Compensation decisions for the Group EC

Compensation mix for Group EC 2015

Compensation mix for Group EC 2014

The variable compensation awarded to all members of the Group EC (including the Group CEO) totalled CHF 32.5 million for 2015, compared to CHF 28.1 million for 2014. The following table covers payments to 12 members for 2015 who were all employed for the full year. The 2014 payments cover 13 members, of whom 11 were employed for the full year.

Compensation decisions for the Group CEO

Michel M. Liès, Group CEO since February 2012

Additional information on compensation decisions

Amounts reported under base salary and allowances include the base salary which is paid in cash, and benefits or allowances paid in cash.

For US GAAP and statutory reporting purposes, VAI and long-term incentive awards are accrued over the period during which they are earned. For the purpose of the disclosure required in this Compensation Report, the value of awards granted is included as compensation in the year of performance for the years 2014 and 2015 respectively.

Each member of the Group EC including the Group CEO participates in a defined-contribution pension scheme. The funding of pension benefits shown in the two tables and section above reflects the actual employer contributions.

Other payments to members of the Group EC

During 2015, no payments (or waivers of claims) other than those set out in the section compensation decisions in 2015 were made to current members of the Group EC or persons closely related.

Shares held by members of the Group EC

The following table reflects total current Swiss Re share ownership by members of the Group EC as of 31 December:

Vested options held by members of the Group EC

The following table reflects total vested option ownership by members of the Group EC as of 31 December:

Swiss Re granted options to senior management in the past and the last grant was made in 2006. The underlying strike price for the outstanding option series has been adjusted for special dividend payouts. The remaining vested options held by active members of the Group EC expired in 2015.

Leadership Performance Plan units held by members of the Group EC

The following table reflects total unvested LPP units (RSUs and PSUs) held by members of the Group EC as of 31 December:

Loans to members of the Group EC

As per Art. 27 of the Articles of Association, credits and loans to members of the Group EC may be granted at employee conditions applicable for the Swiss Re Group, with a cap on the total amount of such credits and loans outstanding per member.

In general, credit is secured against real estate or pledged shares. The terms and conditions of loans and mortgages are typically the same as those available to all employees of Swiss Re Group in their particular locations to the extent possible. For example, in Switzerland fixed-rate mortgages have a maturity of five years and interest rates that correspond to the five-year Swiss franc swap rate plus a margin of 10 basis points.

Swiss-based variable-rate mortgages have no agreed maturity dates. The basic preferential interest rates equal the corresponding interest rates applied by the Zurich Cantonal Bank minus one percentage point. Where fixed or floating interest rates are preferential, the value of this benefit has been included in the line item “base salary and allowances” above.

The following table reflects total mortgages and loans for members of the Group EC as of 31 December: