AXA vs Munich Re (CS.PA vs MUV2.DE)
AXA (CS.PA) vs Munich Re (MUV2.DE) in plain English: P/E, growth, margins, debt and dividend side by side, key differences and which fits each investor profile.
AXA (CS.PA) and Munich Re (MUV2.DE) compete in insurance. Here are AXA and Munich Re side by side with their real figures as of November 4, 2026: what sets them apart, which fits each kind of investor and the most common questions, without telling you whether to buy AXA or Munich Re.
AXA vs Munich Re: the figures
| Figure | AXA | Munich Re |
|---|---|---|
| Share price | €45.18 (November 4, 2026) | €584.40 (November 4, 2026) |
| Market cap | €91.4 billion | €73.5 billion |
| P/E (TTM) | 12.2x | 11.0x |
| Forward P/E | 10.1x | 11.3x |
| Revenue growth (quarter) | +4.5% | +1.3% |
| Net margin (TTM) | 10.4% | 11.2% |
| ROE | 14.9% | 21.3% |
| Dividend yield | 5.39% | 4.23% |
| Beta | 0.58 | 0.27 |
AXA and Munich Re figures from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026; N/A means that AXA or Munich Re figure is not available, and we never estimate it.
3 key differences between AXA and Munich Re
- Dividend: AXA yields 5.39% at today's price and Munich Re yields 4.23%.
- Volatility: AXA stock moves more (beta 0.58) than Munich Re (beta 0.27); the higher the beta, the more it amplifies market swings.
- Valuation: AXA trades at 12.2x its annual earnings and Munich Re at 11.0x; the market pays more for each dollar of AXA profit, usually because it expects more growth.
AXA or Munich Re: which fits your profile
- If you want growth: AXA is growing faster today, so it fits better with investors who put business growth first, usually accepting a higher P/E and a bumpier ride.
- If you want income (dividends): AXA pays the higher dividend relative to its price.
- If you prefer caution: Munich Re has a less volatile share price, which usually gives more room in a bad year.
- If price is what matters most to you: Munich Re trades on the lower P/E; check first whether that is an opportunity or a sign of a business that grows less.
Neither AXA nor Munich Re wins on everything, and owning both is also an option: spreading money across several companies or an index fund reduces what rides on each one.
How AXA and Munich Re make money
AXA (CS.PA)
AXA collects insurance premiums in three lines: Property & Casualty (auto, home and commercial, including AXA XL for large corporate risks), its largest; Life & Savings; and Health. It operates mainly in France, the rest of Europe and Asia, and profits both from underwriting and from investing the premiums it holds. Full AXA analysis.
Munich Re (MUV2.DE)
Munich Re is mainly a reinsurer, covering other insurers against large risks. It reports Property-Casualty reinsurance, its largest business, including natural catastrophes and major industrial risks; Life and Health reinsurance; and ERGO, its primary insurance arm serving consumers and businesses in Germany and abroad. Full Munich Re analysis.
Frequently asked questions: AXA vs Munich Re
Is AXA or Munich Re the better stock?
Choosing between AXA and Munich Re depends on what you are looking for. AXA is growing faster right now, and Munich Re trades on the lower P/E. Fintols does not tell you whether to buy AXA or Munich Re: it shows you the differences so you can decide.
Which pays a higher dividend, AXA or Munich Re?
As of November 4, 2026, AXA yields 5.39% and Munich Re yields 4.23%. Also check how much of their profit AXA and Munich Re pay out: if it is more than they earn, it cannot last.
Which is more expensive, AXA or Munich Re?
On P/E, AXA (12.2x) is more expensive than Munich Re (11.0x) as of November 4, 2026. A higher P/E can be justified if earnings grow faster, so compare it with each company's growth in the table.
Can I own both AXA and Munich Re?
Yes. Many people spread their money across several companies, such as AXA and Munich Re, or use index funds so they do not depend on just one. If you are starting out, decide how much you want to invest and for how long before buying AXA or Munich Re.
More comparisons with AXA or Munich Re
More companies like AXA and Munich Re: insurance stocks. Educational content about AXA and Munich Re, not investment advice.