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:78Outperform
Price Target:
$13.50
▲(7.23% Upside)
Action:UpgradedDate:04/20/26
The score is driven primarily by strong profitability, conservative leverage, and a very positive earnings-call outlook with reaffirmed guidance and aggressive capital returns backed by high solvency. Valuation is supportive (moderate P/E and solid yield). The main constraints are cash-flow volatility and technicals that look strong but near overbought.
Positive Factors
Capital Strength
A Solvency II ratio near 298% and >EUR10bn of distributable HGB earnings create a durable capital buffer. This level of solvency supports sustained dividends, buybacks and strategic optionality through underwriting cycles, reducing regulatory and liquidity risk over the medium term.
Negative Factors
Cash-Flow Volatility
Operating and free cash flow have been uneven: large negative cash flow in 2022 and a meaningful OCF decline in 2025 despite positive FCF in other years. This volatility complicates predictable funding for underwriting, reinvestment and an aggressive payout policy, increasing reliance on capital buffers.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital Strength
A Solvency II ratio near 298% and >EUR10bn of distributable HGB earnings create a durable capital buffer. This level of solvency supports sustained dividends, buybacks and strategic optionality through underwriting cycles, reducing regulatory and liquidity risk over the medium term.
Read all positive factors
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$76.05B
Dividend Yield3.42%
Average Volume (3M)13.07K
Price to Earnings (P/E)12.4
Beta (1Y)0.34
Revenue Growth4.62%
EPS Growth16.25%
CountryUS
Employees44,224
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)0.17
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 Cap0.91
Enterprise Value/Revenue1.69
Enterprise Value/Gross Profit1.69
Enterprise Value/Ebitda8.86
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.18
Revenue Forecast (FY)$76.81B
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:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
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.Positive Updates
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.
Negative Updates
Top-Line Pressure and Missed Revenue Target
Group insurance revenue missed the initial guidance of EUR 64 billion by EUR 3 billion for FY2025. Shortfall attributed to FX (weak USD), premium adjustments (NDIC calculation), and active portfolio pruning (notably in P&C reinsurance).
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Munich Re confirmed its 2026 guidance from the Capital Markets Day, projecting net income of EUR 6.3 billion and an expected EPS CAGR >8% with an ROE above 18% under Ambition 2030; management reiterated a strong capital‑return plan (proposed dividend up 20% to EUR 24/share, EUR 2.25 billion share buyback) that results in distributions of roughly 87%–90% of 2025 earnings and a payout ratio above 80%. Capital and balance‑sheet metrics remain strong (Solvency II ~298% at year‑end 2025, HGB result EUR 5.5 billion and distributable HGB earnings >EUR 10 billion). Segment and investment guidance included GSI organic growth of 5–9% CAGR, Life & Health Re growth ambition of 8–12% CAGR with the total technical result expected to rise >10% to ~EUR 1.9 billion, P&C broadly flat, CSM >EUR 15 billion with ~7% annual CSM release, and investment targets of at least 3% ROI (2025: 3.2%) with a reinvestment yield ~3.8% and running yield ~4.1% (having accepted ~EUR 0.8 billion disposal losses in 2025 to rotate into higher‑yielding assets).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
Positive
12.59
Price Trends
12.58
Positive
12.57
Positive
12.71
Positive
Market Momentum
0.23
Negative
69.20
Neutral
95.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MURGY, the sentiment is Positive. The current price of 12.59 is below the 20-day moving average (MA) of 12.61, above the 50-day MA of 12.58, and below the 200-day MA of 12.71, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 69.20 is Neutral, neither overbought nor oversold. The STOCH value of 95.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $3.26B | 5.67 | 22.09% | ― | 20.12% | 98.92% | |
79 Outperform | $13.09B | 10.75 | 27.25% | 0.57% | -8.19% | 90.81% | |
78 Outperform | $76.05B | 12.39 | 18.94% | 3.42% | 4.62% | 16.25% | |
76 Outperform | $16.01B | 5.04 | 13.31% | 2.37% | -0.63% | 147.68% | |
75 Outperform | $2.74B | 5.55 | 20.87% | ― | 23.09% | 279.95% | |
73 Outperform | $13.85B | 11.38 | 9.48% | 1.76% | 6.95% | 65.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
MURGY
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR
12.02
-0.90
-6.94%
EG
Everest Group
353.57
13.53
3.98%
RGA
Reinsurance Group
208.68
14.53
7.49%
RNR
Renaissancere Holdings
299.30
57.54
23.80%
SPNT
SiriusPoint
23.25
5.30
29.53%
HG
Hamilton Insurance Group, Ltd. Class B
31.58
13.97
79.28%
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.