Compensation disclosure and shareholdings 2019

Aggregate compensation of the Swiss Re Group

The aggregate compensation for the performance years 2018 and 2019 for all employees was as follows:

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Performance year 2018

Performance year 2019

Category

Type of plan

Number of employees1

Values (in CHF millions)2

Number of employees1

Values (in CHF millions)2

1

Regular staff.

2

Foreign currency conversions calculated using December 2019 year-to-date FX rates for 2019 figures and December 2018 year-to-date FX rates for 2018 figures (where relevant).

3

Includes separate variable short-term and long-term compensation schemes for ReAssure.

4

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

14 943

1 351

15 401

1 378

Pensions, social security and benefits

 

14 943

443

15 401

509

Annual Performance Incentive

Cash Annual Performance Incentive3

13 877

300

14 395

306

 

Value Alignment Incentive3

529

32

524

36

Long-term variable compensation

Leadership Performance Plan3

404

50

453

52

Other payments

Severance payments4

439

28

387

24

 

Sign-on payments

94

4

127

5

Total

 

 

2 208

 

2 310

As of 31 December 2019, the Group had 15 401 employees worldwide, compared to 14 943 employees at the end of 2018.

The total compensation of the Group for 2019 amounted to CHF 2 310 million (compared to CHF 2 208 million in 2018), whereof CHF 2 256 million has been or will be paid in cash (compared to CHF 2 156 million in 2018) and CHF 54 million has been granted in share-based awards (compared to CHF 52 million in 2018).

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 2019 amounted to CHF 239 million (compared to CHF 270 million in 2018), whereof CHF 103 million will be payable in cash (compared to CHF 132 million in 2018) and CHF 136 million in shares (compared to CHF 138 million in 2018).

In 2019 and 2018, an increase of expenses amounting to CHF 1 million and a reduction of expenses amounting to CHF 3 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 2018 and 2019 was as follows:

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Performance year 2018

Performance year 2019

Category

Type of plan

Number of employees

Values (in CHF millions)1

Number of employees

Values (in CHF millions)1

1

Foreign currency conversions calculated using December 2019 year-to-date FX rates for 2019 figures and December 2018 year-to-date FX rates for 2018 figures (where relevant).

2

Includes separate variable short-term and long-term compensation schemes for ReAssure.

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

181

67

180

63

Pensions, social security and benefits

 

181

24

180

27

Annual Performance Incentive

Cash Annual Performance Incentive2

171

39

170

38

 

Value Alignment Incentive2

160

21

156

22

Long-term variable compensation

Leadership Performance Plan2

164

38

163

39

Other payments

Severance payments3

3

0

0

0

 

Sign-on payments

9

1

12

3

Total

 

 

190

 

192