Swiss Re's shareholders approved an $8.00 per-share dividend and elected former Hannover Re chief executive Jean-Jacques Henchoz (pictured above) to the board at the reinsurance group's AGM, capping a record year that was nonetheless marked by struggles in its life and health business.
The dividend, a 9% increase over last year's $7.35, covers the 2025 financial year and will be paid in Swiss francs converted from US dollars out of voluntary profit reserves, with distribution set to begin on April 16. Swiss Re shares will trade ex-dividend from April 14.
The payout comes after Swiss Re posted net income of $4.8 billion for 2025, a 47% surge from the prior year that comfortably exceeded its own target of more than $4.4 billion and pushed return on equity to 19.6%, up from 15.0% in 2024.
The reinsurer has also launched a program to buy back up to $1.5 billion of its own shares this year, including $500 million earmarked as a sustainable annual repurchase.
But the headline figures mask a weak spot. As Swiss Re disclosed earlier this year, its Life & Health Reinsurance arm posted net income of just $1.3 billion, falling short of an approximately $1.6 billion target after booking a $650 million charge tied to assumption updates on underperforming portfolios in Australia, Israel and South Korea.
The reinsurer had signaled the miss as early as the third quarter of 2025, and later paused new L&H business in Australia as mental health and disability claims surged. Swiss Re has said the portfolio review is now complete.
The election of Henchoz is among the more closely watched changes to emerge from the AGM. A two-decade Swiss Re veteran before his departure in 2018, he went on to lead rival reinsurance group Hannover Re as chief executive from 2019 to 2025, and currently serves as chairman of London-based broker BMS Group.
Chairman Jacques de Vaucleroy described him as someone who "brings outstanding reinsurance expertise, strategic thinking and proven leadership skills."
He succeeds Larry Zimpleman, who stepped down after eight years on the board. The former chairman of The Principal Financial Group, Zimpleman served on Swiss Re's Risk and Audit Committees.
De Vaucleroy thanked him for his "outstanding dedication and valuable contributions." All other incumbent directors and Compensation Committee members were re-elected.
Beyond the dividend and board elections, the AGM approved the 2025 Annual Report, financial statements, and consultative votes on the Compensation and Sustainability Reports.
Shareholders also backed converting Swiss Re's statutory share capital from Swiss francs to US dollars, along with a renewal of the capital band.
Looking ahead, Swiss Re has set a 2026 net income target of $4.5 billion, with its P&C Re and Corporate Solutions units targeting combined ratios below 85% and 91%, respectively. L&H Re, meanwhile, is aiming for $1.7 billion in net income as the division seeks to rebound from its 2025 miss.
The company separately published its 2025 Financial Condition Report for the group and its regulated reinsurance and insurance entities in Switzerland, a regulatory requirement under the country's Insurance Supervision Ordinance.
