Swiss Re reveals plans for board re-election
Swiss Re reveals plans for board re-election | Insurance Business Canada
Reinsurance
Swiss Re reveals plans for board re-election
Reinsurer’s annual report touts strong capital position
Reinsurance
By
Kenneth Araullo
Swiss Re has announced plans to increase dividends as well as re-elect a member of the board to serve as its new chairman.
As the company touted a group SST ratio of 306% as of January 1, 2024, Swiss Re’s board plans to propose a 6% dividend increase to US$6.80 per share.
At the upcoming AGM, Swiss Re will also propose the election of a new chair of the board of directors, with the board suggesting Jacques de Vaucleroy for a one-year term.
Additionally, Geraldine Matchett is also nominated for election as a new, non-executive, and independent board member. She was previously with DSM-Firmenich Ltd and SGS Group.
Swiss Re’s annual report highlights
The reinsurer also detailed its Economic Value Management (EVM) results, revealing a total economic net worth (ENW) of US$32.8 billion by the end of December 2023, marking a rise from US$31.1 billion at the end of 2022.
The EVM framework, which measures economic performance across all business areas, showed per-share ENW growth of 10.8% in 2023. Swiss Re reported a total ENW contribution of US$3.2 billion for 2023, an improvement from a US$–1.6 billion in 2022.
The year’s results were also bolstered by strong new business performance across various sectors, despite challenges in Life & Health Reinsurance (L&H Re) due to assumption updates and adverse mortality experience in the US. The company also announced it would discontinue EVM reporting with the adoption of IFRS in 2024.
For the first time, the reinsurer’s sustainability report will also be presented for a consultative vote at the 2024 AGM.
“Swiss Re can look back on a successful year as it achieved all of its 2023 financial targets. This strong result in a demanding environment demonstrates that our business model is intact, enabling us to continue providing the sophisticated risk knowledge and peak risk capacity that our clients require to navigate existing and future perils,” de Vaucleroy said.
What are your thoughts on this story? Please feel free to share your comments below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
