Annual Report Swiss Re Ltd

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

Income statement

Net income for 2019 amounted to CHF 932 million (2018: CHF 3 077 million).

Revenues were mainly driven by cash dividends from subsidiaries and affiliated companies of CHF 2 230 million, trademark licence fees of CHF 407 million and reported net realised foreign exchange gains of CHF 40 million.

Expenses were mainly driven by valuation adjustments on investments in subsidiaries and affiliated companies of CHF 1 702 million and administrative expenses of CHF 143 million.

Assets

Total assets decreased from CHF 25 360 million as of 31 December 2018 to CHF 24 247 million as of 31 December 2019.

Current assets decreased by CHF 1 229 million to CHF 2 927 million as of 31 December 2019, mainly driven by a decrease in loans to subsidiaries and affiliated companies, partially offset by an increase in receivables from subsidiaries and affiliated companies.

Non-current assets increased by CHF 116 million to CHF 21 320 million as of 31 December 2019, mainly driven by capital contributions to subsidiaries, 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 890 million as of 31 December 2018 to CHF 1 447 million as of 31 December 2019.

Short-term liabilities increased by CHF 667 million to CHF 930 million as of 31 December 2019, mainly driven by an increase in loans from subsidiaries and affiliated companies.

Long-term liabilities decreased by CHF 110 million to CHF 517 million as of 31 December 2019, mainly due to a movement in the provision for currency fluctuation.

Shareholders’ equity

Shareholders’ equity decreased from CHF 24 470 million as of 31 December 2018 to CHF 22 800 million as of 31 December 2019, mainly due to dividends to shareholders of CHF 1 674 million and share buyback programmes of CHF 927 million partially offset by net income of CHF 932 million.

Share capital decreased by CHF 1 million to CHF 33 million as of 31 December 2019 and legal profit reserves decreased by CHF 982 million to CHF 5 312 million as of 31 December 2019 resulting from the cancellation of own shares.

Own shares (directly held by the Company) decreased by CHF 56 million to CHF 1 890 million as of 31 December 2019 due to net purchases of own shares of CHF 17 million and share buyback programmes of CHF 927 million, partially offset by the cancellation of own shares of CHF 1 000 million.