The dividend at a glance

Munich Re's Annual General Meeting on 25 April 2024 voted to distribute a dividend of €15.00 per share for the business year 2023 to the shareholders. In relation to the 2023 year-end share price the dividend yield is equal to 4.0 percent. The dividend notice can be found in the section “Annual General Meeting 2024”.

Business year	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Dividend (in €/Share)	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	15.00
Yield (in %)	4.1	5.0	5.3	5.5	6.6	5.1	4.5	4.7	4.5	4.8	4.8	4.9	3.7	4.0	4.2	3.8	4.0

Dividend paying stocks

Year	Total number of shares	Treasury shares	Dividend-paying stocks
2023	136,468,150	2,707,863	133,760,287
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 dividends 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.

	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Dividend payout ratio (in %)	28.5	70.2	41.8	45.7	155.9	39.0	37.5	40.8	42.6	51.7	328.1	58.7	50.7	113.4	52.6	46.3	43.6

* 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 %
2023	4,597	2,006	43.6
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