The dividend at a glance
Munich Re's Annual General Meeting on 5 May 2023 voted to distribute a dividend of € 11.60 per share for the business year 2022 to the shareholders. In relation to the 2022 year-end share price the dividend yield is equal to 3.8 percent. The dividend notice can be found in the section “Annual General Meeting 2023”.
| Business year | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 9.80 | 9.80 | 11.00 | 11.60 |
| Yield (in %) | 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 | 3.7 | 4.0 | 4.2 | 3.8 |
Dividend paying stocks
| Year | Total number of shares | Treasury shares | Dividend-paying stocks |
|---|---|---|---|
| 2022 | 140,098,931 | 3,630,781 | 136,468,150 |
| 2021 | 140,098,931 | 0 | 140,098,931 |
| 2020 | 140,098,931 | 0 | 140,098,931 |
| 2019 | 144,317,861 | 4,218,930 | 140,098,931 |
| 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 |
Historical dividents 2015-2003
| 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*
The implicit dividend commitment of recent decades is now an explicit target of the Munich Re Group Ambition 2025. In “normal” years, the dividend per share is to rise by ≥5% on average, similarly to the increase in earnings per share. In years with unusually high claims expenditure, it is expected that the dividend per share will at least remain the same.
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| Dividend payout ratio (in %) | 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 | 50.7 | 113.4 | 52.6 | 46.3 |
* 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 % |
|---|---|---|---|
| 2022 | 3,419 | 1,583 | 46.3 |
| 2021 | 2,932 | 1,541 | 52.6 |
| 2020 | 1,211 | 1,373 | 113.4 |
| 2019 | 2,707 | 1,373 | 50.7 |
| 2018 | 2,275 | 1,335 | 58.7 |
| 2017 | 392 | 1,286 | 328.1 |
| 2016 | 2,581 | 1,333 | 51.7 |
Historical payout ratio 2015-2004
| 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 |