Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY)
OTHER OTC:MURGY
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Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR
(OTC:MURGY)
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Rating:63Neutral
Price Target:
$11.50
▼(-8.66% Downside)
Action:Downgraded
Date:05/13/26
The score is supported by solid fundamentals (profitability/ROE and conservative leverage) and a supportive dividend, but is held back by weak technical momentum and mixed earnings-call signals around investment headwinds, softer reinsurance top-line trends at renewals, and higher large-loss expectations.
Positive Factors
Strong Capital Position
A 292% Solvency II ratio reflects a structurally strong capital buffer versus regulatory requirements. This durable strength supports underwriting capacity through cycles, enables disciplined risk selection, and provides flexibility for buybacks, dividends, or opportunistic capital deployment over the next 2–6 months.
Negative Factors
Renewal Volume & Pricing Pressure
Material declines in renewed volumes and modest negative pricing at renewals point to structural demand and competitive pressures in parts of the reinsurance cycle. Persisting reduced volumes and lower pricing can compress long‑term top‑line growth and require sustained underwriting discipline to protect margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Capital Position
A 292% Solvency II ratio reflects a structurally strong capital buffer versus regulatory requirements. This durable strength supports underwriting capacity through cycles, enables disciplined risk selection, and provides flexibility for buybacks, dividends, or opportunistic capital deployment over the next 2–6 months.
Read all positive factors
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$69.13B
Dividend Yield3.42%
Average Volume (3M)13.07K
Price to Earnings (P/E)10.1
Beta (1Y)0.29
Revenue Growth6.25%
EPS Growth61.13%
CountryUS
Employees44,224
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)3.85
Shares Outstanding6,348,506,000
10 Day Avg. Volume0
30 Day Avg. Volume13,073
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)2.19
Price to Sales (P/S)1.09
P/FCF Ratio68.61
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue1.51
Enterprise Value/Gross Profit1.51
Enterprise Value/Ebitda7.92
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.17
Revenue Forecast (FY)$74.91B
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR Business Overview & Revenue Model
Company Description
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. The company operates through five segments: Life and Health Reinsurance; Property-Casualty Reinsurance; ERGO Life...
How the Company Makes Money
Munich Re makes money mainly by underwriting risk and investing the premiums it receives. Its key revenue and earnings drivers typically include: (1) Reinsurance underwriting: The company enters reinsurance contracts with primary insurers, who pay...
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 07, 2026
Earnings Call Sentiment Neutral
The call conveys mixed but ultimately balanced messaging: strong underlying underwriting and operating results (solid combined ratios, EUR 1.7bn net result, improved reinvestment yield, high Solvency II ratio and disciplined capital/underwriting actions) were materially offset by investment mark‑to‑market headwinds, softer top‑line momentum in reinsurance (Q1 accounting adjustments, FX effects and competitive pricing) and increased large‑loss/outlier expectations. Management maintained the 2026 net result outlook (EUR 6.3bn) but acknowledged that the EUR 40bn reinsurance revenue target is now more challenging and will depend on large deals and catch‑up activity later in the year.Positive Updates
Strong Q1 Net Result
Reported net result of EUR 1.7 billion in Q1 2026, described as a strong start and evidence of resilience amid geopolitical and macroeconomic uncertainty.
Negative Updates
Investment Result Below Guidance
Return on investments was 2.9% in Q1, below full‑year guidance; negative fair value changes recorded in fixed income and equity portfolios due to market volatility driven by inflation concerns and rising oil & gas prices.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Net Result
Reported net result of EUR 1.7 billion in Q1 2026, described as a strong start and evidence of resilience amid geopolitical and macroeconomic uncertainty.
