Nurnberger Beteiligungs

DB: NBG6

€821.7m market cap

€71.5 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) top-line growth in H118 was largely assisted by the full consolidation of the legal protection insurance business. Low interest rates coupled with regulatory requirements (most notably Zinszusatzreserve, ZZR) continue to hinder the insurance industry. As a result of this and higher claims in property and casualty (P&C) business, as well as a one-off effect in H117, NBG recorded a 43.5% y-o-y drop in net profit in H118 to €23.6m, Still, FY18 net income guidance (€50m) was reiterated as H118 earnings represent c 47% of the guided number.

Share price graph
Price performance
%
1m
3m
12m
Actual 2.1 2.1 0.7
Relative* 0.4 (0.9) 10.3
52-week high/low €73.5/€66.5
*% relative to local index
Key management
Uwe Carr Investor Relations