Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MURGY)
UnterbewertetFundamental
77
Kurs
$508.60
Marktkapitalisierung
$64.49B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Munich Re takes on risk that other insurers do not want to carry alone. As a reinsurer, it agrees to cover a share of the claims a primary insurer might face from earthquakes, hurricanes, life and health claims and other large exposures, in exchange for a share of the premium. Through its ERGO subsidiary, it also sells insurance policies directly to households and businesses, mainly in Europe and Asia.
Wie das Geld verdient wird
Revenue is the premium collected for agreeing to take on risk, whether from another insurer (reinsurance) or directly from a policyholder (ERGO). Profit comes from two sources: an underwriting result, when premiums collected exceed claims paid and expenses, and investment income earned on the funds held between collecting a premium and eventually paying claims. Both depend on pricing risk accurately, which is the core skill of the business.
Umsatz nach Segment
Property-casualty, life and health risk assumed from other insurers worldwide; the larger and more volatile of the two businesses.
Insurance policies sold directly to retail and commercial customers, mainly in Germany and other European and Asian markets.
Wettbewerbsvorteil
Skaleneffekte · SchmalUnderwriting catastrophe and life risk well requires decades of loss data, capital strong enough to survive a very bad year, and pricing discipline, which keeps the reinsurance market concentrated among a handful of large global players. The advantage is real but not exclusive: Swiss Re, Hannover Re and others compete on the same basis for the same large ceding companies.
Was die Nachfrage antreibt
ZyklischReinsurance pricing moves in multi-year hard and soft cycles driven by recent loss experience rather than by GDP: after a run of large catastrophe losses, prices and terms harden industry-wide, and they soften again once capital rebuilds and competition returns.
Wichtigste Risiken
- Natural catastrophe and climate risk — Insurance risk, mainly property-casualty underwriting risk, makes up around 60% of the group's regulatory capital requirement. Global natural-disaster losses reached about $224 billion in 2025, of which insurers covered roughly $108 billion, and Munich Re carries a direct share of that exposure.
- Market risk on the investment portfolio — Premiums held between collection and claims payment are invested in bonds and other assets, so swings in interest rates and capital markets affect both investment income and the value of reserves held against future claims.
- Credit and counterparty risk — The group is exposed to the risk that ceding companies, retrocessionaires or bond issuers in its investment portfolio fail to meet their obligations, one of the risk categories tracked under its Solvency II capital model.
Die Argumente dafür
Buyers argue that rising natural-catastrophe losses are pushing the whole reinsurance market toward firmer pricing and stricter terms, that Munich Re's scale and underwriting discipline let it selectively write the most attractively priced business, and that a fifth straight year of exceeding profit guidance shows the model working through the cycle.
Die Argumente dagegen
Sellers fear that climate change is making catastrophe losses larger and less predictable than historical models assume, that a prolonged period of soft pricing could follow the current hard market as competitors rebuild capital, and that a sharp move in interest rates could hurt the investment portfolio at the same time claims are rising.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19. September 2026 with claude-haiku-4-5 — shared with all users
RGA is the direct rival of Munich Re's life and health reinsurance business, competing for mortality, morbidity and longevity treaties with the same life insurers.
Swiss Re is the other global full-line reinsurer of Munich Re's size, bidding for the same property-casualty and life reinsurance treaties with the same large primary insurers worldwide.
The other large German reinsurer competes with Munich Re on the same European and international treaty renewals, with a leaner cost structure aimed at the same cedants.
The French group is the fourth European composite reinsurer, competing for the same property-casualty and life & health reinsurance programmes in Europe, Asia and the Americas.
Berkshire's reinsurance arm writes the same large catastrophe and retroactive covers, and its balance-sheet capacity makes it the preferred alternative on the biggest single placements.
The Bermuda-based group competes on the same property-catastrophe and casualty treaty renewals in North America and internationally, alongside its own primary specialty book.
Bilanz & Liquidität
Umsatz
$63.95B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$6.87B
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$6.89B
Gesamtes Eigenkapital
$33.56B
Gesamtverbindlichkeiten
$8.22B
Current Ratio
0.28
Zinsdeckungsgrad
-
Schulden/EBITDA
-
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$1579.56
Aktueller Kurs
$508.60
Sicherheitsmarge
+67.8%
Innerer-Wert-Spanne
$1026.72 - $2132.41
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
9.53
ROE
21.3%
P/B-Verhältnis
1.92
P/FCF
9.36
Bruttomarge
35.4%
ROIC
20.2%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
20.2%
WACC
7.1%
ROIC − WACC
+13.1 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (15)
- Price CAGR 11.20%
- ROIC 20.2%
- Gross Margin 35.4%
- P/FCF 9.36
- P/B Ratio 1.92
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- DCF valuation (Undervalued)
- ROE 20.6%
- Analyst Consensus 50% Buy
- Earnings Surprise avg 4.9%
- PEG Ratio 0.23
- Earnings Quality (OCF/NI) 1.08
- Net Margin Trend 8.5% vs 7.8%
Nicht bestanden (3)
- Current Ratio
- Revenue Growth 5Y -0.2%
- Piotroski F-Score 2/9
Nicht verfügbar (9)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Dr. Christoph Jurecka | CEO & Chairman of Management Board | 51 |
| Dr. Thomas Blunck | Member of Management Board | 60 |
| Dr. Markus Riess | Head of Economics, Sustainability & Public Affairs and Member of Management Board | 59 |
| Ms. Mari-Lizette Malherbe | Member of Management Board | - |
| Mr. Nicholas J. Gartside C.F.A. | Chief Investment Officer & Member of Management Board | 50 |
| Dr. Achim Kassow | Chief Transformation Officer & Member of Management Board | 59 |
| Mr. Stefan Heinrich Golling | Member of Management Board & Labour Relations Director | 48 |
| Ms. Clarisse Kopff | Member of Management Board | - |
| Mr. Michael Kerner | Member of Management Board | - |
| Mr. Andrew James Buchanan | CFO & Member of Management Board | 46 |
Prüfungsrisiko
2
Vorstandsrisiko
4
Vergütungsrisiko
2
Aktionärsrechterisiko
1
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for MURGY, sourced from Markets Gazette.