Allianz launches €1bn share buy-back programme
Allianz has revealed plans to buy back some €1 billion in shares in a move that reflects the tough market conditions in many of its sectors and also suggest it will not be seeking any large acquisitions.
The programme shall start on July 4, 2018 and be finalized by September 30, 2018. Allianz will cancel all repurchased shares, it said.
The initiative does not come as a surprise after its annual shareholders meeting in May in which its CEO warned of the tough conditions the insurer was facing including political uncertainly, over capacity and volatile financial markets.
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