February 16, 2017 / 6:22 PM / in 8 months

Allianz proposes share buyback up to 3 bln euros after Q4 profit jump

ZURICH, Feb 16 (Reuters) - Europe’s largest insurer Allianz on Thursday proposed a share buyback of up to 3 billion euros ($3.20 billion) after the Munich-based firm failed so far to pin down suitable deals to use cash it has set aside.

Allianz said it was proposing a dividend of 7.60 euros per share for 2016 after posting a 23 percent rise in fourth quarter net profit.

The 4.1 percent rise from the previous year’s dividend exceeded expectations for 7.44 euros in a Reuters poll. At 10.8 billlion euros, full year net profit beat forecasts. ($1 = 0.9386 euros) (Reporting by Andreas Cremer and Brenna Hughes Neghaiwi)

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