Rankings Financial data & insurance broking Munich Re
Munich Re
77
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Soft reinsurance market−5
- Quality of growth−2
- Multiples vs own history−2
Strengths
- Dividend and buybacks+3
- Capital strength and discipline+1
How the score is built
From 100 to 77, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 570.20 EUR
- Median analyst target
- 550.00 EUR
- Upside to median
- −3.5%
- Analysts
- 17
- Target range
- 480.00 – 632.00 EUR
- 52-week change
- +6%
- P/E (trailing)
- 10.6
- Forward P/E
- 10.9
- PEG
- 1.86
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−3 of −30
- −2Quality of growthGross premiums in P&C reinsurance fell from EUR 26.8bn (2024) to 24.7bn (2025) and 23.2bn TTM; 2026 reinsurance revenue guidance cut from EUR 40bn to 38bn, and consensus expects EPS −1.4% in 2027. The company is not growing, and earnings are peaking.
- −1Quality of earningsThe Q2 result of EUR 2.2bn was carried by an investment result of 3.16bn (5.5% return, helped by rising share prices), and ERGO's progress is 'mainly' due to investments; insurance revenue fell 2% unadjusted in H1.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −2Multiples vs own historyForward P/E 11.5 vs 10.1–12.5 in 2021–2025 and P/B 1.92 vs 1.18–2.15; the trailing P/E of 9.6 is low but rests on a year with few large losses. Mid-range, no clear discount.
- −1PeersForward P/E 11.5 and P/B 1.92 at a 21% ROE vs Swiss Re (10.7/2.08/20%) and SCOR (7.5/0.93/13%); in line with Swiss Re, no discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−7 of −35
- −5Soft reinsurance marketGallagher Re calls 2026 the third round of softening in a row, and reinsurance capital reached a record $648bn at the end of 2025 (+11%), while premiums grew only 1%. Munich Re saw −5.5% in risk-adjusted price and −9.1% in volume at the July renewals. The cycle has turned towards lower margins.
- −2Normalisation of large lossesLarge losses were only EUR 191m in Q2 (4.9% of net revenue vs an expected 18%) and natural catastrophes 54m; the combined ratio in P&C reinsurance still rose to 68.9% from 61.0%. A normal catastrophe year would give a markedly lower result.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Dividend and buybacksDividends of EUR 3.05bn + buybacks of 1.94bn (TTM) = 5.0bn, below net profit of 6.9bn; share count −2.6% in a year, dividend raised 20% to EUR 24 and total shareholder yield 7.3%.
- +1Capital strength and disciplineSolvency ratio 304% (target 200%), debt/equity 0.24 and interest cover 36x; the company turns volume away rather than writing at too-low prices, and it has beaten its profit target five years in a row.
Caveats
What the score does not capture, or where the data is weak.
Reinsurance: FCF is not meaningful; payouts are measured against net income. Trailing P/E of 9.6 is low because H1 2026 had unusually few large claims (4.9% vs a budgeted 18%) and high investment returns; forward P/E of 11.5 is more representative. Stockanalysis' revenue forecast (+12% in 2026) does not match the company's own downgrade to 38bn in reinsurance revenue. Insider ownership is not disclosed. ERGO and US casualty reserves have not been examined separately. Hurricane season runs to November; Q3 results 12 Nov.
Also in Financial data & insurance broking
The highest scores in the same industry.
