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.
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.
SOURCE Chubb Limited