Overview of key compensation and benefits components for group ec members and other employees

Swiss Re aims for total compensation that is competitive in the market. Swiss Re also seeks to ensure that total compensation is well balanced in terms of fixed versus variable compensation and in terms of short-term versus long-term incentives.

Fixed compensation

Variable compensation

Participation plans

(short-term)

(long-term)

Base salary

Benefits

Cash API

VAI (deferred API)

LPP

GSPP

ISP***

^*	Certain members of Business Unit Executive Committees (BU ECs) and all Group Managing Directors (GMDs).
^**	For Group EC members the API payout range is additionally capped at 3 × annual base salary.
^***	Has been discontinued from 2019.

Eligibility

All employees

Allemployees

All employees

Employees with an API at or above USD 100 000

Group EC members and other key employees

All employees

Purpose

Attract and retain

Risk protection, market competitiveness, connection to Swiss Re values

Pay for performance

Pay for sustained performance

Alignment with future performance and shareholders

Alignment to shareholders

Plan duration

3 years

5 years for Group EC members and other key executives* and 3 years for remaining participants

3 years

1 year

Drivers

Role and experience

Marketpractice

Business and individual performance

Business performance

Settlement

Cash (immediate)

Pension, insurances, cash

Cash and/or shares (under the ISP***)

Cash (deferred)

Performance KPIs

Business and individual performance

Measurement of the economic impact of profit/loss from previous years’ business

ROE
Relative TSR

Performance period

1 year

3 years

Payout range

0 to 2 × TAPI
(on total API)**

50% to 150% of deferred API

RSUs: 0% to 100%
PSUs: 0% to 200%

Share price impact

Yes

Forfeiture rules

In certain plans

Yes

Yes
(on match)

Clawback rules

Yes