Loading...

Münchener Rückversicherungs-Gesellschaft

BUSE:MUNICHRE
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MUNICHRE
BUSE
€32B
Market Cap
  1. Home
  2. HU
  3. Insurance
Company description

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft engages in the insurance and reinsurance businesses worldwide. The last earnings update was 49 days ago. More info.


Add to Portfolio Compare Print
MUNICHRE Share Price and Events
7 Day Returns
6.9%
BUSE:MUNICHRE
-0.1%
Europe Insurance
-2.3%
HU Market
1 Year Returns
-
BUSE:MUNICHRE
10%
Europe Insurance
10.5%
HU Market
MUNICHRE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Münchener Rückversicherungs-Gesellschaft (MUNICHRE) 6.9% 6.9% 6.9% - - -
Europe Insurance -0.1% 3.1% 4.4% 10% 40.2% 26.5%
HU Market -2.3% -2.3% -5.8% 10.5% 48.4% 103.1%
1 Year Return vs Industry and Market
  • No trading data on MUNICHRE.
  • No trading data on MUNICHRE.
Price Volatility
MUNICHRE
Industry
5yr Volatility vs Market

MUNICHRE Value

 Is Münchener Rückversicherungs-Gesellschaft undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Münchener Rückversicherungs-Gesellschaft to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Münchener Rückversicherungs-Gesellschaft.

BUSE:MUNICHRE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 18 analysts.
= Stable Book Value * Return on Equity
= €201.68 * 10.4%
€20.96
Book Value of Equity per Share Weighted future Book Value estimates from 11 analysts. €201.68
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year HU Government Bond Rate 3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BUSE:MUNICHRE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HU Govt Bond Rate 3%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.689 (1 + (1- 30%) (12.92%))
0.834
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.96% + (0.834 * 5.96%)
7.93%

Discounted Cash Flow Calculation for BUSE:MUNICHRE using Excess Returns Model Model

The calculations below outline how an intrinsic value for Münchener Rückversicherungs-Gesellschaft is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BUSE:MUNICHRE Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.4% – 7.93%) * €201.68)
€4.97
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €4.97 / (7.93% - 2.96%)
€100.12
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €201.68 + €100.12
€301.8
BUSE:MUNICHRE Discount to Share Price
Calculation Result
Value per share (HUF) From above. HUF98,951.45
Current discount Discount to share price of HUF73,000.00
= -1 x (HUF73,000.00 - HUF98,951.45) / HUF98,951.45
26.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Münchener Rückversicherungs-Gesellschaft is available for.
Intrinsic value
26%
Share price is HUF73000 vs Future cash flow value of HUF98951.45
Current Discount Checks
For Münchener Rückversicherungs-Gesellschaft to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Münchener Rückversicherungs-Gesellschaft's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Münchener Rückversicherungs-Gesellschaft's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Münchener Rückversicherungs-Gesellschaft's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Münchener Rückversicherungs-Gesellschaft's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BUSE:MUNICHRE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €14.35
DB:MUV2 Share Price ** DB (2019-06-21) in EUR €222.8
Europe Insurance Industry PE Ratio Median Figure of 67 Publicly-Listed Insurance Companies 13.62x
Hungary Market PE Ratio Median Figure of 25 Publicly-Listed Companies 11.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Münchener Rückversicherungs-Gesellschaft.

BUSE:MUNICHRE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= DB:MUV2 Share Price ÷ EPS (both in EUR)

= 222.8 ÷ 14.35

15.52x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Münchener Rückversicherungs-Gesellschaft is overvalued based on earnings compared to the Europe Insurance industry average.
  • Münchener Rückversicherungs-Gesellschaft is overvalued based on earnings compared to the Hungary market.
Price based on expected Growth
Does Münchener Rückversicherungs-Gesellschaft's expected growth come at a high price?
Raw Data
BUSE:MUNICHRE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.52x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts
5.8%per year
Europe Insurance Industry PEG Ratio Median Figure of 54 Publicly-Listed Insurance Companies 2.01x

*Line of best fit is calculated by linear regression .

