ZURICH, May 19, 2022
/PRNewswire/ -- Chubb Limited (NYSE: CB) announced today that at
its 2022 Annual General Meeting, held at the company's offices in
Zurich, Switzerland, shareholders
approved a 3.75% increase in the company's dividend to $3.32 per share annually ($0.83 per share, per quarter) from $3.20 per share ($0.80 per share, per quarter). This marks the
twenty-ninth consecutive annual increase in the company's
dividend.
The dividend will be payable out of legal reserves in four
quarterly installments and will be made in United States dollars by the company's
transfer agent, as described in the Chubb Limited 2022 proxy
statement. The company's Board of Directors declared that
shareholders of record at the close of business on June 17, 2022, will be entitled to payment of the
first installment of $0.83 per share
on July 8, 2022.
The Board also announced authorization of a new share repurchase
program of up to $2.5 billion through June 30, 2023.
The company's existing share repurchase authorization will remain
effective through June 30, 2022 and,
while effective, would be used before the share repurchase program
authorized today. The timing and volume of any share repurchases
under this authorization will be determined by management at its
discretion and pursuant to the company's capital management
strategy.
Share repurchases, which are subject to market conditions, other
business considerations and applicable legal requirements, may be
made in the open market, in privately negotiated transactions,
block trades, accelerated repurchases and/or through option or
other forward transactions.
Shareholders approved all agenda items submitted by management
and rejected a non-binding shareholder proposal seeking limitations
on insuring new fossil fuel supplies. Shareholders approved a
non-binding shareholder proposal regarding the preparation of a
report regarding greenhouse gas emissions associated with the
company's insuring and investment activities. With respect to
this resolution, the company currently provides extensive
disclosure regarding climate issues, including an annual report
aligned with the Task Force on Climate-Related Financial
Disclosures reporting framework; a publicly disclosed Climate
Change Policy; and an extensive Environment and Climate Change
website. These disclosures and others include detailed discussion
regarding the company's commitment to accelerating the
transition to a net-zero economy through its underwriting,
investment, risk management and philanthropic actions; the
company's specific underwriting and investment limitations on coal
and oil sands; and the company's analysis concerning the challenges
in developing a scientifically sound methodology for measuring the
greenhouse gas emissions of its entire global client base. The
Board and management will consider what additional reporting will
be appropriate in response to the shareholder proposal. The
Board and management respect and value input from the
company's shareholders and look forward to continued
engagement on climate issues.
About Chubb
Chubb is the world's largest
publicly traded property and casualty insurance company. With
operations in 54 countries and territories, Chubb provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients. As an underwriting
company, we assess, assume and manage risk with insight and
discipline. We service and pay our claims fairly and promptly. The
company is also defined by its extensive product and service
offerings, broad distribution capabilities, exceptional financial
strength and local operations globally. Parent company Chubb
Limited is listed on the New York Stock Exchange (NYSE: CB) and is
a component of the S&P 500 index. Chubb maintains executive
offices in Zurich, New York, London, Paris
and other locations, and employs approximately 31,000 people
worldwide. Additional information can be found
at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Forward-looking statements
made in this press release, such as statements regarding dividends
or share repurchases, and our expectations and intentions and other
statements that are not historical facts, reflect the company's
current views with respect to future events and are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and
uncertainties, which may cause actual results to differ materially
from those set forth in these statements. For example, payment
of scheduled or future dividends could be affected by extraordinary
company events or capital constraints or similar factors that could
require the company to adjust, delay or withhold dividend payments.
Additional information regarding factors that could cause
differences from these forward-looking statements appears in the
company's filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made.
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SOURCE Chubb Limited