Swiss Re Announces Dividend Increase and Board Elections Ahead of AGM

Swiss Re has disclosed plans to enhance its dividend to USD 6.80 per share, reflecting its robust capital situation, and revealed information about board elections. The company aims to re-elect Jacques de Vaucleroy as a board member and elect him as the new Chairman. Furthermore, Geraldine Matchett is proposed as a new Board member. These proposals are set for the Annual General Meeting (AGM) scheduled for 12 April 2024.

The insurer's capital strength is highlighted by a Group Swiss Solvency Test (SST) ratio of 306% as of 1 January 2024, underpinning the proposed 6% dividend hike. This financial solidity, alongside a positive business outlook, underscores Swiss Re's ability to meet its 2023 financial targets despite challenging conditions. The company credits this success to its effective business model, which facilitates comprehensive risk management solutions for clients.

Regarding economic performance, Swiss Re reported a significant increase in its total economic net worth, rising to USD 32.8 billion by the end of 2023. This growth was driven by strong new business across various segments and a solid investment performance, although partially offset by adverse developments in prior years' business. It's noteworthy that Swiss Re will shift from Economic Value Management (EVM) reporting to IFRS accounting in 2024.

Additionally, Swiss Re has published both its Annual Report and Sustainability Report for 2023, detailing financial achievements and sustainability initiatives, including new decarbonisation targets. The AGM will also include votes on executive compensation and a consultative vote on the Sustainability Report.