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Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR
(OTC:MURGY)
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Rating:74Outperform
Price Target:
$13.50
▲(12.13% Upside)
Action:Upgraded
Date:08/10/26
The score is driven primarily by strong underlying profitability and a conservatively levered balance sheet, supported by attractive valuation (low P/E and high dividend yield). Offsetting factors are less stable cash flow and earnings sensitivity in reinsurance, reinforced by earnings-call risks around softer P&C reinsurance pricing/volume and a rising normalized combined ratio trend, while technicals remain moderately supportive.
Positive Factors
Strong capital and solvency
A 304% solvency ratio and conservative leverage provide substantial protection against underwriting shocks. This supports capacity to retain attractive risks, absorb volatility, and maintain dividends or buybacks through the planning period.
Negative Factors
P&C reinsurance growth pressure
The guidance reduction and lower P&C Re revenue indicate that softer market conditions and disciplined underwriting are limiting top-line expansion. Persistent volume pressure could constrain operating leverage and reduce the contribution from Munich Re's largest business.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong capital and solvency
A 304% solvency ratio and conservative leverage provide substantial protection against underwriting shocks. This supports capacity to retain attractive risks, absorb volatility, and maintain dividends or buybacks through the planning period.
Read all positive factors
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR (MURGY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$75.67B
Dividend Yield4.68%
Average Volume (3M)13.07K
Price to Earnings (P/E)9.6
Beta (1Y)0.20
Revenue Growth7.30%
EPS Growth47.61%
CountryUS
Employees43,982
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)1.08
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.18
Revenue Forecast (FY)$72.54B
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR Business Overview & Revenue Model
Company Description
Münchener Rückversicherungs-Gesellschaft AG, commonly known as Munich Re, operates as a global leader in the insurance and reinsurance industries. Its extensive operations are segmented into five primary divisions: Life and Health Reinsurance, Pro...
How the Company Makes Money
Munich Re primarily earns money through (1) underwriting income from reinsurance, (2) underwriting income from primary insurance (ERGO), and (3) investment income from managing its investment portfolio.
1) Reinsurance premiums (risk-transfer fees...
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presented a strong set of operating and financial metrics (robust net income, 23% ROE, solid investment returns, Life Re and ERGO momentum, and a very strong solvency position) that underline the company’s resilience and diversified earnings profile. However, notable challenges remain in P&C reinsurance: top-line softening (EUR 2bn guidance cut), July renewals showing volume (-9%) and price (-5.5%) pressure, and a rising normalized combined ratio (~82% and expected to trend up) partly driven by a large structured transaction. Management emphasizes disciplined underwriting, capital strength, and the ability to redeploy capacity, and remains confident on full-year earnings targets despite near-term top-line and mix headwinds.Positive Updates
Strong first-half profitability
Net result of EUR 3.9 billion in H1 2026 (already >60% of full-year net income guidance) and a strong Q2 net profit of EUR 2.2 billion, demonstrating robust near-term earnings delivery.
Negative Updates
Normalized combined ratio trend in P&C Re
Normalized combined ratio increased to around 82% in Q2 (headline Q2 combined ratio 68.9% benefiting from low major losses); management expects the normalized 82% to trend upwards through the remainder of the year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong first-half profitability
Net result of EUR 3.9 billion in H1 2026 (already >60% of full-year net income guidance) and a strong Q2 net profit of EUR 2.2 billion, demonstrating robust near-term earnings delivery.
Read all positive updates
Company Guidance
Munich Re updated its outlook while keeping Ambition 2030 intact: H1 net result was EUR 3.9bn (over 60% of full‑year guidance) and Q2 net profit EUR 2.2bn, with ROE at 23% (vs Ambition target >18%) and Solvency II ~304%; reinsurance revenue guidance was cut by EUR 2bn to EUR 38bn (P&C Re H1 revenue down ~EUR 1.4bn, ~1/3 FX/NDIC), July renewals saw volumes -9% with prices -5.5% and a ~1ppt negative mix, P&C Re Q2 reported combined ratio 68.9% (normalized ~82% and expected to trend up) with reserve releases of ~6pp, and the large structured deal is earning through into 2027; Life & Health Re posted a Q2 total technical result of EUR 528m and H1 >EUR 1bn with CSM stock EUR 16bn; GSI has grown ~EUR 800m p.a. through 2024 with Q2 combined ratio 88.9% (H1 86.3%) and organic growth toward the 5–9% Ambition range; ERGO Q2 net result EUR 321m (Germany EUR 235m, International EUR 86m) and insurance revenue guidance remains EUR 24bn; investment ROI was 5.5% in Q2 (4.2% for H1), running yield 4.0% and reinvestment yield 4.3%; management reiterates targets of ROE >18% and >8% average annual EPS growth and remains committed to dividends and buybacks.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 | 69.84B | 66.57B | 42.31B | 39.68B | 39.71B | 64.46B |
| Gross Profit | 57.31B | 66.57B | 43.69B | 41.06B | 40.76B | 53.78B |
| EBITDA | 9.59B | 8.99B | 9.41B | 7.72B | 13.16B | 4.77B |
| Net Income | 6.93B | 5.88B | 5.68B | 4.61B | 5.31B | 2.93B |
Balance Sheet | ||||||
| Total Assets | 284.81B | 279.81B | 286.51B | 273.79B | 298.57B | 312.40B |
| Cash, Cash Equivalents and Short-Term Investments | 5.82B | 5.50B | 183.48B | 8.57B | 149.71B | 171.24B |
| Total Debt | 7.39B | 7.43B | 6.32B | 4.71B | 6.45B | 6.80B |
| Total Liabilities | 251.10B | 246.41B | 253.77B | 244.02B | 277.37B | 281.46B |
| Stockholders Equity | 33.55B | 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
12.04
Price Trends
11.66
Positive
11.60
Positive
11.88
Positive
Market Momentum
0.10
Positive
56.96
Neutral
21.43
Neutral
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 12.04 is above the 20-day moving average (MA) of 11.98, above the 50-day MA of 11.66, and above the 200-day MA of 11.88, indicating a bullish trend. The MACD of 0.10 indicates Positive momentum. The RSI at 56.96 is Neutral, neither overbought nor oversold. The STOCH value of 21.43 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $33.70B | 7.63 | 19.52% | ― | -0.21% | 31.57% | |
79 Outperform | $13.73B | 5.64 | 22.68% | 0.49% | -14.15% | 48.57% | |
78 Outperform | $14.48B | 8.04 | 12.43% | 2.08% | -5.12% | 146.14% | |
78 Outperform | $16.07B | 10.67 | 11.29% | 1.56% | 19.54% | 97.85% | |
75 Outperform | $7.23B | 6.23 | 19.21% | 1.51% | 9.43% | 35.23% | |
74 Outperform | $75.67B | 9.64 | 20.59% | 4.76% | 7.30% | 47.61% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
MURGY
Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft Unsponsored ADR
12.04
-0.35
-2.83%
ACGL
Arch Capital Group
98.84
7.52
8.23%
AXS
Axis Capital
99.52
2.61
2.70%
EG
Everest Group
377.61
43.97
13.18%
RGA
Reinsurance Group
245.54
54.12
28.27%
RNR
Renaissancere Holdings
330.74
89.17
36.91%
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.