Nurnberger Beteiligungs


€810.2m market cap

€70.5 last close

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.

Investment summary

Nurnberger Beteiligungs (NBG) was able to moderately grow its gross premiums booked on the back of a solid 10% y-o-y increase in new premiums to €266m in H119. Meanwhile, the low interest rate environment dampens NBG’s investment income, with the recent central bank rate decisions suggesting this will continue for now. We note that NBG’s relatively high exposure to unit-linked and disability products somewhat limits the impact of accommodative monetary policy. A cap on fees earned on life insurance contracts is still being discussed in Germany. If introduced, it is likely to constrain new life insurance business.

Share price graph
Price performance
Actual 2.9 2.9 (1.4)
Relative* 1.8 (0.6) (18.6)
52-week high/low €71.5/€66.0
*% relative to local index
Key management
Uwe Carr Investor Relations