Quarterly Report • May 17, 2022
Quarterly Report
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Wüstenrot & Württembergische AG
| Consolidated balance sheet | ƉƇƉƈƐƈƈ | ƉƇƇƈƈƐƈƇ | |
|---|---|---|---|
| Total assets | LQ Ƒ ELOOLRQ | ƍƈƊ | ƍƋƈ |
| Capital investments | LQ Ƒ ELOOLRQ | ƊƋƐ | ƊƎƎ |
| Senior debenture bonds and registered bonds | LQ Ƒ ELOOLRQ | ƍƐ | ƏƐ |
| Senior fixed-income securities | LQ Ƒ ELOOLRQ | ƈƈƈ | ƈƊƏ |
| Building loans | LQ Ƒ ELOOLRQ | ƈƊƈ | ƈƉƎ |
| Liabilities to customers | LQ Ƒ ELOOLRQ | ƈƈƍ | ƈƈƌ |
| Technical provisions | LQ Ƒ ELOOLRQ | ƉƌƉ | ƉƎƊ |
| Equity | LQ Ƒ ELOOLRQ | ƊƊ | ƊƏ |
| Equity per share | Ƒ | ƊƌƏƊ | ƋƇƍƈ |
| Consolidated income statement | ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
|
|---|---|---|---|
| Net financial result (after credit risk adjustments) | LQ Ƒ PLOOLRQ | –ƇƇƇ | ƍƐƏƋ |
| Earned premiums (net) | LQ Ƒ PLOOLRQ | ƇƇƉƉƐ | ƇƇƊƈƐ |
| Insurance benefits (net) | LQ Ƒ PLOOLRQ | –ƍƉƉƐ | –ƇƈƎƐƇ |
| Earnings before income taxes from continued operations | LQ Ƒ PLOOLRQ | ƍƇƍ | ƇƌƈƏ |
| Consolidated net profit | LQ Ƒ PLOOLRQ | Ƌƌƍ | ƇƐƊƊ |
| Total comprehensive income | LQ Ƒ PLOOLRQ | –ƊƌƉƌ | –ƇƎƈƌ |
| Earnings per share | Ƒ | ƐƌƇ | ƇƇƇ |
| Other disclosures | ƉƇƉƈƐƈƈ | ƉƇƇƈƈƐƈƇ |
|---|---|---|
| Employees (full-time equivalent head count) | ƌƈƍƍ | ƌƉƐƍ |
| Employees (number of employment contracts) | ƍƉƎƏ | ƍƊƋƎ |
| Key sales figures | ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
|
|---|---|---|---|
| Group | |||
| Gross premiums written | LQ Ƒ PLOOLRQ | ƇƍƇƍƎ | ƇƌƎƉƏ |
| New lending business (incl. brokering for third parties) | LQ Ƒ PLOOLRQ | ƇƎƏƋƐ | ƇƌƍƉƇ |
| Sales of own and third-party investment funds | LQ Ƒ PLOOLRQ | ƇƏƇƋ | ƇƍƍƏ |
| Housing segment | |||
| New home loan savings business (gross) | LQ Ƒ PLOOLRQ | ƉƊƍƏƉ | ƈƏƍƉƌ |
| New home loan savings business (net) | LQ Ƒ PLOOLRQ | ƈƈƇƐƐ | ƈƉƎƉƊ |
| Life and Health Insurance segment | |||
| Gross premiums written | LQ Ƒ PLOOLRQ | ƌƐƏƍ | ƌƋƉƇ |
| New premiums | LQ Ƒ PLOOLRQ | ƇƏƊƈ | ƈƈƎƌ |
| Property/Casualty Insurance segment | |||
| Gross premiums written | LQ Ƒ PLOOLRQ | ƇƇƇƎƌ | ƇƐƊƇƈ |
| Annual contribution to the portfolio (new and replacement business) | LQ Ƒ PLOOLRQ | ƇƈƍƋ | ƇƊƈƉ |
This Quarterly Statement has been prepared in accordance with IFRS principles as at 31 March 2022. It does not constitute a Quarterly Financial Report in accordance with IAS 34 or Financial Statements in accordance with IAS 1.
