Swiss Re mulls another big share repurchase programme
On the back of what it calls a very strong capital position and cash generation, Swiss Re is looking to increase its dividend and authorise a new public share buyback programme of up to Sfr1 billion.
The company said that its board of directors will propose a 5.4 percent increase in the regular dividend for 2016 to Sfr4.85 per share, up from Sfr4.60 for 2015. The dividend will be paid after shareholder approval at the annual general meeting on 21 April 2017.
Swiss Re launched a share buyback programme of up to Sfr1 billion purchase value on 4 November 2016, which ended on 9 February 2017. The board of directors will propose to the 2017 AGM the cancellation of repurchased shares by way of share capital reduction.
The company said: “Swiss Re plans to continue to return capital to shareholders, and the board of directors proposes to seek authorisation for a new share buyback programme of up to Sfr1 billion purchase value to be executed before the 2018 AGM. It will only be launched if excess capital is available, no major loss event has occurred, other business opportunities do not meet Swiss Re's strategic and financial objectives and the necessary regulatory approvals have been obtained.”
Today’s top stories
Profits tumble at Swiss Re yet growth surges
Greenlight Re heads back into profit as it resolves legacy issues
CFO of XL Group to retire; successor revealed
Alleghany enjoys solid growth but headwinds dent profits
Swiss Re group CUO quits to ‘start new chapter in life’
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze