Share buy-back

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 are 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 may do so either via the ordinary trading line or via the second trading line. Swiss Re shares sold via the second trading line are 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 will be 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



Ordinary trading line




Second trading line




Publication of transaction

Share buy-back transactions will be reported on a regular basis under the following link.

Maximum daily repurchase volume

Swiss Re is 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).