Swiss Re has announced that it completed its public share buy-back programme for 2017 on February 16, 2018.
The programme saw the buy-back of up to CHF 1.0 billion purchase value. It was authorised during the reinsurer’s Annual General Meeting on April 21, 2017, and then launched on November 03, 2017.
Repurchases of the company’s shares were carried out on a second trading line on the SIX Swiss Exchange, with Swiss Re as the sole buyer. Zürcher Kantonalbank served as the agent for the transaction.
According to a release, Swiss Re has repurchased 10,832,816 of its shares, for a total purchase value of CHF 999,999,975.78 at an average purchase price of CHF 92.31 per share.
Swiss Re’s public share buy-back programme was created to return capital to shareholders, as part of the company’s capital management priorities.