MUV2.DE · GER
DAX
Euro Stoxx 50
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Financial services · Insurance - Reinsurance
€569.80
−€6.40 (−1.11%) today
Closing price on Nov 11, 2026 · Source: Yahoo Finance
Consensus of 16 analysts
Hold
Median price target €550.00 −3.5%
- Open
- €574.80
- Day range
- 569.40 – €576.40
- 52-week range
- 437.40 – €602.80
- Volume
- 80,707
- Market cap
- €71,689M
- P/E (TTM)
- 10.7x
- EPS (TTM)
- €53.29
- EPS est. 2026
- €52.87
- P/E est. 2026
- 10.8x
- Dividend yield
- 4.2%
- Beta
- 0.27
- Payout
- 45%
Analyst summary
Generated with AI · Nov 11, 2026, 14:50Munich Re combines global life and health and property-casualty reinsurance with specialty insurance and ERGO primary-insurance operations. At €569.80, its €71,689M market capitalisation and 10.7x trailing P/E frame a sizeable, moderately valued insurer. Q2 2026 revenue grew 11.6% year on year and EPS rose 9.8%, although the net margin edged lower. The dividend yield is 4.2%, while analyst consensus is Hold and forecasts point to slightly lower EPS in 2027.
- 1Q2 2026 revenue rose 11.6% year on year to €17,865M.
- 2Q2 2026 EPS increased 9.8% to €17.50, beating estimates by 16.4%.
- 3The 4.2% dividend yield accompanies a Hold consensus and a €550.00 median target.
Munich Re financials
Q2 2026 results, quarter ended Jun 30, 2026
| Metric | Q2 2026 | 1-year change |
|---|---|---|
| Total revenue | €17,865M | +11.6% |
| Net income | €2,214M | +6.6% |
| Earnings per share | €17.50 | +9.8% |
| Net margin | 12.4% | −0.6 pp |
| Free cash flow | n/a | n/a |
| Debt / equity | 0.22 | +10.3% |
Revenue and net income (€M)
Total revenueNet income
| Quarter | Total revenue | Net income |
|---|---|---|
| Q2 2025 | €16,002M | €2,077M |
| Q3 2025 | €16,476M | €2,003M |
| Q4 2025 | €13,358M | €945M |
| Q1 2026 | €16,246M | €1,708M |
| Q2 2026 | €17,865M | €2,214M |
Munich Re earnings per share (EPS)
Consensus estimates
| Period | EPS est. | 1-year change |
|---|---|---|
| Current quarterQ3 2026 · Analysts: 4 | €11.4269.95 – 13.06 | −26.2%€15.480 |
| Next quarterQ4 2026 · Analysts: 3 | €9.9189.33 – 10.57 | +34.8%€7.360 |
| Current year2026 · Analysts: 12 | €52.86749.42 – 54.74 | +12.2%€47.100 |
| Next year2027 · Analysts: 12 | €51.58949.20 – 54.98 | −2.4%€52.867 |
Forward P/E: 10.8x (2026) and 11.0x (2027) at the current price.
Actual and estimated EPS (€)
Actual EPSEstimated EPS
| Quarter | Actual EPS | Estimated EPS |
|---|---|---|
| Q2 2025 | €15.940 | — |
| Q3 2025 | €15.480 | €14.904 |
| Q4 2025 | €7.360 | €7.248 |
| Q1 2026 | €13.410 | €13.519 |
| Q2 2026 | €17.500 | €15.040 |
| Q3 2026 | — | €11.426 |
| Q4 2026 | — | €9.918 |
| Year | Actual EPS | Estimated EPS |
|---|---|---|
| 2022 | €38.120 | — |
| 2023 | €33.880 | — |
| 2024 | €42.930 | — |
| 2025 | €47.150 | — |
| 2026 | — | €52.867 |
| 2027 | — | €51.589 |
EPS trend
| Quarter | EPS | YoY change |
|---|---|---|
| Q4 2026Estimated | €9.918 | +34.7% |
| Q3 2026Estimated | €11.426 | −26.2% |
| Q2 2026 | €17.500est. €15.040 · surprise +16.4% | +9.8% |
| Q1 2026 | €13.410est. €13.519 · surprise −0.8% | n/a |
| Q4 2025 | €7.360est. €7.248 · surprise +1.6% | n/a |
| Q3 2025 | €15.480est. €14.904 · surprise +3.9% | n/a |
| Q2 2025 | €15.940 | n/a |
| Year | EPS | Annual change |
|---|---|---|
| 2027Estimated | €51.589 | −2.4% |
| 2026Estimated | €52.867 | +12.1% |
| 2025 | €47.150 | +9.8% |
| 2024 | €42.930 | +26.7% |
| 2023 | €33.880 | −11.1% |
| 2022 | €38.120 | n/a |
Normalised EPS according to the analyst consensus collected by Yahoo Finance; it may differ from the reported EPS in the results table.
