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Munich Re Continues Share Buybacks Amid Falling Profit

Munich Re, the world’s biggest reinsurer, will continue buying back shares as declining prices and lower investment income undermine earnings.

Munich Re plans to repurchase an additional 1 billion euros ($1.1 billion) of its own shares before its 2016 shareholder meeting, it said in a statement Wednesday. That comes on top of a 1 billion-euro program ending in April. Net income will probably decline to a range of 2.5 billion euros to 3 billion euros this year, compared with 3.2 billion euros reported for 2014, the Munich-based reinsurer said.