BUSE:MUNICHRE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.52x ÷ 5.8%

2.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Münchener Rückversicherungs-Gesellschaft is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Münchener Rückversicherungs-Gesellschaft's assets?
Raw Data
BUSE:MUNICHRE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €198.61
DB:MUV2 Share Price * DB (2019-06-21) in EUR €222.8
Europe Insurance Industry PB Ratio Median Figure of 73 Publicly-Listed Insurance Companies 1.33x
Hungary Market PB Ratio Median Figure of 28 Publicly-Listed Companies 1.82x
BUSE:MUNICHRE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= DB:MUV2 Share Price ÷ Book Value per Share (both in EUR)

= 222.8 ÷ 198.61

1.12x

* Primary Listing of Münchener Rückversicherungs-Gesellschaft.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Münchener Rückversicherungs-Gesellschaft is good value based on assets compared to the Europe Insurance industry average.
X
Value checks
We assess Münchener Rückversicherungs-Gesellschaft's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Münchener Rückversicherungs-Gesellschaft has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MUNICHRE Future Performance

 How is Münchener Rückversicherungs-Gesellschaft expected to perform in the next 1 to 3 years based on estimates from 18 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Münchener Rückversicherungs-Gesellschaft expected to grow at an attractive rate?
  • Münchener Rückversicherungs-Gesellschaft's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • Münchener Rückversicherungs-Gesellschaft's earnings growth is expected to exceed the Hungary market average.
  • Münchener Rückversicherungs-Gesellschaft's revenue growth is positive but not above the Hungary market average.
Annual Growth Rates Comparison
Raw Data
BUSE:MUNICHRE Future Growth Rates Data Sources
Data Point Source Value (per year)
BUSE:MUNICHRE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 18 Analysts 5.8%
BUSE:MUNICHRE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 18 Analysts 2.3%
Europe Insurance Industry Earnings Growth Rate Market Cap Weighted Average 8.7%
Europe Insurance Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Hungary Market Earnings Growth Rate Market Cap Weighted Average 5%
Hungary Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BUSE:MUNICHRE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BUSE:MUNICHRE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,074
2022-12-31 57,879 3,037 1
2021-12-31 52,544 2,939 8
2020-12-31 51,485 2,805 13
2019-12-31 50,357 2,609 13
BUSE:MUNICHRE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 53,321 2,116
2018-12-31 52,184 2,998 2,310
2018-09-30 53,076 3,001 2,585
2018-06-30 53,499 2,475 642
2018-03-31 54,344 647
2017-12-31 55,826 1,833 375
2017-09-30 55,418 336
2017-06-30 55,877 2,166 2,459
2017-03-31 57,117 2,704
2016-12-31 55,656 2,975 2,580
2016-09-30 55,656 2,817
2016-06-30 55,128 3,754 2,652

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Münchener Rückversicherungs-Gesellschaft's earnings are expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
  • Münchener Rückversicherungs-Gesellschaft's revenue is expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BUSE:MUNICHRE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below

All data from Münchener Rückversicherungs-Gesellschaft Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BUSE:MUNICHRE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 23.24 25.07 21.40 2.00
2022-12-31 22.58 23.88 20.90 3.00
2021-12-31 21.65 23.23 19.55 13.00
2020-12-31 19.88 20.70 18.46 18.00
2019-12-31 18.04 22.28 17.11 19.00
BUSE:MUNICHRE Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 14.35
2018-12-31 15.53
2018-09-30 17.23
2018-06-30 4.24
2018-03-31 4.24
2017-12-31 2.43
2017-09-30 2.16
2017-06-30 15.67
2017-03-31 17.07
2016-12-31 16.13
2016-09-30 17.44
2016-06-30 16.26

