Swiss Re to propose regular dividend of CHF 5.90 per share

Swiss Re today published its 2020 Annual Report, Sustainability Report and the agenda for the upcoming Annual General Meeting of shareholders (AGM) on 16 April 2021. In line with the preventive measures announced by the Swiss Federal Council, and in order to best protect the health of Swiss Re’s shareholders and employees, it will not be possible for shareholders to attend the AGM in person.

Shareholders can exercise their voting rights in writing or electronically via the independent proxy. Voting results will be published on the Group’s website. Shareholders are also invited to attend a virtual post-AGM information event to be streamed live, starting at 10:00 CEST on 16 April 2021. Details for this event are available in the shareholder invitation to the AGM or through the Sherpany App. Swiss Re’s capital position remained very strong throughout 2020. As of 1 January 2021, the Group Swiss Solvency Test (SST) ratio was at 215%, within the new target range of 200–250%. The Group’s very strong capital position and positive outlook enables the Board of Directors to propose a stable dividend of CHF 5.90 per share at the upcoming AGM.

Swiss Re’s Chairman Walter B. Kielholz said: “In 2020, Swiss Re again proved that its business model is robust and that it can fulfil its role as shock absorber for the insurance industry in times of crisis. The company has supported its clients through the extraordinary events of the COVID-19 pandemic, all the while maintaining a very strong capital position. Swiss Re’s businesses delivered strong underlying results, highlighting their long-term earning potential, and market trends point to an optimistic outlook for 2021 and beyond. These factors allow the Board of Directors to confidently propose an attractive dividend to shareholders.“

Swiss Re’s 2020 Annual Report contains Swiss Re Group’s Economic Value Management (EVM) results. EVM is Swiss Re’s proprietary integrated economic valuation and steering framework, consistently measuring economic performance across all businesses. It allows Swiss Re to see the connection between risk-taking and value creation and provides a consistent framework to evaluate the outcome of controlled risk-taking and capital allocation decisions throughout a performance cycle. Swiss Re reported a total contribution to economic net worth (ENW) of USD –434 million in 2020. The result was largely driven by COVID-19-related claims and reserves of USD 4.6 billion, which include both the 2020 impact and forward-looking estimates for 2021. Excluding COVID-19-related impacts, the total economic contribution to ENW amounted to USD 3.3 billion for the year, reflecting a strong underlying business performance in Reinsurance and Corporate Solutions.  

ENW decreased to USD 33.7 billion as of 31 December 2020 from USD 36.1 billion on 31 December 2019. ENW per share was USD 116.45 (CHF 102.93) as of 31 December 2020. ENW per share growth amounted to –0.1% in 2020. Excluding COVID-19 claims and reserves, ENW per share growth was 10.3%, underpinning the strong underlying business performance.

Cathy Desquesses to succeed Nigel Fretwell as Group Chief Human Resources Officer and member of the Group Executive Committee

Cathy Desquesses has been appointed Group Chief Human Resources Officer and member of the Group Executive Committee, effective 1 July 2021. She will succeed Nigel Fretwell, who has decided to retire. Cathy Desquesses has been the Chief People Officer and member of the Executive Committee at Sodexo since July 2018. Prior to that she had a 20-year career at GE, working in various senior HR positions around the world. She holds a master's degree in Labor & Employment Law from the Université Panthéon Assas in France.

Swiss Re’s Chairman Walter B. Kielholz said: “On behalf of the Swiss Re Board of Directors, I would like to thank Nigel Fretwell for his contribution to the Group over the past eight years and wish him all the best in retirement. We are pleased to have found an ideal successor in Cathy Desquesses to continue championing the topics of employee engagement, global talent pipeline, inclusion and diversity.“

Swiss Re Annual General Meeting

The Board of Directors proposes that Sergio P. Ermotti be re-elected as a member of the Board of Directors and elected as its Chairman for a one-year term of office until completion of the next Annual General Meeting. As previously announced, Walter B. Kielholz will retire after 12 years as Chairman of the Board of Directors and will not stand for re-election.

The Board of Directors will propose the re-election of the following members for a one-year term of office:

• Raymond K.F. Ch’ien
• Renato Fassbind
• Karen Gavan
• Joachim Oechslin
• Deanna Ong
• Jay Ralph
• Joerg Reinhardt
• Philip K. Ryan
• Sir Paul Tucker
• Jacques de Vaucleroy
• Susan L. Wagner
• Larry Zimpleman

The Board of Directors will propose the following individuals to be re-elected as members of the Compensation Committee:

• Raymond K.F. Ch’ien
• Renato Fassbind
• Karen Gavan
• Joerg Reinhardt
• Jacques de Vaucleroy

The Board of Directors proposes that KPMG be re-elected as the Group’s auditor for a one-year term of office for the financial year 2022.

Source: Press Release