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Munich Re, the world’s biggest reinsurer, said profit this year is expected to decline 9.1% as prices charged by the industry are in decline.

The estimate for net income this year of 3 billion euros ($4.2 billion) compares to profit before minorities of 3.3 billion euros in 2013, the Munich-based reinsurer said in a statement today. Munich Re also said it plans to buy back shares worth 1 billion euros before its 2015 shareholder meeting.

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