By Cecilia Butini

 

Munich Re AG said Tuesday that it would start a share buyback of up to 1 billion euros ($1.13 billion) and proposed a dividend increase.

The German reinsurer said the buyback will run from April 29, 2022 to May 5, 2023, at the latest, and that the amount corresponds to about 2.8% of the share capital, or 3.9 million own shares.

The repurchased shares will be retired, it added.

Rrgarding the dividend increase, the company said it will propose a EUR1.20 increase at the annual general meeting, which will increase the dividend to a total of EUR11 a share for 2021.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

February 22, 2022 08:04 ET (13:04 GMT)

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