Swiss Re's Board of Directors will propose a regular dividend of Sfr4.60 per share at its upcoming annual general meeting of shareholders (AGM) on 22 April 2016, an increase from last year’s Sfr4.25 per share.
In addition, the Board of Directors will request the authorisation of a new public share buy-back programme of up to Sfr1 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.
Walter Kielholz, Swiss Re chairman, said: "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."
Swiss Re will also propose 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 Represas, Philip Ryan, and Susan 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.
Mathis Cabiallavetta, Hans Ulrich Maerki and Jean-Pierre Roth will not stand for re-election at the upcoming AGM. 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 Roth was elected to the Board of Directors in 2010. Swiss Re thanked all three Board members for their many years of service and commitment.