Munich Re dividend
Yield and payments
| Dividend yield (TTM) | 4.2% |
| Forward yield (next 12m) | 4.2% |
| Dividend per share (TTM) | €24.00 |
| Forward dividend (next 12m) | €24.00 |
| Payout (TTM) | 45% |
| Last dividend | €24.00Apr 30, 2026 |
| Next ex-dividend date | n/a |
Dividend per share by year (€)
PaidEstimated
| Year | Dividend per share |
|---|---|
| 2019 | €9.25 |
| 2020 | €9.80 |
| 2021 | €9.80 |
| 2022 | €11.00 |
| 2023 | €11.60 |
| 2024 | €15.00 |
| 2025 | €20.00 |
| est. 12m | €24.00 |
Munich Re forecasts
16 analyst ratings
Consensus: Hold · 3 buy, 10 hold, 3 sell
1-year price forecast
Share price
Price target (high, median, low)
| Target | Price | Upside |
|---|---|---|
| High | €632.00 | +10.9% |
| Median | €550.00 | −3.5% |
| Low | €480.00 | −15.8% |
| Date | Close |
|---|---|
| Nov 28, 2025 | €544.00 |
| Dec 30, 2025 | €562.20 |
| Jan 30, 2026 | €512.40 |
| Feb 27, 2026 | €555.60 |
| Mar 31, 2026 | €539.40 |
| Apr 30, 2026 | €510.80 |
| May 29, 2026 | €452.30 |
| Jun 30, 2026 | €488.50 |
| Jul 31, 2026 | €522.20 |
| Aug 31, 2026 | €518.80 |
| Sep 30, 2026 | €502.40 |
| Oct 30, 2026 | €567.00 |
| Nov 11, 2026 | €569.80 |
Munich Re peers
| Ticker | Company | Market cap (€M) | P/E | Price (€) | 1-day change | 52-week range |
|---|---|---|---|---|---|---|
| MUV2.DE | Munich Re | 71,689 | 10.7x | 569.80 | −1.11% | 437.40602.80 |
| HNR1.DE | Hannover Re | 35,287 | 12.4x | 292.60 | −1.08% | 223.40309.20 |
| EG | Everest | 15,644 | 8.9x | 422.32 $ | +2.32% | 304.55431.19 |
| ALV.DE | Allianz | 174,927 | 14.9x | 461.20 | −0.50% | 338.80469.10 |
| SAN.MC | Banco Santander | 161,600 | 12.3x | 11.21 | −0.43% | 8.7213.12 |
| BBVA.MC | BBVA | 128,044 | 12.0x | 23.49 | −0.59% | 17.3825.57 |
Stocks quoted in another currency are shown in their trading currency.
Risks, catalysts and conclusion
Generated with AI · Nov 11, 2026, 14:50Risks
- Large property and casualty claims, including natural catastrophe losses, could pressure underwriting results and margins.
- Consensus expects EPS to fall 26.2% year on year in Q3 2026 and 2.4% in 2027.
- The share price exceeds the €550.00 median target, leaving scope for valuation pressure if earnings disappoint.
Catalysts
- Further growth in reinsurance and specialty insurance could support earnings across Munich Re’s business segments.
- Wider use of digital underwriting and analytics solutions could improve risk assessment and operating efficiency.
- Delivery of the €52.867 2026 EPS consensus could reinforce confidence in the company’s earnings trajectory.
Conclusion
Munich Re combines recent revenue and EPS growth with a rising dividend and a trailing P/E below Hannover Re and Allianz. However, consensus expects a pronounced Q3 EPS decline and lower annual EPS in 2027, while the median price target is below the current share price. The Hold consensus and mixed target range support a balanced view: solid current performance, but a less assured near-term earnings path.
Analysis written automatically by AI from Yahoo Finance market data on Nov 11, 2026, 14:50.
This content is for information only and is not financial advice or a recommendation to buy or sell securities. Ratings and price targets come from third-party analysts. Investing in the stock market involves the risk of losing capital.
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