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Annual Report 2018

Compensation disclosure and shareholdings 2018

Aggregate compensation of the Swiss Re Group

The aggregate compensation for the performance years 2017 and 2018 for all employees was as follows:

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Performance year 2017

Performance year 2018

Category

Type of plan

Number of employees1

Values
(in CHF millions)

Number of employees1

Values
(in CHF millions)

1

Regular staff.

2

The number of employees receiving cash API, VAI and severance payments in 2017 has been restated.

3

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

14 485

1 330

14 943

1 351

 

Pensions, social security and benefits

14 485

467

14 943

443

Annual Performance Incentive

Cash Annual Performance Incentive2

13 277

261

13 877

300

 

Value Alignment Incentive2

429

27

529

32

Long-term variable compensation

Leadership Performance Plan

377

50

404

50

Other payments

Severance payments2,3

320

25

439

28

 

Sign-on payments

121

5

94

4

Total

 

 

2 165

 

2 208

As of 31 December 2018, the Group had 14 943 employees worldwide, compared to 14 485 employees at the end of 2017.

The total compensation of the Group for 2018 amounted to CHF 2 208 million (compared to CHF 2 165 million in 2017), whereof CHF 2 156 million has been or will be paid in cash (compared to CHF 2 112 million in 2017) and CHF 52 million has been granted in share-based awards (compared to CHF 53 million in 2017).

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 2018 amounted to CHF 270 million (compared to CHF 293 million in 2017) whereof CHF 132 million will be payable in cash (compared to CHF 155 million in 2017) and CHF 138 million in shares (compared to CHF 138 million in 2017).

In 2018 and 2017, a reduction of expenses amounting to CHF 3 million and CHF 5 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 2017 and 2018 was as follows:

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Performance year 2017

Performance year 2018

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

180

67

181

67

 

Pensions, social security and benefits

180

29

181

24

Annual Performance Incentive

Cash Annual Performance Incentive

178

36

171

39

 

Value Alignment Incentive

164

19

160

21

Long-term variable compensation

Leadership Performance Plan

152

37

164

38

Other payments

Severance payments1

1

1

3

0

 

Sign-on payments

9

1

9

1

Total

 

 

190

 

190