Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MURGY)
SubavaliadaFundamental
77
Preço
$502.40
Capitalização de Mercado
$64.49B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Receita por segmento
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.
Vantagem competitiva
Escala · EstreitaUnderwriting 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.
O que impulsiona a procura
CíclicoReinsurance 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.
Principais riscos
- 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.
Os argumentos a favor
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.
Os argumentos contra
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 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 de setembro de 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.
Balanço & Liquidez
Receita
$63.95B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$6.87B
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
$6.89B
Capital Próprio Total
$33.56B
Passivo Total
$8.22B
Rácio de Liquidez
0.28
Cobertura de Juros
-
Dívida/EBITDA
-
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$1579.56
Preço Atual
$502.40
Margem de Segurança
+68.2%
Intervalo de Valor Justo
$1026.72 - $2132.41
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
9.53
ROE
21.3%
Rácio P/B
1.92
P/FCF
9.36
Margem Bruta
35.4%
ROIC
20.2%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
20.2%
WACC
7.1%
ROIC − WACC
+13.1 pp
O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.
Critérios de Análise Fundamental
Aprovado (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%
Reprovado (3)
- Current Ratio
- Revenue Growth 5Y -0.2%
- Piotroski F-Score 2/9
Indisponível (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
Preocupações financeiras graves
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 |
Risco de Auditoria
2
Risco do Conselho
4
Risco de Remuneração
2
Risco dos Direitos dos Acionistas
1
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for MURGY, sourced from Markets Gazette.