Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

0KFE.L

Drug Manufacturers - General · Healthcare

Price

517.40 GBp

+6.00 (+1.17%)

Market Cap

£69.64B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−5.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 143.6M (2019) → 136.0M (2023)

Münchener Rückversicherungs-Gesellschaft, known as Munich Re, is one of the largest reinsurance companies in the world. Reinsurance means it sells insurance to other insurance companies, helping them share the financial risk of large disasters like hurricanes, earthquakes, and major accidents. Its customers are primarily insurance firms across property, casualty, life, and health markets globally.

Munich Re earns money by collecting premiums from insurers in exchange for covering a portion of their losses when big claims occur. It operates worldwide, with a strong presence in Europe, North America, and Asia, and also runs a primary insurance business through its ERGO brand. Its scale, deep underwriting expertise, and long client relationships give it a durable competitive position, though its main risk is that a surge in large natural catastrophes or climate-related events could produce losses that exceed what it has priced into its premiums.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-9.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$5.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

7.1%

Modest — 7.1% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.0%

Slow sales growth (4.0% YoY)

EPS YoY

-11.2%

Earnings shrinking (-11.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

15.3x

Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

4.83%

Healthy income — 4.83% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+77.2%

Dividend growing fast (77.2% YoY)

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