Cash flow Munich Re

Equities

MUV2

DE0008430026

Reinsurance

Market Closed - Xetra Other stock markets 11:35:06 2025-01-24 am EST			5-day change	1st Jan Change
522.80 ^EUR	+0.15%		+3.90%	+7.33%

Jan. 23	MUNICH RE : Goldman Sachs gives a Buy rating	ZD
Jan. 22	Global markets live: Netflix, Microsoft, J&J, Adidas, EasyJet...

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Published financial data: MUNICH RE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	48.28B	51.22B	55.2B	63.46B	57.1B
Total Interest And Dividend Income	6.24B	5.61B	5.38B	3.05B	1.69B
Gain (Loss) on Sale of Investments, Total (Rev)	2.47B	1.74B	2.68B	807M	-894M
Other Revenues, Total	446M	384M	477M	52M	718M
Total Revenues	57.43B	58.96B	63.74B	67.37B	58.61B
Policy Benefits	39.68B	43.08B	45.38B	46.96B	41.48B
Selling General & Admin Expenses, Total	13.25B	12.82B	13.67B	15.91B	8.62B
Other Operating Expenses	337M	949M	1.01B	786M	2.44B
Total Operating Expenses	53.27B	56.84B	60.07B	63.65B	52.54B
Operating Income	4.16B	2.11B	3.66B	3.72B	6.07B
Interest Expense, Total	-375M	-350M	-352M	-295M	-296M
Currency Exchange Gains (Loss)	73M	-200M	262M	676M	-292M
Other Non Operating Income (Expenses)	-563M	26M	-1M	-4M	47M
EBT, Excl. Unusual Items	3.3B	1.59B	3.57B	4.1B	5.53B
Restructuring Charges	-60M	-51M	-57M	-25M	-
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-46M	-59M	-32M	-74M	0
EBT, Incl. Unusual Items	3.19B	1.48B	3.48B	4B	5.53B
Income Tax Expense	483M	269M	552M	580M	936M
Earnings From Continuing Operations	2.71B	1.21B	2.93B	3.42B	4.6B
Net Income to Company	2.71B	1.21B	2.93B	3.42B	4.6B
Minority Interest	17M	-	1M	13M	9M
Net Income - (IS)	2.72B	1.21B	2.93B	3.43B	4.61B
Net Income to Common Incl Extra Items	2.72B	1.21B	2.93B	3.43B	4.61B
Net Income to Common Excl. Extra Items	2.72B	1.21B	2.93B	3.43B	4.61B
Per Share Items
Net EPS - Basic	18.96	8.63	20.94	24.63	33.87
Basic EPS - Continuing Operations	18.96	8.63	20.94	24.63	33.87
Basic Weighted Average Shares Outstanding	144M	140M	140M	139M	136M
Net EPS - Diluted	18.96	8.63	20.94	24.63	33.87
Diluted EPS - Continuing Operations	18.96	8.63	20.94	24.63	33.87
Diluted Weighted Average Shares Outstanding	144M	140M	140M	139M	136M
Normalized Basic EPS	14.46	7.08	15.95	18.47	25.5
Normalized Diluted EPS	14.46	7.08	15.95	18.47	25.5
Dividend Per Share	9.8	9.8	11	11.6	15
Payout Ratio	49.01	113.38	46.81	44.9	34.37
American Depositary Receipts Ratio (ADR)	0.02	0.02	0.02	0.02	0.02
Supplemental Items
EBITDA	4.44B	2.4B	4.02B	4.11B	6.14B
EBITA	4.2B	2.15B	3.7B	3.76B	6.11B
EBIT	4.16B	2.11B	3.66B	3.72B	6.07B
EBITDAR	4.45B	2.4B	4.02B	4.11B	6.14B
Effective Tax Rate - (Ratio)	15.14	18.18	15.84	14.5	16.92
Current Domestic Taxes	-	-	-	-	-
Current Foreign Taxes	-	-	-	-	-
Total Current Taxes	559M	334M	1.49B	826M	774M
Deferred Domestic Taxes	-	-	-	-	-
