March 20, 2014 / 6:57 AM / 3 years ago

Munich Re to buy back own shares, sees drop in 2014 profit

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MUNICH, March 20 (Reuters) - Munich Re said it would buy back up to 1 billion euros ($1.39 billion) of its own shares by April 23, 2015 after forecasting net profit would fall to 3 billion euros in 2014 amid low interest rates and tough reinsurance price competition.

"We are aiming for a consolidated result of 3 billion euros in 2014," Chief Executive Nikolaus von Bomhard said in a statement, adding that the goal was ambitious given rock bottom interest rates and an expected higher tax rate relative to 2013, when it earned net profit of 3.3 billion. ($1 = 0.7189 Euros) (Reporting by Jonathan Gould; Editing by Thomas Atkins)

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