LONDON, March 15 (Reuters) - German reinsurer Munich Re will buy back up to 1 billion euros ($1.06 billion) of its own shares by April 2018, as reinsurers struggle to put capital to work against a backdrop of falling prices.
The buyback of up to 11 million shares would be equivalent to 3.5 percent of its share capital based on the current price, the world’s biggest reinsurer said in a statement on Wednesday.
Munich Re had already released preliminary results for 2016 on Feb 7, including a proposed dividend of 8.60 euros per share, up four percent from a year earlier.
The reinsurer expects net profit of 2-2.4 billion euros in 2017, it said, down from 2.6 billion euros reported in 2016. ($1 = 0.9409 euros) (Reporting by Carolyn Cohn; Editing by Victoria Bryan)