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1. Company Snapshot

1.a. 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 and Health Germany; ERGO Property-Casualty Germany; and ERGO International.It offers life and health reinsurance solutions, such as financial market risks, data analytics, claims handling and underwriting, medical research, health market, capital management, and digital underwriting and analytics, as well as MIRA digital suite; and property and casualty reinsurance solutions, including agricultural risk, data analytics, infrastructure risk profiler, remote inspection, retroactive reinsurance, insurance linked securities, location risk, risk transfer, and cyber, as well as NatCatSERVICE for natural catastrophe loss database, REALYTIX ZERO, IMPROVEX, cert2go, consulting for product development, prospective structured reinsurance, and Vahana AI for motor claims.


The company also provides solutions for industry clients, such as IoT cover, earnings quality insurance protection, captive insurance and risk transfer, liability, weather risks, space and satellite insurance, bioenergy plant performance insurance, solar energy insurance, wind farm insurance, mining insurance, construction projects covers and services, aviation insurance, power and utilities, oil and gas companies insurance, industrial cyber insurance, risk suite, data and location risk intelligence, digital risks, PV warranty insurance, parametric, Insure AI, liquidation damage cover, and natural catastrophes solutions.In addition, it offers life, property-casualty, health, legal protection, and travel insurance products under the ERGO brand name.The company was founded in 1880 and is based in Munich, Germany.

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1.b. Last Insights on MUV2

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München faces challenges, including a lowered insurance revenue guidance for the year due to business and exchange-rate developments. The company's second-quarter 2025 earnings revealed a revenue lag, despite an EPS beat. Additionally, the European reinsurers, including Munich Re, reported strong results in 2024 but face signs of rate softening and material impacts from events like the California wildfires. (Source: AM Best)

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Africa Specialty Risks opens new Syndicate 2454 in South Africa

Nov -27

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Could The Market Be Wrong About Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (ETR:MUV2) Given Its Attractive Financial Prospects?

Nov -13

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Munich Re’s net result increases to €1.9bn in Q3 2025

Nov -12

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Munich Re Cuts Revenue Guidance Further But Maintains Profit View

Nov -11

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Munich Re, Howden, Accredited and Instnt Present Margin Protection Through Identity Fraud Insurance

Nov -04

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MEAG joins forces with TowerPoint Infrastructure Partners

Oct -28

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What Does Munich Re’s Recent 2.5% Share Dip Mean for Its 2025 Outlook?

Oct -17

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Europe’s weak economy risks ‘fuelling more riots’

Oct -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Reinsurance - Property-Casualty

Expected Growth: 4.3%

Growing demand for reinsurance products, expansion in emerging markets, and increasing adoption of risk management practices drive Munich Re's Property-Casualty reinsurance operations' growth.

Reinsurance ­ Life and Health

Expected Growth: 4.8%

Munich Re's strong brand reputation, diversified product offerings, and increasing demand drive growth in life and health reinsurance services.

ERGO - Life and Health Germany

Expected Growth: 4.5%

Munich Re’s life and health insurance segment in Germany is driven by increasing demand for health insurance, an aging population, and rising healthcare costs. The German government’s healthcare reforms also support growth in this segment.

ERGO - International

Expected Growth: 5.6%

Ergo's growth outside Germany is driven by Münchener Rückversicherungs-Gesellschaft's strong brand reputation and expanding distribution channels, particularly in emerging markets, leading to increased market share and revenue growth.

ERGO - Property-Casualty Germany

Expected Growth: 3.5%

Growing demand for property insurance due to increasing natural catastrophes and regulatory requirements, driving Münchener Rückversicherungs-Gesellschaft’s German property-casualty insurance segment growth.

7. Detailed Products

Property-Casualty Reinsurance

Munich Re provides reinsurance coverage for property and casualty risks, helping insurers manage their risk exposure and improve their capital efficiency.

Life and Health Reinsurance

Munich Re offers life and health reinsurance solutions, enabling insurers to manage their risk and improve their financial performance.

Specialty Reinsurance

Munich Re provides specialty reinsurance solutions for niche markets, such as aviation, space, and cyber risks.

ERGO Insurance

Munich Re's primary insurance arm, ERGO, offers a range of insurance products, including life, health, and property insurance.

Digital Insurance Platform

Munich Re's digital insurance platform provides a range of digital insurance solutions, including data analytics and digital distribution channels.

Risk Consulting

Munich Re's risk consulting services help clients identify and manage their risks, providing expert advice and guidance.

8. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München is moderate, as there are some alternative insurance products available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München is low, as customers have limited options and are not highly concentrated.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München is moderate, as suppliers have some bargaining power due to the specialized nature of their products.

Threat Of New Entrants

The threat of new entrants for Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München is high, as the insurance industry is highly regulated and has low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München is high, as the insurance industry is highly competitive and companies are constantly competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 13.72%
Debt Cost 4.35%
Equity Weight 86.28%
Equity Cost 8.10%
WACC 7.59%
Leverage 15.90%

11. Quality Control: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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BBVA

A-Score: 7.8/10

Value: 7.1

Growth: 9.2

Quality: 7.0

Yield: 8.1

Momentum: 9.5

Volatility: 6.0

1-Year Total Return ->

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Crédit Agricole

A-Score: 7.5/10

Value: 8.4

Growth: 3.7

Quality: 6.9

Yield: 10.0

Momentum: 7.5

Volatility: 8.3

1-Year Total Return ->

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Erste Bank

A-Score: 6.8/10

Value: 6.4

Growth: 4.6

Quality: 6.2

Yield: 7.5

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Swiss Re

A-Score: 6.6/10

Value: 4.2

Growth: 3.0

Quality: 7.6

Yield: 8.1

Momentum: 8.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Munich Re

A-Score: 6.6/10

Value: 6.4

Growth: 4.4

Quality: 7.4

Yield: 6.9

Momentum: 6.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Hannover Rück

A-Score: 6.1/10

Value: 5.9

Growth: 5.9

Quality: 6.9

Yield: 5.0

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

531.6$

Current Price

531.6$

Potential

-0.00%

Expected Cash-Flows