(Bloomberg) -- German reinsurance giant Munich Re announced plans to return about €3.5 billion ($3.8 billion) to shareholders through a new buyback program and an increased dividend.

The Munich-based company intends to repurchase as much as €1.5 billion of its stock, it said in a statement Monday. The buyback program starts in April and runs through April next year at the latest. 

The company is also proposing a dividend of €15 per share for 2023, up from €11.60 in the prior year. 

Munich Re in October raised its profit target for 2023 to €4.5 billion, up from an earlier guidance of €4 billion, as lower-than-expected claims helped push earnings in the third quarter past analysts’ estimates. The firm aims to increase earnings this year to €5 billion, it said in December.

Insurer Allianz SE last week announced a new share buyback of as much as €1 billion as Chief Executive Officer Oliver Baete has made returning money to shareholders a priority.

Munich Re is scheduled to publish full-year earnings on Tuesday.

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