Edison Investment Research - Nuernberger Beteiligungs-AG B (NBG6) Nurnberger Beteiligungs - FY20 earnings up despite low interest rates

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Edison Investment Research

Pedro Fonseca

Nurnberger Beteiligungs - FY20 earnings up despite low interest rates

Nürnberger Beteiligungs (NBG) delivered double-digit earnings growth in FY20, supported by slightly higher gross premiums booked, driven by new business as well as improved investment income in its traditional insurance segment. While management guidance assumes a slight decline in net income in 2021, the company is again optimistic about growth in new premiums across all segments this year. Management has proposed a dividend of €3.30/share (unchanged y-o-y), which implies a yield of 4.3%.

30/03/2021 5 EN

Underlying

Nuernberger Beteiligungs-AG B

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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DE0008435967 Frankfurt Stock Exchange Germany

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Nurnberger Beteiligungs - FY20 earnings up despite low interest rates

Nurnberger Beteiligungs - Termination of coverage

Nurnberger Beteiligungs - FY21 earnings affected by natural disasters

Nurnberger Beteiligungs - Storms in Germany affect company guidance

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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