Munich Re has recorded a €982 million ($1.62 billion) first-quarter profit, but plans to do a lot more to please its shareholders.

CEO Nicholas von Bomhard says a new Munich Re program called “Changing Gear” will spend more than €5 billion ($8.29 billion) over the next few years in share buy-backs and increase dividend payments.

Even an indicated full-year profit of up to €3.2 ($5.31 billion) won’t be enough for Mr von Bomhard. Over the next three years he plans to increase earnings per share by more than 10% a year.

“To this end, processes and structures will be streamlined so that opportunities for profitable growth can be exploited more decisively,” he said. “Changing Gear is our response to the challenges and opportunities in our market, the global market of risks.

“Munich Re wants to be the most profitable reinsurer worldwide. As a primary insurer, we intend to exploit business segments and markets with major growth potential, particularly abroad.”

Dr von Bomhard says Munich Re braced for a €600 million ($990 million) one-off hit from winter storm Kyrill in Europe, but the losses were lower than expected. Total losses in the first three months were €450 million ($742 million) before tax, with €390 million ($643 million) in reinsurance and about €60 million ($99 million) in primary insurance.

Gross written premiums were steady at €10.2 billion ($16.8 billion).