The economic outlook for 2022 deteriorated in the first quarter due to the war in Ukraine, in particular. While the direct impact on the insurance sector and the W&W Group was minor, indirect consequences, such as the continuing sharp rise in inflation, higher interest rates and increasing volatility on financial markets, became clear, however.
These developments were also reflected in consolidated and segment net income. In particular, the sharp increase in interest rates and upheavals on equity markets led to losses from the valuation of capital investments. In addition, we saw an increase in natural disaster claims while premium income was still proportionately low. Overall, this meant that the combined ratio was weaker than in the prior-year period but was still clearly positive.
| LQ Ƒ PLOOLRQ | ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
|---|---|---|
| Housing segment | ƉƋƎ | ƇƉƏ |
| Life and Health Insurance segment | –ƊƋ | ƇƌƋ |
| Property/Casualty Insurance segment | ƇƎƎ | ƎƍƐ |
| All other segments | Əƈ | –ƈƎ |
| Cross-segment consolidation | –ƈƌ | –ƇƐƈ |
| C o n s o l i d a t e d n e t p r o f i t | Ƌƌƍ | ƇƐƊƊ |
Development in the segments varied. While premiums written in the Life and Health Insurance segment decreased because of a decline in new single-premium business, a gratifying increase in premiums written in the Property/Casualty Insurance segment was achieved once more. In the Housing segment, both new lending business and new home loan saving business (gross) grew strongly.
| ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
Change | |
|---|---|---|---|
| LQ Ƒ PLOOLRQ | LQ Ƒ PLOOLRQ | in % | |
| Gross premiums written (property/casualty insurance) |
ƇƇƇƎƌ | ƇƐƊƇƈ | ƍƊ |
| Gross premiums written (life and health insurance) |
ƌƐƏƍ | ƌƋƉƇ | –ƌƌ |
| New business total Housing (new lending & new home loan savings business (gross)) |
ƋƉƍƊƉ | ƊƌƊƌƍ | ƇƋƍ |
Hans Dietmar Sauer, Chairman of the Supervisory Board since 2005, Dr Reiner Hagemann and Hans-Ulrich Schulz will resign from the Board for reasons of age on 31 August 2022. The Supervisory Board will propose the following candidates as successors for election to the Supervisory Board to shareholders at the Annual General Meeting of W&W AG on 25 May 2022: Edith Weymayr, Chair of the Executive Board of L-Bank, Dr Michael Gutjahr, until August 2020 member of the Executive Board of W&W AG and Dr Wolfgang Salzberger, Managing Director and Chief Financial Officer of ATON GmbH.
■
The W&W Group is continuing its digital transformation process within the framework of "W&W Besser!". Its focus is, among other things, the development of new customer groups and providing outstanding service to our existing customers.
In the Housing division, Wüstenrot Bausparkasse AG has supplemented its product portfolios for sustainable, climate-friendly investment in housing. It recently launched two new sustainability-focused construction finance products, namely the Klima Flex and Klima Classic housing loans. Wüstenrot Haus- und Städtebau GmbH and Wüstenrot Immobilien GmbH also reported gratifying business development.
■ In the Insurance division, Adam Riese, the digital brand of Württembergische Versicherung AG, expanded its product portfolio with the launch of e-scooter and moped insurance. It offers two attractive rates – civil liability with or without third party, fire and theft insurance – which can be taken out online.
The W&W Group was awarded the title "Top Employer" for the second time in succession by the Top Employers Institute, Düsseldorf. Among other issues, this assessed staff recruitment and development, working conditions, such as working hours and flexible working, sustainability and diversity as well as additional benefits, such as health management.
Responsible action and social commitment have a long tradition in the W&W Group and are an integral part of our corporate culture. They have been enshrined in the groupwide W&W sustainability strategy and are based on the ESG criteria. In this connection, key measures are derived for this purpose and consistently developed.
There are various national and European regulatory initiatives on transparency and disclosure of sustainability information. Accordingly, the combined, separate nonfinancial report by W&W AG and the W&W Group includes information on the extent to which our capital investments and loans can be environmentally sustainable for the first time from the 2021 financial year.
