BUSE:MUNICHRE

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Münchener Rückversicherungs-Gesellschaft

Executive Summary

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


Snowflake Analysis

Established 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: MUNICHRE has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

MUNICHRE

-1.1%

HU Insurance

-2.8%

HU Market


1 Year Return

n/a

MUNICHRE

-18.3%

HU Insurance

-15.6%

HU Market

Return vs Industry: Insufficient data to determine how MUNICHRE performed against the Hungarian Insurance industry.

Return vs Market: Insufficient data to determine how MUNICHRE performed against the Hungarian Market.


Shareholder returns

MUNICHREIndustryMarket
7 Day0%-1.1%-2.8%
30 Day0.8%2.8%-5.3%
90 Day30.2%9.8%5.1%
1 Yearn/a-13.6%-18.3%-15.2%-15.6%
3 Yearn/a1.7%-12.7%2.4%-3.8%
5 Yearn/a18.3%-8.3%67.2%49.0%

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

No news available

Valuation

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

28.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MUNICHRE (HUF82000) is trading below our estimate of fair value (HUF114159.24)

Significantly Below Fair Value: MUNICHRE is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MUNICHRE is poor value based on its PE Ratio (14.5x) compared to the XE Insurance industry average (9.6x).

PE vs Market: MUNICHRE is good value based on its PE Ratio (14.5x) compared to the Hungarian market (15x).


Price to Earnings Growth Ratio

PEG Ratio: MUNICHRE is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: MUNICHRE is overvalued based on its PB Ratio (1.1x) compared to the XE Insurance industry average (1x).


Next Steps

Future Growth

How is Münchener Rückversicherungs-Gesellschaft forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

18.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MUNICHRE's forecast earnings growth (18% per year) is above the savings rate (1.6%).

Earnings vs Market: MUNICHRE's earnings (18% per year) are forecast to grow slower than the Hungarian market (18.2% per year).

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

Revenue vs Market: MUNICHRE's revenue (3.2% per year) is forecast to grow slower than the Hungarian market (5.1% per year).

High Growth Revenue: MUNICHRE'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: MUNICHRE's Return on Equity is forecast to be low in 3 years time (10.7%).


Next Steps

Past Performance

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

-8.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MUNICHRE has high quality earnings.

Growing Profit Margin: MUNICHRE's current net profit margins (4.1%) are higher than last year (4%).


Past Earnings Growth Analysis

Earnings Trend: MUNICHRE's earnings have declined by -8.8% per year over the past 5 years.

Accelerating Growth: MUNICHRE's earnings growth over the past year (9.2%) exceeds its 5-year average (-8.8% per year).

Earnings vs Industry: MUNICHRE earnings growth over the past year (9.2%) underperformed the Insurance industry 10%.


Return on Equity

High ROE: MUNICHRE's Return on Equity (7.9%) is considered low.


Next Steps

Financial Health

How is Münchener Rückversicherungs-Gesellschaft's financial position?


Financial Position Analysis

Short Term Liabilities: MUNICHRE's short term assets (€38.9B) do not cover its short term liabilities (€85.5B).

Long Term Liabilities: MUNICHRE's short term assets (€38.9B) do not cover its long term liabilities (€178.0B).


Debt to Equity History and Analysis

Debt Level: MUNICHRE's debt to equity ratio (13%) is considered satisfactory.

Reducing Debt: MUNICHRE's debt to equity ratio has reduced from 13.8% to 13% over the past 5 years.

Debt Coverage: MUNICHRE's debt is well covered by operating cash flow (250.1%).

Interest Coverage: MUNICHRE's interest payments on its debt are well covered by EBIT (10.1x coverage).


Balance Sheet


Next Steps

Dividend

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

4.17%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MUNICHRE's dividend (4.17%) is higher than the bottom 25% of dividend payers in the Hungarian market (2.43%).

High Dividend: MUNICHRE's dividend (4.17%) is low compared to the top 25% of dividend payers in the Hungarian market (7.42%).


Stability and Growth of Payments

Stable Dividend: MUNICHRE's dividends per share have been stable in the past 10 years.

