Global reinsurer offering property, casualty, life and health risk coverage, with primary insurance operations through ERGO.
Profile & Fundamentals
Munich Re: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Munich Re Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. The company operates through six segments: Life and Health Reinsurance, Property-Casualty Reinsurance, Global Specialty Insurance, ERGO Life and Health Germany, ERGO Property-Casualty Germany, and ERGO International. The company offers life and health reinsurance solutions, such as digital underwriting and advanced analytics solutions, health insurance management system, financial market risks, financing, portfolio risk management, digitalized investment-linked solution, data analytics, underwriting and claims, medical research, capital management, and health market, as well as MIRA digital suite that includes MIRA PoS, MIRApply insured and physician, claims risk assessment, and CLARA plus. It also provides property and casualty reinsurance solutions, including agricultural reinsurance; business advisory, personal lines, portfolio management, insurance consulting, commercial motor consulting; infrastructure risk; property insurance, location risk, insurance linked securities, and NatCatSERVICE for natural catastrophe loss database; prospective structured and retroactive reinsurance; risk transfer; cyber; and data analytics, REALYTIX ZERO, and cert2go. In addition, the company offers solutions for industry clients, such as corporate risk, new tech, green tech, parametric, and aviation and space solutions, as well as risk services. Further, it provides specialty property casualty insurance, such as professional liability, marine, cyber, aviation, and space for commercial and private customers. Additionally, the company offers life, property-casualty, health, legal protection, and travel insurance products under the ERGO brand; and insurance solutions for agriculture, captive, epidemic, cyber, and renewable energy sectors. The company was founded in 1880 and is based in Munich, Germany.
Company profile record
Münchener Rück AG
Common Stock · Financials · Reinsurance
Company
- Company / asset
- Münchener Rück AG
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Reinsurance
- HQ
- 🇩🇪 Germany
- Head office
- Königinstrasse 107, Munich, Germany, 80802
Leadership & scale
- Chief executive
- Dr. Christoph Jurecka
- CEO year born
- 1974
- Full-time employees
- 44.6K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- EUR 64.8B
- P/E
- 9.4x
- Revenue (Q2 26)
- EUR 18.6B
- Profit (Q2 26)
- EUR 2.2B
- Dividend Yield
- 3.5%
- Revenue (FY 25)
- EUR 69.3B
- Shares in public float
- 125.8M
- Insider ownership
- 0%
Reporting & identifiers
- Symbol
- MUV2.XETRA
- Listing
- 🇩🇪 Germany | Dividend Tax: 26.38%
- Ticker Currency
- EUR
- Income Statement Currency
- EUR
- Balance Sheet Currency
- EUR
- Cash Flow Currency
- EUR
- EPS Currency
- EUR
- Contract Type
- SPOT
- ISIN
- DE0008430026
- Asset ID
- equity_0af2a148-6c81-5783-b2d1-59cb8b955df8
Ownership
Shares Outstanding
Latest: 126.6M | Max: 140.3M | Min: 126.6M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
99.41%
125.8M latest reported shares
Insider Ownership
0.00%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 140,277,800 |
| 2018-01-01 | 140,277,800 |
| 2019-01-01 | 140,277,800 |
| 2020-01-01 | 140,277,800 |
| 2021-01-01 | 140,098,900 |
| 2022-01-01 | 139,050,100 |
| 2023-01-01 | 134,599,800 |
| 2024-01-01 | 131,432,400 |
| 2025-01-01 | 127,961,900 |
| 2026-01-01 | 126,557,100 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's latest financial results demonstrate resilient profitability despite shrinking top-line sales. Management deliberately reduced full-year insurance revenue targets to 62 billion euros while maintaining its 6.3 billion euro net profit target, choosing to reject underpriced risk rather than chase volume. First-half net income reached nearly 4 billion euros, putting the business firmly on track to beat annual targets. This performance reveals that profit quality is structurally improving rather than riding a temporary wave. While property-casualty reinsurance margins normalized after an unusually quiet catastrophe season, recurring investment profits surged as bond portfolios turned over at higher interest rates. The financial trajectory shows a durable capital-compounding engine delivering return on equity above eighteen percent.
