Cash flow Munich Re

Equities

MUV2

DE0008430026

Reinsurance

Market Closed - Xetra Other stock markets 11:35:29 2026-02-11 am EST			5-day change	1st Jan Change
533.40 ^EUR	+1.21%		+1.29%	-5.12%

Feb. 10	Rejection of Texas law blacklisting 'woke' BlackRock could challenge anti-ESG laws in other states	RE
Feb. 06	Diary - Europe's STOXX 600 Corporate Earnings Week Ahead	RE

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Published financial data: MUNICH RE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Premiums and Annuity Revenues	51.22B	55.2B	63.46B	57.1B	59.16B
Total Interest And Dividend Income	5.61B	5.38B	3.05B	1.69B	1.27B
Gain (Loss) on Sale of Investments, Total (Rev)	1.74B	2.68B	807M	-894M	-244M
Other Revenues, Total	384M	477M	52M	718M	963M
Total Revenues	58.96B	63.74B	67.37B	58.61B	61.15B
Policy Benefits	43.08B	45.38B	46.96B	41.48B	42.55B
Selling General & Admin Expenses, Total	12.82B	13.67B	15.91B	8.62B	8.97B
Other Operating Expenses	949M	1.01B	786M	2.44B	2.38B
Total Operating Expenses	56.84B	60.07B	63.65B	52.54B	53.9B
Operating Income	2.11B	3.66B	3.72B	6.07B	7.25B
Interest Expense, Total	-350M	-352M	-295M	-296M	-207M
Currency Exchange Gains (Loss)	-200M	262M	676M	-292M	175M
Other Non Operating Income (Expenses)	26M	-1M	-4M	47M	546M
EBT, Excl. Unusual Items	1.59B	3.57B	4.1B	5.53B	7.77B
Restructuring Charges	-51M	-57M	-25M	-	-
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-59M	-32M	-74M	0	-4M
EBT, Incl. Unusual Items	1.48B	3.48B	4B	5.53B	7.76B
Income Tax Expense	269M	552M	580M	936M	2.09B
Earnings From Continuing Operations	1.21B	2.93B	3.42B	4.6B	5.67B
Net Income to Company	1.21B	2.93B	3.42B	4.6B	5.67B
Minority Interest	-	1M	13M	9M	14M
Net Income - (IS)	1.21B	2.93B	3.43B	4.61B	5.68B
Net Income to Common Incl Extra Items	1.21B	2.93B	3.43B	4.61B	5.68B
Net Income to Common Excl. Extra Items	1.21B	2.93B	3.43B	4.61B	5.68B
Per Share Items
Net EPS - Basic	8.63	20.94	24.63	33.87	42.78
Basic EPS - Continuing Operations	8.63	20.94	24.63	33.87	42.78
Basic Weighted Average Shares Outstanding	140M	140M	139M	136M	133M
Net EPS - Diluted	8.63	20.94	24.63	33.87	42.78
Diluted EPS - Continuing Operations	8.63	20.94	24.63	33.87	42.78
Diluted Weighted Average Shares Outstanding	140M	140M	139M	136M	133M
Normalized Basic EPS	7.08	15.95	18.47	25.5	36.63
Normalized Diluted EPS	7.08	15.95	18.47	25.5	36.63
Dividend Per Share	9.8	11	11.6	15	20
Payout Ratio	113.38	46.81	44.9	34.37	35.29
American Depositary Receipts Ratio (ADR)	0.02	0.02	0.02	0.02	0.02
Supplemental Items
EBITDA	2.4B	4.02B	4.11B	8.7B	-
EBITA	2.15B	3.7B	3.76B	6.11B	7.29B
EBIT	2.11B	3.66B	3.72B	6.07B	7.25B
