Share buy-back

Share buy-back programmes

Please select a tab below for details on our share buy-back programmes

Share buy-back programme November 2016 - February 2017

On 22 April 2016, Swiss Re Ltd's (the "Company" or "Swiss Re") shareholders authorised at the 2016 Annual General Meeting the Group Board of Directors to repurchase up to a maximum of CHF 1 billion purchase value of the company's own shares prior to the 2017 Annual General Meeting by way of a buy-back programme for cancellation purposes (the "Programme").

As announced on 3 November 2016, the Programme was launched on 4 November 2016 following receipt of regulatory approval. The Programme, which has been established in line with Swiss Re's capital management priorities to achieve Swiss Re's objective of returning excess capital to shareholders when it is available, no major loss event has occurred and other business opportunities do not meet Swiss Re's strategic and financial objectives, was completed on 9 February 2017 as announced on 10 February 2017.

Repurchases of Swiss Re shares were carried out on a second trading line on the SIX Swiss Exchange, with Swiss Re as the exclusive buyer, via Zürcher Kantonalbank acting as agent.

A shareholder wishing to sell Swiss Re shares could do so either via the ordinary trading line or via the second line. Swiss Re shares sold via the second trading line were subject to the Swiss federal withholding tax rate of 35 percent on the difference between the repurchase price of the Swiss Re share and its nominal value of CHF 0.10. This tax was deducted from the repurchase price. Shareholders domiciled in Switzerland are entitled to a reimbursement of the withholding tax provided they are beneficial owners of the shares at the time they are surrendered and they do not avoid taxes (Article 21 of the Withholding Tax Law). Shareholders domiciled outside Switzerland may reclaim the withholding tax in accordance with any applicable double taxation agreements. All shareholders must seek their own specific tax advice, and nothing herein is intended or should be considered as tax advice.

Further details on the Programme can be found in the official announcements, which can be accessed using the following links:

Official buy-back announcements in German and French

Swiss Re registered shares on the second line 

Swiss Re Ltd

Swiss Securities No

ISIN

Ticker

Ordinary trading line

12.688.156

CH0126881561

SREN

Second trading line

28.649.180

CH0286491805

SRENE

Publication of transactions

Share buy-back transactions are reported under the following link.

Maximum daily repurchase volume

Swiss Re was limited to repurchasing a maximum of 358,758 shares per day.

Calculated in accordance with Article 123(1)(c) of the Swiss Federal Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FMIO) of 25 November 2015.

Share buy-back programme November 2015-March 2016

On 21 April 2015, Swiss Re Ltd's (the "Company" or "Swiss Re") shareholders authorised at the 2015 Annual General Meeting the Group Board of Directors to repurchase up to a maximum of CHF 1 billion purchase value of the Company's own shares prior to the 2016 Annual General Meeting by way of a buy-back programme for cancellation purposes (the "Programme").

As announced on 29 October 2015, the company planned the launch of the Programme for mid November 2015 subject to regulatory approval. Having received the necessary regulatory approvals, the Company launched the Programme  on 12 November 2015. The Programme, which has been established to achieve Swiss Re's objective of returning capital to shareholders when excess capital is available, no major loss event has occurred and other business opportunities do not meet Swiss Re's strategic and financial objectives, was completed on 2 March 2016 as announced on 3 March 2016.

Repurchases of Swiss Re shares were carried out on a second trading line on the SIX Swiss Exchange, with Swiss Re as the exclusive buyer, via UBS AG as agent.

A shareholder wishing to sell Swiss Re shares could do so either via the ordinary trading line or via the second trading line. Swiss Re shares sold via the second trading line were subject to the Swiss federal withholding tax rate of 35 percent on the difference between the repurchase price of the Swiss Re share and its nominal value of CHF 0.10. This tax was deducted from the repurchase price. Shareholders domiciled in Switzerland are entitled to a reimbursement of the withholding tax provided they are beneficial owners of the shares at the time they are surrendered and they do not avoid taxes (Article 21 of the Withholding Tax Law). Shareholders domiciled outside Switzerland may reclaim the withholding tax in accordance with any applicable double taxation treaties. All shareholders must seek their own specific tax advice, and nothing herein is intended or should be considered as tax advice.

Further details on the Programme can be found in the official announcements, which can be accessed using the following links:

Official buy-back announcements in German and French

Swiss Re registered shares on the second line 

Swiss Re Ltd

Swiss Securities No

ISIN

Ticker

Ordinary trading line

12.688.156

CH0126881561

SREN

Second trading line

28.649.180

CH0286491805

SRENE

Publication of transactions

Share buy-back transactions are reported under the following link.

Maximum daily repurchase volume

Swiss Re was limited to repurchasing a maximum of 302'786 shares per day.

Calculated in accordance with Art. 55b(1)c of the Swiss Federal Ordinance on Stock Exchange and Securities Trading).

CHF 6bn buy-back programme (2007 - 2010)

Based on very strong results in 2006, continued commitment to underwriting discipline and anticipated benefits from streamlining its legal entity structure, Swiss Re announced on 1 March 2007 a share buy-back of up to CHF 6.0bn within a three year period. 

As a first step on 1 March 2007, Swiss Re repurchased 16 650 479 shares for approximately CHF 1.7bn from GE, which were held by them as a result of the acquisition of GE Insurance Solutions in June 2006.

In August 2007, Swiss Re established a second trading line on SIX Swiss Exchange to repurchase the remaining CHF 4.2bn (ticker symbol RUKNE).

CHF 1.75bn on first trading line

On 23 January 2008, the company disclosed to extend the existing buy-back programme by another CHF 1.75bn share buy-back in the open market to a total of CHF 7.75bn, following the announcement of the quota share arrangement with Berkshire Hathaway. This additional buy-back was expected to be completed over the following 24 months as the capital relief resulting from the quota share arrangement was achieved.

Suspension

On 4 November 2008, Swiss Re announced that due to current market conditions both buy-back programmes were to be suspended. As of this date Swiss Re has repurchased 44 805 479 shares for approximately CHF 4.0 billion and has thus completed 51.2% of the announced share buy-back programme. At the Annual General Meeting on 18 April 2008, Swiss Re’s shareholders approved the cancellation of 17 349 000 shares repurchased via the second trading line.

Change in purpose

On 17 February 2009, the Swiss Takeover Board confirmed Swiss Re's request to amend the purpose of the buy-back programme. Shares repurchased via the second trading line can now be cancelled or reissued to the market.

Expiry

The 1st line buy-back programme for repurchase of up to CHF 1.75bn expired at the end of February 2010.

The 2nd line buy-back programme expired at the 2010 AGM on 7 April 2010.

Bi-weekly updated information

The following document shows volumes and average purchase prices of the buy-back and includes information on any disposals which happened after suspension of the programme: