Nurnberger Beteiligungs - Low interest rates and ZZR remain a burden
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.NUERNBERGER Beteiligungs AG is a Germany-based insurance company. It operates through four segments: Life, Health, Property and Casualty, and Banking Services. The Life segment comprises the provision of life insurances, disability insurance, occupational pensions and various forms of risk insurance, and a pension funds. The Health segment comprises subsidiaries engaged in the provision of health and supplementary insurances, as well as care insurances for employees, self-employed and civil servants. The Property and Casualty segment comprises the activities of the Company's subsidiaries engaged in the area of property, casualty and accident insurances, as well as reinsurances. The Banking Services segment includes a credit institution, own financial products, asset management and investment services. The Company operates through a number of subsidiaries in Germany, Luxembourg, Austria and the United States, among others.
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