Wüstenrot & Württembergische AG
ISIN: DE0008051004
WKN: 805100
30 August 2024 10:30AM

EQS-News: W&W Group on course despite high claims costs

Wüstenrot & Württembergische AG · ISIN: DE0008051004 · EQS - Company News
Land: Deutschland · Primärmarkt: Deutschland · EQS News ID: 1978739

EQS-News: Wüstenrot & Württembergische AG / Key word(s): Half Year Report/Half Year Results
W&W Group on course despite high claims costs

30.08.2024 / 10:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


Press information

Kornwestheim, 30 August 2024


W&W Group on course despite high claims costs

  • Despite the difficult market environment, the financial planning group achieved new business growth in building loans and property/casualty insurance.
  • Normalisation of demand in home loans and saving.
  • Financial performance according to IFRS accounting burdened by massive natural disasters in the first half of the year, as already announced.
  • W&W AG's net income pursuant to the HGB (German Commercial Code) is developing stably according to plan.
  • Administrative costs remain under control despite considerable project expenditures.
  • W&W Chief Executive Officer Jürgen A. Junker: "Even in a volatile and difficult market environment with considerable burdens, the W&W Group remains on course operationally and demonstrates its resilience."

The Wüstenrot & Württembergische Group (W&W) continued its growth in important areas in the first half of 2024 and further expanded key portfolio sizes. Despite the current turmoil on the property markets, new lending business in the Housing segment grew by 18.4 per cent, outperforming the sector as a whole. New and replacement business in Property/Casualty Insurance was also pleasing. The home loan and savings business normalised following the considerable interest-related growth in the two previous years. As already announced on 25 July 2024, the Group's earnings performance in accordance with IFRS accounting in the first six months of 2024 was impacted by massive claims caused by numerous storms, in particular storm „Orinoco“ in June. Consolidated net income in accordance with IFRS accounting for the half-year totalled EUR    -14 million (first half of 2023: EUR 181 million). As a result, the Group has adjusted its earnings forecast for 2024 as a whole, as previously announced. W&W AG's earnings according to HGB accounting, on the other hand, developed stably according to plan in the first half of the year.

Jürgen A. Junker, Chief Executive Officer of W&W AG: "Despite the weak economic development in Germany and the volatile market environment, the W&W Group remains on track operationally. In addition to good growth in new business, in some cases above market level, we remain cost-conscious, as shown by the stable general administrative expenses. The significant natural disasters that occurred in our core business regions in the second quarter are events that we can handle well thanks to the strength of our balance sheet and the resilience we have built up in recent years. However, it is just as important that we help our customers as quickly and unbureaucratically as possible to cope with the personal burdens caused by natural disasters."

Junker added: "As with other insurers, high claims inflation and sharply rising garage prices continue to weigh on the result. Peak hourly rates of over EUR 200 are now charged. The change in the reinsurers' underwriting policy, with sharply rising deductibles and higher premiums, is also having an impact."

 

Development of the business divisions in the first six months of 2024

Housing segment

In the Housing segment, new lending business (including brokering for third parties) increased by 18.4 per cent year-on-year to EUR 2.17 billion in the first half of 2024 (first half of 2023: EUR 1.83 billion). Wüstenrot thus performed better than the sector as a whole (+15 per cent). Lower property prices for existing properties and higher real incomes were among the reasons for the upturn in demand. The portfolio of loans under a building savings contract as at 30 June 2024 increased by 2.7 per cent to EUR 27.43 billion compared to the end of 2023.

Following the record figures of the two previous years, Wüstenrot Bausparkasse's new home loan and savings business (gross) totalled EUR 5.65 billion, well below the previous year's level of EUR 10.83 billion, as expected. New business in home savings loans increased by 38.2 per cent to EUR 492.5 billion in the first six months of 2024.

 

Insurance segment

At Württembergische Lebensversicherung, new business by total premium from January to June 2024 was slightly below the previous year's figure (-1.3 per cent) at EUR 1.59 billion, whereby the company pension scheme continued to grow. Württembergische Krankenversicherung's new annual premium income was also pleasing, growing by almost a third compared to the same period last year.

In Property/Casualty Insurance, gross premiums written rose by 7.7 per cent to EUR 1.82 billion (previous year: EUR 1.69 billion). All three lines – private, automotive and corporate customers – achieved growth.

In addition to the considerable expenses for natural disasters, the technical result in the reporting period continued to be characterised by higher costs per claim, which are only partly due to inflation.

 

Outlook for 2024 as a whole

The W&W Group confirms the adjusted expectation already communicated in an ad hoc announcement on 25 July 2024 that the Group will report net profit for the full year 2024 in accordance with IFRS accounting well below the previous year's figure of EUR 141 million. W&W AG's profit in accordance with HGB accounting, on the other hand, is expected to remain at the planned level.

This assumes that there are no distortions on the capital and financial markets, no economic downturns and no further unforeseeable major loss events.



30.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: Wüstenrot & Württembergische AG
W&W-Platz 1
70806 Kornwestheim
Germany
Internet: www.ww-ag.com
ISIN: DE0008051004
WKN: 805100
Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Tradegate Exchange
EQS News ID: 1978739

 
End of News EQS News Service

1978739  30.08.2024 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2018 2019 2020 2021 2022 2023 2024e
Umsatzerlöse1 4.000,06 4.249,20 4.415,14 4.638,40 4.376,45 5.976,43 0,00
EBITDA1,2 320,49 353,01 306,87 480,66 353,53 284,16 0,00
EBITDA-Marge3 8,01 8,31 6,95 10,36 8,08 4,76 0,00
EBIT1,4 320,49 353,01 306,87 480,66 353,53 201,22 0,00
EBIT-Marge5 8,01 8,31 6,95 10,36 8,08 3,37 0,00
Jahresüberschuss1 215,19 249,06 210,75 352,15 261,50 140,54 110,00
Netto-Marge6 5,38 5,86 4,77 7,59 5,98 2,35 0,00
Cashflow1,7 -723,55 1.060,53 434,95 -795,99 -2.234,36 -108,12 0,00
Ergebnis je Aktie8 2,29 2,65 2,24 3,74 2,77 1,48 1,15
Dividende8 0,65 0,65 0,65 0,65 0,65 0,65 0,65
Quelle: boersengefluester.de und Firmenangaben
Legende

1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

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INVESTOR-INFORMATIONEN
©boersengefluester.de
Wüstenrot & Württembergische
WKN ISIN Rechtsform Börsenwert IPO Einschätzung Plus Code
805100 DE0008051004 AG 1.080,00 Mio € 09.09.1999 Halten 8FWFV5JQ+QX
* * *
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV KBV KCV KUV
8,23 7,39 1,11 4,61 0,22 -9,99 0,18
Dividenden
Dividende '2022
in €
Dividende '2023
in €
Dividende '2024e
in €
Div.-Rendite '2024e
in %
0,65 0,65 0,65 5,64%
Finanztermine
Hauptversammlung Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
22.05.2025 15.05.2025 14.08.2025 15.11.2024 28.03.2025
Performance-Angaben
Abstand 60-Tage-Linie Abstand 200-Tage-Linie Performance YtD Kursveränderung 52 Wochen IPO
Akt. Kurs (EoD)
-0,35%
11,52 €
ATH 43,47 €
-3,95% -8,78% -13,64% -13,77% +0,00%

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