Executive Summary
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. More Details
Rewards
Risk Analysis
Snowflake Analysis
6 star dividend payer with adequate balance sheet.
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's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
-3.4%
MUV2
-5.0%
DE Insurance
-6.9%
DE Market
1 Year Return
-20.3%
MUV2
-27.9%
DE Insurance
-7.4%
DE Market
Return vs Industry: MUV2 exceeded the German Insurance industry which returned -27.9% over the past year.
Return vs Market: MUV2 underperformed the German Market which returned -7.4% over the past year.
Shareholder returns
| MUV2 | Industry | Market | |
|---|---|---|---|
| 7 Day | -3.4% | -5.0% | -6.9% |
| 30 Day | -10.1% | -8.7% | -7.8% |
| 90 Day | -11.5% | -13.4% | -4.9% |
| 1 Year | -16.6%-20.3% | -23.9%-27.9% | -4.4%-7.4% |
| 3 Year | 17.3%2.7% | -3.3%-15.9% | -9.5%-17.5% |
| 5 Year | 39.0%10.7% | 27.5%1.1% | 12.4%-3.7% |
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
2 weeks ago | Simply Wall St
Is Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München's (ETR:MUV2) Recent Performancer Underpinned By Weak Financials?Valuation
Is Münchener Rückversicherungs-Gesellschaft in München undervalued compared to its fair value and its price relative to the market?
48.1%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MUV2 (€199.95) is trading below our estimate of fair value (€385.05)
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 (14.9x) compared to the DE Insurance industry average (9.4x).
PE vs Market: MUV2 is good value based on its PE Ratio (14.9x) compared to the German market (21.3x).
Price to Earnings Growth Ratio
PEG Ratio: MUV2 is poor value based on its PEG Ratio (1x)
Price to Book Ratio
PB vs Industry: MUV2's PB Ratio (0.9x) 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?
14.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MUV2's forecast earnings growth (14.8% per year) is above the savings rate (0.2%).
Earnings vs Market: MUV2's earnings (14.8% per year) are forecast to grow slower than the German market (26% per year).
High Growth Earnings: MUV2's earnings are forecast to grow, but not significantly.
Revenue vs Market: MUV2's revenue (3.6% per year) is forecast to grow slower than the German market (5.9% per year).
High Growth Revenue: MUV2's revenue (3.6% 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 (10.1%).
Next Steps
Past Performance
How has Münchener Rückversicherungs-Gesellschaft in München performed over the past 5 years?
-8.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MUV2 has high quality earnings.
Growing Profit Margin: MUV2's current net profit margins (3.3%) are lower than last year (4.4%).
Past Earnings Growth Analysis
Earnings Trend: MUV2's earnings have declined by 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 (-20.5%) over the past year, making it difficult to compare to the Insurance industry average (-12.4%).
Return on Equity
High ROE: MUV2's Return on Equity (6.3%) 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 (€35.2B) do not cover its short term liabilities (€88.6B).
Long Term Liabilities: MUV2's short term assets (€35.2B) do not cover its long term liabilities (€176.0B).
Debt to Equity History and Analysis
Debt Level: MUV2's debt to equity ratio (12.2%) is considered satisfactory.
Reducing Debt: MUV2's debt to equity ratio has reduced from 15.6% to 12.2% over the past 5 years.
Debt Coverage: MUV2's debt is well covered by operating cash flow (222.1%).
Interest Coverage: MUV2's interest payments on its debt are well covered by EBIT (8.4x coverage).
Balance Sheet
Next Steps
Dividend
What is Münchener Rückversicherungs-Gesellschaft in München current dividend yield, its reliability and sustainability?
4.90%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MUV2's dividend (4.9%) is higher than the bottom 25% of dividend payers in the German market (1.28%).
High Dividend: MUV2's dividend (4.9%) is in the top 25% of dividend payers in the German market (3.89%)
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 reasonable payout ratio (72.9%), MUV2's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MUV2's dividends in 3 years are forecast to be well covered by earnings (47.6% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
5.1yrs
Average management tenure
CEO
Joachim Wenning (55 yo)
3.5yrs
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 ($USD6.62M) is about average for companies of similar size in the German market ($USD5.24M).
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 | 3.5yrs | €5.63m | 0.0084% € 2.4m | |
| CFO & Member Management Board | 1.75yrs | €3.29m | 0.0026% € 734.8k | |
| Member of the Board of Management & CEO of Reinsurance Business | 17yrs | €3.99m | 0.0029% € 808.5k | |
| Member of the Board of Management | 15yrs | €2.75m | 0.0032% € 919.2k | |
| Head of GC/NA Division & Member of the Board of Management | 13yrs | €2.73m | 0.0039% € 1.1m | |
| Labour Relations Director & Member of the Board of Management | 6.42yrs | €2.73m | 0.0027% € 774.5k | |
| Member of the Board of Management | 5.08yrs | €4.01m | 0.0024% € 678.0k | |
| Chief Investment Officer & Member of Management Board | 1.58yrs | €2.36m | no data | |
| Head of the Operation | no data | no data | no data | |
| Member of Management Board | 0.42yr | 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 |
5.1yrs
Average Tenure
54.5yo
Average Age
Experienced Management: MUV2's management team is seasoned and experienced (5.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Honorary Chairman of the Supervisory Board | 7.75yrs | no data | no data | |
| Independent Supervisory Board Member | 7.75yrs | €222.50k | no data | |
| Independent Supervisory Board Member | 11.5yrs | €106.00k | no data | |
| Independent Supervisory Board Member | 4.5yrs | €106.00k | no data | |
| Independent Chairman of the Supervisory Board | 1.5yrs | €282.75k | no data | |
| Independent Supervisory Board Member | 3.25yrs | €192.50k | no data | |
| Independent Supervisory Board Member | 6.5yrs | €121.00k | no data | |
| Independent Supervisory Board Member | 10.67yrs | €106.00k | no data | |
| Independent Supervisory Board Member | 6.5yrs | €151.25k | no data | |
| Independent Supervisory Board Member | 6.5yrs | €106.00k | no data | |
| Independent Deputy Chairman of Supervisory Board | 1.5yrs | €175.08k | no data | |
| Independent Supervisory Board Member | 6.5yrs | €106.00k | no data |
6.5yrs
Average Tenure
63yo
Average Age
Experienced Board: MUV2's board of directors are considered experienced (6.5 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: €28.370b
- 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) | UNSPONSORED ADR | US | USD | Oct 2008 | |
| MUVB | DB (Deutsche Boerse AG) | UNSPONSORED ADR | 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 | 2020/10/28 21:41 |
| End of Day Share Price | 2020/10/28 00:00 |
| Earnings | 2020/06/30 |
| 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.