Nurnberger Beteiligungs - FY21 earnings affected by natural disasters
Despite the life insurance segment’s solid growth in new business and earnings, Nürnberger Beteiligungs (NBG) posted a c 19% y-o-y drop in net income (ex-minorities) at the group level in FY21, weighed down by higher claims expenses in the Property & Casualty (P&C) segment due to severe storms and floods in Germany in 2021. While NBG fell short of delivering its earnings guidance from the beginning of 2021, its FY21 net income of €63m was slightly ahead of management guidance, updated in August 2021, of €60m after the catastrophic weather events. After a challenging FY21 for P&C, management guides to significantly higher earnings at group level in FY22 and has proposed a dividend of €3.30 per share (unchanged versus last year), implying a yield of 4.1%.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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