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Swiss Re directors propose higher dividend and CHF 1bn share buy-back plan

15th March 2018 - Author: Matt Sheehan

Swiss Re’s Board of Directors is to propose an increase in the company’s regular dividend to CHF 5.00 per share at the Annual General Meeting (AGM) of shareholders next month, and intends to acquire approval for a new CHF 1.0 billion public share buy-back programme.

Swiss Re logoThe buy-back programme is requested in line with Swiss Re’s objective of returning capital to shareholders when excess capital is available, and when other business opportunities are not meeting profitability requirements.

Commenting on the proposals, Swiss Re’s Chairman, Walter B. Kielholz, said: “2017 was a turbulent year in which insurers and reinsurers faced large claims from major natural catastrophes. After all, this is our business and the reason why we are here.

“I am pleased that Swiss Re could prove its value in 2017 by supporting those affected with estimated insurance claims of USD 4.7 billion while keeping its strong capital position.

“As the outlook for 2018 is expected to improve, I remain optimistic and confident that Swiss Re will continue its success story – building on our resources, financial latitude, global network and our employees’ wealth of knowledge and expertise.”

If the Board of Directors does secure approval at the AGM and from the necessary regulatory bodies, the buy-back programme will be implemented at the Board’s discretion, as, unlike in previous years, there are no other pre-conditions to the commencement of the plan.

If the programme is launched, the Board of Directors will forward a proposal to cancel the repurchased shares at a subsequent AGM.

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