Münchener Rückversicherungs-Gesellschaft AG (MUV2.DE) analysis

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Health is the debt and the claims still unpaid, not of capital made of stone. Quality separates the reinsurance margin, after claims, from the group's own insurance and from the investment result. Growth follows premiums ceded, and they need not rise with ERGO. P/E is read against a quiet year of claims, not against that year as normal. Shareholder return is the dividend, checked against cash. Do not read it as a payout already promised.

The P/E of a quiet year of claims is not the earnings if the large year arrives. EV/EBITDA is read without treating the reserve investment as premium. Do not use the multiple of an insurer that does not reinsure as if ERGO and reinsurance were the same book. A dash if MUV2.DE is missing.

Limits of this report

Not advice on Munich Re. Vaultflake does not treat the capital as unbreakable and does not describe the claim. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report