EBITDAR	2.4B	4.02B	4.11B	8.7B	-
Effective Tax Rate - (Ratio)	18.18	15.84	14.5	16.92	26.94
Current Domestic Taxes	-	-	-	-	-
Current Foreign Taxes	-	-	-	-	-
Total Current Taxes	334M	1.49B	826M	774M	2.13B
Deferred Domestic Taxes	-	-	-	-	-
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	-65M	-940M	-246M	162M	-43M
Normalized Net Income	994M	2.23B	2.57B	3.47B	4.87B
Interest on Long-Term Debt	230M	211M	185M	175M	216M
Non-Cash Pension Expense	29M	14M	14M	13M	21M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	8.62B	8.97B
Net Rental Expense, Total	2M	1M	2M	1M	2M
Imputed Operating Lease Interest Expense	948K	416K	713K	371K	483K
Imputed Operating Lease Depreciation	1.05M	584K	1.29M	629K	1.52M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Investment In Debt Securities	140B	141B	126B	138B	141B
Investment In Equity and Preferred Securities, Total	14.52B	19.61B	16.06B	18.36B	15.65B
Trading Asset Securities, Total	2.43B	1.81B	2.12B	-	-
Real Estate Owned	6.54B	7.03B	7.34B	9.38B	10.19B
Mortgage Loans	7.34B	7.9B	8.86B	-	-
Policy Loans	201M	183M	168M	-	-
Total Other Investments	8.2B	9.98B	9.03B	49.32B	61.12B
Total investments	180B	188B	170B	215B	228B
Cash And Equivalents	5.61B	5.4B	6.38B	5.5B	6.05B
Reinsurance Recoverable - (IS)	8.56B	10.34B	12.45B	4.01B	4.12B
Other Receivables - (Insurance Template)	60.46B	59.89B	57.63B	12.14B	11.13B
Deferred Policy Acquisition Costs - (BS)	9.12B	9.94B	10.42B	-	-
Separate Account Assets	11.03B	12.28B	11.13B	-	-
Gross Property Plant And Equipment	4.32B	4.65B	4.59B	5.99B	6.25B
Accumulated Depreciation	-2.06B	-2.08B	-2.17B	-1.67B	-1.77B
Net Property Plant And Equipment	2.26B	2.56B	2.42B	4.32B	4.48B
Goodwill	2.78B	3.09B	3.24B	3.18B	3.44B
Other Intangibles, Total	930M	1.01B	1.04B	1.03B	893M
Restricted Cash	1.59B	1.86B	2.94B	95M	66M
Other Current Assets, Total	234M	564M	449M	5.2B	4.22B
Deferred Tax Assets Long-Term (Collected)	278M	503M	2.78B	2.74B	2.66B
Deferred Charges Long-Term	181M	219M	248M	272M	285M
Other Long-Term Assets, Total	15.3B	16.81B	17.87B	20.06B	21.35B
Total Assets	298B	312B	299B	274B	287B
Liabilities
Accrued Expenses, Total	1.11B	1.01B	915M	655M	622M
Insurance And Annuity Liabilities	125B	127B	128B	135B	135B
Unpaid Claims	72.48B	81.67B	89.44B	81.17B	89.7B
Unearned Premiums	10.96B	13.47B	14.51B	-	-
Reinsurance Payable - (BS)	11.83B	13.2B	12.73B	436M	523M
Long-Term Debt	6.34B	6.36B	6.1B	5.89B	6.99B
Long-Term Leases	402M	433M	356M	437M	400M
Separate Account Liability	7.96B	9B	7.78B	-	-
Current Income Taxes Payable	1.82B	1.84B	1.57B	2.66B	2.18B
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	3.45B	3.75B	4.79B	4.35B	4.39B