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	-76M	-65M	-940M	-246M	162M
Normalized Net Income	2.08B	994M	2.23B	2.57B	3.47B
Interest on Long-Term Debt	226M	230M	211M	185M	175M
Non-Cash Pension Expense	40M	29M	14M	14M	13M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	8.62B
Net Rental Expense, Total	10M	2M	1M	2M	1M
Imputed Operating Lease Interest Expense	6.17M	948K	416K	713K	371K
Imputed Operating Lease Depreciation	3.83M	1.05M	584K	1.29M	629K
Stock-Based Comp., Other (Total)	38M	-	-	-	-
Total Stock-Based Compensation	38M	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	134B	140B	141B	126B	138B
Investment In Equity and Preferred Securities, Total	16.59B	14.52B	19.61B	16.06B	18.36B
Trading Asset Securities, Total	2.24B	2.43B	1.81B	2.12B	-
Real Estate Owned	5.99B	6.54B	7.03B	7.34B	9.38B
Mortgage Loans	6.79B	7.34B	7.9B	8.86B	-
Policy Loans	220M	201M	183M	168M	-
Total Other Investments	8.26B	8.2B	9.98B	9.03B	49.32B
Total investments	174B	180B	188B	170B	215B
Cash And Equivalents	4.98B	5.61B	5.4B	6.38B	5.5B
Reinsurance Recoverable - (IS)	8.69B	8.56B	10.34B	12.45B	4.01B
Other Receivables - (Insurance Template)	58.36B	60.46B	59.89B	57.63B	12.14B
Deferred Policy Acquisition Costs - (BS)	9.27B	9.12B	9.94B	10.42B	-
Separate Account Assets	9.16B	11.03B	12.28B	11.13B	-
Gross Property Plant And Equipment	4.39B	4.32B	4.65B	4.59B	5.99B
Accumulated Depreciation	-2.02B	-2.06B	-2.08B	-2.17B	-1.67B
Net Property Plant And Equipment	2.36B	2.26B	2.56B	2.42B	4.32B
Goodwill	2.94B	2.78B	3.09B	3.24B	3.18B
Other Intangibles, Total	895M	930M	1.01B	1.04B	1.03B
Restricted Cash	690M	1.59B	1.86B	2.94B	95M
Other Current Assets, Total	427M	234M	564M	449M	5.2B
Deferred Tax Assets Long-Term (Collected)	316M	278M	503M	2.78B	2.74B
Deferred Charges Long-Term	158M	181M	219M	248M	272M
Other Long-Term Assets, Total	14.92B	15.3B	16.81B	17.87B	20.06B
Total Assets	288B	298B	312B	299B	274B
Liabilities
Accrued Expenses, Total	1.23B	1.11B	1.01B	915M	655M
Insurance And Annuity Liabilities	125B	125B	127B	128B	135B
Unpaid Claims	70.88B	72.48B	81.67B	89.44B	81.17B
Unearned Premiums	10.52B	10.96B	13.47B	14.51B	-
Reinsurance Payable - (BS)	9.46B	11.83B	13.2B	12.73B	436M
Long-Term Debt	4.69B	6.34B	6.36B	6.1B	5.89B
Long-Term Leases	374M	402M	433M	356M	437M
Separate Account Liability	8.17B	7.96B	9B	7.78B	-
Current Income Taxes Payable	1.91B	1.82B	1.84B	1.57B	2.66B
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	1.9B	3.45B	3.75B	4.79B	4.35B
Unearned Revenue Non Current	-	-	-	-	865M
Pension & Other Post Retirement Benefits	3.9B	4.27B	3.76B	1.61B	1.64B
Deferred Tax Liability Non-Current	1.91B	2.29B	1.3B	136M	2.24B
Other Non Current Liabilities	17.3B	19.67B	18.33B	9.09B	8.56B
Total Liabilities	257B	268B	281B	277B	244B
Common Stock, Total	576M	587M	587M	577M	580M
Additional Paid In Capital	6.84B	6.84B	6.84B	6.84B	6.84B
