Annual Report Swiss Re Ltd

Swiss Re Ltd (the Company), domiciled in Zurich, Switzerland, is the ultimate holding company of the Swiss Re Group. Its principal activity is the holding of investments in Swiss Re Group companies.

Income statement

Net income for 2018 amounted to CHF 3 077 million (2017: CHF 4 043 million) and was mainly driven by cash dividends from subsidiaries and affiliated companies of CHF 3 562 million.

The Company earned trademark license fees of CHF 340 million and reported net realised foreign exchange gains of CHF 70 million, offset by valuation adjustments on investments in subsidiaries and affiliated companies of CHF 776 million and administrative expenses of CHF 133 million.

Assets

Total assets increased from CHF 24 971 million as of 31 December 2017 to CHF 25 360 million as of 31 December 2018.

Current assets increased by CHF 198 million to CHF 4 156 million as of 31 December 2018, mainly driven by an increase in loans to subsidiaries and affiliated companies, partially offset by a decrease in receivables from subsidiaries and affiliated companies.

Non-current assets increased by CHF 191 million to CHF 21 204 million as of 31 December 2018, mainly driven by an increase in loans to subsidiaries and affiliated companies, partially offset by a decrease in investments in subsidiaries and affiliated companies.

Liabilities

Total liabilities increased from CHF 726 million as of 31 December 2017 to CHF 890 million as of 31 December 2018.

Short-term liabilities decreased by CHF 434 million to CHF 263 million as of 31 December 2018, mainly driven by a decrease in loans from subsidiaries and affiliated companies.

Long-term liabilities increased by CHF 598 million to CHF 627 million as of 31 December 2018, mainly due to the issuance of convertible debt and an increase in the provision for currency fluctuation.

Shareholders’ equity

Shareholders’ equity increased from CHF 24 245 million as of 31 December 2017 to CHF 24 470 million as of 31 December 2018, mainly due to net income of CHF 3 077 million, partially offset by dividends to shareholders of CHF 1 551 million and share buy-back programmes of CHF 1 304 million.

Share capital decreased by CHF 1 million to CHF 34 million as of 31 December 2018 and legal profit reserves decreased by CHF 991 million to CHF 6 294 million as of 31 December 2018 resulting from the cancellation of own shares.

Own shares (directly held by the Company) increased by CHF 310 million to CHF 1 946 million as of 31 December 2018 due to net purchases of own shares of CHF 6 million and share buy-back programmes of CHF 1 304 million, partially offset by the cancellation of own shares of CHF 1 000 million.