As at 31 March 2022, the consolidated net profit after taxes was Ŵ56.7 million (previous year: Ŵ104.4 million). The fall was largely attributable to changes in the net financial result.
The net financial result decreased significantly, coming in at –Ŵ11.1 million (previous year: Ŵ709.5 million). This development can be largely explained by valuation effects. Sharply higher interest rates and falling equity markets in response to the war in Ukraine had a negative impact on the market values of shares, fund units and fixed-income securities. As a result, impairments also emerged in the valuation of capital investments for the account and risk
of policyholders (unit-linked life insurance policies). These also reduced benefits congruently. In contrast, current net income rose gratifyingly by around 2% to Ŵ275.3 million (previous year: Ŵ 270.4 million).
At Ŵ1,132.9 million, net premiums earned reached the level of the previous year (previous year: Ŵ1,142.0 million). While growth was again reported in property/casualty insurance, premiums in life and health insurance decreased as a result of fewer new single-premium policies.
Insurance benefits (net) fell to Ŵ733.0 million (previous year: Ŵ1,280.1 million). This decrease was the result of life and health insurance, where policyholders share in developments in the net financial result through the change in the technical provisions. In property/casualty insurance, winter storms led to comparatively substantial natural disaster claims. Despite this, when compared over several years, the claims experience in the first quarter of 2022 was still positive by and large.
Net commission income amounted to –Ŵ128.2 million (previous year: –Ŵ121.56 million). Here, higher service commissions resulting from the gratifying, all things considered, increase in the property insurance portfolio had an impact, in particular.
General administrative expenses totalled Ŵ284.7 million (previous year: Ŵ271.6 million). While personnel expenses were kept constant, materials costs rose, due to increased investment in IT as part of our digitalisation strategy, among other factors.
Net other operating income increased to Ŵ95.7 million (previous year: –Ŵ15.4 million) due to special effects at Wüstenrot Bausparkasse AG. In addition, the far higher contribution to net income by Wüstenrot Haus- und Städtebau GmbH, had a positive impact here in 2022.
As at 31 March 2022, total comprehensive income stood at –Ŵ463.6 million (previous year: –Ŵ182.6 million). It consists of consolidated net profit and other comprehensive income (OCI).
As at 31 March 2022, OCI stood at –Ŵ520.3 million (previous year: –Ŵ287.0 million). The marked rise in interest rates over the course of the first quarter of 2022 worked to lower the market values of fixed-income securities and registered securities. Their unrealised losses amounted to –Ŵ627.2 million (previous year: –Ŵ377.5 million). On the other hand, the rise in interest rates had a positive effect on pension provisions. Actuarial gains from defined benefit plans amounted to Ŵ106.9 million (previous year: Ŵ90.5 million).
As a complement to the consolidated income statement, OCI serves to depict profit and loss that is recognised directly in equity. It essentially reflects the sensitivity that the assets side of our balance sheet has to interest rates, but not yet, for example, the interest rate sensitivity that underwriting has on the liabilities side. Because comprehensive income is highly dependent on changes in interest rates, it therefore has only very limited suitability as a performance indicator for our Group.
Total new business for housing purposes for urgent financing, modernisation and the accumulation of equity (total from new business (gross) and the new lending business total incl. brokering for third parties) increased sharply by 15.7% to Ŵ5.4 billion (previous year: Ŵ4.6 billion) despite the challenging conditions.
Gross new business in terms of total home loan savings contracts also improved significantly year-on-year by 17.0% to Ŵ3,479.3 million (previous year: Ŵ2,973 million).
Wüstenrot Bausparkasse AG rigorously continued its growth course and again outperformed the market.
| ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
Change | |
|---|---|---|---|
| LQ Ƒ PLOOLRQ | LQ Ƒ PLOOLRQ | in % | |
| New business total | ƋƉƍƊƉ | ƊƌƊƌƍ | ƇƋƍ |
| New lending business (incl. brokering for third parties) |
ƇƎƏƋƐ | ƇƌƍƉƇ | ƇƉƉ |
| Gross new business | ƉƊƍƏƉ | ƈƏƍƉƌ | ƇƍƐ |
Net income in the Housing segment increased to Ŵ35.8 million (previous year: Ŵ13.9 million).
