Key responsibilities of Group Executive Committee members
The Board of Directors has delegated the management of Swiss Re Ltd and the Swiss Re Group to the Group EC. Such delegated tasks are within the responsibility of the entire Group EC. For an overview of the Group EC’s key responsibilities, please see below.
The Group EC discharges its responsibilities as a joint body, except for responsibilities delegated to the Group CEO and further individual Group EC members as outlined in the SRL Bylaws. The box below provides an overview of the Group EC members’ individual key responsibilities.
Key responsibilities of individual members of the Group Executive Committee
Group Chief Executive Officer
The Group CEO is responsible for overseeing the operational management of the Group. This responsibility covers the Group Functions and the three Business Units Reinsurance, Corporate Solutions and Life Capital. He leads and manages the Group EC, its processes, including succession planning and costs, and is responsible for its performance. He oversees the work of the Group Function heads and the Business Unit CEOs and gives them guidance on the execution of their tasks. He develops the Group Strategy together with the Group EC and submits it to the Board of Directors for approval. Once approved he focuses on the Group Strategy’s implementation and its further development.
Group Chief Financial Officer
The Group CFO is responsible for the Group-wide Finance function with a focus on steering and achieving the company’s financial targets. He provides guidance to the Business Unit CFOs, and gives input on the financial aspects of strategic projects and transactions. The Group CFO provides the Audit Committee and Finance and Risk Committee with regular and ad hoc financial reporting that allow the committees to fulfil their respective authorities as per their Charters.
Group Chief Investment Officer
The Group CIO is responsible for the Group-wide Asset Management function and its investment results. He manages the investment portfolio, advises the Business Units on defining their strategic asset allocation (SAA), and implements the Group and Business Units SAAs within the risk limits set by the Group EC. The Group CIO retains responsibility for decisions on investment tactics and also provides financial market advice on strategic projects and transactions. In addition, the Group CIO is responsible for the Asset Management organisation as well as operational and compliance risks pertinent to his responsibilities.
Group Chief Operating Officer
The Group COO is responsible for the Group-wide Operations functions. This responsibility includes exercising governance in the functions under his responsibility, being a strategic partner to the Group and the Business Units in all operational matters, and providing a high quality, cost effective and differentiating operating platform for the whole Group.
Group Chief Risk Officer
The Group CRO is responsible for providing the Board of Directors and Group EC with independent assurance that all of Swiss Re’s risks are being appropriately modelled, governed, managed and that adequate controls are in place. As part of executing these responsibilities, the Group CRO is charged with establishing the Group’s Risk Management Framework for all risk categories including but not limited to financial, insurance and operational risk (the latter comprising reporting risks, legal and compliance risks and other operational risks).
Group Chief Strategy Officer
The Group CSO is responsible for the Group strategic process and initiates the respective discussions in the Group EC as preparation for submission of strategic content to the Board of Directors for approval. The Group CSO supports and advises the Board of Directors and the Group EC by developing and articulating a Group strategy in close cooperation with the Group Functions and Business Units. He augments the Business Unit’s activities with targeted initiatives including direct investments and the Swiss Re Institute. He also systematically monitors and steers Group Strategy implementation.
Group Chief Underwriting Officer
The Group CUO is responsible for steering capital to the most attractive areas in underwriting leading themes that are of strategic importance for the Swiss Re Group’s underwriting, and providing research and development that improves both capital allocation and risk selection.
The Regional Presidents for the areas Americas, Asia and EMEA are responsible for representing the Swiss Re Group externally and internally, as well as enhancing the Swiss Re brand and safeguarding the Group’s reputation in the geographies for which they are responsible. The Regional Presidents also assume responsibility for oversight of the Group’s operating platform and coordinate activities across the Business Units in their regions.
The Business Unit Chief Executive Officers
The BU CEOs are responsible for the management and performance of the respective Business Unit Top-Level company as well as the respective Business Unit. The BU CEOs set the business and corporate agenda of the respective Business Unit, ensure high quality and performance-oriented and timely decision-making. They oversee the implementation of the decisions made and ensure the Business Unit Executive Committees fulfil their responsibilities.