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Annual Report 2018

Share performance

Swiss Re shares

Swiss Re had a market capitalisation of CHF 30.5 billion on 31 December 2018, with 338.6 million shares outstanding, of which 300.0 million were entitled to dividends. Swiss Re shares are listed in accordance with the International Reporting Standard on the SIX Swiss Exchange (SIX) and are traded under the ticker symbol SREN.

General information on Swiss Re shares

Identification numbers

Share

ADR

 

1

Swiss Re’s ADR are not listed but traded over the counter; four ADRs correspond to one Swiss Re share.

Swiss Security Number (Valorennummer)

12688156

 

ISIN (International Securities Identification Number)

CH0126881561

US8708861088

 

 

 

 

 

Ticker symbols

Bloomberg

Telekurs

Reuters

Share

SREN:SW

SREN

SREN.SW

ADR1

SSREY:US

SSREY

SSREY.PK

American Depositary Receipts (ADR)

In the US, Swiss Re maintains an ADR level I programme (OTC symbol SSREY).

Share price performance

Swiss Re shares opened the year at CHF 92.24. An intra-day high of CHF 98.80 was achieved on 27 February 2018. On 27 June 2018, the shares experienced an intra-day low of CHF 84.20. The year-end share price was CHF 90.12.

During 2018, the STOXX Europe 600 Insurance index (SXIP) decreased by 10.3% and the broader index of Swiss blue chips (SMI) decreased by 10.2%. The Swiss Re share decreased by 1.2%.

Swiss Re share price and trading volume in 2018 (line + bar chart)

Share trading

The average on-exchange daily trading volume for 2018 was 1.2 million shares. Trading volume peaked at 5.3 million shares on 8 February 2018.

Swiss Re’s dividend policy

Swiss Re’s dividend policy is a central element of Swiss Re’s capital management priorities.

The Group aims to ensure superior capitalisation at all times and to maximise financial flexibility, growing the regular dividend with long-term earnings and, at a minimum, maintaining it. Swiss Re will then deploy capital for business growth where it meets its strategy and profitability requirements and finally repatriate further excess capital to shareholders, with the preferred form of future capital repatriation being share buy-back programmes.

Dividends are typically paid out of current earnings and Swiss Re pays its dividend annually. Shares are ex-dividend two working days after the Annual General Meeting (AGM). Dividend payment is typically two working days after the ex-dividend date. The corresponding dates in 2019 are 23 and 25 April.

Dividends

The Board of Directors proposes a regular dividend of CHF 5.60 per share for 2018. The dividend paid for 2018 will be subject to 35% Swiss withholding tax.

Public share buy-back programme

On 7 May 2018, the Board of Directors launched the public share buy-back programme authorised by the 2018 AGM. This programme was completed on 15 February 2019.

For further information please visit www.swissre.com/investors/shares/share_buyback/

The Board of Directors proposes to the 2019 AGM to authorise the company to repurchase own shares for the purpose of cancellation by way of a public share buy-back programme to be executed in two tranches before the 2020 AGM. The first tranche of up to CHF 1.0 billion would commence at the discretion of the Board shortly after the 2019 AGM pre-approval. The second tranche of up to CHF 1.0 billion will be conditional on the 2019 development of the Group’s excess capital position, for example a significant increase upon successful reduction of Swiss Re’s holding in ReAssure to below 50%.

Swiss Re will ask the AGM in April 2020 permission to cancel the repurchased shares by way of share capital reduction.

Index representation

In addition to its relevant industry indices, Swiss Re is also represented in various Swiss, European and global indices, including the SMI and the SXIP. Swiss Re is also a member of various sustainability indices, including the Dow Jones Sustainability World and Europe, FTSE4Good, Euronext Vigeo World 120, Bloomberg Gender Equality Index, MSCI ESG Leaders and MSCI Global Socially Responsible (2019) index families. In May 2019, Swiss Re received a AAA rating on the MSCI ESG assessment.

Weighting in indices

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As of 31 December 2018

Index weight (in %)

Swiss/blue chip indices

 

SMI

3.53

SPI

2.29

 

 

Insurance indices

 

STOXX Europe 600 Insurance

5.43

Bloomberg Europe 500 Insurance

5.57

FTSEurofirst 300 Insurance

0.39

Dow Jones Insurance Titans 30

2.45

 

 

Sustainability indices

 

Dow Jones Sustainability Europe

0.78

Dow Jones Sustainability World

0.31

FTSE4Good Global

0.12

Information for investors

More information is available on Swiss Re’s website: www.swissre.com/investors

Key share statistics 2014–2018

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As of 31 December

2014

2015

2016

2017

2018

1

Nominal value of CHF 0.10 per share.

2

Includes 4.4m shares repurchased under the share buy-back programme launched on 12 November 2015, which concluded on 2 March 2016.

3

Includes 5.5m shares repurchased under the share buy-back programme launched on 4 November 2016, which concluded on 9 February 2017.

4

Includes 6.3m shares repurchased under the share buy-back programme launched on 3 November 2017, which concluded on 16 February 2018.

5

Includes 10.1m shares repurchased under the share buy-back programme launched on 7 May 2018, which concluded on 15 February 2019.

6

In addition to the regular dividend of CHF 3.85 per share a special dividend of CHF 4.15 per share was paid in 2014.

7

In addition to the regular dividend of CHF 4.25 per share a special dividend of CHF 3.00 per share was paid in 2015.

8

Dividend divided by year-end share price of corresponding year.

9

Calculated by dividing net income by the weighted average number of common shares outstanding.

10

Based on shareholders’ equity (excluding convertible perpetual capital instruments) divided by the number of external common shares entitled to dividend.

11

Based on shares outstanding.

12

Since 15 June 2015 every Swiss Re ADR represents one quarter of a Swiss Re share. Prior to close of business on 12 June 2015, one ADR represented one Swiss Re share.

Shares outstanding1

370 706 931

370 706 931

360 072 561

349 452 281

338 619 465

of which Treasury shares and shares reserved for corporate purposes

28 507 491

32 967 2262

34 093 8343

34 866 5164

38 575 3245

Shares entitled to dividend

342 199 440

337 739 705

325 978 727

314 585 765

300 044 141

 

 

 

 

 

 

CHF unless otherwise stated

 

 

 

 

 

Dividend paid per share

3.856

4.257

4.60

4.85

5.00

Dividend yield8 (in %)

4.60

4.33

4.77

5.32

5.55

Earnings per share9

9.33

12.93

10.55

1.02

1.34

Book value per share10

101.12

96.04

107.64

103.37

91.72

 

 

 

 

 

 

Price per share year-end

83.65

98.15

96.50

91.25

90.12

Price per share year high (intra-day)

86.55

99.75

97.85

98.50

98.80

Price per share year low (intra-day)

69.25

74.95

79.00

81.65

84.20

Daily trading volume
(in CHF millions)

95

134

120

129

126

Market capitalisation11
(in CHF millions)

31 010

36 385

34 747

31 888

30 516

ADR price at year-end (in USD)

84.57

24.5312

23.76

23.38

22.84