Munich Re (MUV2.DE): analysis in plain words
Is Munich Re cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Munich Re (MUV2.DE) is listed on the Frankfurt Stock Exchange (Xetra) and we classify it in insurance. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Munich Re according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Munich Re (MUV2.DE) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €584.40 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 11.0x | Price over earnings per share |
| Revenue growth | +1.3% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 11.2% | Profit for every 100 of sales |
| Net debt / EBITDA | Not meaningful (financial company) | Years of operating profit to repay debt |
| Dividend yield | 4.23% | Annual dividend over price |
| Market cap | €73.5 billion | What the stock market values it at |
The Munich Re figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any MUV2.DE figure that is not available shows as N/A: we do not estimate it.
How Munich Re makes money
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.
Over the last 12 months, Munich Re brought in revenue of €61.5 billion. For every 100 it sells, Munich Re keeps 35.4 after the direct cost of what it sells (gross margin) and 17.3 after all operating costs (operating margin). With 44,595 full-time employees, that is about €1 million of revenue per employee.
Munich Re against its sector
To know whether a Munich Re figure is high or low you have to put it next to similar companies. This table compares Munich Re with the median of the 11 insurance companies Fintols covers, with data as of November 4, 2026.
| Figure | Munich Re | insurance median |
|---|---|---|
| P/E | 11.0x | 13.1x (11) |
| Revenue growth | +1.3% | +3.0% (11) |
| Net margin | 11.2% | 11.2% (11) |
| Dividend yield | 4.23% | 2.35% (11) |
| ROE | 21.3% | 18.4% (11) |
In short, against the typical insurance company, Munich Re trades on a lower P/E, grows more slowly and pays a higher dividend yield. By size, Munich Re ranks number 2 of 3 insurance companies quoted in EUR on Fintols.
The bull case for Munich Re
These are the strengths in the Munich Re figures as of November 4, 2026:
- For income seekers, Munich Re pays a dividend yielding 4.23% at today's price, using 45% of its profit to fund it.
- Munich Re earns 21.3% a year on its shareholders' money (return on equity), a high figure for a financial company.
The main risk for Munich Re
The Munich Re figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: natural catastrophes and claims above plan, plus swings in the markets where it invests premiums.
Frequently asked questions about Munich Re
Is it a good time to buy Munich Re stock?
Fintols does not tell you whether to buy or sell Munich Re, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Munich Re stock trades at €584.40, 0% below its 52-week high (€586.00) and 34% above its low (€437.40). Its P/E is 11.0x against a insurance median of 13.1x, and 11.3x on the earnings analysts expect over the next 12 months. With Munich Re, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Munich Re pay a dividend?
Yes. As of November 4, 2026, Munich Re pays €24.00 per share a year, which at today's price is a yield of 4.23%. It uses 45% of its profit to pay it, which leaves room to keep paying it if profit dips. Its average dividend yield over the last five years is 3.55%. The insurance median on Fintols is 2.35%.
Is Munich Re stock expensive?
It depends on what you compare it with. On P/E, Munich Re trades at 11.0x its last 12 months of earnings: cheaper than the insurance median (13.1x). For a financial company you also look at price to book value: 2.2x (insurance median: 2.2x). A high P/E alone does not make Munich Re expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Munich Re's competitors?
On Fintols we compare Munich Re with AXA, Mapfre and Allianz, which are also in insurance. As of November 4, 2026, AXA is worth €91.4 billion and trades on a P/E of 12.2; Mapfre is worth €12.9 billion and trades on a P/E of 11.0; Allianz trades on a P/E of 15.0. Each has a side-by-side comparison with Munich Re below.
Munich Re competitors
- AXA (CS.PA) analysis · Munich Re vs AXA comparison
- Mapfre (MAP) analysis · Munich Re vs Mapfre comparison
- Allianz (ALV.DE) analysis · Munich Re vs Allianz comparison
To understand Munich Re better
- How to Read a Balance Sheet: A Beginner's Guide
- Dividend Growth Investing: FCF Payout Ratio and Compounding
More companies like Munich Re: insurance stocks and Euro Stoxx 50 companies. Open the full MUV2.DE analysis with its valuation and scenarios. Educational content about Munich Re, not investment advice.