Swiss Re: abandons share buybacks

(CercleFinance.com) - Swiss Re has decided that it will not launch its share buyback program, citing current market volatility and the economic crisis caused by the COVID-19 pandemic.


The move comes despite the company shareholders approving all proposals made by the board of directors at its AGM held in Zurich last Friday, including the authorisation of a new public share buyback program of up to 1 billion Swiss francs.

The group said that this decision was made at a post-AGM meeting.

Shareholders also approved a 5% increase in its regular dividend to 5.90 Swiss francs, the Swiss reinsurer said.

At the AGM - which took place without shareholders attending - Swiss Re's chairman Walter Kielholz said that the financial impact of the current crisis has been "absolutely manageable" for the group at this point.

The Swiss Re share is currently up 0.7% on Zurich's SMI on Monday.

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