Munich Re Plans to Launch $1.62 Billion Buyback Program, Raise Dividend
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 andrea.figueras@wsj.com
(END) Dow Jones Newswires
February 26, 2024 13:41 ET (18:41 GMT)
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