By Andrea Figueras
Munich Re said that it intends to buy back up to 1.5 billion euros ($1.62 billion) worth of shares and proposed an increased dividend for 2023.
The German reinsurer said Monday that the buyback–which is subject to the approval of the praesidium and the sustainability committee of the supervisory board–will run from April 26 until the company’s annual general meeting on April 30 2025 at latest.
The Bavarian company’s management board also proposed a dividend for 2023 of EUR15 a share, up from EUR11.60 a share a year earlier, an increase of 29.3%. The current dividend yields 2.75% based on Monday’s closing price of EUR421.50. The proposed dividend would yield 3.56% based on Monday’s stock price.
The dividend payment is subject to the resolution of the annual general meeting, it said, adding that its capital repatriation will amount to a total of EUR3.5 billion.
Write to Andrea Figueras at [email protected]
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