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Nurnberger Beteiligungs

Solid 2017 results but still low rating

Update | Financials | 27 Mar 2018

The turnaround in business levels in life insurance after the weak first half improves visibility, although the overall environment remains challenging. Strong 2017 profits mean the price to NAV ratio is barely changed at an undemanding 1.03x despite some gain in the share price. A highly tenable 4.2% dividend yield offers further attraction.

Nurnberger Beteiligungs

Low rating, but industry uncertainties persist

Update | Financials | 23 Oct 2017

Nurnberger's results this year are riding out the challenging environment; net income rose 63% to EUR 42m and guidance for the full year was upped from EUR 40m to EUR 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.

Nurnberger Beteiligungs

Low rating, but industry uncertainties persist

Update | Financials | 20 Sep 2017

Nurnberger'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.

Nurnberger Beteiligungs

Discounted valuation, restructuring potential

Initiation | Financials | 12 May 2017

Nürnberger Beteiligungs-AG (NBG) is now in its 134th year of operation and is one of Germany's oldest and most recognised insurers, with gross premium income of €3.3bn. While its market share of the life sector is small (c 3%), in disability it ranks among the top providers, with a market share of 9.2% in 2016. Aided by a refocusing strategy, NBG reported profits of €58m in 2016 (2015: €47m). It is also a solid dividend payer, paying €3.00/share for the fourth consecutive year. Expected future restructuring measures suggest potential for further efficiency and market share gains.