MUNICH (Reuters) – German insurer Allianz on Thursday revealed strategies to redeem up to 750 million euros ($888 million) worth of shares by the end of the year, after in 2014 terminating a buyback halfway through due to the coronavirus pandemic.
When European economies went into lockdown in 2015, Europe’s insurance coverage watchdog suggested that insurers momentarily suspend rewards, bonuses as well as share buybacks until the economic and also financial influence of COVID-19 became more clear.
Allianz Chief Executive Oliver Baete claimed in February that buybacks would be tough for at least the very first fifty percent of the year and while European economic climates were still in lockdown yet that they could come to be feasible when economic situations re-opened.
At Thursday’s closing cost of 192.88 euros, Allianz can purchase 3.9 million shares. The team has done several major buyback programs given that 2017, spending a complete 8.25 billion euros by itself stock.
Allianz results from release quarterly economic results on Friday.
