May 2026
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Largest Insurance Carriers Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Allianz, Munich Re, Talanx, Nuernberger Beteiligungs and Wuestenrot & Wuerttembergische.
 | Allianz was founded as a transport and accident insurance firm in 1890 by Carl von Thieme and Wilhelm von Finck, the founders of Munich Re. It took the company five years to expand the business into Europe and North America and subsequently list in Berlin. After World War I, individuals were confronted with the loss of wealth, life, and security and Allianz founded a life business in the 1920s. In the years after World War II, Allianz's foreign assets were seized, and it lost its foreign business. By relocating its head office from Berlin to Munich in 1948, Allianz began the long road of rebuilding its domestic business. It took 20 years for the company to reacquire its prior foreign interests, starting in Austria. It became the largest European insurer in the postwar boom era. | $449 | +12% | $170B | $177B | 0.8x | 8.6x | ||
| Munich Re was founded in 1880 by Carl Thieme amid a flurry of other reinsurance companies set up independently of primaries. In those early days, most reinsurers typically focused on a few strong customers. Thieme focused on a broader set of cedents to drive stronger growth in premiums. This coincided with a strategy of risk diversification and a preference to partner rather than take on a one-sided transfer of risk. In the 1890s, Munich Re introduced the first machinery insurance. After Thieme and Wilhelm von Fink founded Allianz, this was the main channel to sell insurance on machinery. We believe the approach of partnering with insurers and preferring to avoid one-sided risk, in conjunction with combining inspection and insurance services, remains at the heart of the firm. | $12 | -10% | $75B | $77B | — | — | ||
| Talanx is the third largest insurer in Germany. It sells insurance to businesses, individuals, and reinsurers other insurers. The origins of Talanx go back to the early 1900s and the founding of two mutuals in Germany, HDI and FSV, that were set up to provide liability insurance to the German iron and steel industry, and fire insurance to the German mining industry as a result of a growing dissatisfaction with providers of insurance. These two mutuals merged to form Halfplichtverband der Deutschen Industrie, or HDI, in 1970. Over the years companies outside of metals and mining have joined the mutual. HDI started providing reinsurance services in the mid-1920s, and individual insurance in the 1950s. HDI owns just over three-quarters of the Talanx share capital. | $125 | -5% | $32B | $36B | 0.6x | 5.9x | ||
| Nuernberger Beteiligungs AG operates in the German financial services domain. Its prime focus is on offering insurance products that span the life, health, and property insurance products. The Life business area comprises of the company's subsidiaries engaged in the provision of life insurances, disability insurance, occupational pensions and various forms of risk insurance, and pension funds. The Health segment is concerned with the provision of health and supplementary insurance and the property insurance segment is responsible for the activities related to in property, casualty, accident insurance, as well as reinsurance. In addition, it provides banking services encompassing financial products, asset management, and investment services. | $140 | +132% | $2B | $964M | 0.2x | — | ||
| Wustenrot & Wurttembergische AG is a German financial services company. It develops and provides the four components of modern financial planning: financial security, residential property ownership, risk protection, and savings and investment. The company's reportable segments are; Housing, Life and Health Insurance, Property/Casualty Insurance, and all others segment. It generates key revenue from Life and Health Insurance segment. The company generates a majority of its revenue from its operations in Germany. | $17 | +7% | $2B | $10B | 1.5x | — | ||
| OEKOWORLD AG is engaged in providing financial services, providing insurance products, money management services and financial consultation to individual and institutional clients. | $36 | -2% | $232M | $69M | 1.2x | 2.4x | ||
| RheinLand Holding AG isfocuses on property, liability and accident insurance for private and commercial customers as well as motor insurance for private customers. The company provides family insurance products that covers the home, personal possessions, pets, accidents and private liability, car insurance, business and other insurance. It sells its products through a network of agents, customer advisors, and sales managers. | $39 | +12% | $149M | $71M | 0.1x | — | ||
| Median | $39 | +7% | $2B | $10B | 0.7x | 5.9x |
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