Swiss Re has revealed its intentions to boost dividends and re-elect a board member as the new chairman. With a group SST ratio of 306% as of January 1, 2024, Swiss Re’s board is set to propose a 6% dividend increase to $6.80 per share. The upcoming AGM will include the election proposal of Jacques de Vaucleroy as the new chair of the board for a one-year term. Additionally, Geraldine Matchett is nominated for election as a non-executive and independent board member. She previously served with DSM-Firmenich Ltd and SGS Group.
The reinsurer also disclosed its Economic Value Management (EVM) results, revealing a total economic net worth (ENW) of $32.8 billion by the end of December 2023, marking an increase from $31.1 billion at the end of 2022. The EVM framework, measuring economic performance across all business areas, displayed a per-share ENW growth of 10.8% in 2023. Swiss Re reported a total ENW contribution of $3.2 billion for 2023, a significant improvement from -$1.6 billion in 2022.
The year’s results were further strengthened by robust new business performance across various sectors, despite challenges in Life & Health Reinsurance (L&H Re) due to assumption updates and adverse mortality experience in the US. The company also announced its discontinuation of EVM reporting with the adoption of IFRS in 2024.
For the first time, the reinsurer’s sustainability report will be presented for a consultative vote at the 2024 AGM. “Swiss Re can reflect on a successful year, achieving all of its 2023 financial targets. This robust result in a challenging environment demonstrates that our business model is intact, allowing us to continue providing the sophisticated risk knowledge and peak risk capacity that our clients require to navigate existing and future perils,” stated de Vaucleroy.
