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.