Report

- Low rating, but industry uncertainties persist

Nürnberger’s results this year are riding out the challenging environment; net income rose 63% to €42m and guidance for the full year was upped from €40m to €60m. Against this, the dominant life insurance business faces limited medium-term visibility. At 1.02x conservative HGB book value per share and a dividend yield of 4.6%, the rating is undemanding.
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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Edison Investment Research
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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