Code that's in production use is proven.
Conventional wisdom is that you can always improve your code, but sometimes it's already as good as it will get. I'll only rewrite code if I find I can improve it considerably. I always try to write the cleanest, best code possible, and I think I do a pretty good job at it.
Though I have been thinking that if someone competing with someone I'd already been paid to deliver code for, they could ask for (almost) the same exact features, possibly giving them a competitive advantage. I could obviously decline, but where to draw the line would be iffy.
For context, my situation is special in that I do contractual work, and all of my code remains my intellectual property, so it's all unquestionably legal. I do tell clients that I reuse my code often, though I don't go on a monologue about it. All code is written by me. This is more a question on "if you could, would you?".