The company's latest financial results demonstrate resilient profitability despite shrinking top-line sales. Management deliberately reduced full-year insurance revenue targets to 62 billion euros while maintaining its 6.3 billion euro net profit target, choosing to reject underpriced risk rather than chase volume. First-half net income reached nearly 4 billion euros, putting the business firmly on track to beat annual targets. This performance reveals that profit quality is structurally improving rather than riding a temporary wave. While property-casualty reinsurance margins normalized after an unusually quiet catastrophe season, recurring investment profits surged as bond portfolios turned over at higher interest rates. The financial trajectory shows a durable capital-compounding engine delivering return on equity above eighteen percent.
Revenue, Net Income, and Free Cash Flow
Latest: EUR 69.3B | Max: EUR 70.5B | Min: EUR -7.6B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 12x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins have undergone a lasting structural upgrade following higher interest rates and tightened insurance contracts. Operating margins remain healthy above twelve percent, while return on equity consistently exceeds eighteen percent. Exceptional first-half combined ratios around sixty-eight percent reflected a temporary weather dividend, but normalized underwriting margins remain historically strong near eighty-two percent. This durability is supported by high contract deductibles that shield the company from routine minor storm claims, forcing primary insurers to absorb high-frequency losses. Simultaneously, investment yields climbing from 2.4% toward 4.3% provide an enduring profit cushion. This dual-engine structure ensures group profitability remains highly resilient even as catastrophe pricing naturally softens across commercial insurance markets.
Profitability margins have undergone a lasting structural upgrade following higher interest rates and tightened insurance contracts. Operating margins remain healthy above twelve percent, while return on equity consistently exceeds eighteen percent. Exceptional first-half combined ratios around sixty-eight percent reflected a temporary weather dividend, but normalized underwriting margins remain historically strong near eighty-two percent. This durability is supported by high contract deductibles that shield the company from routine minor storm claims, forcing primary insurers to absorb high-frequency losses. Simultaneously, investment yields climbing from 2.4% toward 4.3% provide an enduring profit cushion. This dual-engine structure ensures group profitability remains highly resilient even as catastrophe pricing naturally softens across commercial insurance markets.
Profitability Margins
Latest: 100.0% | Max: 100.0% | Min: 0.7%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
100.0%
Gross profit / revenue
Operating Margin
12.4%
Operating income / revenue
Net Margin
8.8%
Net income / revenue
FCF Margin
1.6%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 59,028,220,000 | 2,734,800,000 | 3,319,920,000 |
| 2017-12-31 | 66,428,180,000 | 446,250,000 | 2,181,270,000 |
| 2018-12-31 | 59,356,380,000 | 2,633,400,000 | 3,417,720,000 |
| 2019-12-31 | 64,187,200,000 | 3,050,880,000 | 10,632,160,000 |
| 2020-12-31 | 71,539,580,000 | 1,477,420,000 | 8,807,180,000 |
| 2021-12-31 | 72,800,400,000 | 3,343,620,000 | 5,957,640,000 |
| 2022-12-31 | 68,594,490,000 | 3,662,610,000 | -8,179,080,000 |
| 2023-12-31 | 77,502,700,000 | 5,129,300,000 | 2,634,500,000 |
| 2024-12-31 | 71,870,240,000 | 5,912,400,000 | 2,940,080,000 |
| 2025-12-31 | 81,083,340,000 | 7,158,060,000 | 1,292,850,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 11.76 | Trailing four quarters |
| 2024-12-31 | 11.36 | Trailing four quarters |
| 2023-12-31 | 10.96 | Trailing four quarters |
| 2022-12-31 | 12.35 | Annual net income |
| 2021-12-31 | 12.44 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 83.21 | 6.95 | 4.63 | 5.62 |
| 2017-12-31 | 83.48 | 1.16 | 0.67 | 3.28 |
| 2018-12-31 | 81.64 | 6.65 | 4.44 | 5.76 |
| 2019-12-31 | 100 | 5.19 | 4.75 | 16.56 |
| 2020-12-31 | 100 | 2.62 | 2.07 | 12.31 |
| 2021-12-31 | 100 | 3.77 | 4.59 | 8.18 |
| 2022-12-31 | 63.58 | 15.61 | 5.34 | -11.92 |
| 2023-12-31 | 100 | 5.15 | 6.62 | 3.4 |
| 2024-12-31 | 63.21 | 12.6 | 8.23 | 4.09 |
| 2025-12-31 | 100 | 12.45 | 8.83 | 1.59 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-06.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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