Nurnberger Beteiligungs


Market Cap€919.4m

Last Close €80

Nürnberger Beteiligungs is the parent company of a group of insurers and financial service companies. It is one of Germany’s oldest insurers, operating since 1884. It offers life, health and property and casualty insurance, with strongest demand for unit-linked life, disability and pension insurance and standard pension insurance.

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Investment summary

Nürnberger Beteiligungs (NBG) posted a decline in H121 earnings (albeit versus a particularly strong H120) as stable gross premiums written, driven by new business, and a rebound in investment income were coupled with rising claims expenses largely due to severe storms and floods in Germany in 2021, and additions to the equalisation reserve. These also triggered a downward revision of management guidance in August 2021, which now assumes net income of c €60m in FY21 (down c 31% y-o-y). NBG remains optimistic about growth in new premiums at group level in FY21 and confirms its forecast for stable gross premiums written vs FY20.

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Share price graph
Price performance
Actual 1.3 0.6 6.0
Relative* 0.3 (0.2) (5.6)
52-week high/low €81.5/€74.0
*% relative to local index
Key management
Uwe Carr Investor Relations