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.

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