Compensation disclosure and shareholdings 2017

Aggregate compensation of the Swiss Re Group

The aggregate compensation for the performance years 2016 and 2017 for all employees was as follows:

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Performance Year 2016

Performance Year 2017

Category

Type of plan

Number of employees1

Values (in CHF millions)

Number of employees1

Values (in CHF millions)

1

Regular staff.

2

Severance payments in the table above include (i) payments under standard severance packages, (ii) other payments that are over and above what is contractually or legally required, and (iii) voluntary supplementary departure payments, but exclude similar legally permitted payments or garden leave which are aligned with local market practice for comparable positions in respect of amount, nature or duration. No severance payments were made to members of the Group EC.

Fixed compensation

Base salaries

14 053

1 312

14 485

1 330

Pensions, social security and benefits

14 053

479

14 485

467

Annual Performance Incentive

Cash Annual Performance Incentive

12 609

352

13 839

261

Value Alignment Incentive

810

50

1 015

27

Long-term variable compensation

Leadership Performance Plan

347

50

377

50

Other payments

Severance payments2

399

19

513

25

Sign-on payments

109

3

121

5

Total

 

 

2 265

 

2 165

As of 31 December 2017 the Group had 14 485 employees worldwide, compared to 14 053 employees at the end of 2016.

The total compensation of the Group for 2017 amounted to CHF 2 165 million (compared to CHF 2 265 million in 2016), whereof CHF 2 112 million has been or will be paid in cash (compared to CHF 2 211 million in 2016) and CHF 53 million has been granted in share-based awards (compared to CHF 54 million in 2016).

The value of all outstanding deferred compensation (determined for VAI at grant and for LPP using the fair value at grant) for all employees at 31 December 2017 amounted to CHF 293 million (compared to CHF 304 million in 2016) whereof CHF 155 million will be payable in cash (compared to CHF 169 million in 2016) and CHF 138 million in shares (compared to CHF 135 million in 2016).

In 2017 and 2016, a reduction of expenses amounting to CHF 5 million and CHF 16 million respectively, was recognised for compensation in previous financial years.

Aggregate compensation for Key Risk Takers

The aggregate compensation of the individuals that held a key risk-taking position during the performance years 2016 and 2017 was as follows:

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Performance Year 2016

Performance Year 2017

Category

Type of plan

Number of employees

Values (in CHF millions)

Number of employees

Values (in CHF millions)

1

Severance payments in the table above include (i) payments under standard severance packages, (ii) other payments that are over and above what is contractually or legally required, and (iii) voluntary supplementary departure payments, but exclude similar legally permitted payments or garden leave which are aligned with local market practice for comparable positions in respect of amount, nature or duration. No severance payments were made to members of the Group EC.

Fixed compensation

Base salaries

210

79

180

67

Pensions, social security and benefits

210

35

180

29

Annual Performance Incentive

Cash Annual Performance Incentive

210

57

178

36

Value Alignment Incentive

209

34

164

19

Long-term variable compensation

Leadership Performance Plan

187

43

152

37

Other payments

Severance payments1

3

0

1

1

Sign-on payments

12

1

9

1

Total

 

 

249

 

190