Edison Investment Research - Nuernberger Beteiligungs-AG B (NBG6) Nurnberger Beteiligungs - Storms in Germany affect company guidance

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Edison Investment Research

Pedro Fonseca

Nurnberger Beteiligungs - Storms in Germany affect company guidance

Nürnberger Beteiligungs (NBG) posted a decline in H121 earnings (albeit versus a particularly strong H120) as stable gross premiums written, driven by new business, and a rebound in investment income were coupled with rising claims expenses largely due to severe storms and floods in Germany in 2021, and additions to the equalisation reserve. These also triggered a downward revision of management guidance in August 2021, which now assumes net income of c €60m in FY21 (down c 31% y-o-y). NBG remains optimistic about growth in new premiums at group level in FY21 and confirms its forecast for stable gross premiums written vs FY20.

29/09/2021 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 - Storms in Germany affect company guidance

Nurnberger Beteiligungs - Termination of coverage

Nurnberger Beteiligungs - FY21 earnings affected by natural disasters

Sylvania Platinum - Annual guidance maintained, despite strike

1Spatial - Investing in the transformational SaaS opportunity

Datatec - FY24 underlying EPS more than doubles y-o-y

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