Swiss Re announces $2B share buyback program

Thursday, 21. February 2019 08:39

Swiss Reinsurance Company Ltd is planning a new two-part share buyback program of up to $2 billion for the year 2019, double the amount of its 2018 program which was recently completed, the company's board said on Thursday.

The parts would have equal funding, with the first tranche of up to $1 billion set to be executed following the 2019 annual general meeting. The second would be launched at the discretion of the company's board, conditional of the development of Swiss Re's financial situation in 2019.

The announcement comes as part of the insurer's annual earnings statement, in which Swiss Re reported net income of $421 million, following what was the fourth-costliest year for the insurance industry according to the company's own research institute. Hurricane Michael, the recent fires in California and other catastrophic events in 2018 cost Swiss Re $3 billion in claims.

Related Links: Swiss Re AG
Breaking the News / MD