Global reinsurance giant Swiss Re has completed its 2018 public share buy-back program, returning almost CHF 1 billion (US $997 million) to its shareholders.
Since May 7, 2018, Swiss Re has repurchased more than 11.2 million of its shares at an average purchase price of CHF 89.17 (US $88.89) per share.
This was equivalent to approximately 3.21% of Swiss Re’s total outstanding shares.
During this period, Swiss Re was limited to repurchasing a maximum of 419,474 shares per day.
The buy-back program was authorised by shareholders at the reinsurer’s Annual General Meeting in Zurich on April 20, 2018 and was launched later on May 7.
Swiss Re explained that the program was established in order to return capital to shareholders in accordance with the company’s capital management priorities.
It follows on from the 2017 share buy-back, which saw Swiss Re repurchase almost 11 million shares for a price of CHF 92 per share, again returning almost CHF 1 billion to its shareholders.
The company is due to publish its results for full-year 2018 on Thursday, February 21. Its share price currently stands at CHF 97.12.