Retained Earnings	16.17B	14.78B	16.76B	18.85B	22.82B
Treasury Stock	-641M	-	-	-	-
Comprehensive Income and Other	7.51B	7.68B	6.64B	-5.2B	-597M
Total Common Equity	30.46B	29.89B	30.83B	21.06B	29.65B
Minority Interest	117M	100M	116M	139M	122M
Total Equity	30.58B	29.99B	30.94B	21.2B	29.77B
Total Liabilities And Equity	288B	298B	312B	299B	274B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	141M	140M	140M	138M	135M
ECS Total Common Shares Outstanding	141M	140M	140M	138M	135M
Book Value / Share	215.32	213.38	220.05	153.03	220.28
Tangible Book Value	26.62B	26.18B	26.73B	16.78B	25.44B
Tangible Book Value Per Share	188.2	186.88	190.8	121.91	188.98
Total Debt	5.07B	6.74B	6.8B	6.45B	6.33B
Net Debt	84M	1.14B	1.39B	71M	828M
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.64B	2.91B	2.43B	351M	422M
Debt Equivalent Oper. Leases	80M	16M	8M	16M	8M
Minority Interest, Total (Incl. Fin. Div)	117M	100M	116M	139M	122M
Equity Method Investments, Total	2.85B	3.37B	3.64B	5.9B	6.9B
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	1.01B	991M	962M	1.02B	1.04B
Full Time Employees	39.66K	39.64K	39.28K	41.39K	42.81K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.72B	1.21B	2.93B	3.43B	4.61B
Depreciation, Depletion & Amortization	317M	335M	316M	349M	24M
Amortization of Goodwill and Intangible Assets - (CF)	41M	39M	36M	36M	37M
Total Depreciation, Depletion & Amortization	358M	374M	352M	385M	61M
Amortization of Deferred Charges, Total	113M	102M	126M	134M	139M
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	13M
(Gain) Loss on Sale of Investments - (CF)	-1.72B	-3.84B	-2.72B	-3.02B	-
Total Asset Writedown	-	-	-	-	2.71B
Deferred Policy Acquisition Costs - (CF)	-150M	29M	-729M	-419M	-
Amort. Of Deferred Policy Acq. Costs - (CF)	43M	36M	28M	29M	-
Change in Trading Asset Securities	-889M	-95M	-760M	-2.33B	-3.29B
Change in Accounts Receivable	-	-	-	-	101M
Reinsurance Recoverable - (CF)	-	-	-	-	-92M
Change in insurance Reserves / Liabilities	11.82B	5.26B	11.41B	-3.71B	-
Change in Other Net Operating Assets (Collected)	-1.42B	1.62B	-4.24B	-7.23B	-2.02B
Other Operating Activities	-1.38B	2.52B	-1.18B	5.08B	310M
Cash from Operations	9.49B	7.22B	5.23B	-7.64B	2.54B
Capital Expenditure	-	-	-	-	-148M
Sale of Property, Plant, and Equipment	-	-	-	-	36M
Cash Acquisitions	-1M	-2M	-133M	14M	-48M
Divestitures	-59M	2M	-20M	23M	19M
Purchase / Sale of Intangible Assets	-	-	-	-	-194M
Investment in Marketable and Equity Securities, Total	-6.19B	-6.09B	-3.67B	11.28B	-
Other Investing Activities, Total	-672M	-46M	5M	34M	6M
Cash from Investing	-6.92B	-6.14B	-3.82B	11.35B	-329M
Long-Term Debt Repaid, Total	-	-	-	-	-134M
Total Debt Repaid	-	-	-	-	-134M
Repurchase of Common Stock	-957M	-359M	-	-605M	-1.04B
Common Dividends Paid	-1.34B	-1.37B	-1.37B	-1.54B	-1.58B
