Share buyback

Share buyback programmes

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2019 - 2020

Share buyback programme May 2019 – February 2020

On 17 April 2019, Swiss Re Ltd's (the "Company" or "Swiss Re") shareholders authorised at the 2019 Annual General Meeting the Group Board of Directors to repurchase the Company's own shares in two tranches of up to CHF 1 billion purchase value each, prior to the 2020 Annual General Meeting by way of a buyback programme for cancellation purposes (the "Programme").

As announced on 3 May 2019, the first tranche of the Programme of up to CHF 1 billion purchase value was launched on 6 May 2019 following receipt of regulatory approval. The first tranche of the Programme, which had been established in line with Swiss Re's capital management priorities, was completed on 18 February 2020 as announced on the same day.

As announced on 31 October 2019, the Board of Directors decided not to launch the second tranche of the Programme.

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 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. The Company or its agent deducted this tax from the repurchase price for payment to the Federal Tax Administration. Shareholders 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 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 buyback 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 transactions

Share buyback transactions will be reported on a regular basis under the following link:


Maximum daily repurchase volume

Swiss Re was limited to repurchasing a maximum of 348,364 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.