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Munich Re CFO Says Q4 Could Be Very Damages-Heavy, Still Early To Give Forecast
Munich Re Executive Hoepke Says We Expect Stable Prices In Europe
Munich Re Sees To Beat Its 2019 Target For Consolidated Result
Muenchener Rueckversicherungs Gesellschaft AG in Muenchen is a Germany-based company engaged in reinsurance and insurance business. The Company divides its operations into reinsurance, primary insurance, and Munich Health and Asset management. The Reinsurance business comprises five divisions: Life; Europe and Latin America; Germany, Asia Pacific and Africa; Special and Financial Risks, and Global Clients and North America. The business covers a range of products from traditional reinsurance products to solutions for risk assumption. The Company's primary insurance activities are combined into the ERGO Insurance Group (ERGO), which offers direct insurance, life, property-casualty, health, legal expenses and travel insurance products. It covers the Company's international health reinsurance business and health primary insurance outside Germany and engages the risk management services. The Asset management business handles the investment activities of Munich Re and ERGO.
Nikolaus von Bomhard
Independent Chairman of the Supervisory Board
Chairman of the Management Board, Chief Executive Officer
Independent Deputy Chairman of the Supervisory Board, Employee Representative
Chief Financial Officer, Member of the Management Board
Chief Investment Officer, Member of the Management Board
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Munich Re is facing big claims for typhoons and fires in the fourth quarter but has grown more confident about meeting its 2020 profit goal, the reinsurer's chief financial officer said.
* Expects to beat full-year target despite costly storms (Updates with details)
Munich Re on Thursday confirmed that it would beat its full-year profit target in 2019 after a strong third quarter.
Ergo, the retail insurance unit of Munich Re, has struck a partnership with Great Wall Motor and will start selling insurances to car owners in China, both companies announced on Monday.
German reinsurer Munich Re <MUVGn.DE> on Friday said it expected to beat its full-year profit target in 2019 after a strong third quarter.
Next Insurance, a provider of digital insurance products to small U.S. businesses, said on Monday it raised $250 million in funding from German reinsurer Munich Re <MUVGn.DE>.
Munich Re <MUVGn.DE> is planning a job cuts at its headquarters and in the United States, according to an interview with the chief executive published on the company's intranet.
Munich Re's <MUVGn.DE> fourth-quarter earnings and 2018 guidance fell short of analyst expectations on Tuesday and underscored a sluggish turnaround in reinsurance prices.
Munich Re posted a preliminary 8 percent rise in net profit in the fourth quarter but only eked out a small profit for the full year 2017 after a series of natural disasters in North America, the German reinsurer said on Tuesday.
Recent Australian life insurance sales (ranked by deal value)
* IAG IMPROVES CAPITAL EFFICIENCY AND REDUCES EARNINGS VOLATILITY
German reinsurer Munich Re aims to stabilise its annual net profit at "2 billion euros plus" for the next few years as low interest rates and price pressure hold back growth, its Chief Executive Joachim Wenning said.
Munich Re's Ergo unit has dropped plans to sell run-off life insurance policies, saying non-binding offers received by the company were too low.
Munich Re's <MUVGn.DE> Ergo unit has dropped plans to sell run-off life insurance policies, saying non-binding offers received by the company were too low, it said late Tuesday.
* ERGO ENDS DISCUSSIONS CONCERNING SALE OF ITS GERMAN LIFE INSURANCE COMPANIES WITH TRADITIONAL LIFE INSURANCE PORTFOLIOS
Losses from Hurricane Maria and other recent natural disasters, including hurricanes Irma and Harvey and the Mexico City earthquake, have led global insurers and reinsurers to issue profit warnings.
Nikolaus von Bomhard, former CEO of Munich Re, will become supervisory board chairman at Deutsche Post, German monthly Manager Magazin reported, citing company sources.
* CFO sees worldwide "positive development" in reinsurance rates, which will be reflected in future profit
Insured losses from three big hurricanes in North America this year have cost the industry around $100 billion, German reinsurance giant Munich Re <MUVGn.DE> said on Thursday.
German reinsurance giant Munich Re <MUVGn.DE> posted a net loss of 1.4 billion euros (1.24 billion pounds) in the third quarter after a spate of major costly natural catastrophes in North America.
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