Swiss Re publishes monetary situation report for 2024

Swiss Re launched its 2023 monetary situation report, detailing the monetary efficiency and regulatory standings of the Swiss Re Group for the 12 months ending December 31, 2023.

Over the interval, the corporate reported an enhancement in its capital standing, with the Group SST (Swiss Solvency Take a look at) 2024 ratio climbing 12 share factors to 306% from the earlier 12 months. This improve is attributed to constructive outcomes in funding and underwriting, coupled with the advantages of elevated short-term rates of interest.

That stated, these features had been barely mitigated by expenditures associated to dividends, subordinated debt buybacks, and elevated monetary market dangers.

Beforehand, the SST ratio was derived from the SST risk-bearing capital minus the market worth margin, divided by the SST goal capital minus the market worth margin. Changes have been made to the calculation of the SST ratio following modifications to the Insurance coverage Supervision Ordinance (ISO) efficient January 1, 2024. The brand new calculation methodology includes SST risk-bearing capital divided by SST goal capital, each revised underneath the brand new ISO regulation.

In line with the brand new definitions, the SST risk-bearing capital is diminished as a consequence of a deduction for market worth margin, whereas the SST goal capital not contains the market worth margin. These alterations don’t have an effect on the general valuation of the SST ratio.

All proposals authorized on the Swiss Re 2024 AGM

Along with its monetary situation, Swiss Re’s shareholders endorsed all proposals offered by the board of administrators on the annual normal assembly.

Notably, the shareholders ratified the distribution of an atypical dividend of $6.80 per share for the fiscal 12 months 2023. The dividend is scheduled for distribution beginning April 18, 2024, and might be paid in Swiss francs from voluntary revenue reserves. Swiss Re shares are set to commerce ex-dividend from April 16, 2024.

Moreover, following his endorsement a month in the past, Jacques de Vaucleroy has been elected as the brand new chairman of the board of administrators, taking workplace for a one-year time period.

“I want to thank shareholders for his or her assist and belief in me,” de Vaucleroy stated. “Since becoming a member of the board of administrators seven years in the past, my appreciation for Swiss Re has solely grown. I look ahead to persevering with to work with the board of administrators and the administration group as we stay centered on rising profitability and shareholder returns.”

Geraldine Matchett has additionally joined the board as a brand new member, with all proposed members, together with the re-election of the compensation committee members, securing their positions for an additional 12 months.

In issues of compensation, the shareholders authorized with 83.16% of the votes the utmost combination compensation for the board of administrators for the upcoming 12 months. The variable short-term compensation for the group government committee for 2023 obtained 93.51% approval, and the general compensation construction for 2025 was additionally endorsed.

Moreover, the 2023 compensation report was authorized by 90.45% of the votes forged in a consultative vote.

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