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Münchener Rückversicherungs-Gesellschaft is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Münchener Rückversicherungs-Gesellschaft's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Münchener Rückversicherungs-Gesellschaft has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MUNICHRE Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Münchener Rückversicherungs-Gesellschaft's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Münchener Rückversicherungs-Gesellschaft's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Münchener Rückversicherungs-Gesellschaft's 1-year earnings growth exceeds its 5-year average (227% vs -19.3%)
  • Münchener Rückversicherungs-Gesellschaft's earnings growth has exceeded the Europe Insurance industry average in the past year (227% vs 5.5%).
Earnings and Revenue History
Münchener Rückversicherungs-Gesellschaft's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Münchener Rückversicherungs-Gesellschaft Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BUSE:MUNICHRE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 53,321.00 2,116.00 12,601.00
2018-12-31 52,184.00 2,310.00 12,587.00
2018-09-30 53,076.00 2,585.00 12,443.00
2018-06-30 53,499.00 642.00 12,218.00
2018-03-31 54,344.00 647.00 12,259.00
2017-12-31 55,826.00 375.00 12,186.00
2017-09-30 55,418.00 336.00 12,185.00
2017-06-30 55,877.00 2,459.00 12,273.00
2017-03-31 57,117.00 2,704.00 12,327.00
2016-12-31 55,656.00 2,580.00 12,295.00
2016-09-30 55,656.00 2,817.00 12,362.00
2016-06-30 55,128.00 2,652.00 12,280.00
2016-03-31 55,446.00 2,747.00 12,288.00
2015-12-31 56,668.00 3,107.00 12,367.00
2015-09-30 55,764.00 3,104.00 12,404.00
2015-06-30 55,384.00 3,317.00 12,379.00
2015-03-31 54,349.00 3,006.00 12,341.00
2014-12-31 53,766.00 3,152.00 11,951.00
2014-09-30 53,015.00 3,612.00 11,709.00
2014-06-30 54,408.00 3,510.00 11,502.00
2014-03-31 54,828.00 3,277.00 11,902.00
2013-12-31 55,385.00 3,304.00 12,364.00
2013-09-30 58,383.00 2,589.00 12,480.00
2013-06-30 59,136.00 3,088.00 12,977.00
2013-03-31 59,168.00 3,371.00 12,504.00
2012-12-31 59,750.00 3,188.00 12,562.00
2012-09-30 59,719.00 3,345.00 658.00
2012-06-30 57,980.00 2,501.00 432.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Münchener Rückversicherungs-Gesellschaft has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Münchener Rückversicherungs-Gesellschaft used its assets less efficiently than the Europe Insurance industry average last year based on Return on Assets.
  • Münchener Rückversicherungs-Gesellschaft's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Münchener Rückversicherungs-Gesellschaft's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Münchener Rückversicherungs-Gesellschaft has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MUNICHRE Health

 How is Münchener Rückversicherungs-Gesellschaft's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Münchener Rückversicherungs-Gesellschaft's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Münchener Rückversicherungs-Gesellschaft's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Münchener Rückversicherungs-Gesellschaft's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Münchener Rückversicherungs-Gesellschaft's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 6.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Münchener Rückversicherungs-Gesellschaft Company Filings, last reported 2 months ago.

BUSE:MUNICHRE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 28,990.00 4,151.00 5,505.00
2018-12-31 26,500.00 4,655.00 7,180.00
2018-09-30 27,117.00 2,742.00 4,217.00
2018-06-30 26,899.00 2,743.00 4,238.00
2018-03-31 27,191.00 3,072.00 4,468.00
2017-12-31 28,198.00 3,669.00 5,202.00
2017-09-30 27,771.00 3,078.00 4,005.00
2017-06-30 30,139.00 3,095.00 4,194.00
2017-03-31 32,160.00 4,507.00 3,988.00
2016-12-31 31,784.00 4,938.00 5,753.00
2016-09-30 32,354.00 4,522.00 6,982.00
2016-06-30 32,013.00 4,579.00 9,424.00
2016-03-31 31,793.00 4,628.00 7,169.00
2015-12-31 30,965.00 5,158.00 6,327.00
2015-09-30 30,045.00 4,734.00 6,620.00
2015-06-30 30,699.00 4,787.00 5,699.00
2015-03-31 34,753.00 4,794.00 5,902.00
2014-12-31 30,289.00 5,138.00 5,208.00
2014-09-30 29,259.00 4,696.00 5,440.00
2014-06-30 27,672.00 4,654.00 5,232.00
2014-03-31 27,393.00 4,625.00 4,798.00
2013-12-31 26,188.00 5,134.00 5,074.00
2013-09-30 25,867.00 5,546.00 6,120.00
2013-06-30 25,650.00 5,604.00 5,880.00
2013-03-31 28,620.00 6,668.00 5,893.00
2012-12-31 27,439.00 6,256.00 5,848.00
2012-09-30 27,124.00 5,784.00 5,156.00
2012-06-30 25,371.00 5,760.00 5,370.00
  • Münchener Rückversicherungs-Gesellschaft's level of debt (14.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (16.9% vs 14.3% today).
  • Debt is well covered by operating cash flow (72.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.9x coverage).
X
Financial health checks
We assess Münchener Rückversicherungs-Gesellschaft's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Münchener Rückversicherungs-Gesellschaft has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MUNICHRE Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.15%
Current annual income from Münchener Rückversicherungs-Gesellschaft dividends. Estimated to be 4.58% next year.
If you bought HUF2,000 of Münchener Rückversicherungs-Gesellschaft shares you are expected to receive HUF83 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Münchener Rückversicherungs-Gesellschaft's pays a higher dividend yield than the bottom 25% of dividend payers in Hungary (2.28%).
  • Münchener Rückversicherungs-Gesellschaft's dividend is below the markets top 25% of dividend payers in Hungary (5.67%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BUSE:MUNICHRE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 18 Analyst Estimates (S&P Global) See Below
Europe Insurance Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 4.8%
Hungary Market Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3%
Hungary Minimum Threshold Dividend Yield 10th Percentile 1.9%
Hungary Bottom 25% Dividend Yield 25th Percentile 2.3%
Hungary Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BUSE:MUNICHRE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 5.95 2.00
2022-12-31 11.73 3.00
2021-12-31 11.10 16.00
2020-12-31 10.32 23.00
2019-12-31 9.66 23.00
BUSE:MUNICHRE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-20 9.250 4.269
2018-02-06 8.600 4.539
2017-03-20 8.600 4.726
2016-02-04 8.250 4.890
2015-02-05 7.750 4.404
2014-03-19 7.250 4.558
2013-02-05 7.000 4.730
2012-08-08 6.250 4.920
2012-08-07 6.250 5.303
2012-03-14 6.250 5.733
2012-01-16 6.250 5.932
2011-04-20 6.250 6.487
2010-02-02 5.750 5.212
2009-01-02 5.500 5.384
2008-11-07 5.500 5.079

