Munich Re beat expectations

The second largest reinsurance group Munich Re (MUV2.DE) reported today better than expected earnings mainly because of new investments. They also announced buyback of its shares up to 2 mld. EUR.

EPS 4.35EUR, year ago was 4.20EUR. Net earnings is 959 mil EUR v. 776 mil EUR expected by analyst.

Munich Re increased target for EPS growth ,around 10% appreciation per year. Conmpany buy back 22 mil. shares till April 2008.

Munich Re is one of main leaders in my portfolio.