There are no secrets being kept at reinsurance giant Swiss Re
after the firm disclosed its CEO’s salary as part of its annual report.
The filings reveal that chief executive Christian Mumenthaler picked up 6.25 million Swiss francs (approximately AU$8.46 million) during 2016 after being promoted to the position in the middle of last year. Total compensation for his predecessor Michel Lies, meanwhile, was 7.02 million Swiss francs in the prior year.
The documents, as reported by Reuters, were part of an annual report that also revealed plans to return one billion Swiss francs to shareholders in a buyback scheme.
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The scheme is set to be complete before its next AGM in April 2018 with the firm reportedly struggling to find business opportunities that satisfy its objectives.
It has proposed a dividend of 4.85 Swiss francs per share, which represents a 5.4% increase compared to the previous year.
“While we decisively invest in our business and actively address the challenges mentioned, we stay committed — in the context of our capital management priorities — to return capital to our shareholders if we do not identify any better investment opportunities,” said Walter Kielholz, the company’s chairman.
In addition, the company reported that its economic net worth had fallen back by approximately 2% to stand at US$36.6 billion.
financial strength rating affirmed
sees net income slump by $1 billion