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Münchener Rückversicherungs-Gesellschaft's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Münchener Rückversicherungs-Gesellschaft's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Münchener Rückversicherungs-Gesellschaft afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Münchener Rückversicherungs-Gesellschaft has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MUNICHRE Management

 What is the CEO of Münchener Rückversicherungs-Gesellschaft's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joachim Wenning
COMPENSATION €5,625,649
AGE 53
TENURE AS CEO 2.2 years
CEO Bio

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 clients in Germany. Parallel to this, Dr. Wenning wrote his doctoral thesis, for which he was awarded the designation of Dr. oec. publ. in 1995. At the beginning of 1997, Dr. Wenning transferred to the Group company Hamburg-Mannheimer Versicherungs-AG in Hamburg for two and a half years, during which time he implemented a number of strategic projects to realign marketing and sales. Following his return from Hamburg, Dr. Wenning headed the department "Life Reinsurance Latin America, Southern Europe and the Middle East" from mid-2000 onwards, with responsibility for life reinsurance business in these areas. Following his appointment in May 2005 to the position of CEO of New Re, Geneva, Dr. Wenning took over responsibility for the company's strategic development, with an expanded mandate for financial solutions in life and health reinsurance and for financial institutions business. Dr. Wenning has been a Member of the Board of Management of Munich Re since January 2009. From January 2009 to January 2017, he was responsible for the Life Division and from October 2013 until April 2017 he was also responsible for the Human Resources division and held the position of Labour Relations Director. Dr. Wenning was appointed as the Chairman of the Board of Management in April 2017. He serves as Chair of ERGO Group AG, Düsseldorf. He obtained a degree in economics at the University of Munich.

CEO Compensation
  • Joachim's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Insufficient data for Joachim to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Münchener Rückversicherungs-Gesellschaft management team in years:

3.8
Average Tenure
52
Average Age
  • The tenure for the Münchener Rückversicherungs-Gesellschaft management team is about average.
Management Team

Joachim Wenning

TITLE
Chairman of the Management Board
COMPENSATION
€6M
AGE
53
TENURE
2.2 yrs

Torsten Jeworrek

TITLE
Member of the Board of Management & CEO of Reinsurance Business
COMPENSATION
€4M
AGE
57
TENURE
15.7 yrs

Thomas Blunck

TITLE
Member of the Board of Management
COMPENSATION
€3M
AGE
53
TENURE
13.7 yrs

Hermann Pohlchristoph

TITLE
Member of the Board of Management
COMPENSATION
€3M
AGE
52
TENURE
2.2 yrs

Peter Röder

TITLE
Head of GC/NA Division & Member of the Board of Management
COMPENSATION
€3M
AGE
58
TENURE
11.7 yrs

