Swiss Re has published its Annual Report and Sustainability Report for 2024, with the reinsurer proposing an 8% increase in the dividend to US$7.35 per share.
For the first time, the sustainability report includes a Climate Transition Plan, which Swiss Re says is in line with new Swiss Climate Ordinance requirements. It details the reinsurer’s strategy to achieve net-zero greenhouse gas emissions by 2050.
The company reported a strong capital position with a Group Swiss Solvency Test (SST) ratio of 257% as of Jan. 1.
Last month, the giant reinsurer reported a net income of US$3.2 billion for the full year 2024, with a return on equity of 15%. This compares to US$3.1 billion in net income and a 16.2% return on equity in 2023.
Outside of the dividend increase, Swiss Re also announced nominations for its board of directors.
The board has nominated Morten Hübbe and George Quinn for election as non-executive, independent board members for a one-year term.
Hübbe served as Group CEO of Tryg from 2011 to 2023 and as Group CFO from 2002 to 2011. He previously held roles at Zurich Insurance Group and Almindelig Brand Insurance in Denmark and is currently chairman of the boards of Conscia and Trustly.
Quinn was Group CFO at Zurich Insurance Group from 2014 to 2024 and previously worked at Swiss Re, serving as Group CFO from 2007 to 2014. He started his career at KPMG in London in 1988.
Swiss Re chairman Jacques de Vaucleroy (pictured above) expressed appreciation for Philip Ryan and Sir Paul Tucker, who will not seek re-election.
The board has also further proposed the re-election of Deanna Ong, Jay Ralph, and Joerg Reinhardt to the Compensation Committee, as well as the election of Hübbe as a new member.
Swiss Re’s 2025 AGM will take place on April 11 at the Hallenstadion in Zurich.
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