Nürnberger Beteiligungs' (NBG's) FY18 results reflect an overall stable business at the top line, as gross premiums booked were up by 2.2% versus FY17 and new business was ahead of management expectations. However, the bottom line continues to be affected by the low interest rates translating into weaker net investment income (although a high base from one-off effects in FY17 played a role as well). This should also reduce earnings in FY19, with the current guidance implying a 10% y-o-y decline. On the other hand, the recent introduction of the 'corridor method' in case of the Zinszusatzreserve (ZZR) provided some tailwinds in FY18.Den vollständigen Artikel lesen ...