EQS-News

W&W Group continues to improve its market position in 2023

EQS-News: Wüstenrot & Württembergische AG / Key word(s): Annual Report/Annual Results W&W Group continues to improve its market position in 2023 27.03.2024 / 10:03 CET/CEST The issuer is solely responsible for the content of this announcement. Press information

Kornwestheim, 27 March 2024

W&W Group continues to improve its market position in 2023

 

 

• Strong growth above the market average at Wüstenrot Bausparkasse AG and in Württembergische property and life insurance despite weak economy and high levels of uncertainty among consumers.

 

• HGB profit climbs by around 10 per cent to EUR 131.7 million, enabling dividend continuity.

 

• Consolidated net profit under IFRS in line with the updated forecast at EUR 140.5 million.

 

• The W&W Group has continued to make good progress on customer proximity, market relevance and cost efficiency. Successful financial year on the whole.

 

In the 2023 financial year, the Wüstenrot & Württembergische Group (W&W) saw good, in some cases excellent development of new business in nearly all lines. Wüstenrot Bausparkasse AG, which set another new record, and the Württembergische property and life insurance business achieved growth well above the market average. As previous announced, the financial planning group’s earnings performance was influenced by storm damage and other large losses as well as significantly higher costs in motor vehicle insurance. Consolidated net income after taxes calculated as per IFRS came to EUR 140.5 million, thus attaining the target range of EUR 130 million to EUR 160 million, which was updated in October 2023. In the individual accounts under HGB, the Group grew significantly to EUR 131.7 million (up 10.3 per cent on the previous year). In light of these good results, the Executive Board and Supervisory Board will again be proposing the payment of a dividend of EUR 0.65 per share, thus ensuring dividend continuity. EUR 61 million would thus be distributed to shareholders. The W&W Group expects consolidated net income to increase in the current 2024 financial year, while adverse external influences persist.