Swiss Re executives are seeing higher pay after insurers return to profitability, but shareholders have to be satisfied with the same dividend.
After a Corona induced net loss of $878 million in 2020, Swiss Re reported net income of $1.437 billion in 2021, resulting in earnings per share of 4.52 versus a loss of 2.97 in 2020, the re-insurer said in its annual report for 2021.
As result of the better performance, executives saw their pay increase. CEO Christian Mummenthaler's salary increased to 7.12 million Swiss francs ($7.8 million) in 2021 from 6.07 million francs the year before. Chairman of the board Sergio Ermotti was paid 2.62 million in 2021 when he joined the firm in April. For the coming period, he will be paid 3.8 million francs. A nice raise, but still a far cry from the 13.3 million he made at UBS.
Executive Committee
Desipte one fewer member, the 14 members of the executive committee saw the pay pool increase to 49.3 million francs from 45.0 million francs in 2020.
Dividend Flat
While the executives are pocketing more money, shareholders will have to be satisifed with a dividend of 5.90 Swiss francs per share for 2021, the same as the previous year.
