Swiss Re proposes Geraldine Matchett for the Board of Directors
Published: Wednesday, Mar 13th 2024, 08:20
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Geraldine Matchett will be proposed for election to the Board of Directors of reinsurer Swiss Re. In addition, Jacques de Vaucleroy is to be definitively elected as the new Chairman at the Annual General Meeting on April 12.
Matchett was CFO of the flavor and fragrance manufacturer DSM-Firmenich Ltd and the product testing company SGS. She was also recently nominated for election to the Board of Directors of the Nestlé food group.
De Vaucleroy is also to be confirmed by the shareholders as the new Chairman of the Board of Directors at the AGM, as already announced in the summer, as Swiss Re further announced on Wednesday as part of the publication of the 2023 Annual Report. Since the resignation of Sergio Ermotti at the end of April 2023, de Vaucleroy has led the Board in his role as Vice Chairman.
Jacques de Vaucleroy had moved to the top of the Board of Directors because Ermotti moved to his former employer UBS, where he took over the management of the monster bank following the emergency takeover of Credit Suisse. De Vaucleroy has been a member of Swiss Re's Board of Directors since 2017 and holds various management positions at the reinsurer.
Further growth in economic capital
Shareholders will also decide, among other things, on the distribution of a dividend of USD 6.80 per share. Swiss Re's capital position remains strong and the business outlook positive, it said. The Group's SST ratio according to the Swiss Solvency Test was 306% as at January 1, 2024, compared to 294% a year earlier.
In the EVM calculation, which Swiss Re uses as an integrated valuation and management system to measure its own performance, economic net worth (ENW) rose to USD 32.8 billion at the end of 2023, up from USD 31.1 billion. This capital per share grew by just under 11 percent.
However, EVM reporting will now be discontinued with the introduction of IFRS as the new accounting basis. Swiss Re will report in accordance with the new accounting rules from this year onwards.
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