Stock Analysis Report

Münchener Rückversicherungs-Gesellschaft

Executive Summary

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft engages in the insurance and reinsurance businesses worldwide.

Snowflake Analysis

6 star dividend payer and good value.

Similar Companies

Share Price & News

How has Münchener Rückversicherungs-Gesellschaft'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




DE Insurance


DE Market

1 Year Return




DE Insurance


DE Market

Return vs Industry: MUV2 exceeded the German Insurance industry which returned -17.1% over the past year.

Return vs Market: MUV2 exceeded the German Market which returned -17.7% over the past year.

Shareholder returns

7 Day17.5%15.7%9.9%
30 Day-21.4%-21.4%-16.6%
90 Day-31.0%-29.6%-24.8%
1 Year-10.6%-14.4%-14.6%-18.2%-15.0%-17.5%
3 Year13.4%-0.7%7.3%-5.7%-17.4%-24.5%
5 Year12.9%-9.7%20.8%-3.3%-16.6%-28.1%

Price Volatility Vs. Market

How volatile is Münchener Rückversicherungs-Gesellschaft's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Münchener Rückversicherungs-Gesellschaft undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: MUV2 (€181.4) is trading below our estimate of fair value (€507.67)

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 (9.6x) compared to the Insurance industry average (8.7x).

PE vs Market: MUV2 is good value based on its PE Ratio (9.6x) compared to the German market (16.4x).

Price to Earnings Growth Ratio

PEG Ratio: MUV2 is poor value based on its PEG Ratio (3.5x)

Price to Book Ratio

PB vs Industry: MUV2 is good value based on its PB Ratio (0.8x) compared to the DE Insurance industry average (0.8x).

Next Steps

Future Growth

How is Münchener Rückversicherungs-Gesellschaft forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MUV2's forecast earnings growth (2.7% per year) is above the savings rate (-0.4%).

Earnings vs Market: MUV2's earnings (2.7% per year) are forecast to grow slower than the German market (14.3% per year).

High Growth Earnings: MUV2's earnings are forecast to grow, but not significantly.

Revenue vs Market: MUV2's revenue is expected to decline over the next 3 years (-0.5% per year).

High Growth Revenue: MUV2's revenue is forecast to decline over the next 3 years (-0.5% 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 (9.9%).

Next Steps

Past Performance

How has Münchener Rückversicherungs-Gesellschaft performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MUV2 has high quality earnings.

Growing Profit Margin: MUV2's current net profit margins (4.7%) are higher than last year (4.5%).

Past Earnings Growth Analysis

Earnings Trend: MUV2's earnings have declined by -10.7% per year over the past 5 years.

Accelerating Growth: MUV2's earnings growth over the past year (17.9%) exceeds its 5-year average (-10.7% per year).

Earnings vs Industry: MUV2 earnings growth over the past year (17.9%) underperformed the Insurance industry 17.9%.

Return on Equity

High ROE: MUV2's Return on Equity (8.9%) is considered low.

Next Steps

Financial Health

How is Münchener Rückversicherungs-Gesellschaft's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: MUV2 has a low level of unsold assets or inventory.

Debt Coverage by Assets: MUV2's debt is covered by short term assets (assets are 6.4x debt).

Financial Institutions Analysis

Asset Level: MUV2's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if MUV2 has a sufficient allowance for bad loans.

Low Risk Liabilities: MUV2 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if MUV2 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MUV2 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if MUV2 has an appropriate level of bad loans.

Next Steps


What is Münchener Rückversicherungs-Gesellschaft's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: MUV2's dividend (5.4%) is higher than the bottom 25% of dividend payers in the German market (1.7%).

High Dividend: MUV2's dividend (5.4%) is in the top 25% of dividend payers in the German market (4.97%)

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 (51.7%), 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 (49.4% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Joachim Wenning (54yo)





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 ($USD6.24M) is about average for companies of similar size in the German market ($USD4.93M).

Compensation vs Earnings: Joachim's compensation has been consistent with company performance over the past year.

