Reinsurance giant Munich Re is to buy back shares for a maximum total purchase price of €1 billion in the period between 30 April 2020 and, at the latest, the Annual General Meeting on 28 April 2021.
Returning capital is one way to reduce the drag excess can cause if there is an inadequate number of opportunities to deploy it profitably in the open marketplace.
On the basis of the current share price (as at 25 February 2020), this would amount to around
2.7% of the share capital and would correspond to around 3.9 million shares.
The own shares acquired under the 2019/2020 share buy-back programme in the period from
2 May 2019 to no later than the Company’s Annual General Meeting on 29 April 2020 are to be
retired.
The company recently released estimates that natural catastrophes caused global economic losses of $150 billion in 2019, of which $52 billion was covered by re/insurance.
