Munich Reinsurance Company (DE:MUV2)
XETRA:MUV2
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Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
13.76Last Year’s EPS
8.32Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a largely positive strategic and financial story: strong profitability (EUR 6.1bn net earnings), high ROE (~18%), robust solvency (~298%), meaningful shareholder distributions (20% dividend increase and EUR 2.25bn buybacks), and solid segment performances (GSI, Life & Health Re, ERGO). Headline strengths are tempered by top-line pressure (revenue missed guidance by ~EUR 3bn), renewal-driven volume declines (~-7.8%) and deliberate near-term reserve and disposal actions that reduced immediacy of some earnings. On balance the company emphasizes disciplined underwriting, conservative reserving and long-term capital deployment, with management framing short-term hits as intentional investments in resilience and future returns.Company Guidance
Record Net Earnings and EPS Growth
Net earnings rose almost 8% year-on-year to EUR 6.1 billion for FY2025, exceeding the EUR 6.0 billion target and supporting continued EPS growth (management expects an EPS CAGR of >8% going forward).
Strong Return on Equity and Capital Strength
Return on equity increased to 18.3% (end of Ambition 2025) and the Solvency II ratio stood at ~298% (almost 300%), indicating very comfortable capitalization and strategic flexibility.
Substantial Shareholder Returns
Dividend per share proposed up 20% to EUR 24; share buybacks increased to EUR 2.25 billion; combined capital return equals almost 90% of earnings, with a stated intention to pay out >80% of IFRS net earnings going forward.
P&C Reinsurance Headline Profitability
P&C reinsurance headline combined ratio improved to an all-time low of 73.5% for the year (benefiting from benign major losses), with a normalized combined ratio around 80.1% (≈1 percentage point above prior guidance after prudence measures).
Global Specialty Insurance (GSI) Outperformance
GSI delivered an excellent full-year combined ratio of 85.9% and contributed ~EUR 560 million in net income; management targets organic CAGR of 5%–9% for GSI through Ambition 2030.
Life & Health Reinsurance Momentum and CSM Growth
Life & Health Re achieved a total technical result of EUR 1.7 billion (met guidance); contractual service margin (CSM) rose to above EUR 15 billion (≈+40% since end-2022) and management expects total technical result to increase >10% to EUR 1.9 billion next year.
ERGO Delivered on Targets and International Growth
ERGO met guidance with strong net earnings, achieved a P&C combined ratio of ~89% in targeted areas (improvements in motor) and saw international operations grow to ~30% of revenue, aided by the NEXT Insurance acquisition.
Investment Income and Active Management Contribution
Full-year return on investment was 3.2% (above the ≥3% target); Q4 ROI 2.8%; active management added >30 basis points to group ROI; reinvestment yield ~3.8% after deliberate portfolio repositioning (including EUR 0.8 billion of disposal losses to shift into higher-yield assets).
Strong HGB Result and Distributable Earnings
HGB (German GAAP) result improved to EUR 5.5 billion and the stock of distributable earnings exceeds EUR 10 billion, providing a solid base for future distributions.
DE:MUV2 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
DE:MUV2 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | €527.41 | €523.60 | -0.72% |
Nov 11, 2025 | €519.59 | €520.54 | +0.18% |
Aug 08, 2025 | €580.10 | €538.29 | -7.21% |
May 13, 2025 | €554.33 | €529.13 | -4.55% |
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 Munich Reinsurance Company (DE:MUV2) report earnings?
Munich Reinsurance Company (DE:MUV2) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is Munich Reinsurance Company (DE:MUV2) earnings time?
Munich Reinsurance Company (DE:MUV2) earnings time is at May 12, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Munich Reinsurance Company stock?
The P/E ratio of Munich Reinsurance is N/A.
What is DE:MUV2 EPS forecast?
DE:MUV2 EPS forecast for the fiscal quarter 2026 (Q1) is 13.76.