Warren Buffett reduces his shareholding in Munich Re

Warren Buffett reduces his shareholding in Munich Re

The FINANCIAL -- By a voting rights notification dated 28 September 2015, Berkshire Hathaway Inc. and National Indemnity Company stated that their shareholdings in Munich Re have fallen below the threshold of 10% of voting rights and have been reduced to 9.7%. Previously, these companies controlled directly or indirectly by Warren Buffett held around 12% of the share capital of Munich Re.

The companies have held more than 10% of the shares in Munich Re since October 2010. When the shares were purchased, Buffett said that the investment was being held for the purpose of generating trading profits, according to Munich Re.

Jörg Schneider, Chief Financial Officer of Munich Re, explained: “We are pleased that Warren Buffett has been a significant shareholder for many years. In the 135-year history of our business, we have often seen changes to our shareholder structure. Most of our shareholders now come from countries other than Germany, and the percentage of private investors has increased strongly. Most of our shareholders are long-term investors who have been with us for years. In the future, we will also ensure that our shareholder community remains spread over many countries and different investor groups.”

Munich Re has distributed dividends of over €6bn since 2010. In addition, in the period from May 2010 up to the Annual General Meeting in April 2015 Munich Re bought back shares totalling around €3bn. The current share buy-back programme is intended to buy back shares worth up to a further €1bn before the Annual General Meeting in April 2016.