Executive Summary
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. More Details
Rewards
Risk Analysis
Snowflake Analysis
Established dividend payer and fair value.
Similar Companies
Share Price & News
How has Münchener Rückversicherungs-Gesellschaft in München's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MUV2 is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 6% a week.
Volatility Over Time: MUV2's weekly volatility (6%) has been stable over the past year.
Market Performance
7 Day Return
-1.2%
MUV2
-1.5%
DE Insurance
-1.2%
DE Market
1 Year Return
-12.6%
MUV2
-12.4%
DE Insurance
2.3%
DE Market
Return vs Industry: MUV2 matched the German Insurance industry which returned -12.4% over the past year.
Return vs Market: MUV2 underperformed the German Market which returned 2.3% over the past year.
Shareholder returns
| MUV2 | Industry | Market | |
|---|---|---|---|
| 7 Day | -1.2% | -1.5% | -1.2% |
| 30 Day | -3.1% | 0.2% | 1.8% |
| 90 Day | 12.6% | 17.2% | 8.5% |
| 1 Year | -8.5%-12.6% | -7.6%-12.4% | 5.6%2.3% |
| 3 Year | 41.1%23.6% | 20.1%4.5% | 3.6%-5.5% |
| 5 Year | 71.9%37.0% | 70.7%35.4% | 41.3%21.3% |
Long-Term Price Volatility Vs. Market
How volatile is Münchener Rückversicherungs-Gesellschaft in München's share price compared to the market and industry in the last 5 years?
Simply Wall St News
20 hours ago | Simply Wall St
Can Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München's (ETR:MUV2) Weak Financials Pull The Plug On The Stock's Current Momentum On Its Share Price?3 weeks ago | Simply Wall St
A Look At Münchener Rückversicherungs-Gesellschaft in München's (ETR:MUV2) CEO RemunerationValuation
Is Münchener Rückversicherungs-Gesellschaft in München undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MUV2 (€237.5) is trading below our estimate of fair value (€506.33)
Significantly Below Fair Value: MUV2 is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MUV2 is poor value based on its PE Ratio (27.4x) compared to the DE Insurance industry average (12.2x).
PE vs Market: MUV2 is poor value based on its PE Ratio (27.4x) compared to the German market (23.9x).
Price to Earnings Growth Ratio
PEG Ratio: MUV2 is good value based on its PEG Ratio (0.9x)
Price to Book Ratio
PB vs Industry: MUV2's PB Ratio (1.1x) is in line with the DE Insurance industry average.
Next Steps
Future Growth
How is Münchener Rückversicherungs-Gesellschaft in München forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?
31.3%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MUV2's forecast earnings growth (31.3% per year) is above the savings rate (0.07%).
Earnings vs Market: MUV2's earnings (31.3% per year) are forecast to grow faster than the German market (25.1% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: MUV2's revenue (3.2% per year) is forecast to grow slower than the German market (5.9% per year).
High Growth Revenue: MUV2's revenue (3.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MUV2's Return on Equity is forecast to be low in 3 years time (10.5%).
Next Steps
Past Performance
How has Münchener Rückversicherungs-Gesellschaft in München performed over the past 5 years?
-7.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MUV2 has high quality earnings.
Growing Profit Margin: MUV2's current net profit margins (2.1%) are lower than last year (5%).
Past Earnings Growth Analysis
Earnings Trend: MUV2's earnings have declined by 7.8% per year over the past 5 years.
Accelerating Growth: MUV2's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MUV2 had negative earnings growth (-55.9%) over the past year, making it difficult to compare to the Insurance industry average (-23.4%).
Return on Equity
High ROE: MUV2's Return on Equity (4.1%) is considered low.
Next Steps
Financial Health
How is Münchener Rückversicherungs-Gesellschaft in München's financial position?
Financial Position Analysis
Short Term Liabilities: MUV2's short term assets (€34.5B) do not cover its short term liabilities (€85.3B).
Long Term Liabilities: MUV2's short term assets (€34.5B) do not cover its long term liabilities (€181.0B).
Debt to Equity History and Analysis
Debt Level: MUV2's debt to equity ratio (16.5%) is considered satisfactory.
Reducing Debt: MUV2's debt to equity ratio has increased from 15.8% to 16.5% over the past 5 years.
Debt Coverage: MUV2's debt is well covered by operating cash flow (164.5%).
Interest Coverage: MUV2's interest payments on its debt are well covered by EBIT (7x coverage).
Balance Sheet
Next Steps
Dividend
What is Münchener Rückversicherungs-Gesellschaft in München current dividend yield, its reliability and sustainability?
4.13%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MUV2's dividend (4.13%) is higher than the bottom 25% of dividend payers in the German market (1.02%).
High Dividend: MUV2's dividend (4.13%) is in the top 25% of dividend payers in the German market (3.51%)
Stability and Growth of Payments
Stable Dividend: MUV2's dividends per share have been stable in the past 10 years.
