Rewarding our people
Swiss Re is committed to having a compensation framework that is balanced and performance-oriented, and which aligns the interests of both shareholders and employees.
Our compensation framework is designed to attract, motivate and retain the qualified talent the Group needs to succeed globally and to create a tangible link between performance and pay. The aim is to provide compensation that is competitive in local labour markets and to ensure that our employees focus on delivering outstanding results while supporting appropriate and controlled risk-taking.
For most employees, total compensation comprises base salary and the Annual Performance Incentive (API), which is linked to both individual and business/company performance.
Swiss Re has several incentive programmes that reflect the long-term nature of our business: both the Value Alignment Incentive Plan (VAI) as the deferred part of the API and the Leadership Performance Plan (LPP) aim to reward sustained business performance rather than short-term results. This helps align shareholder and employee interests more closely. The VAI applies to employees who have a total API in excess of a defined threshold, and the LPP is awarded to our senior management and select key employees.
We also encourage our employees to own Swiss Re shares by providing opportunities to participate directly in the long-term success of the Group through the Global Share Participation Plan.
The balanced compensation package is generally complemented by competitive pension plans and other employee benefits. Such benefits include, for example, the Continuous Contribution Award, which recognises the loyalty, commitment and continuous contribution of our employees by offering them opportunities at defined milestones to enjoy additional paid time-off. Health benefits and financial protection in case of ill health are also an important part of many of our packages. We provide medical, life and disability insurance in excess of state provisions in several locations. Furthermore, we support employees in accumulating retirement benefits to supplement any state provisions.
In addition, the COyou2 Programme continues to offer our employees subsidies for a range of environmentally friendly technology investments they want to make in their private lives (see The COyou2 Programme).
Further information on Swiss Re’s approach to compensation and benefits can be found in our 2018 Financial Report.