Annual General Meeting of Swiss National Insurance Company Ltd
(Thomson Reuters ONE) -
Nationale Suisse /
Annual General Meeting of Swiss National Insurance Company Ltd
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The Annual General Meeting of Swiss National Insurance Company Ltd was held
today in Basel. The shareholders agreed to a further increase in the dividend to
be distributed. All other proposals made by the Board of Directors were accepted
as well, while the 2011 compensation report was also approved in a consultative
vote. In line with the growth strategy pursued by Nationale Suisse, the
shareholders also voted in favour of the Board's proposal to renew the
authorised share capital. In addition, Stephan A. J. Bachmann was re-elected as
a member of the Board. Finally, the consistent strategy implementation in the
Multi-Channel Sales Switzerland Executive Board division was presented to the
shareholders, along with a cautiously optimistic outlook for 2012.
The Annual General Meeting of Swiss National Insurance Company Ltd was attended
by 210 shareholders, representing a total of 5 762 724 registered shares.
Including shares represented by proxy, a total of 9 307 498 votes were
represented, which corresponds to 67.95 % of voting shares and 42.21 % of total
share capital.
Another dividend increase approved
The shareholders agreed to the distribution of a cash dividend of CHF 1.80 per
share (previous year: CHF 1.50), which represents a further increase in the
dividend yield to 5.6 % (previous year: 4.6 %). This dividend increase not only
takes into account the outstanding results achieved in 2011 and Nationale
Suisse's strong capital base, but also the reserve release in the Non-Life
Switzerland segment. It therefore comprises a regular payout ratio of around 35
% (CHF 1.60) from the profit for the period excluding the reserve release as
well as a component of around 7 % (CHF 0.20) from the reserve release itself.
2011 reports approved
The shareholders approved the annual report, the annual financial statements,
the consolidated financial statements and the compensation report for 2011. The
latter was presented by the Board of Directors to the shareholders, who held a
consultative vote - for the second time now - and approved it with 96.4 %
(previous year: 95.0 %). The 2011 compensation report provides details on
corporate governance and explains the principles behind the compensation model
in place at Swiss National Insurance Company Ltd, including the relationship
between compensation and performance. The report also states the compensation
received by the members of the Board of Directors and the Executive Board as
required by the Swiss Code of Obligations. In addition, it details the
principles applied in 2011 for overall compensation of all the Group's
employees.
Agreement on the renewal of authorised share capital
In order to press ahead with the growth strategy that it has adopted, which is
geared towards strengthening profitable specialty lines and differentiation
according to target groups, Nationale Suisse needs a sufficient amount of free
reign from a financial perspective. The Board of Directors therefore proposed a
renewal of authorised share capital at its current amount of CHF 2.8 million and
under the current conditions. The shareholders agreed to this proposal.
Board member re-elected
The end of Stephan A. J. Bachmann's term as a member of the Board of Directors
coincided with the 2012 Annual General Meeting. He therefore stood for re-
election and was approved by the shareholders for a further three-year term of
office.
Successful market cultivation in Multi-Channel Sales Switzerland
The Annual General Meeting also provided an opportunity to inform shareholders
about the consistent implementation of the corporate strategy in the Multi-
Channel Sales Switzerland Executive Board division: in the Swiss domestic
market, the Nationale Suisse Group is aiming to create targeted differentiation
within its traditional standard business - driven forward by the cultivation of
carefully selected target groups. This strategy involves the successful
marketing of both the retail and SME product portfolio with ranges designed for
specific target groups and the specialty lines solutions either via the
company's own sales teams, brokers and cooperation partners or directly incl.
online, depending on customer behaviour and requirements. The insurance company
is present on the market with the established brands Nationale Suisse, European
Travel Insurance and smile.direct.
Remaining cautiously optimistic for 2012
Hans Künzle, CEO of Nationale Suisse, expressed a sense of cautious optimism to
the shareholders for the current financial year: "In view of the unpredictable
economic and investment situation, the forecasts for the financial year are
clouded in a great deal of uncertainty. The market remains as challenging as
ever, yet the conditions are in place to enable us to achieve pleasing Group
results in 2012 too."
Brief profile
Nationale Suisse is an innovative, international and independent Swiss insurance
group providing first-rate risk and pension solutions in non-life and life
business as well as a growing number of tailored specialty lines products.
Consolidated gross premiums came to CHF 1.5 billion in 2011. The Group comprises
the parent company and about 20 subsidiaries and branch offices for focused
product lines in Switzerland, Italy, Spain, Germany, Belgium, Liechtenstein,
Malaysia, Latin America and Turkey. The headquarters of Swiss National Insurance
Company Ltd are in Basel. Nationale Suisse is listed on the SIX Swiss Exchange
(NATN). On 31 December 2011, the Group employed 1 874 staff (full-time
equivalents).
Information
Remo Meier Nationale Suisse
Investor Relations Steinengraben 41
Phone +41 61 275 22 45 4003 Basel
Fax +41 61 275 22 21 Switzerland
remo.meier(at)nationalesuisse.com www.nationalesuisse.com/investor-
relations
Christina Hartmann Nationale Suisse
Media Relations Steinengraben 41
Phone +41 61 275 23 40 4003 Basel
Fax +41 61 275 22 21 Switzerland
christina.hartmann(at)nationalesuisse.com www.nationalesuisse.com/media-
relations
Key dates
Publication of the interim report 2012 05.09.2012
Media conference to announce interim
financial results at Widder Hotel, 05.09.2012
Zurich
Financial analysts' conference at 05.09.2012
Widder Hotel, Zurich
Disclaimer and exclusion of liability
The purpose of this press release is to inform the public about certain events
or developments arising from the company's business. The information published
in this article is not an advertisement, offer or recommendation to engage in
transactions involving securities or other products of Nationale Suisse or any
other type of transaction. This press release may contain certain forward-
looking statements. Even if these forward-looking statements reflect the
opinion and expectations of Nationale Suisse, a number of risks, uncertainties
and other important factors may lead to actual developments and results
differing strongly from the expectations of Nationale Suisse. It is pointed out
expressly that the statements and projections contained in this press release
are selective in nature. Nationale Suisse provides no guarantee, either
explicitly or implicitly, regarding the accuracy and completeness of the
statements and forecasts published in this press release. Neither Nationale
Suisse nor its executive bodies or senior managers accept any liability for any
damage or losses arising directly or indirectly from the use of this press
release. Unless otherwise provided by applicable binding law Nationale Suisse
is under no obligation to update or amend the statements contained in this press
release, be it in response to new information, future events or any other
reasons.
Updated post-publication information is available on our website
www.nationalesuisse.com. You may find further details and forecasts about the
business of Nationale Suisse there.
Press Release Annual General Meeting 2012:
http://hugin.info/100296/R/1610849/512320.pdf
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Source: Nationale Suisse via Thomson Reuters ONE
[HUG#1610849]
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2012 - 18:01 Uhr
Sprache: Deutsch
News-ID 145272
Anzahl Zeichen: 9847
contact information:
Town:
Basel
Kategorie:
Business News
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