Edison Investment Research - Nuernberger Beteiligungs-AG B (NBG6) Nurnberger Beteiligungs - Maintaining positive earnings momentum

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Edison Investment Research

Pedro Fonseca

Nurnberger Beteiligungs - Maintaining positive earnings momentum

Nürnberger Beteiligungs (NBG) has weathered the COVID-19 crisis quite well so far, with improving gross premiums booked (despite somewhat lower new business), higher investment income in its traditional insurance business and limited growth in claims expenses in H120. After NBG almost doubled its net income in H120, management expects a y-o-y increase in FY20 earnings, assisted by higher premiums booked and visible growth in new business at a group level. At its AGM in April NBG approved the €3.30 dividend per share, which is 10% higher than last year.

28/09/2020 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

Provider

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 - Maintaining positive earnings momentum

Nurnberger Beteiligungs - Termination of coverage

Nurnberger Beteiligungs - FY21 earnings affected by natural disasters

Nurnberger Beteiligungs - Storms in Germany affect company guidance

Regional REIT - Q124 DPS unchanged ahead of refinancing

4imprint Group - Solid start to the year

Dowlais Group - Margin expansion despite mixed auto markets

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