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

(END) Dow Jones Newswires

02-26-24 1341ET