Swiss Re increases dividend to restore confidence

by David Masters

Story link: Swiss Re increases dividend to restore confidence

This year Swiss Re reported its second best set of results in its 144 year history.

However, despite the news, share prices remained little higher than the previous year. This was due to write-downs in the group’s credit insurance business in November last year.

At the company AGM last week Swiss Re’s board approved an 18% increase in dividend, up to CHF 4 per share. The board also decided to reduce share capital, buying back 17.3 million shares with a total value of CHF 1.45 billion.

Mathis Cabiallavetta and Raymond K. F. Ch’ien were elected to the board of directors as non-executive, independent members.

The board’s chairman, Peter Forstmoser, has said that Swiss Re is determined to restore the confidence of investors through transparent and decisive action.

Chief executive Jacques Aigrain added that the company seeks to continue its achievements of sustainable profits and growth.