Swiss Re Global Tax Policy 2024

Swiss Re’s Global Tax Policy, annually reviewed in accordance with company review cycle, is to comply with international tax guidelines and all applicable tax laws and obligations in each country in which we operate. We seek to drive value through expert, commercially focused tax insights considering tax as part of business decisions. We manage our tax affairs in a responsible manner, whilst fulfilling our commitment as a corporate citizen and satisfying our professional and ethical obligations.

At Swiss Re, we are committed to being an open, honest and transparent organisation that treats all stakeholders with respect and integrity. We are committed as a corporate citizen to protecting shareholder value all while adhering to the letter and spirit of the law. Our tax principles follow this commitment.

We are a responsible taxpayer. Our approach to tax and transfer pricing are guided by international tax standards (including OECD Guidelines). We are committed to paying tax in the jurisdiction in which value is created in accordance with the arm’s length principle.

We are compliant with all tax laws. Our positions taken in all our tax returns must be supported by relevant tax law, recognising that tax law can at times be subject to different interpretations. Where there is any doubt about the interpretation of the law, all our communication with the respective tax authority will be open and transparent.

We follow tax rulings. We may seek tax rulings from tax authorities to provide certainty to our tax positions. These will be based on full disclosure of all relevant facts and documents required to support our tax positions.
 

We are committed to delivering a sustainable tax transparency strategy and have adopted measures in accordance with our guiding tax principles. This includes our obligations to: 

Responsibly manage our tax affairs and protect shareholder value 

• We align our tax behaviour with our Group’s Code of Conduct, with our overarching corporate values and with our professional and ethical responsibilities.
• We conduct our tax affairs in compliance with all legal requirements and maintain open and transparent communications with tax authorities.
• We ensure our tax compliance is timely, efficient and accurate and we provide sufficient detail which enables tax authorities to form an accurate view of our company’s affairs in each jurisdiction where we operate. This includes monitoring updates and changes to tax legislation to assess the impact and ensure compliance with new rules.
• The Company provides assurance by independently auditing whether tax policies are adhered to, including periodic testing of tax compliance. The Company comes forward voluntarily to disclose and rectify tax errors in a timely manner.

Provide tax advisory services 

•    We provide tax advisory services to our business units and group functions. 
•    We communicate with key stakeholders and with audit and executive committees to ensure all tax issues are addressed and for significant tax uncertainty or complexity, we will seek professional tax advice.

Safeguard our reputation

•    We maintain a strong control environment and tax risk framework to ensure compliance with current tax laws and practices.  As per the bylaws of Swiss Re, annually, the Group's tax risk management and control framework is presented and approved by the Group Audit Committee.  
•    We provide continuous training to all relevant parties within the Group on tax matters relevant to their roles in managing changes in tax laws & regulations, tax compliance and tax risks to enhance tax risk understanding. 
•    We ensure tax risks throughout the organisation are identified, managed and communicated.

Lead in tax and tax transparency matters 

•    We do not use ‘Low or Nil rate’ jurisdictions to avoid tax. 
•    We publish our Global Tax Policy and our Tax Transparency Report on our external website.
•    We participate in established business and industry forums and provide insight to wider discussions around tax trends, tax legislation and tax transparency matters.

In addition to the tax-specific mandates, our team actively promotes a collaborative, efficient and dynamic work environment which retains and attracts the brightest talent. The roles and responsibilities of the tax function are clearly defined and are overseen by Head of Group Carrier Management & Tax.

Swiss Re Management Ltd, on behalf of Swiss Re and all Swiss Re’s UK tax resident companies, considers that the publication of the above Group Tax Strategy meets the duty under paragraph 19 of Schedule 19 to Finance Act 2016 for 2024.