Nurnberger Beteiligungs

DB: NBG6

€770m market cap

€66.5 last close

Nürnberger Beteiligungs-AG (NBG) is the parent company of a group of insurers and financial service companies. It is one of Germany’s oldest life insurers, and currently has 5.7m contracts, €3.3bn in gross premium income and €27.6bn in AUM. In 2016, NBG sharpened its image to be seen as a “clear, easy and solid” insurer.

Investment summary

Nürnberger Beteiligungs’ (NBG’s) FY18 results reflect an overall stable business at the top line, as gross premiums booked were up by 2.2% versus FY17 and new business was ahead of management expectations. However, the bottom line continues to be affected by the low interest rates translating into weaker net investment income (although a high base from one-off effects in FY17 played a role as well). This should also reduce earnings in FY19, with the current guidance implying a 10% y-o-y decline. On the other hand, the recent introduction of the ‘corridor method’ in case of the Zinszusatzreserve (ZZR) provided some tailwinds in FY18.

Share price graph
Price performance
%
1m
3m
12m
Actual (1.5) (0.7) (2.9)
Relative* 3.7 2.6 2.8
52-week high/low €73.0/€66.5
*% relative to local index
Key management
Uwe Carr Investor Relations