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%.