Euler Hermes announces the cancellation of 2,700,542 of its own shares following the buyback of shares from Allianz Vie

PARIS – 23 MAY 2016  Euler Hermes Group (« Euler Hermes » or the « Company ») (ELE:PA)  cancelled today 2,200,000 shares repurchased from Allianz Vie on 18 May 2016, together with 500,542 treasury shares it already held. i.e. a total of 2,700,542 shares representing approximatively 6.33% of the shares of the Company post cancellation. 

Following the sale of Allianz Vie's shares and the cancellation by the Company of 2,700,542 shares, the Allianz Group's shareholding was reduced from 67.8% to 63% of the Euler Hermes share capital and voting rights. 

The repurchase and subsequent cancellation of shares are accretive to the earnings per share (about 5.6%), and the dividend per share (about 6.3%). The proposed Euler Hermes dividend would be increased to EUR 4.68 per share since the number of shares composing the share capital of the Company has been reduced. The dividend increase is subject to the vote of shareholders at the annual general meeting that will take place on 25 May 2016 in Paris.

An amendment will be submitted to the shareholders during the 2016 annual general meeting to reflect the modification of the dividend per share.