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Munchener Ruckversicherungs-Gesellschaft AG ADR MURGY

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Morningstar’s Analysis

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Full-Year Results in Line for Munich Reinsurance; Shares Fairly Valued

Analyst Note

| Henry Heathfield, CFA |

Munich Reinsurance has posted a net profit for full-year 2020 of EUR 1.211 billion. That’s a little below our estimate of EUR 1.225 billion. Management has proposed a EUR 9.8 per-share dividend that is subject to approval. On the Feb. 25 share price that’s a rough 410-basis-point yield. Management has outlined there will be no buyback in the coming 12 months at the moment. We had felt there would be a resumption here and thus we have removed this from our 2021 estimates. The stated dividend is however, a little higher than we anticipated. These two counter in terms of fair value estimate impact. We think the shares are broadly fairly valued and maintain our EUR 260.0 fair value estimate. We also maintain our no moat rating.

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Company Profile

Business Description

Munich Re is one of the largest reinsurance firms in the world. It also serves clients with primary insurance.

Koniginstrasse 107
Munich, 80802, Germany
T +49 8938910
Sector Financial Services
Industry Insurance - Reinsurance
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 39,693