Leadership Team

Joachim Wenning
Chairman of the Management Board2.92yrs€5.63m0.0084% 2.1m
Christoph Jurecka
CFO & Member Management Board1.17yrs€3.29m0.0026% 658.2k
Torsten Jeworrek
Member of the Board of Management & CEO of Reinsurance Business16.42yrs€3.99m0.0029% 724.3k
Thomas Blunck
Member of the Board of Management14.42yrs€2.75m0.0032% 823.4k
Hermann Pohlchristoph
Member of the Board of Management2.92yrs€2.75m0.00016% 40.7k
Peter Röder
Head of GC/NA Division & Member of the Board of Management12.42yrs€2.73m0.0039% 998.8k
Doris Höpke
Head of Human Resources5.83yrs€2.73m0.0027% 693.8k
Markus Rieß
Member of the Board of Management4.5yrs€4.01m0.0024% 607.4k
Nicholas Gartside
Chief Investment Officer & Member of Management Board1yr€2.36mno data
Soobum Lee
Head of the Operationno datano datano data


Average Tenure


Average Age

Experienced Management: MUV2's management team is considered experienced (4.5 years average tenure).

Board Members

Hans-Jürgen Schinzler
Honorary Chairman of the Supervisory Board7.17yrsno datano data
Ann-Kristin Achleitner
Supervisory Board Member7.17yrs€222.50kno data
Frank Fassin
Supervisory Board Member10.92yrs€106.00kno data
Clement Booth
Supervisory Board Member3.92yrs€106.00kno data
Nikolaus von Bomhard
Chairman of the Supervisory Board0.92yr€282.75kno data
Maximilian Zimmerer
Supervisory Board Member2.67yrs€192.50kno data
Gerd Häusler
Supervisory Board Member5.92yrs€121.00kno data
Benita María Ferrero-Waldner
Supervisory Board Member10yrs€106.00kno data
Ursula Gather
Supervisory Board Member5.92yrs€106.00kno data
Anne Horstmann
Deputy Chairman of Supervisory Board0.92yr€175.08kno data


Average Tenure


Average Age

Experienced Board: MUV2's board of directors are considered experienced (5.9 years average tenure).


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's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
  • Ticker: MUV2
  • Exchange: XTRA
  • Founded: 1880
  • Industry: Reinsurance
  • Sector: Insurance
  • Market Cap: €25.414b
  • Shares outstanding: 140.10m
  • Website: https://www.munichre.com

Number of Employees


  • Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
  • Königinstrasse 107
  • Munich
  • Bavaria
  • 80802
  • Germany


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MURG.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 1992
MUV2DB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992
0KFELSE (London Stock Exchange)YesRegistered SharesGBEURJan 1992
MUV2BIT (Borsa Italiana)YesRegistered SharesITEURJan 1992
MUV2XTRA (XETRA Trading Platform)YesRegistered SharesDEEURJan 1992
MUV2DBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBEURJan 1992
MUVWBAG (Wiener Boerse AG)YesRegistered SharesATEURJan 1992
MUV2 NBMV (Bolsa Mexicana de Valores)YesRegistered SharesMXMXNJan 1992
MUV2SWX (SIX Swiss Exchange)YesRegistered SharesCHEURJan 1992
MUV2SWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
MEURVENXTBR (Euronext Brussels)YesRegistered SharesBEEURJan 1992
MUNICHREBUSE (Budapest Stock Exchange)YesRegistered SharesHUHUFJan 1992


Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft engages in the insurance and reinsurance businesses worldwide. It operates through five segments: Life and Health Reinsurance; Property-Casualty Reinsurance; ERGO Life and Health Germany; ERGO Property-Casualty Germany; and ERGO International. The company offers non-life reinsurance products for capital markets, cyber risks, financial lines and risks, natural catastrophes, natural hazards assessment network risks, aviation, space, capital partners, and agriculture and weather risk transfer. It also provides life reinsurance products related to automated underwriting, capital management, product development, retakaful, and risk management; and health reinsurance products, such as health-strategy, and medical underwriting and business analytics solutions, as well as risk insurance solutions for industrial firms and corporate clients. In addition, the company offers primary insurance products, including direct, life, property-casualty, health, legal expense, and travel insurance products under the ERGO Direkt, ERGO, DKV, D.A.S., and ERV brand names, as well as provides investment fund management services to private and institutional investors. It offers its insurance products to private, commercial, and industrial customers through various sales channels. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft was founded in 1880 and is based in Munich, Germany. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 21:33
End of Day Share Price2020/03/30 00:00
Annual Earnings2019/12/31

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.