Nurnberger Beteiligungs


€770m market cap

€67 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
Actual (1.5) (6.3) (2.9)
Relative* (3.4) (7.9) (1.6)
52-week high/low €73.0/€66.5
*% relative to local index
Key management
Uwe Carr Investor Relations