Read all positive updates
Company Guidance
Munich Re kept its 2026 outlook unchanged, reiterating a net result target of EUR 6.3bn after reporting a Q1 net result of EUR 1.7bn, with a Solvency II ratio of 292% (after full deduction of the new share buyback) and the EUR 40bn reinsurance revenue target described as still within reach but more challenging. On investments Q1 return on investments was 2.9% (below guidance), running income about 3.5% in Q1 and reinvestment yield improved to 4.2%, with management expecting a Q2 catch‑up from inflation‑linked bonds plus dividend‑season and reinvestment support. Underwriting metrics: Life & Health Reinsurance total technical result EUR 500m; P&C reinsurance Q1 combined ratio 66.8% and normalized combined ratio 80.3% (in line with full‑year ~80% guidance), reserve releases of c.6 percentage points, a discounting benefit of ~9.5% (vs. guidance ~9%), and an increased outlier allowance to 18% (≈14.5% nat‑cat, 3.5% man‑made); April renewals cut renewed treaty volume by 18.5% on a small EUR 2.5bn book and showed a risk‑adjusted price decline of 3.1%. ERGO: Q1 net result EUR 235m (Germany segment result EUR 157m; International EUR 78m) and a 2026 net profit target of EUR 0.9bn.Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
81
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.90B | 66.57B | 42.31B | 39.68B | 39.71B | 64.46B |
| Gross Profit | 40.90B | 66.57B | 43.69B | 41.06B | 40.76B | 53.78B |
| EBITDA | 7.82B | 8.99B | 9.41B | 7.72B | 13.16B | 4.47B |
| Net Income | 5.09B | 5.88B | 5.68B | 4.61B | 5.31B | 2.93B |
Balance Sheet | ||||||
| Total Assets | 275.69B | 279.81B | 286.51B | 273.79B | 298.57B | 312.40B |
| Cash, Cash Equivalents and Short-Term Investments | 176.70B | 5.50B | 183.48B | 8.57B | 149.71B | 171.24B |
| Total Debt | 6.11B | 7.43B | 6.32B | 4.71B | 6.45B | 6.80B |
| Total Liabilities | 244.93B | 246.41B | 253.77B | 244.02B | 277.37B | 281.46B |
| Stockholders Equity | 30.58B | 33.23B | 32.64B | 29.65B | 27.09B | 30.83B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.06B | 2.83B | 2.20B | -18.32B | 5.23B |
| Operating Cash Flow | 0.00 | 1.22B | 3.14B | 2.54B | -7.64B | 5.23B |
| Investing Cash Flow | 0.00 | -1.40B | -505.00M | -329.00M | 11.35B | -3.82B |
| Financing Cash Flow | 0.00 | -3.67B | -2.23B | -2.98B | -2.70B | -1.68B |
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR Technical Analysis
Negative
12.59
Price Trends
12.01
Negative
12.06
Negative
12.21
Negative
Market Momentum
-0.34
Positive
33.59
Neutral
26.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MURGY, the sentiment is Negative. The current price of 12.59 is above the 20-day moving average (MA) of 11.56, above the 50-day MA of 12.01, and above the 200-day MA of 12.21, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 33.59 is Neutral, neither overbought nor oversold. The STOCH value of 26.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MURGY.
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.74B | 6.15 | 22.02% | ― | 22.94% | 317.95% | |
77 Outperform | $13.96B | 5.04 | 13.31% | 2.37% | -0.63% | 147.66% | |
77 Outperform | $3.13B | 5.67 | 23.38% | ― | 20.32% | 98.92% | |
75 Outperform | $14.02B | 10.22 | 9.47% | 1.76% | 18.66% | 55.67% | |
74 Outperform | $12.60B | 10.75 | 24.71% | 0.57% | -8.19% | 90.81% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $69.13B | 10.06 | 20.64% | 3.42% | 6.25% | 61.13% |
* Financial Sector Average
MURGY
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR
10.88
-1.66
-13.20%
EG
Everest Group
352.71
24.82
7.57%
RGA
Reinsurance Group
214.04
17.23
8.76%
RNR
Renaissancere Holdings
295.56
58.03
24.43%
SPNT
SiriusPoint
23.32
4.14
21.58%
HG
Hamilton Insurance Group, Ltd. Class B
31.55
12.29
63.81%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.