A brief review
Thanks to our solid capitalisation and good earnings prospects, we paid out an unchanged dividend of €6.25 per share in 2012, despite 2011 having been a difficult year. Munich Re shares thus remain an attractive equity investment, which is also included in the DivDax.
In April 2011, the Board of Management of Munich Reinsurance Company concluded its 2010/2011 share buy-back programme. By the Annual General Meeting on 20 April 2011, a total of 9,127,259 shares with a volume of almost €1bn had been repurchased by the Company as part of this programme. The shares were retired directly after the AGM. Since then, the share capital has been divided into a total of 179,341,212 shares.
On account of the pleasing annual result for 2010, the dividend was increased to €6.25. Munich Re shares are therefore among the DAX's most attractive equity investments. For the period 2005 to 2011, Munich Re thus returned nearly €12bn to its shareholders via share buy-backs and dividends.
In connection with the AGM, our shareholders were again offered all kinds of electronic options for casting their votes on the various agenda items (issuing power of attorney to the Company proxies, postal vote, online participation).
In May 2010, Munich Reinsurance Company's Board of Management decided on a further share buy-back (share buy-back programme 2010/2011), thus availing itself of the authorisation granted by the Annual General Meeting on 28 April 2010. Own shares with a maximum volume of up to €1bn are to be repurchased before the Annual General Meeting in 2011. By the end of 2010, 6,089,668 shares were bought back under this programme for around €650m.
Munich Reinsurance Company became the first DAX 30 company to offer online participation and a postal vote at its Annual General Meeting in 2010. This enabled our shareholders to take advantage of these options recently introduced by German legislation when casting their votes on the various agenda items.
Warren E. Buffett increases his stake in Munich Re shares: In the course of 2010, Mr. Buffett and/or various companies in his group increased their participation from around 3% to a total share of some 10.2%. They have informed us that the objective of the investment is to generate trading profits and not to implement strategic objectives. Besides, the intention is to acquire further shares over the next 12 months.
By mid-March 2009, altogether 9.002.180 shares were acquired for around €1bn under the 2008/2009 share buy-back programme (including shares repurchased in 2008). The shares were duly retired at the beginning of April 2009, again using a simplified process without reducing the share capital. The total number of shares now stands at 197,401,624.
On 22 April 2009, the Annual General Meeting resolved that we avail ourselves of the opportunities created by the new German Act Implementing the Shareholder Rights Directive. As a result, the Board of Management may allow shareholders to cast a postal vote at the Annual General Meeting in 2010, for instance.
With the economy having stabilised, the share buy-back programme was resumed after a seven-month break. Based on the authorisation granted at the Annual General Meeting on 22 April 2009, the Board of Management resolved on 1 October 2009 to acquire prior to the Annual General Meeting on 28 April 2010 up to 15 million shares for a maximum total purchase price of €1bn via the stock exchange. By the end of 2009, 3,225,550 shares were bought back under the programme for around €350m.
At the beginning of April 2008, another 11,484,866 shares acquired under the 2007/2008 share buy-back programme in the period from June 2007 to January 2008 were retired. The share capital continues to total €587,725,396.48, now divided up into 206,403,804 issued shares.
In May 2008, the Board of Management decided on the 2008/2009 share buy-back programme with a total volume of €1bn, thus availing itself of the authorisation granted by the Annual General Meeting on 17 April 2008. By the end of 2008, some eight million shares were repurchased under this programme for around €900m, partly using derivatives.
The share buy-back programme 2006 is successfully concluded in February 2007. In line with previous announcements, 8,040,818 repurchased shares are retired in April 2007. This is done without reducing the share capital, which thus continues to total €587,725,396.48 but is now divided up into 221,539,415 shares.
In May, the Board of Management decides on another share buy-back (share buy-back programme 2007). By the AGM in April 2008, own shares with a volume of €2bn are to be repurchased. For the first time, derivatives (sale of put options) are used for buying back shares. A portion of the repurchased shares are retired at the end of June, so that – with the share capital remaining the same – the number of shares decreases further to 217,888,670.
At the beginning of March, the free float increases to 100% after Allianz AG reduces its stake to below 5%.
In November, Munich Re’s Board of Management decides to launch a share buy-back (share buy-back programme 2006), thus availing itself for the first time of the authorisation granted by the AGM in accordance with Section 71 para. 1 item 8 of the German Stock Companies Act. By the AGM in April 2007, own shares with a volume of up to €1bn are to be repurchased via the stock exchange.
Shareholders will have their own shareholder portal on the internet. The service pages offer, among other things, the option of viewing personal data saved in the register of shareholders or to research historical share prices as well as other information in connection with Munich Re shares.
Our free float rises to over 90%. Our commitment to sustainability also has an impact on the investment side: Around 2% of our shares are now held by so-called SRI or socially responsible investors.
Shareholders may register on the internet to have AGM documents sent to them electronically. From 2005 registered shareholders will receive their invitation to the AGM by e-mail and can complete their registration online.
The capital increase was very well received, 99.9% of the subscription rights having being exercised. The subscription ratio was two for seven. The share capital increased by €130,337,141.76 or by 50,912,946 shares.
Following the reduction in our reciprocal shareholdings with Allianz and HypoVereinsbank, the free float rose to just under 75%.
The 1998/2002 warrants come to a successful conclusion. With an exercise rate of 99.86%, they record a similarly positive performance to that of their predecessor, the 1994/98 warrants.
The whole 2002 AGM can be followed by Munich Re shareholders live online.
Munich Re shareholders are able to register for the AGM directly via the Internet for the first time. They can use this channel to order admission cards or – if they do not wish to attend the meeting in person – to authorize company-appointed proxies to vote in accordance with their instructions.
The share restructuring measures are successfully completed; only one category of Munich Re share is now listed on the stock exchange – the Munich Re registered share with the securities reference number WKN 843 002.
Once registered shares are fully paid up, there is a 1:2 stock split. Afterwards, registered and bearer shares are converted into no-par-value shares.
The company's share capital is converted to euros.
The simplification of the company's share structure begins with an attractive offer for the conversion of bearer shares into registered shares.
Munich Re is included in the European indices Euro STOXX 50 and STOXX 50.
The business year is converted to a calendar-year basis and consequently there is a short business year from 1 July to 31 December 1998.
Owing to the success of the warrants 1994/98, the new shares in the 1998 capital increase are again issued with warrants (1998/2002) attached.
We offer the possibility of cost-efficient collective custody of registered shares in the German giro transfer system.
The 1:10 stock split improves the handling of the shares.
Our registered shares are included in the DAX 30.
The new shares in the 1994 capital increase are issued – for the first time – with warrants for further Munich Re shares.
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