FILE PHOTO: The company logo of German reinsurer Munich Re is seen before the company's annual news conference in Munich, Germany, March 16, 2016. REUTERS/Michaela Rehle/File Photo MUNICH (Reuters) - Munich Re expects net profit in 2019 to rise by around 200 million euros to 2.5 billion euros ($2.84 billion), the reinsurer said on Tuesday. Analysts expect more than 2.6 billion euros. The company expects profit will increase further to 2.8 billion euros by 2020. The reinsurer also announced that it would buy back up to 1 billion euros in its own shares. In February, Munich Re reported a 56 percent decline in net profit in the fourth quarter after a spate of natural catastrophes. Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Arno Schuetze
Munich Re has forecast a group net profit of about €2.5bn ($2.84bn) for 2019. In its outlook for the year, the German reinsurer also revealed it expects profits to rise to €2.8bn next year and that it will buy back up to €1bn in its own shares. The company said on Tuesday that it would cut costs by cutting staff numbers from around 10,000 at present levels down to between 5,000 and 6,000.