Swiss Re proposes to return CHF 2.5 billion to shareholders via dividends and up to CHF 1.0 billion in a share buy-back programme

Τετάρτη, 18 Μαρτίου 2015 19:21

Zurich – At Swiss Re's upcoming Annual General Meeting (AGM) on 21 April 2015, the Board of Directors proposes a regular dividend of CHF 4.25 per share and an additional special dividend of CHF 3.00 per share.

In addition, the Board of Directors proposes a public share buy-back programme of up to CHF 1 billion for future excess capital management measures. As Swiss Re has implemented the Swiss federal "Ordinance Against Excessive Compensation at Public Corporations", shareholders will cast a binding vote on compensation of the members of the Board of Directors and the Group Executive Committee at the 2015 AGM for the first time. The Board of Directors further proposes the election of Trevor Manuel and Philip K. Ryan as new non-executive and independent members. Swiss Re today publishes its 2014 Annual Report and the Economic Value Management (EVM) 2014 report.
Based on Swiss Re's strong performance in 2014, the Board of Directors proposes to increase the regular dividend to CHF 4.25 per share, up from last year's CHF 3.85 per share. In addition, a special dividend of CHF 3.00 per share is proposed. If approved by shareholders at the AGM, the dividends will be paid out on 27 April 2015. In addition, Swiss Re requests permission to establish a public share buy-back programme of up to CHF 1 billion at any time ahead of the 2016 AGM to achieve its objective of returning capital to shareholders when excess capital is available and other business opportunities do not meet its internal investment hurdle rate. Swiss Re will ask the AGM in April 2016 for permission to cancel the repurchased shares.
Swiss Re's Chairman Walter B. Kielholz says: "For some time now we have seen a trend of Swiss Re's economic value significantly exceeding its market value. I am convinced that Swiss Re should use this opportunity and invest in its own shares so the company and ultimately the shareholders can benefit from this premium. Additionally, all these proposals follow the clear capital management policy we have set out over the past few years: maintaining our regular dividend and growing it in line with long-term earnings as our highest priority, followed by business growth where it meets our profitability targets."

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