Growing Dividend: MUNICHRE's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (60.4%), MUNICHRE's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MUNICHRE's dividends in 3 years are forecast to be covered by earnings (50.2% payout ratio).


Next Steps

Management

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

4.8yrs

Average management tenure


CEO

Joachim Wenning (55yo)

3.25yrs

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 ($USD6.41M) is above average for companies of similar size in the Hungarian market ($USD4.05M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Joachim Wenning
Chairman of the Management Board3.25yrs€5.63m0.0084% 966.1m
Christoph Jurecka
CFO & Member Management Board1.5yrs€3.29m0.0026% 298.9m
Torsten Jeworrek
Member of the Board of Management & CEO of Reinsurance Business16.75yrs€3.99m0.0029% 329.0m
Thomas Blunck
Member of the Board of Management14.75yrs€2.75m0.0032% 374.0m
Peter Röder
Head of GC/NA Division & Member of the Board of Management12.75yrs€2.73m0.0039% 453.6m
Doris Höpke
Labour Relations Director & Member of the Board of Management6.17yrs€2.73m0.0027% 315.1m
Markus Rieß
Member of the Board of Management4.83yrs€4.01m0.0024% 275.9m
Nicholas Gartside
Chief Investment Officer & Member of Management Board1.33yrs€2.36mno data
Soobum Lee
Head of the Operationno datano datano data
Achim Kassow
Member of Management Board0.17yrno datano data
Christian Becker-Hussong
Head of Investor & Rating Agency Relationsno datano datano data
Andreas Lampersbach
Head of Group Communicationsno datano datano data

4.8yrs

Average Tenure

54.5yo

Average Age

Experienced Management: MUNICHRE's management team is considered experienced (4.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hans-Jürgen Schinzler
Honorary Chairman of the Supervisory Board7.5yrsno datano data
Ann-Kristin Achleitner
Independent Supervisory Board Member7.5yrs€222.50kno data
Frank Fassin
Independent Supervisory Board Member11.25yrs€106.00kno data
Clement Booth
Independent Supervisory Board Member4.25yrs€106.00kno data
Nikolaus von Bomhard
Independent Chairman of the Supervisory Board1.25yrs€282.75kno data
Maximilian Zimmerer
Independent Supervisory Board Member3yrs€192.50kno data
Gerd Häusler
Independent Supervisory Board Member6.25yrs€121.00kno data
Benita María Ferrero-Waldner
Independent Supervisory Board Member10.42yrs€106.00kno data
Ulrich Plottke
Independent Supervisory Board Member6.25yrs€151.25kno data
Ursula Gather
Independent Supervisory Board Member6.25yrs€106.00kno data
Anne Horstmann
Independent Deputy Chairman of Supervisory Board1.25yrs€175.08kno data
Gabriele Sinz-Toporzysek
Independent Supervisory Board Member6.25yrs€106.00kno data

6.3yrs

Average Tenure

63yo

Average Age

Experienced Board: MUNICHRE's board of directors are considered experienced (6.3 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's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
  • Ticker: MUNICHRE
  • Exchange: BUSE
  • Founded: 1880
  • Industry: Reinsurance
  • Sector: Insurance
  • Market Cap: €32.447b
  • Listing Market Cap: €11.542t
  • Shares outstanding: 140.10m
  • Website: https://www.munichre.com

Number of Employees


Location

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

Listings

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
MURG.YOTCPK (Pink Sheets LLC)UNSP ADR EACH REPR 0.10 ORDUSUSDOct 2008
MUVBDB (Deutsche Boerse AG)UNSP ADR EACH REPR 0.10 ORDDEEUROct 2008

Biography

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 cyber risks, natural catastrophes, natural hazards assessment network risks, aviation, space and satellite, and agriculture and weather risk transfer. It also provides life reinsurance products related to capital management, data analysis, product development, digital underwriting, medical risk, and health reinsurance products, 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 brand name. 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 Analysis2020/07/14 21:25
End of Day Share Price2020/06/30 00:00
Earnings2020/03/31
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.