Doris Höpke

TITLE
Head of Human Resources
COMPENSATION
€3M
AGE
52
TENURE
5.1 yrs

Markus Rieß

TITLE
Member of the Board of Management
COMPENSATION
€4M
AGE
52
TENURE
3.8 yrs

Christoph Jurecka

TITLE
CFO & Member Management Board
AGE
44
TENURE
0.4 yrs

Nick Gartside

TITLE
Chief Investment Officer & Member of Management Board
AGE
43
TENURE
0.3 yrs

Christian Becker-Hussong

TITLE
Head of Investor & Rating Agency Relations
Board of Directors Tenure

Average tenure and age of the Münchener Rückversicherungs-Gesellschaft board of directors in years:

5.2
Average Tenure
63
Average Age
  • The tenure for the Münchener Rückversicherungs-Gesellschaft board of directors is about average.
Board of Directors

Nikolaus von Bomhard

TITLE
Chairman of the Supervisory Board
COMPENSATION
€3M
AGE
62
TENURE
0.2 yrs

Anne Horstmann

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€150K
AGE
48
TENURE
0.2 yrs

Hans-Jürgen Schinzler

TITLE
Honorary Chairman of the Supervisory Board
AGE
78
TENURE
6.4 yrs

Ann-Kristin Achleitner

TITLE
Supervisory Board Member
COMPENSATION
€182K
AGE
52
TENURE
6.4 yrs

Max Zimmerer

TITLE
Supervisory Board Member
COMPENSATION
€96K
AGE
60
TENURE
1.9 yrs

Clem Booth

TITLE
Supervisory Board Member
COMPENSATION
€96K
AGE
64
TENURE
3.2 yrs

Frank Fassin

TITLE
Supervisory Board Member
COMPENSATION
€96K
AGE
59
TENURE
10.2 yrs

Benita Ferrero-Waldner

TITLE
Supervisory Board Member
COMPENSATION
€96K
AGE
70
TENURE
9.3 yrs

Ursula Gather

TITLE
Supervisory Board Member
COMPENSATION
€96K
AGE
65
TENURE
5.2 yrs

Gerd Häusler

TITLE
Supervisory Board Member
COMPENSATION
€111K
AGE
67
TENURE
5.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HUF) Value (HUF)
X
Management checks
We assess Münchener Rückversicherungs-Gesellschaft's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Münchener Rückversicherungs-Gesellschaft has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MUNICHRE News

Simply Wall St News

MUNICHRE Company Info

Description

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.

Details
Name: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
MUNICHRE
Exchange: BUSE
Founded: 1880
€10,395,762,223,496
144,243,610
Website: http://www.munichre.com
Address: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
Königinstrasse 107,
Munich,
Bavaria, 80802,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
DB MUV2 Registered Shares Deutsche Boerse AG DE EUR 02. Jan 1992
OTCPK MURG.F Registered Shares Pink Sheets LLC US USD 02. Jan 1992
XTRA MUV2 Registered Shares XETRA Trading Platform DE EUR 02. Jan 1992
LSE 0KFE Registered Shares London Stock Exchange GB EUR 02. Jan 1992
SWX MUV2 Registered Shares SIX Swiss Exchange CH EUR 02. Jan 1992
SWX MUV2 Registered Shares SIX Swiss Exchange CH CHF 02. Jan 1992
ENXTBR MEURV Registered Shares Euronext Brussels BE EUR 02. Jan 1992
BIT MUV2 Registered Shares Borsa Italiana IT EUR 02. Jan 1992
WBAG MUV Registered Shares Wiener Boerse AG AT EUR 02. Jan 1992
BUSE MUNICHRE Registered Shares Budapest Stock Exchange HU HUF 02. Jan 1992
BMV MUV2 N Registered Shares Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BATS-CHIXE MUV2D Registered Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK MURG.Y UNSP ADR EACH REPR 0.10 ORD Pink Sheets LLC US USD 13. Oct 2008
DB MUVB UNSP ADR EACH REPR 0.10 ORD Deutsche Boerse AG DE EUR 13. Oct 2008
Number of employees
Current staff
Staff numbers
40,722
Münchener Rückversicherungs-Gesellschaft employees.
Industry
Reinsurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 22:44
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/06/25
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.