Swiss Re Proposes Historic Shift from Swiss Franc to U.S. Dollar

Swiss Re seeks shareholder approval to switch share currency to USD, proposes higher dividend and buyback amid strong 2025 results, but faces P&C margin pressure.

As Swiss Re prepares for its Annual General Meeting on April 10 in Dübendorf, shareholders are set to vote on a landmark corporate change. The Zurich-based reinsurance giant is proposing to denominate its share capital in U.S. dollars, moving away from the Swiss franc after 163 years. This vote represents a significant symbolic and operational shift for the company.

The Board of Directors cites the group's operational reality as the primary rationale. The vast majority of Swiss Re's business is already conducted in dollars, and the transition is expected to enhance efficiency and reduce operational costs. While the economic substance of a shareholder's investment remains unchanged, the move loosens a symbolic tie to the company's Swiss heritage.

A Strong Foundation for Capital Returns

The company enters this pivotal meeting with robust financial results, enabling substantial proposed returns to shareholders. Key agenda items include:

• Dividend: A proposed dividend of USD 8.00 per share, marking a 9% increase over the prior year. The ex-date is set for April 14, 2026, with payment following on April 16, 2026.
• Share Buyback: Authorization for a share repurchase program of up to USD 1.5 billion during the current year.
• Board Changes: A nomination for Jean-Jacques Henchoz, former CEO of Hannover Re (2019–2025), to join the Board of Directors. Larry Zimpleman is slated to step down after an eight-year tenure.

These proposals are underpinned by strong 2025 performance. The group's net income surged 47% to USD 4.8 billion, a result partly aided by below-average losses from natural catastrophes. Furthermore, Swiss Re's SST solvency ratio was estimated at a comfortable 250% at the start of 2026, providing a significant capital buffer.

Market Headwinds Cloud the Operational Outlook

Despite this solid financial position, structural challenges are emerging. During the January 2026 treaty renewals for its Property & Casualty (P&C) reinsurance business, Swiss Re reported that loss expectations rose by 4.6%. However, nominal price increases averaged only 0.3%. This translates to a real-term price decline of 4.3%, putting clear pressure on underwriting margins.

Broader macroeconomic trends also present headwinds. The Swiss Re Institute points to U.S. trade policy and tariffs as factors dampening global economic growth and, consequently, the growth of insurance premiums worldwide. The institute forecasts a slowdown in global GDP growth to 2.3% this year. It also projects that overall premium growth for the insurance industry will fall to just 2%, a sharp deceleration from the 5.2% rate recorded in 2024.

Swiss Re has reaffirmed its 2026 net income target of USD 4.5 billion. The first-quarter results, due on May 7, will provide the first major data point on whether the P&C segment can navigate the current margin erosion. This report will serve as an initial test of the company's strategy following the signals sent at the upcoming General Meeting.