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STOCK COMPARISON

Münchener Rück vs Reinsurance Group of America: Fair Value & Quality

Both stocks run through our valuation models. Here is how Münchener Rück (MUV2) and Reinsurance Group of America (RGA) compare, as of Sep 22, 2026.

As of Sep 22, 2026, Fair Value Calculator sees Münchener Rück as the less overvalued of the two: Münchener Rück trades at €509 versus a fair value of €434 (-15%), while Reinsurance Group of America trades at $246 versus $198 (-19%).
Münchener Rück
MUV2.XETRA · EUR · Financials
-15%
upside to fair value
overvalued
Price€509
Fair Value€434
Quality52/100
Reinsurance Group of America
RGA · USD · Financials
-19%
upside to fair value
overvalued
Price$246
Fair Value$198
Quality46/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Münchener RückReinsurance Group of America
Valuation
9.6×P/E (TTM)13.1×
1.22×P/S (TTM)0.64×
2.25×P/B1.18×
10.5×EV/EBITDA8.5×
2.03×PEG1.14×
−14.7%Fair value upside−19.4%
4.5%Dividend yield1.5%
€24.00Dividend per share$3.68
Profitability
15%Operating margin8%
4.77×EBIT margin trend (5Y)1.79×
20%Return on equity10%
2%Return on assets1%
Growth
-6%Revenue growth (YoY)24%
Avg. growth/yr (3Y)12.8%
Avg. growth/yr (5Y)9.3%
+24.5%Value creation/yr+20.1%
Balance & size
23.4×Interest coverage (EBIT/interest)4.2×
0.22×Debt / equity0.42×
$75BMarket cap$16B
expensiveGrowth qualitymixed

Münchener Rück leads: 9 to 5 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Münchener Rückof which business quality 45 · market factors 59 Reinsurance Group of Americaof which business quality 47 · market factors 80
ProfitabilityMargins and returns on capital today
39
20
Quality GrowthAre margins and returns improving?
54
57
CashflowEarnings quality: real cash, not paper profit
32
86
Fin. StrengthBalance sheet, leverage, solvency risk
7
9
InvestmentDisciplined investing over empire-building
73
33
Low VolatilityCalm price path (market factor)
95
92
MomentumPrice trend over the last 3–12 months (market factor)
45
69
52W MomentumDistance to the 52-week high (market factor)
42
86
Net IssuanceShare count: buybacks or dilution?
100
85

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyMünchener RückPrice €509Reinsurance Group of AmericaPrice $246
Dividend Discount-46%below the price€275-74%below the price$64.46
Multiples-3%close to the price€493+6%close to the price$261
Asset-Based-66%below the price€174-44%below the price$138
Economic Profit-22%below the price€398-23%below the price$190
Minimum-66%below the price€174-74%below the price$64.46
Maximum-3%close to the price€493+6%close to the price$261
Median-34%below the price€336-33%below the price$164
Geometric mean-39%below the price€311-41%below the price$145

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Münchener Rück: 5 of 6 models see the stock below the current price.

Reinsurance Group of America: 5 of 6 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Münchener Rück
Price €509
Fair Value €434
Bear €338Bull €575
Reinsurance Group of America
Price $246
Fair Value $198
Bear $180Bull $326

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Münchener Rück · Financials

Quality score52 · below median
Fair value upside-15% · below median

Reinsurance Group of America · Financials

Quality score46 · below median
Fair value upside-19% · below median

Bottom line

As of Sep 22, 2026, Fair Value Calculator sees Münchener Rück as the less overvalued of the two: Münchener Rück trades at €509 versus a fair value of €434 (-15%), while Reinsurance Group of America trades at $246 versus $198 (-19%).

Münchener Rück has the higher quality score (52/100).

See the full analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.