{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Als „Begrüßungsgeschenk“ erhielt ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Christoph Jurecka","nodeType":"text"},{"data":{},"marks":[],"value":" vor allem eins: Aufgaben. Mit dem Jahreswechsel wurde er der neue Chef der ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Munich Re. ","nodeType":"text"},{"data":{},"marks":[],"value":"Das Unternehmen ist","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":" ","nodeType":"text"},{"data":{},"marks":[],"value":"der weltgrößte Rückversicherer. Noch im Dezember stellte Jurecka – damals noch als Finanzvorstand – neben dem damaligen Noch-Chef ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Joachim Wenning","nodeType":"text"},{"data":{},"marks":[],"value":" die Strategie „Ambition 2030“ vor. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Hinter der ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Munich Re","nodeType":"text"},{"data":{},"marks":[],"value":" liegen gute Jahre – so soll es laut der Strategie auch weitergehen. Der Gewinn je Aktie soll um acht Prozent pro Jahr wachsen. Die Eigenkapitalrendite soll mehr als 18 Prozent betragen. Die Ausschüttungen an die Aktionäre – Dividenden und Aktienrückkäufe zusammengenommen – sollen von bisher rund 75 auf über 80 Prozent der Gewinne steigen.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Intern soll Komplexität abgebaut werden, sagte Jurecka im Dezember. Das war schon damals die nette Umschreibung eines Sparprogramms. In den vergangenen Tagen wurde bekannt, dass darunter auch Stellenverlagerungen aus Deutschland nach Polen und Indien fallen könnten. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Die Aktionäre haben kaum Grund, sich über die ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Munich Re","nodeType":"text"},{"data":{},"marks":[],"value":" zu beklagen. In den vergangenen fünf Jahren stieg die Aktie um 120 Prozent. Die Dividende wuchs von 9,80 Euro im Jahr 2021 auf 20 Euro im Jahr 2025. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Darin spiegelt sich der Rückenwind der Rückversichungsbranche in den vergangenen Jahren wider. Auch das gut laufende Geschäft der Direktversicherungstochter ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Ergo","nodeType":"text"},{"data":{},"marks":[],"value":" und die Expansion in den US-Markt stärken die Aktie.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Doch das gute Bild erhält erste Risse. Seit April 2025 befindet sich die Aktie in einer Konsolidierungsphase. Das klassische Sachversicherungsgeschäft schwächelt auf hohem Niveau. Erste Kennzahlen befinden sich im Sinkflug. 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Ist die Aktie der ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Munich Re","nodeType":"text"},{"data":{},"marks":[],"value":" weiterhin ein gutes Investment? ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"The Pioneer","nodeType":"text"},{"data":{},"marks":[],"value":" hat sich das Unternehmen, seine Pläne und die Bilanz näher angesehen. Vier Chancen stehen vier Risiken gegenüber.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

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