Press Release

Annual General Meeting of Swiss National Insurance Company Ltd

10.5.2012

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).

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.

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