Unearned Revenue Non Current	-	-	-	865M	855M
Pension & Other Post Retirement Benefits	4.27B	3.76B	1.61B	1.64B	1.64B
Deferred Tax Liability Non-Current	2.29B	1.3B	136M	2.24B	1.97B
Other Non Current Liabilities	19.67B	18.33B	9.09B	8.56B	9.82B
Total Liabilities	268B	281B	277B	244B	254B
Common Stock, Total	587M	587M	577M	580M	577M
Additional Paid In Capital	6.84B	6.84B	6.84B	6.84B	6.84B
Retained Earnings	14.78B	16.76B	18.85B	22.82B	24.82B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	7.68B	6.64B	-5.2B	-597M	397M
Total Common Equity	29.89B	30.83B	21.06B	29.65B	32.64B
Minority Interest	100M	116M	139M	122M	104M
Total Equity	29.99B	30.94B	21.2B	29.77B	32.74B
Total Liabilities And Equity	298B	312B	299B	274B	287B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	140M	140M	138M	135M	131M
ECS Total Common Shares Outstanding	140M	140M	138M	135M	131M
Book Value / Share	213.38	220.05	153.03	220.28	248.4
Tangible Book Value	26.18B	26.73B	16.78B	25.44B	28.3B
Tangible Book Value Per Share	186.88	190.8	121.91	188.98	215.4
Total Debt	6.74B	6.8B	6.45B	6.33B	7.39B
Net Debt	1.14B	1.39B	71M	828M	1.34B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.91B	2.43B	351M	422M	351M
Debt Equivalent Oper. Leases	16M	8M	16M	8M	16M
Minority Interest, Total (Incl. Fin. Div)	100M	116M	139M	122M	104M
Equity Method Investments, Total	3.37B	3.64B	5.9B	6.9B	5.27B
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	991M	962M	1.02B	1.04B	1.11B
Full Time Employees	39.64K	39.28K	41.39K	42.81K	44.22K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.21B	2.93B	3.43B	4.61B	5.68B
Depreciation, Depletion & Amortization	335M	316M	349M	24M	35M
Amortization of Goodwill and Intangible Assets - (CF)	39M	36M	36M	37M	39M
Total Depreciation, Depletion & Amortization	374M	352M	385M	61M	74M
Amortization of Deferred Charges, Total	102M	126M	134M	139M	174M
(Gain) Loss On Sale of Asset - (CF)	-	-	-	13M	24M
(Gain) Loss on Sale of Investments - (CF)	-3.84B	-2.72B	-3.02B	-	-
Total Asset Writedown	-	-	-	2.71B	2.86B
Deferred Policy Acquisition Costs - (CF)	29M	-729M	-419M	-	-
Amort. Of Deferred Policy Acq. Costs - (CF)	36M	28M	29M	-	-
Change in Trading Asset Securities	-95M	-760M	-2.33B	-3.29B	-6.64B
Change in Accounts Receivable	-	-	-	101M	1.65B
Reinsurance Recoverable - (CF)	-	-	-	-92M	268M
Change in insurance Reserves / Liabilities	5.26B	11.41B	-3.71B	-	-
Change in Other Net Operating Assets (Collected)	1.62B	-4.24B	-7.23B	-2.02B	-1.02B
Other Operating Activities	2.52B	-1.18B	5.08B	310M	66M
Cash from Operations	7.22B	5.23B	-7.64B	2.54B	3.14B
Capital Expenditure	-	-	-	-148M	-167M
