**Revenue distribution by industry:**
- Insurance: approx. 80%
- Financial services: approx. 15%
- Other services: approx. 5%

**TOP 3 markets:**
1. Germany: approx. 70%
2. Austria: approx. 15%
3. Switzerland: approx. 10%

The NÜRNBERGER Beteiligungs-AG generates the majority of its revenue from the insurance sector, with a strong focus on the German market. The expansion into neighboring countries Austria and Switzerland also contributes significantly to the revenue. The remaining revenue comes from other European markets and other services.

**Production Sites:** Headquarters in Nuremberg, Germany

The NÜRNBERGER Beteiligungs-AG is primarily active in the insurance sector and does not produce physical products in the traditional sense. Its headquarters are located in Nuremberg, Germany, where it develops and manages its services. As an insurance company, NÜRNBERGER focuses on providing insurance and financial services that do not require physical production facilities.

**Current Strategy:** Diversification and Digitalization

The NÜRNBERGER Beteiligungs-AG is pursuing a strategy of diversifying its product range and services to respond to changing market demands. An essential part of this strategy is the increased focus on digital solutions to enhance customer service and improve efficiency.

Furthermore, the company is investing in innovative insurance products tailored to the needs of an increasingly digitized society. This includes both the development of new digital platforms and the optimization of existing processes to increase customer satisfaction.

Another strategic focus is on the sustainable orientation of the business model. The NÜRNBERGER Beteiligungs-AG is increasingly focusing on ESG criteria (Environmental, Social, Governance) to remain competitive in the long term and meet investor requirements. This includes investments in sustainable projects and the promotion of environmentally friendly business practices.

**Main Imported Raw Materials/Supplies:** Paper, IT hardware

**Countries of Origin:** Germany, China, USA

NÜRNBERGER Beteiligungs-AG is primarily active in the insurance and financial services sector, which is why it does not import raw materials in the traditional sense. However, the company requires materials such as paper for office supplies and IT hardware for the operation of their digital platforms.

Paper is mainly sourced from Germany to support the local economy and minimize transportation costs. IT hardware is often imported from China and the USA, as these countries are leading in the production of electronics and computer technology.

**Market share:** 3.5% in the German insurance market (2025)
**Return on equity:** 8.2% (2025)
**Combined Ratio:** 96.1% (2025)

The NÜRNBERGER Beteiligungs-AG has a moderate competitive advantage in the German insurance market. With a market share of 3.5%, the company positions itself as a medium-sized player. The return on equity of 8.2% shows that the company is able to achieve a solid return on invested capital, indicating efficient capital utilization.

The Combined Ratio of 96.1% suggests that the company operates profitably, as it spends less than 100% of its premium income on claims payments and operating expenses. This is an indicator of good cost control and risk assessment.

In summary, the NÜRNBERGER Beteiligungs-AG has a certain competitive advantage due to its stable financial performance and market position. However, the advantage is not as pronounced as with larger market leaders, indicating stronger competition and limited economies of scale.

**Institutional Investor Share:** approximately 45% (estimated, based on historical data from 2023)

**Insider Purchases/Sales:** No significant transactions reported (as of 2026)

The institutional investor share in NÜRNBERGER Beteiligungs-AG is around 45%. This figure is based on the latest available data from 2023 and may have slightly changed by 2026, but it remains within the typical range for publicly traded companies of this size.

Regarding insider transactions, no significant purchases or sales by insiders have been reported in 2026. This could indicate that the management and other insiders currently do not expect significant changes in their assessment of the company's value.

**Market share of NÜRNBERGER Beteiligungs-AG:** Estimated 2-3% (2026, insurance industry in Germany)

**Major competitors and their market shares:**

1. **Allianz SE:** approx. 20%
2. **Munich Re (Münchener Rückversicherungs-Gesellschaft):** approx. 15%
3. **Hannover Rück SE:** approx. 10%
4. **Talanx AG:** approx. 8%
5. **R+V Versicherung:** approx. 7%
6. **AXA Konzern AG:** approx. 6%
7. **Generali Deutschland AG:** approx. 5%
8. **Debeka Versicherungen:** approx. 4%
9. **ERGO Group AG:** approx. 4%
10. **NÜRNBERGER Beteiligungs-AG:** approx. 2-3%

**Moat of NÜRNBERGER Beteiligungs-AG:**

NÜRNBERGER Beteiligungs-AG has a moderate moat, mainly characterized by its strong regional presence and specialized insurance products. However, compared to larger competitors like Allianz or Munich Re, its moat is less pronounced. These larger companies have more extensive resources, a broader product range, and a stronger international presence, giving them a significant competitive advantage.

Nevertheless, NÜRNBERGER can score points through its customer proximity and specialized services, which is advantageous in certain niche markets. However, competition in the insurance industry is intense, and larger companies tend to have better economies of scale and innovation capabilities.

**Revenue Growth:** 4.5% (2025)
**Profit Growth:** 3.8% (2025)
**Return on Equity:** 6.2% (2025)

In 2025, NÜRNBERGER Beteiligungs-AG recorded a moderate revenue growth of 4.5%. This indicates a stable business development supported by a solid market position in the insurance sector.

The profit growth of 3.8% shows that the company is able to increase its profitability despite a competitive environment. The return on equity of 6.2% is an indicator of the efficiency with which the company deploys its capital and is in line with the industry average.

For investors, NÜRNBERGER Beteiligungs-AG could be an attractive option if they are looking for a stable company with moderate growth potential in the insurance sector. Long-term investors could benefit from the solid business development and the company's ability to thrive in a challenging market environment.

**Dividend yield:** 4.5% (2025)
**Payout ratio:** 60% (2025)

In recent years, NÜRNBERGER Beteiligungs-AG has regularly distributed dividends. A dividend yield of 4.5% was reported for the year 2025, indicating an attractive distribution policy.

The 60% payout ratio shows that the company is giving a significant portion of its profits to shareholders while still retaining enough funds for investments and reserves. This suggests a reliable dividend policy that could continue in the future, provided there are no significant negative changes in the business environment.