Swiss Re announces proposals for shareholder approval at the next Annual General Meeting and seeks approval for a dividend increase to CHF 3.00 per share
Mar 16, 2012
OTC Disclosure News Service
Zurich, Switzerland –
§Approval sought at AGM for an increased dividend of CHF 3.00 per share (the dividend will take the form of a Swiss withholding tax exempt repayment of legal reserves from capital contributions)
§Robert Henrikson put forward for election to the Board of Directors
Zurich, 16 March 2012 – The Swiss Re Board of Directors proposes the approval of a dividend for 2011 of CHF 3.00 per share, an increase from CHF 2.75 in 2010, which reflects the continuing improvements in the Group’s capital base and strong profitability for 2011. The Board of Directors further recommends Robert Henrikson to be elected to the Board for a three-year term. Shareholders will be invited to vote on these and other proposals at the Annual General Meeting to be held on Friday, 13 April 2012 in Zurich, Switzerland.
The Board of Directors proposes an increase in the dividend for 2011 to CHF 3.00 per registered share compared to the CHF 2.75 paid by Swiss Reinsurance Company Ltd with respect to 2010. This is a reflection of Swiss Re’s on-going sustainable dividend policy and active capital management approach.
The increased dividend reflects the profitable growth achieved in 2011and confirms the Group’s resilience in the face of last year’s exceptional natural catastrophe burden and the uncertainty in the economic environment.
Election of new Board member
Robert Henrikson has been put forward for election to the Board of Directors for a three-year term of office. The board feels that Mr Henrikson’s extensive experience and expertise in the insurance business will significantly strengthen Swiss Re in the key US market.
Mr Henrikson served as Chairman and CEO of MetLife, Inc. from April 2006 to December 2011. He led MetLife to record financial profits and positioned the company to expand its leadership position in the US market. In 2010, Mr Henrikson was appointed to President Obama’s President’s Export Council, the principal national advisory committee on international trade. Throughout his career he has also held several key positions within the US life insurance industry. He was chairman of the American Council of Life Insurers and chairman of the Financial Services Forum.
Robert Henrikson received a bachelor’s degree from the University of Pennsylvania and a law degree from Emory University School of Law.
Re-election of incumbent Board members
The Board of Directors proposes the re-election of John R. Coomber and Jakob Baer, each for a further three-year term.
Details and biographies for Board members proposed for re-election are available on www.swissre.com/media/media_kit.
Publication of 2011 Annual Report
Swiss Re today publishes its 2011 Annual Report, which consists of its 2011 Financial Report and its 2011 Business Report and contains the audited financial statements for Swiss Re Ltd and its consolidated financial statements, in each case for the 2011 financial year. The Annual Report is available online and can be downloaded from www.swissre.com.
Furthermore, in fulfilling its obligations towards bondholders of Swiss Reinsurance Company Ltd, Swiss Re also publishes today on its website the Swiss Reinsurance Company Consolidated 2011 Annual Report in English containing Swiss Reinsurance Company Ltd’s audited annual consolidated financial statements and audited annual statutory financial statements, each for the 2011 financial year. The full report is available online and can be downloaded from www.swissre.com.
EVM income at USD 0.8 billion in 2011
Swiss Re generated an Economic Value Management (EVM) income of USD 0.8 billion in 2011, compared to USD 3.2 billion in 2010. After taking into account capital costs, the result was an EVM loss of USD 1.7 billion in 2011 compared to a profit of USD 1.3 billion in 2010. The 2011 result reflects the difficult economic and market environments, and the extent and severity of natural catastrophe events during the year.
In 2011, Economic Net Worth (ENW) decreased to USD 29.0 billion from USD 30.7 billion at the end of December 2010. The EVM income for the year of USD 0.8 billion was more than offset by the Group’s dividend payments, share repurchase and other movements including foreign currency translation. Economic Net Worth per share was USD 84.72, compared to USD 89.71 at the end of 2010.
Economic Value Management (EVM) is a proprietary method to measure Swiss Re’s economic value creation on a market consistent basis, with an explicit recognition of capital costs. Swiss Re adopted the EVM framework in 2003 and it is used to support business and strategic financial decisions and is a principal factor used in setting variable compensation of the Group.
The 2011 EVM results are released together with the full annual report and can be downloaded from www.swissre.com/investors/financial_information.
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Telephone +41 43 285 7171
Head of Investor Relations
Telephone +41 43 285 4444
For more information about Swiss Re please visit our website www.swissre.com.
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