Common & Preferred Stock Dividends Paid	-1.34B	-1.37B	-1.37B	-1.54B	-1.58B
Other Financing Activities, Total	-204M	1.41B	-308M	-556M	-225M
Cash from Financing	-2.5B	-323M	-1.68B	-2.7B	-2.98B
Foreign Exchange Rate Adjustments	-57M	-134M	146M	35M	-47M
Miscellaneous Cash Flow Adjustments	-	0	-	-	-2M
Net Change in Cash	21M	627M	-127M	1.04B	-818M
Supplemental Items
Cash Interest Paid	406M	385M	392M	325M	366M
Cash Income Tax Paid (Refund)	392M	263M	1.09B	604M	-51M
Net Debt Issued / Repaid	-	-	-	-	-134M
Levered Free Cash Flow	4.72B	3.56B	12.66B	8.25B	4.91B
Unlevered Free Cash Flow	4.95B	3.78B	12.88B	8.44B	5.1B
Change In Net Working Capital	-1.8B	-1.95B	-10.08B	-5.56B	-1.44B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	0.93	0.45	0.75	0.76	1.4
Return on Total Capital	7.79	3.65	6.15	7.11	10.88
Return On Equity %	9.49	4	9.62	13.11	16.13
Return on Common Equity	9.59	4.01	9.66	13.23	16.23
Margin Analysis
Gross Profit Margin %	30.9	26.93	28.79	30.3	29.23
SG&A Margin	23.07	21.74	21.45	23.61	14.7
EBITDA Margin %	7.73	4.07	6.3	6.09	10.47
EBITA Margin %	7.32	3.65	5.81	5.58	10.43
EBIT Margin %	7.24	3.59	5.75	5.52	10.36
Income From Continuing Operations Margin %	4.71	2.05	4.6	5.07	7.84
Net Income Margin %	4.74	2.05	4.6	5.09	7.86
Net Avail. For Common Margin %	4.74	2.05	4.6	5.09	7.86
Normalized Net Income Margin	3.62	1.69	3.51	3.82	5.92
Levered Free Cash Flow Margin	8.21	6.04	19.86	12.25	8.38
Unlevered Free Cash Flow Margin	8.62	6.41	20.2	12.53	8.69
Asset Turnover
Asset Turnover	0.21	0.2	0.21	0.22	0.22
Fixed Assets Turnover	24.13	25.52	24.43	27.04	13.72
Receivables Turnover (Average Receivables)	19.06	18.24	4.36	4.4	8.93
Short Term Liquidity
Current Ratio	0.31	0.34	0.36	0.37	0.64
Quick Ratio	0.21	0.24	0.24	0.24	0.54
Operating Cash Flow to Current Liabilities	0.1	0.07	0.05	-0.06	0.03
Days Sales Outstanding (Average Receivables)	19.14	20.06	83.68	82.9	40.88
Average Days Payable Outstanding	713.88	699.41	720.53	765.81	695.79
Long Term Solvency
Total Debt/Equity	16.57	22.48	21.96	30.43	21.26
Total Debt / Total Capital	14.22	18.35	18.01	23.33	17.53
LT Debt/Equity	16.57	22.48	21.96	30.43	21.26
Long-Term Debt / Total Capital	14.22	18.35	18.01	23.33	17.53
Total Liabilities / Total Assets	89.37	89.93	90.09	92.9	89.13
EBIT / Interest Expense	11.1	6.04	10.41	12.61	20.52
EBITDA / Interest Expense	12.05	7.11	11.41	13.92	20.73
(EBITDA - Capex) / Interest Expense	12.05	7.11	11.41	13.92	20.23
Total Debt / EBITDA	1.12	2.71	1.69	1.57	1.03
Net Debt / EBITDA	0.02	0.46	0.35	0.02	0.13
Total Debt / (EBITDA - Capex)	1.12	2.71	1.69	1.57	1.06
Net Debt / (EBITDA - Capex)	0.02	0.46	0.35	0.02	0.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.06	2.49	8.11	6.13	3.99
Gross Profit, 1 Yr. Growth %	6.94	-10.99	15.58	12.82	7.26
EBITDA, 1 Yr. Growth %	5.89	-37.87	61.41	1.58	-30.13
EBITA, 1 Yr. Growth %