltd) Annual Report 2022 is available here.

Swiss Re 2023 Annual General Meeting

The agenda for the 2023 AGM, published by the Board of Directors of Swiss Re Ltd, includes but is not limited to:

  • Proposal for a distribution of an ordinary dividend of USD 6.40 per share for the 2022 financial year.
  • Proposal for the re-election of Sergio P. Ermotti as Chairman and a member of the Board of Directors for a one-year term of office until completion of the next AGM.
  • Proposal for the re-election of the other members of the Board of Directors for a one-year term of office.
  • Proposal for election of Vanessa Lau and Pia Tischhauser as new members of the Board of Directors for a one-year term of office.
  • Proposal for the re-election of the members of the Compensation Committee and for the election of Jay Ralph as a new member of the Compensation Committee.
  • Approval of the compensation of the Board of Directors and the Group Executive Committee, as well as a consultative vote on the 2022 Compensation Report.
  • Proposal to align Swiss Re Ltd’s Articles of Association with the revised Swiss Corporate Law.

Swiss Re’s Chairman Sergio P. Ermotti said: “On behalf of my colleagues, I would like to thank Sue and Renato for their great dedication and commitment to Swiss Re over many years. They both contributed strongly to our company’s strategic development. Their guidance and governance expertise will be thoroughly missed. We wish them all the best for the future.”

This year’s AGM will be held at 14:00 CEST on 12 April 2023 in the Hallenstadion, Zurich. The invitation to Swiss Re’s 2023 AGM is available online here. Voting results will be published on the Group’s website shortly after the AGM.

Media representatives who would like to attend the AGM can do so by registering here.

About Swiss Re

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

Cautionary note on forward-looking statements

Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Further information on forward looking statements can be found in the Legal Notice section.

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