Share buy-back

Share buy-back programmes

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Current share buy-back 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 1bn purchase value each, prior to the 2020 Annual General Meeting by way of a buy-back programme for cancellation purposes (the "Programme").

As announced on 3 May 2019, the first tranche of the Programme of up to CHF 1 billion was launched on 6 May 2019 following receipt of regulatory approval. The launch of the second tranche, of up to CHF 1 billion purchase value, will be conditional on (in addition to obtaining all necessary legal and regulatory approvals) the 2019 development of the Group’s excess capital position, and will be subject to Swiss Re's capital management priorities. The Programme, which has been established in line with Swiss Re's capital management priorities, will last until 18 February 2020 at the latest.

Repurchases of Swiss Re shares are 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 may do so either via the ordinary trading line or via the second line. Swiss Re shares sold via the second trading line are 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 the bank mandated, respectively will deduct 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 are beneficial owners of the shares at the time they are 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 buy-back 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 buy-back transactions will be reported on a regular basis under the following link:


Maximum daily repurchase volume

Swiss Re is limited to repurchasing 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.