•The Board of Directors proposes an 8.2% increase in regular dividend to CHF 4.60 per share •Authorisation for public share buy-back programme of up to CHF 1.0 billion purchase value requested •Sir Paul Tucker put forward for election as new member of the Board of Directors •Mathis Cabiallavetta, Hans Ulrich Maerki and Jean-Pierre Roth to step down from the Board of Directors •2015 EVM income of USD 3.7 billion, economic net worth USD 37.4 billion •Swiss Re reports economic net worth growth for 2011–2015 of 9.6%, almost achieving its 10% group financial target
At Swiss Re's upcoming Annual General Meeting of shareholders (AGM) on 22 April 2016, the Board of Directors proposes a regular dividend of CHF 4.60 per share. In addition, the Board of Directors requests the authorisation of a new public share buy-back programme of up to CHF 1.0 billion purchase value. The Board of Directors further proposes the election of Sir Paul Tucker as a new member to the Board of Directors. Swiss Re today publishes its 2015 Annual Report and its Economic Value Management (EVM) 2015 Annual Report.
Based on Swiss Re's strong performance in 2015, the Board of Directors proposes to increase the regular dividend to CHF 4.60 per share, up from last year's CHF 4.25. In addition, the Board of Directors requests authorisation for a public share buy-back programme of up to CHF 1.0 billion purchase value at any time ahead of the 2017 AGM to achieve its objective of returning capital to shareholders when excess capital is available, no major loss events occurred, other business opportunities do not meet Swiss Re's strategic and financial objectives and the necessary regulatory approvals are obtained. If a new public share buy-back programme takes place, Swiss Re will propose to the AGM in April 2017 to cancel the repurchased shares.
Swiss Re's Chairman, Walter B. Kielholz, says: "Swiss Re had another very successful year in 2015 and we are positive about the long-term prospects for our business. Three things set us apart: capital strength, client relationships and knowledge. Our strong capital position and the resulting financial flexibility are of great value in the longer term. It is there for the moment when it can be deployed with benefit for both our clients and our shareholders."
Election of board members
The Articles of Association provide for an annual individual election of members of the Board of Directors and of the Chairman of the Board of Directors by the AGM. The Board of Directors proposes Walter B. Kielholz to be re-elected to the Board of Directors and in the same vote be re-elected as Chairman of the Board of Directors for a one-year term of office until the completion of the AGM in 2017.
At the AGM on 22 April 2016, the Board of Directors proposes the re-election of the following members for a one-year period:
• Raymond K.F. Ch'ien
• Renato Fassbind
• Mary Francis
• Rajna Gibson Brandon
• C. Robert Henrikson
• Trevor Manuel
• Carlos E. Represas
• Philip K. Ryan
• Susan L. Wagner
As a new, non-executive and independent member, the Board of Directors proposes the election of Sir Paul Tucker, who was the Deputy Governor of the Bank of England responsible for Financial Stability. Prior to that he held various senior roles at the Bank since 1980, including as a member of the Monetary Policy Committee from 2002. In addition, he was a member of the steering committee of the G20 Financial Stability Board and a member of the Board of the Bank for International Settlements. Sir Paul Tucker was born in 1958 and graduated from Trinity College, Cambridge, with a BA in Mathematics and Philosophy. He was knighted in the 2014 New Year Honours for services to central banking.
Mathis Cabiallavetta, Hans Ulrich Maerki and Jean-Pierre Roth will not stand for re-election at the upcoming Annual General Meeting. Mathis Cabiallavetta was elected to the Board of Directors in 2008 and served as Vice Chairman from March 2009 until April 2015. Hans Ulrich Maerki has been a member of the Board of Directors since 2007, while Jean-Pierre Roth was elected to the Board of Directors in 2010. Swiss Re would like to thank all three Board members for their many years of service and commitment.
Swiss Re's Chairman, Walter B. Kielholz, says: "I'd like to thank all three members for their dedication over the past years and the knowledge they have brought to Swiss Re. It has been an honour to work with them and I wish them all the best for the future."
Swiss Re's Articles of Association require that the members of the Board of Directors' Compensation Committee are elected. The Board of Directors proposes the following Directors to be elected or re-elected as members of the Compensation Committee:
• Renato Fassbind
• C. Robert Henrikson
• Carlos E. Represas
• Raymond K.F. Ch'ien (new)
"Say on pay" at Swiss Re
The Articles of Association require shareholders to vote annually, separately and with binding effect on the aggregate amounts of compensation of the members of the Board of Directors and the Group Executive Committee. For the second time shareholders will give a binding vote on compensation. Shareholders will be asked to approve the maximum aggregate amount of compensation for members of the Board of Directors for the time from the AGM in 2016 until the next AGM in 2017. In addition, shareholders will be asked to approve the maximum aggregate amount of fixed and variable long-term compensation for the members of the Group Executive Committee for the following financial year (2017). Shareholders will also vote on the aggregate amount of short-term variable compensation for the members of the Group Executive Committee related to the preceding completed financial year (2015).
In order to facilitate voting for shareholders not able to attend the AGM in person, the Independent Proxy may also be instructed via the investor web service on www.sherpany.com/swissre until Sunday, 17 April 2016, 23.59 CEST, all according to the respective information sent out together with the invitation.
Publication of the 2015 Annual Report
Today, Swiss Re publishes its 2015 Annual Report: "We make the world more resilient", consisting of the Business Report and the Financial Report, including audited financial statements for 2015.
The report is also available online and can be downloaded from www.swissre.com/investors/financial_information
Publication of the 2015 EVM results
Swiss Re today publishes the 2015 EVM Results, having already published the 2015 US GAAP financial results on 23 February 2016. The Economic Value Management (EVM) is Swiss Re's own valuation framework, which measures assets and liabilities on a market consistent basis. This gives an economic view on the earnings and is not influenced by accounting standards. It is the basis for calculating economic solvency and used to steer the business in terms of planning, pricing and reserving.
Swiss Re reported an annual EVM income of USD 3.7 billion in 2015, compared to USD 5.2 billion in 2014. The EVM profit amounted to USD 480 million, supported by strong new business. This was however below last year's figure of USD 1.3 billion as the acquisition of Guardian Financial Services (Guardian) by Admin Re® led to an estimated economic loss at the inception of the transaction.
As of 31 December 2015, Swiss Re's economic net worth (ENW) was USD 37.4 billion, down from USD 38.4 billion as of 31 December 2014. ENW per share was USD 110.6 (CHF 110.7) as of 31 December 2015, compared to USD 112.1 (CHF 111.4) at the end of 2014.
At 9.6%, Swiss Re almost achieved its economic net worth per share (ENWPS) target of 10% of average annual growth, following the previously announced agreement to acquire Guardian.
The 2015 EVM Report can be downloaded from www.swissre.com/investors/financial_information
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