Growing Dividend: MUV2's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (113.1%), MUV2's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MUV2's dividends in 3 years are forecast to be well covered by earnings (45.3% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
4.5yrs
Average management tenure
CEO
Joachim Wenning (55 yo)
3.75yrs
Tenure
€5,627,356
Compensation
Dr. Joachim Wenning joined Münchener Rückversicherungs-Gesellschaft AG (“Munich Re”) in 1991, where he worked until early 1997 as a treaty specialist with technical responsibility for life reinsurance clie...
CEO Compensation Analysis
Compensation vs Market: Joachim's total compensation ($USD6.80M) is about average for companies of similar size in the German market ($USD5.38M).
Compensation vs Earnings: Joachim's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman of the Management Board | 3.75yrs | €5.63m | 0.0084% € 2.8m | |
| CFO & Member Management Board | 2yrs | €3.29m | 0.0026% € 862.5k | |
| Member of the Board of Management & CEO of Reinsurance Business | 17.25yrs | €3.99m | 0.0029% € 949.1k | |
| Member of the Board of Management | 15.25yrs | €2.75m | 0.0032% € 1.1m | |
| Labour Relations Director & Member of the Board of Management | 6.67yrs | €2.73m | 0.0027% € 909.1k | |
| Member of the Board of Management | 5.33yrs | €4.01m | 0.0024% € 795.9k | |
| Chief Investment Officer & Member of Management Board | 1.83yrs | €2.36m | no data | |
| Head of the Operation | no data | no data | no data | |
| Member of Management Board | 0.67yr | no data | no data | |
| Chief Underwriter | no data | no data | no data | |
| Head of Investor & Rating Agency Relations | no data | no data | no data | |
| Head of Group Communications | no data | no data | no data |
4.5yrs
Average Tenure
54yo
Average Age
Experienced Management: MUV2's management team is considered experienced (4.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Honorary Chairman of the Supervisory Board | 8yrs | no data | no data | |
| Independent Supervisory Board Member | 8yrs | €222.50k | no data | |
| Independent Supervisory Board Member | 11.75yrs | €106.00k | no data | |
| Independent Supervisory Board Member | 4.75yrs | €106.00k | no data | |
| Independent Chairman of the Supervisory Board | 1.75yrs | €282.75k | no data | |
| Independent Supervisory Board Member | 3.5yrs | €192.50k | no data | |
| Independent Supervisory Board Member | 6.75yrs | €121.00k | no data | |
| Independent Supervisory Board Member | 10.92yrs | €106.00k | no data | |
| Independent Supervisory Board Member | 6.75yrs | €151.25k | no data | |
| Independent Supervisory Board Member | 6.75yrs | €106.00k | no data | |
| Independent Deputy Chairman of Supervisory Board | 1.75yrs | €175.08k | no data | |
| Independent Supervisory Board Member | 6.75yrs | €106.00k | no data |
6.8yrs
Average Tenure
63yo
Average Age
Experienced Board: MUV2's board of directors are considered experienced (6.8 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
- Ticker: MUV2
- Exchange: XTRA
- Founded: 1880
- Industry: Reinsurance
- Sector: Insurance
- Market Cap: €33.302b
- Shares outstanding: 140.10m
- Website: https://www.munichre.com
Number of Employees
Location
- Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
- Königinstrasse 107
- Munich
- Bavaria
- 80802
- Germany
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MURG.F | OTCPK (Pink Sheets LLC) | Yes | Registered Shares | US | USD | Jan 1992 |
| MUV2 | DB (Deutsche Boerse AG) | Yes | Registered Shares | DE | EUR | Jan 1992 |
| 0KFE | LSE (London Stock Exchange) | Yes | Registered Shares | GB | EUR | Jan 1992 |
| MUV2 | BIT (Borsa Italiana) | Yes | Registered Shares | IT | EUR | Jan 1992 |
| MUV2 | XTRA (XETRA Trading Platform) | Yes | Registered Shares | DE | EUR | Jan 1992 |
| MUV2D | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Registered Shares | GB | EUR | Jan 1992 |
| MUV | WBAG (Wiener Boerse AG) | Yes | Registered Shares | AT | EUR | Jan 1992 |
| MUV2 N | BMV (Bolsa Mexicana de Valores) | Yes | Registered Shares | MX | MXN | Jan 1992 |
| MUV2 | SWX (SIX Swiss Exchange) | Yes | Registered Shares | CH | CHF | Jan 1992 |
| MEURV | ENXTBR (Euronext Brussels) | Yes | Registered Shares | BE | EUR | Jan 1992 |
| MUNICHRE | BUSE (Budapest Stock Exchange) | Yes | Registered Shares | HU | HUF | Jan 1992 |
| MURG.Y | OTCPK (Pink Sheets LLC) | UNSP ADR EACH REPR 0.10 ORD | US | USD | Oct 2008 | |
| MUVB | DB (Deutsche Boerse AG) | UNSP ADR EACH REPR 0.10 ORD | DE | EUR | Oct 2008 |
Biography
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. It operates through five segments: Life and Health Reinsurance; Propert...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/01/18 19:48 |
| End of Day Share Price | 2021/01/18 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.