Nurnberger Beteiligungs - FY19 earnings ahead of guidance

Nurnberger Beteiligungs (NBG) continues to operate in a challenging interest rate environment limiting its net investment income and translating into higher additions to the Zinszusatzreserve (ZZR) despite the regulatory changes to its calculation introduced some time ago. Nevertheless, it was able to post solid results in FY19, with net profit ahead of management expectations. Consequently, management proposed a 10% increase in the dividend to €3.3 per share. Uncertainty around the impact of the coronavirus outbreak on the economy limits future earnings visibility.