Sale of Property, Plant, and Equipment	-	-	-	36M	13M
Cash Acquisitions	-2M	-133M	14M	-48M	-340M
Divestitures	2M	-20M	23M	19M	47M
Purchase / Sale of Intangible Assets	-	-	-	-194M	-60M
Investment in Marketable and Equity Securities, Total	-6.09B	-3.67B	11.28B	-	-
Other Investing Activities, Total	-46M	5M	34M	6M	2M
Cash from Investing	-6.14B	-3.82B	11.35B	-329M	-505M
Long-Term Debt Issued, Total	-	-	-	-	1.49B
Total Debt Issued	-	-	-	-	1.49B
Long-Term Debt Repaid, Total	-	-	-	-134M	-141M
Total Debt Repaid	-	-	-	-134M	-141M
Repurchase of Common Stock	-359M	-	-605M	-1.04B	-1.44B
Common Dividends Paid	-1.37B	-1.37B	-1.54B	-1.58B	-2.01B
Common & Preferred Stock Dividends Paid	-1.37B	-1.37B	-1.54B	-1.58B	-2.01B
Other Financing Activities, Total	1.41B	-308M	-556M	-225M	-131M
Cash from Financing	-323M	-1.68B	-2.7B	-2.98B	-2.23B
Foreign Exchange Rate Adjustments	-134M	146M	35M	-47M	122M
Miscellaneous Cash Flow Adjustments	0	-	-	-2M	-
Net Change in Cash	627M	-127M	1.04B	-818M	532M
Supplemental Items
Cash Interest Paid	385M	392M	325M	366M	286M
Cash Income Tax Paid (Refund)	263M	1.09B	604M	-51M	864M
Net Debt Issued / Repaid	-	-	-	-134M	1.35B
Levered Free Cash Flow	3.56B	12.66B	8.25B	4.91B	6.44B
Unlevered Free Cash Flow	3.78B	12.88B	8.44B	5.1B	6.57B
Change In Net Working Capital	-1.95B	-10.08B	-5.56B	-1.44B	-2.02B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	0.45	0.75	0.76	1.4	1.62
Return on Total Capital	3.65	6.15	7.11	10.88	11.89
Return On Equity %	4	9.62	13.11	16.13	18.14
Return on Common Equity	4.01	9.66	13.23	16.23	18.25
Margin Analysis
Gross Profit Margin %	26.93	28.79	30.3	29.23	30.42
SG&A Margin	21.74	21.45	23.61	14.7	14.67
EBITDA Margin %	4.07	6.3	6.09	14.84	-
EBITA Margin %	3.65	5.81	5.58	10.43	11.92
EBIT Margin %	3.59	5.75	5.52	10.36	11.86
Income From Continuing Operations Margin %	2.05	4.6	5.07	7.84	9.27
Net Income Margin %	2.05	4.6	5.09	7.86	9.3
Net Avail. For Common Margin %	2.05	4.6	5.09	7.86	9.3
Normalized Net Income Margin	1.69	3.51	3.82	5.92	7.96
Levered Free Cash Flow Margin	6.04	19.86	12.25	8.38	10.53
Unlevered Free Cash Flow Margin	6.41	20.2	12.53	8.69	10.74
Asset Turnover
Asset Turnover	0.2	0.21	0.22	0.22	0.22
Fixed Assets Turnover	25.52	24.43	27.04	13.72	13.9
Receivables Turnover (Average Receivables)	18.24	4.36	4.4	8.93	8.39
Short Term Liquidity
Current Ratio	0.34	0.36	0.37	0.64	0.66
Quick Ratio	0.24	0.24	0.24	0.54	0.57
Operating Cash Flow to Current Liabilities	0.07	0.05	-0.06	0.03	0.03
Days Sales Outstanding (Average Receivables)	20.06	83.68	82.9	40.88	43.61
Average Days Payable Outstanding	699.41	720.53	765.81	695.79	-
Long Term Solvency