The net financial result decreased to Ŵ58.5 million (previous year: Ŵ104.8 million). This was largely attributable to falling income from disposals and lower net measurement income resulting from higher interest rates in the first quarter of 2022. In contrast, the interest surplus increased, as expenses for building savings deposits fell in response to continued portfolio management.
Net commission income rose to Ŵ7.5 million (previous year: Ŵ3.2 million) because of an increase in the rate portion with a variant price of the home savings rate with variant prices introduced in 2020.
General administrative expenses increased to Ŵ95.9 million (previous year: Ŵ89.6 million) because of higher materials costs. Personnel expenses matched the level of the previous year.
Net other operating income reached Ŵ83.6 million (previous year: Ŵ3.2 million) due to special effects at Wüstenrot Bausparkasse AG.
Net premiums in the Life and Health Insurance segment stood at Ŵ194.2 million (previous year: Ŵ228.6 million). Single-premium income amounted to Ŵ167.6 million (previous year: Ŵ202.7 million). Regular premiums increased to Ŵ26.6 million (previous year: Ŵ25.9 million).
| ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
Change | |
|---|---|---|---|
| LQ Ƒ PLOOLRQ | LQ Ƒ PLOOLRQ | in % | |
| New premiums | ƇƏƊƈ | ƈƈƎƌ | –ƇƋƐ |
| Single premiums, life | Ƈƌƍƌ | ƈƐƈƍ | –ƇƍƉ |
| Regular premiums | ƈƌƌ | ƈƋƏ | ƈƍ |
Total premiums for new life insurance business increased due to higher regular premiums to Ŵ985.0 million (previous year: Ŵ941.2 million).
| ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
Change | |
|---|---|---|---|
| LQ Ƒ PLOOLRQ | LQ Ƒ PLOOLRQ | in % | |
| Segment total | ƌƐƏƍ | ƌƋƉƇ | –ƌƌ |
| Life | ƋƉƉƏ | ƋƎƐƏ | –ƎƇ |
| Health | ƍƋƎ | ƍƈƈ | ƋƐ |
Gross premiums written decreased to Ŵ609.7 million (previous year: Ŵ653.1 million), mainly as a result of lower single-premiums. In contrast, gross premiums written in health insurance increased.
Segment net income stood at –Ŵ4.5 million (previous year: Ŵ16.5 million).
The net financial result in the Life and Health Insurance segment fell to –Ŵ64.0 million (previous year: Ŵ557.7 million). This was mainly driven by the measurement result. As a consequence of higher interest rates in the first quarter and the war in Ukraine, fixed-income securities, fund units and shares suffered measurement losses. The distortions on the capital markets also led to losses on the capital investments for unit-linked life insurance policies. These were offset by the effects on net insurance benefits.
Net premiums earned decreased to Ŵ628.6 million (previous year: Ŵ658.2 million), mainly as a result of falling single-premiums.
Net insurance benefits stood at Ŵ471.4 million (previous year: Ŵ1,079.5 million). The fall in security prices triggered by higher interest rates and falling share prices led to lower additions to the provision for premium refunds and the provision for unit-linked life insurance policies. Through the regular increase in the additional interest reserve (including interest rate reinforcement), we are already ensuring the fulfilment of future interest obligations and safeguarding benefits to our customers. Additions totalled Ŵ71.7 million (previous year: Ŵ128.4 million). The additional interest reserve as a whole stood at Ŵ3,319.5 million (end of the previous year: Ŵ3,247.8 million).
Net commission income fell to –Ŵ41.0 million (previous year: –Ŵ37.5 million). This was primarily due to the increase in total premiums for new life insurance business.
General administrative expenses fell to Ŵ63.2 million (previous year: Ŵ64.7 million). Both materials costs and personnel expenses were reduced slightly.
