Swiss Re AG - Major Shareholding Notification 2021

News Details

Corporate | 23 June 2021 07:00

Swiss Re reduces its shareholding in Phoenix by selling approximately 6.6% stake for GBP 437 million

EQS Group-News: Swiss Re Ltd / Key word(s): Disposal/Investment

23.06.2021 / 07:00

Zurich, 23 June 2021 – Swiss Re announced today that it has reduced its shareholding in Phoenix Group Holdings plc, acquired in the sale of ReAssure in 2020, by selling an approximately 6.6% stake for GBP 437 million through an accelerated bookbuilding process.

The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the Group’s overall investment strategy across equity and alternative investments. In connection with the sale, Phoenix gave its consent to Swiss Re to conduct this transaction prior to the expiry on 23 July 2021 of the lock-up arrangement agreed between the parties. The sale is expected to close on 25 June 2021.

It is currently estimated that the transaction will result in a low single-digit increase in the Group’s Swiss Solvency Test ratio. The impact of the transaction on Swiss Re’s US GAAP earnings is not expected to be significant.

Swiss Re has agreed to a lock-up arrangement in respect of its remaining stake of approximately 6.6% in Phoenix of 90 days following closing, subject to waiver, as is customary for such a trade. The remaining stake will continue to be marked to market in US GAAP earnings.

For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or [email protected] .

Please use this link to access the Swiss Re website.

Swiss Re

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

Cautionary note on forward-looking statements

Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website .

End of Media Release


Language:	English
Company:	Swiss Re Ltd
	Mythenquai 50/60
	8022 Zurich
	Switzerland
Phone:	+41 (0) 43 285 71 71
E-mail:	[email protected]
Internet:	www.swissre.com
ISIN:	CH0126881561
Valor:	12688156
Listed:	SIX Swiss Exchange
EQS News ID:	1210883