09:03 AM EDT, 05/13/2026 (MT Newswires) -- Berenberg lowered its price target for Munich Re (MUV2.F) to 565 euros from 629 euros, after the German insurer and reinsurer posted a "mixed"set of first-quarter financial results.

Munich Re's reinsurance revenue fell 9% year over year during the quarter, 6.5% lower than consensus estimates, weighed down by renewal outcomes, volume discipline, currency headwinds and accounting lags, according to a note published Wednesday.

"The company's top-line growth came in below expectations, while it beat on a total technical result basis. Sector level pressures are increasing given the softening reinsurance market conditions. Prospects appear increasingly more challenging in Property &Casualty Re (P&C Re), in which Munich Re maintains a disciplined approach, with Life &Health Re (L&H Re) being the main support to group earnings,"analysts wrote. "While we think that total yields are attractive, at 8-9% pa based on our estimates, valuation is broadly in line with the long-run average on a P/E basis."

As such, the EPS forecasts were reduced by between 2% and 4%, while the hold recommendation on the stock was left unchanged.