Munich Re Cuts Equity Exposure to 10 Pct--Paper

FRANKFURT (Reuters) - German reinsurer Munich Re (MUVGn.DE) has reduced its investment portfolio allocation to equities to just over 10 percent from over 30 percent in recent years, the Sueddeutsche Zeitung newspaper reported.

It quoted Munich Re's Chief Financial Officer Joerg Schneider as saying the company had reacted in a timely manner to the global financial crisis, which started with the U.S. subprime market meltdown halfway through last year.

"At the moment the equities allocation in our portfolio is hardly more than 10 percent. By comparison it was more than 30 percent several years ago," the newspaper quoted Schneider as saying in a preview received on Monday of an article due for publication in Tuesday's print edition.

The investment portfolio of Munich Re, the world's second-largest reinsurer, is worth 180 billion euros (US$260.6 billion).

(Reporting by Peter Starck; Editing by John Picinich)