Share buy-back

Share buy-back programmes

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2018 - 2019

Share buy-back programme May 2018 – February 2019

On 20 April 2018, Swiss Re Ltd's ("Swiss Re") shareholders authorised at the 2018 Annual General Meeting the Group Board of Directors to repurchase up to a maximum of CHF 1 billion purchase value of Swiss Re's own shares prior to the 2019 Annual General Meeting by way of a buy-back programme for cancellation purposes (the "Programme").

As announced on 4 May 2018, the Programme was launched on 7 May 2018 following receipt of regulatory approval. The Programme, which had been established in line with Swiss Re's capital management priorities, was completed on 15 February 2019 as announced on 18 February 2019.

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 ("ZKB") 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. ZKB deducted this tax from the repurchase price for payment to the Federal Tax Administration. Shareholders who sold Swiss Re shares via the second trading line and who are domiciled in Switzerland are entitled to a reimbursement of the withholding tax provided they were beneficial owners of the shares at the time they were surrendered and they do not avoid taxes (Article 21 of the Withholding Tax Law). Shareholders who sold Swiss Re shares via the second trading line and who are 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 were reported under the following link:

 

Maximum daily repurchase volume

Swiss Re was limited to repurchasing maximum of 419,474 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.