Total Debt/Equity	22.48	21.96	30.43	21.26	22.57
Total Debt / Total Capital	18.35	18.01	23.33	17.53	18.41
LT Debt/Equity	22.48	21.96	30.43	21.26	22.57
Long-Term Debt / Total Capital	18.35	18.01	23.33	17.53	18.41
Total Liabilities / Total Assets	89.93	90.09	92.9	89.13	88.57
EBIT / Interest Expense	6.04	10.41	12.61	20.52	35.03
EBITDA / Interest Expense	7.11	11.41	13.92	29.67	35.43
(EBITDA - Capex) / Interest Expense	7.11	11.41	13.92	29.17	34.62
Total Debt / EBITDA	2.71	1.69	1.57	0.72	1.01
Net Debt / EBITDA	0.46	0.35	0.02	0.09	0.18
Total Debt / (EBITDA - Capex)	2.71	1.69	1.57	0.73	1.03
Net Debt / (EBITDA - Capex)	0.46	0.35	0.02	0.1	0.19
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.49	8.11	6.13	3.99	5.75
Gross Profit, 1 Yr. Growth %	-10.99	15.58	12.82	7.26	8.57
EBITDA, 1 Yr. Growth %	-37.87	61.41	1.58	0.14	-
EBITA, 1 Yr. Growth %	-40.66	71.85	0.83	0.21	21.86
EBIT, 1 Yr. Growth %	-41.06	73.32	0.84	0.2	21.96
Earnings From Cont. Operations, 1 Yr. Growth %	-55.26	142.11	16.61	-13.43	23.36
Net Income, 1 Yr. Growth %	-55.54	142.2	17.01	-13.31	23.43
Normalized Net Income, 1 Yr. Growth %	-52.15	124.82	14.39	-16.45	40.4
Diluted EPS Before Extra, 1 Yr. Growth %	-54.48	142.52	17.63	-11.15	26.3
Net Property, Plant and Equip., 1 Yr. Growth %	-4.32	-3.39	-5.66	2.23	3.75
Accounts Receivable, 1 Yr. Growth %	-1.12	18.36	0.66	20.34	0.21
Total Assets, 1 Yr. Growth %	3.61	4.85	-4.43	1.63	4.65
Common Equity, 1 Yr. Growth %	-1.86	3.13	-31.68	9.43	10.09
Tangible Book Value, 1 Yr. Growth %	-1.66	2.1	-37.23	11.52	11.27
Cash From Operations, 1 Yr. Growth %	-23.95	-27.61	-246.27	-35.98	23.59
Capital Expenditures, 1 Yr. Growth %	-	-	-	5.71	12.84
Levered Free Cash Flow, 1 Yr. Growth %	-17.57	9.45K	-34.86	-113.19	31.11
Unlevered Free Cash Flow, 1 Yr. Growth %	-17.01	3.57K	-34.54	-113.75	30.94
Dividend Per Share, 1 Yr. Growth %	0	12.24	5.45	29.31	33.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.77	5.26	6.9	-3.91	4.16
Gross Profit, 2 Yr. CAGR %	-2.18	1.43	13.39	-2.7	7.91
EBITDA, 2 Yr. CAGR %	-24.32	1.96	28.46	46.69	-
EBITA, 2 Yr. CAGR %	-25.51	0.99	32.1	28.07	9.35
EBIT, 2 Yr. CAGR %	-25.81	1.07	32.67	28.3	9.38
Earnings From Cont. Operations, 2 Yr. CAGR %	-27.06	4.07	68.03	25.21	3.34
Net Income, 2 Yr. CAGR %	-27.6	3.77	68.35	25.32	3.44
Normalized Net Income, 2 Yr. CAGR %	-27.72	3.71	60.95	24.12	8.3
Diluted EPS Before Extra, 2 Yr. CAGR %	-25.45	5.07	68.9	27.2	5.93
Net Property, Plant and Equip., 2 Yr. CAGR %	-2.98	4.21	-4.53	29.77	2.99
Accounts Receivable, 2 Yr. CAGR %	9.45	119.22	9.15	-30.88	9.82
Total Assets, 2 Yr. CAGR %	5.02	4.23	0.1	-6.38	3.13
Common Equity, 2 Yr. CAGR %	6.47	0.61	-16.06	-1.93	9.76
