Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY)
OTHER OTC:MURGY
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Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.32Last Year’s EPS
0.19Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial performance with record earnings, high ROE, robust segment execution (GSI, Life & Health Re, ERGO), strong capital generation and an exceptionally high Solvency II ratio enabling generous capital returns (dividend +20%, EUR 2.25bn buybacks). Challenges were acknowledged — top-line shortfalls (missed revenue guidance), price pressure at January renewals (portfolio price -2.5% and volume down ~7.8%), deliberate Q4 prudence that reduced immediate reserve releases and increased short-term combined ratios, currency impacts, and near-term costs from acquisitions (NEXT) and reallocation of fixed-income assets. Overall, positives materially outweigh the manageable and mostly intentional prudent actions.Company Guidance
Record Full-Year Profit and ROE
Net earnings increased almost 8% to EUR 6.1 billion for FY2025. Return on equity rose to 18.3%, outperforming peers and above cost of capital; management expects ROE above 18% entering Ambition 2030.
Ambition 2025 Delivered — Strong Capital Returns
Ambition 2025 targets were overdelivered; dividend per share increased by 20% to EUR 24 for 2025 and share buybacks raised to EUR 2.25 billion (program through AGM next year). Management will return almost 90% of earnings (payout ratio above 80% and announced distributions ~87% of IFRS earnings).
Very Strong Solvency and Capital Position
Solvency II ratio increased to ~298–300%, well above 200% target; distributable HGB earnings stock > EUR 10 billion and HGB result EUR 5.5 billion, providing flexibility for capital repatriation and strategic optionality.
Excellent P&C Reinsurance Underwriting Performance
Headline combined ratio for P&C reinsurance improved to an all-time low of 73.5% supported by benign major losses; normalized combined ratio (after added prudence) was 80.1% for the year, slightly above guidance but reflecting deliberate conservative actions.
Global Specialty Insurance (GSI) Strong Execution
GSI delivered excellent underlying results with a full-year combined ratio of 85.9% and Q4 combined ratio of 86.4%; GSI net income ~EUR 560 million and management reiterated 5%–9% organic CAGR target to 2030 (target excludes M&A).
Life & Health Reinsurance Momentum and CSM Growth
Total technical result for Life & Health Re reached EUR 1.7 billion (FY2025) meeting guidance; contractual service margin (CSM) above EUR 15 billion (≈40% increase since end-2022) with ~7% release to earnings annually; management expects total technical result to rise >10% to EUR 1.9 billion in 2026.
ERGO Performance and International Expansion
ERGO met guidance with strong net earnings; German P&C combined ratio improved to 89% (technical focus) and ERGO International now ~30% of revenue with growth aided by the acquisition of NEXT Insurance and portfolio expansion in Poland, Belgium and Thailand.
Investment Performance and Active Management
Full-year group return on investment was 3.2% (versus guidance ≥3%); Q4 ROI 2.8%. Active management added >30 basis points to group ROI. Management deliberately realized ~EUR 0.8 billion disposal losses in fixed income to shift into higher-yielding assets and reinvest at higher running yields (reinvestment yield reported ~3.8%).
Sustainability and Diversity Targets Achieved
Non-financial Ambition 2025 targets were met and exceeded: greenhouse gas reduction roadmaps across investments, insurance and operations outperformed, and 40.5% of leadership positions filled by women (target was 40%).
Forward Guidance and Growth Ambitions
2026 financial targets confirmed: projected net income EUR 6.3 billion and expected EPS CAGR of >8% (driven by less cyclical segments — Life & Health Re, GSI, ERGO — with muted P&C reinsurance contribution).
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) Earnings, Revenues Date & History
MURGY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MURGY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $13.04 | $12.95 | -0.75% |
Nov 11, 2025 | $12.57 | $12.65 | +0.60% |
Aug 08, 2025 | $14.13 | $13.15 | -6.94% |
May 13, 2025 | $12.91 | $12.38 | -4.11% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) report earnings?
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) earnings time?
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) earnings time is at May 12, 2026, Before Open (Confirmed).
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What is MURGY EPS forecast?
MURGY EPS forecast for the fiscal quarter 2026 (Q1) is 0.32.