Munich Re just kicked off their buyback program and honestly the capital return numbers are pretty solid. They're proposing a EUR24 dividend per share for 2025 and greenlighting up to EUR2.25 billion in share repurchases through next April. That proposed dividend alone shows they're feeling confident about the year.

Combined with the buyback, we're talking roughly EUR5.3 billion total going back to shareholders. The buyback actually started yesterday (April 29) so it's happening now through April 2027. Repurchased shares get retired after supervisory approval.

Not sure if reinsurance is on your radar but this kind of capital return is always a good signal that management thinks the stock is undervalued or they just have solid cash flow. Worth keeping an eye on if you follow European financials.