Swiss Re chair ‘optimistic’ as shareholders back all 2019 AGM board proposals

Swiss Re shareholders approved a new public share buy-back programme worth up to $1.97 billion (CHF 2 billion) in purchase value at the reinsurer’s AGM today (17 April) in Zurich.

Attendees at the meeting, representing 65.2 percent of voting shares, also approved a 12 percent increase in regular dividend to $5.54 (CHF 5.60) per share and the re-election of all proposed board members.

The public share buy-back programme will consist of two tranches each worth up to $0.98 billion (CHF 1 billion) purchase value.

These three areas were part of an across the board approval for all proposals put to the AGM by the board of directors.

Shareholders also backed the company’s annual and consolidated financial statements for 2018, while all members of the board that served in 2018 were re-elected, including chairman Walter Kielholz.

A $1.1 million (CHF 1.12 million) reduction of the share capital - from $33.45 million (CHF 33.8 million) to $32.36 million (CHF 32.7 million) - was voted through to be used to cancel more than 11 million shares repurchased under a public share buy-back programme authorised at the 2018 AGM.

Speaking at the meeting Kielholz said: “Even though the current global economic situation harbours numerous uncertainties, we are optimistic for Swiss Re.

“We are well positioned to act quickly when needed and to achieve our strategic goals thanks to our capital strength, a global presence, and the expertise and innovative capabilities of our employees.”