MUNICH (Reuters) – Munich Re on Tuesday raised the prospect of buying back its own shares, saying it had achieved a degree of profitability that was hard to plough back into the business.
The world's biggest reinsurer said it aimed to earn close to 3 billion euros ($4 billion) this year, after unusually low damage claims and strong investment gains helped it beat expectations in 2012.
"We are hardly able to put to work the kind of capital that we are generating at the this level of profitability," Chief Executive Nikolaus von Bomhard told a news conference.
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