Tangible Book Value, 2 Yr. CAGR %	7.45	0.2	-19.94	-2.45	11.4
Cash From Operations, 2 Yr. CAGR %	55.18	-25.8	2.9	-30.24	-11.05
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	9.22
Levered Free Cash Flow, 2 Yr. CAGR %	-2.73	71.14	689.28	-37.74	-58.42
Unlevered Free Cash Flow, 2 Yr. CAGR %	-2.28	68.13	390.15	-37.12	-57.9
Dividend Per Share, 2 Yr. CAGR %	2.93	5.95	8.8	16.77	31.31
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.82	7.22	5.41	-0.19	-1.24
Gross Profit, 3 Yr. CAGR %	3.77	3.41	4.6	2.56	0.92
EBITDA, 3 Yr. CAGR %	12.31	-1.4	2.05	51.77	-
EBITA, 3 Yr. CAGR %	15.37	-1.57	1.17	41.59	25.08
EBIT, 3 Yr. CAGR %	15.84	-1.56	1.23	42.16	25.26
Earnings From Cont. Operations, 3 Yr. CAGR %	45.64	8.81	8.09	55.99	24.59
Net Income, 3 Yr. CAGR %	47.81	8.28	8.01	56.1	24.68
Normalized Net Income, 3 Yr. CAGR %	118.8	5.51	7.42	51.67	29.33
Diluted EPS Before Extra, 3 Yr. CAGR %	52.5	10.46	9.1	57.73	26.9
Net Property, Plant and Equip., 3 Yr. CAGR %	-3.67	2.23	0.81	17.61	20.44
Accounts Receivable, 3 Yr. CAGR %	5.81	79.9	69.13	-17.31	-21.77
Total Assets, 3 Yr. CAGR %	3.89	4.96	1.26	-2.78	-2.84
Common Equity, 3 Yr. CAGR %	2.19	5.35	-11.57	-0.27	1.92
Tangible Book Value, 3 Yr. CAGR %	1.88	5.64	-14.26	-0.96	1.93
Cash From Operations, 3 Yr. CAGR %	57.92	20.35	-6.97	-29.38	-15.59
Levered Free Cash Flow, 3 Yr. CAGR %	29.58	49.81	24.08	233.42	-20.2
Unlevered Free Cash Flow, 3 Yr. CAGR %	27.08	48.16	22.82	143.9	-20.13
Dividend Per Share, 3 Yr. CAGR %	4.45	5.95	5.78	15.24	22.05
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.79	2.75	3.82	2.54	1.23
Gross Profit, 5 Yr. CAGR %	-2.41	1.35	7.51	0.64	0.84
EBITDA, 5 Yr. CAGR %	-14.29	-2.04	19.37	15.73	-
EBITA, 5 Yr. CAGR %	-15.2	-2.31	21.79	9.51	14.98
EBIT, 5 Yr. CAGR %	-15.33	-2.29	22.3	9.6	15.12
Earnings From Cont. Operations, 5 Yr. CAGR %	-17.25	2.58	54.21	15.1	15.94
Net Income, 5 Yr. CAGR %	-17.18	2.6	55.71	14.8	15.85
Normalized Net Income, 5 Yr. CAGR %	-17.35	-2.45	93.51	12.76	18.57
Diluted EPS Before Extra, 5 Yr. CAGR %	-14.35	5.36	58.86	16.87	17.67
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.5	-0.72	-0.87	12.46	13.67
Accounts Receivable, 5 Yr. CAGR %	19.32	63.06	42.11	22.7	18.13
Total Assets, 5 Yr. CAGR %	2.08	3.13	2.36	0.27	-0.07
Common Equity, 5 Yr. CAGR %	-0.51	-0.44	-5.54	2.37	1.39
Tangible Book Value, 5 Yr. CAGR %	-0.61	-0.88	-7.48	2.32	1.23
Cash From Operations, 5 Yr. CAGR %	10.78	11.93	33.06	-3.24	-19.83
Levered Free Cash Flow, 5 Yr. CAGR %	-8.55	11.89	38.21	5.46	8.31
Unlevered Free Cash Flow, 5 Yr. CAGR %	-8.13	11.69	35.58	5.18	7.6
Dividend Per Share, 5 Yr. CAGR %	3.5	5.05	6.17	10.15	15.33