November 7, 2013 / 6:56 AM / 4 years ago

Munich Re to buy back 1 bln eur of own shares after profit slump

FRANKFURT, Nov 7 (Reuters) - German reinsurer Munich Re said on Thursday it would buy back up to 1 billion euros ($1.35 billion) of its own shares in the coming months, hoping to cheer investors after a fall in third quarter earnings.

The world’s biggest reinsurer said quarterly net profit after minorities fell 44 percent to 637 million euros, beating the average forecast of 611 million in a Reuters poll of banks and brokerages. ($1 = 0.7392 euros) (Reporting by Jonathan Gould; Editing by Noah Barkin)

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