Munich Re's Annual General Meeting on 30 April 2019 voted to distribute a dividend of € 9.25 per share for the business year 2018 to the shareholders. In relation to the 2018 year-end share price the dividend yield is equal to 4.9 percent. The dividend notice can be found in the section “Annual General Meeting 2019”.
Business year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Dividend (in €/Share) 4,50 5,50 5,50 5,75 6,25 6,25 7,00 7,25 7,75 8,25 8,60 8,60 9,25
Yield 2.7% 3.5% 4.1% 5.0% 5.3% 5.5% 6.6% 5.2% 4.5% 4.7% 4.5% 4.8% 4.9%

Dividend paying stocks

Year Total number of shares Treasury shares Dividend-paying stocks
2018 149,538,477 5,220,616 144,317,861
2017 155,027,908 5,489,431 149,538,477
2016 161,053,897 6,025,989 155,027,908
Year Total number of shares Treasury shares Dividend-paying stocks
2015 166,843,961 5,790,264 161,053,697
2014 172,942,618 6,099,887 166,842,731
2013 179,341,212 6,407,095 172,934,117
2012 179,341,212 42,313 179,298,899
2011 179,341,212 1,711,014 177,630,198
2010 188,468,471 10,886,068 177,582,403
2009 197,401,624 10,929,717 186,471,907
2008 206,403,804 11,315,953 195,087,851
2007 217,888,670 13,468,959 204,419,711
2006 229,580,233 9,934,789 219,645,444
2005 229,580,233 1,572,570 228,007,663
2004 229,580,233 1,060,826 228,519,407
2003 229,580,233 577,074 229,003,159

Development of the dividend payout ratio*

Our dividend policy is designed to give our shareholders an appropriate share in the Company’s success. The actual basis is the current dividend level per share, which we will strive not to undercut in future dividend payments, depending on the actual results and the capital position. There have not been any cuts in dividend since 1970.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Dividend payout ratio 27.9% 28.5% 70.2% 41.8% 45.7% 155.95% 39.0% 37.55 40.8% 42.6% 51.7% 328.1% 58.7%
* Dividend payout ratio = Overall dividend amount divided by Group IFRS profit for the year.

Payout ratio in relation to the IFRS consolidated profit of Munich Re (Group)

Year IFRS consolidated profit (Group) (€m) Dividend payout for the financial year (€m) Payout ratio %
2018 2,275 1,335 58.7
2017 392 1,286 328.1
2016 2,581 1,333 51.7
Year IFRS consolidated profit (Group) (€m) Dividend payout for the financial year (€m) Payout ratio %
2015 3,122 1,329 42.6
2014 3,171 1,293 40.8
2013 3,342 1,254 37.5
2012 3,211 1,255 39.0
2011 712 1,110 155.9
2010 2,430 1,110 45.7
2009 2,564 1,072 41.8
2008 1,528 1,073 70.2
2007 3,937 1,124 28.5
2006 3,536 988 27.9
2005 2,743 707 25.8
2004 1,833 457 24.9
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