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Zurich Insurance to begin share buyback program on Nov. 21

Reuters
·1-min read
FILE PHOTO: The logo of Zurich Insurance is seen in Zurich

ZURICH (Reuters) - Switzerland's Zurich Insurance Group AG on Friday said it will launch its previously announced share buyback program on Nov. 21.

Europe's fifth-largest insurer said in August it intended to repurchase up to 1.8 billion Swiss francs ($1.89 billion) worth of shares.

The amount corresponded to a maximum of 4.15 million shares or a maximum of 2.76% of Zurich's registered share capital.

The buyback program, which Zurich Insurance said was for capital reduction purposes, will run until Dec. 29, 2023.

($1 = 0.9521 Swiss francs)

(Reporting by Noele Illien; Editing by Christopher Cushing)