Frequently Asked Questions - shares

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Frequently asked questions


Here you will find a list of frequently asked questions from shareholders and analysts. The questions have been arranged by topic area.

How many shareholders does Munich Re have and who are the main shareholders?

Munich Re had around 232,000 shareholders at the end of 2018.
Shareholder profile

What is Munich Re's dividend policy?

Active capital management is an integral component of our business policy. We therefore strive to give our shareholders an appropriate share in our corporate success. Our policy is to at least maintain – and where possible even to increase – our level of payment of dividend per share oft he previous year. The last time we reduced our dividend was in 1970; we use share buy-backs as a flexible means of managing our capitalisation.

The dividends are proposed by the Board of Management and based on the financial statement of Münchener Rückversicherungs-AG. The proposed dividend, which is subject to approval by the Supervisory Board and the shareholders, is declared on the day of the AGM.

To see what dividend has been paid out over the past few years, click here.

How are dividends taxed in Germany?

The full dividend income of private investors domiciled in Germany will be paid out less a flat-rate tax of 25% (as well as the solidarity surcharge and, where relevant, church tax), unless tax exemption applies. In order to ensure that the tax-exempt allowances (i.e. investment income from interest, dividends and gains on the sale of securities) of €801 for single persons or €1,602 for married couples are taken into account, you should complete an exemption application form and submit it to your bank. Investors liable to taxation in Germany with an average tax rate lower than 25% can choose to include this income in their yearly tax declaration and will be reimbursed any excess tax paid after the relevant tax assessment in the following year.

What do foreign private shareholders have to bear in mind with regard to taxation?

Foreign private shareholders (i.e. persons neither domiciled nor normally resident in Germany) are subject to limited taxation requirements in Germany in connection with certain investment income. This includes dividends from corporations whose management or seat is located in Germany. Taxation on dividends in Germany is covered by the withholding tax on income. Where a Double Taxation Agreement exists between Germany and the country of residence of the foreign shareholder, the withholding tax on income is generally limited to a maximum of 15% of gross dividend. Normally, there is a standard application procedure. Taxation in the shareholder's country of residence on dividends earned in Germany is subject to the fiscal regulations in the country of residence.

When do I have to buy shares at the latest to be entitled to payment of a dividend after the Annual General Meeting?

You are entitled to a dividend on any Munich Re shares which are booked into your deposit on the day of the AGM. As a precaution please contact your bank. Due to a change in corporate law beginning 2017 the payment of the dividend by the company, will normally be effected, the decision of the AGM assumed, three banking days after the AGM.


Is it possible to purchase effective certificates from Munich Re?

In accordance with the resolution adopted by the AGM on 2 July 1999, the Company no longer issues effective certificates; accordingly, there are only very few effective certificates in circulation. The stock exchanges trade exclusively in Munich Re shares through the giro transfer system.

Is it possible to purchase old shares (so-called non-valeurs) from Munich Re?

Unfortunately not. Now virtually all the Munich Re shares are traded on the giro transfer system for securities. As there are practically no historical securities from share certificate exchanges, we unfortunately have no non-valeurs to offer.

What is the average daily trading volume in Munich Re shares?

In 2018, the average daily trading volume was around 600,000 shares.


If you cannot find a specific question here that you would like to have answered, please notify us. We will reply to your query as soon as possible.

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