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Munich Re continues buying back shares amid falling profit

Munich Re will continue buying back shares as declining prices and lower investment income undermine earnings.

By Oliver Suess, Bloomberg | Updated on March 11, 2015
The main building of Munich Re's headquarters in Munich, southern Germany. (AP Photo/Christof Stache)

(Bloomberg) — 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.

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