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.
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.
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:
- Share buy-back overview (as at 16 April 2010)
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