New business in terms of the annual contribution to the portfolio amounted to Ŵ127.5 million (previous year: Ŵ142.3 million). While brand new business trended downwards slightly compared with the very strong previous year, replacement business rose. Business with corporate customers grew significantly whereas business with retail customers fell compared with the previous year, which was characterised by new cooperation agreements with brokers. Our digital brand Adam Riese was also successful in terms of sales and again outperformed our expectations.
| ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
Change | |
|---|---|---|---|
| LQ Ƒ PLOOLRQ | LQ Ƒ PLOOLRQ | in % | |
| Annual contribution to the portfolio (new and replacement business) |
ƇƈƍƋ | ƇƊƈƉ | –ƇƐƊ |
| Motor | ƍƐƋ | ƍƋƐ | –ƌƐ |
| Corporate customers | ƉƍƉ | ƉƈƊ | ƇƋƇ |
| Retail customers | ƇƏƍ | ƉƊƏ | –ƊƉƌ |
Gross premiums written increased once more by Ŵ77.4 million (7.4%) to Ŵ1,118.6 million (previous year: Ŵ1,041.2 million). An increase was posted in all business segments.
| Gross premiums written | ||||
|---|---|---|---|---|
| ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
Change | ||
| LQ Ƒ PLOOLRQ | LQ Ƒ PLOOLRQ | in % | ||
| Segment total | ƇƇƇƎƌ | ƇƐƊƇƈ | ƍƊ | |
| Motor | ƋƊƊƏ | ƋƉƇƈ | ƈƌ | |
| Corporate customers | ƉƊƈƊ | ƈƎƌƏ | ƇƏƉ | |
| Retail customers | ƈƉƇƉ | ƈƈƉƇ | Ɖƍ |
Net segment income decreased to Ŵ18.8 million (previous year: Ŵ87.0 million).
The net financial result stood at –Ŵ8.4 million (previous year: Ŵ35.7 million). The fall in the net financial result was mainly driven by the decrease in net measurement income. The significant rise in interest rates in the first quarter and falling equities markets led to substantial measurement losses.
Net premiums earned continued to trend positively. They rose by Ŵ17.6 million to Ŵ437.6 million (previous year: Ŵ420.0 million). All business segments made a contribution to this development.
Net insurance benefits increased by Ŵ51.8 million to Ŵ219.7 million (previous year: Ŵ167.9 million) due to the significantly larger insurance portfolio. The increase is also attributable to higher net claims paid for natural disasters in the first quarter and the return to normality to a large extent following the travel restrictions imposed in response to coronavirus in the previous year. As a result, the loss ratio (gross) rose to 59.0% (previous year: 49.7%). The expense ratio was unchanged at 26.9% (previous year: 26.9%). The combined ratio (gross) therefore remained at a very positive 85.9% (previous year: 76.6%).
Net commission income amounted to –Ŵ72.2 million (previous year: –Ŵ59.0 million). The growth of the insurance portfolio as well as an increase in service commissions led to higher commission expenses.
General administrative expenses amounted to Ŵ101.8 million (previous year: Ŵ98.0 million). While material costs increased slightly, personnel expenses trended downwards.
"All other segments" covers the divisions that cannot be allocated to any other segment. This mainly includes W&W AG – together with its participations in Wüstenrot Immobilien GmbH, W&W Asset Management GmbH, Wüstenrot Haus- und Städtebau GmbH, and W&W brandpool GmbH – and the Group's internal service providers.
Net segment income after taxes amounted to Ŵ9.2 million (previous year: net segment expense of –Ŵ2.8 million).
The net financial result amounted to –Ŵ7.9 million (previous year: Ŵ15.6 million). A fall in net measurement income from shares and investment funds was primarily responsible for this. In contrast, current net income rose as a consequence of higher distributions.
Earned premiums rose to Ŵ77.2 million (previous year: Ŵ74.1 million). The volume ceded to W&W AG for reinsurance within the Group increased as a result of the positive business development at Württembergische Versicherung AG. Since this is quota share reinsurance, net insurance benefits also increased. Benefits amounted to Ŵ46.5 million (previous year: Ŵ36.3 million) because of the losses from natural disasters included herein.
Net commission income improved to –Ŵ21.7 million (previous year: –Ŵ26.0 million). This was mainly due to lower commission expenses paid by W&W AG to Württembergische Versicherung AG, which were incurred as part of reinsurance within the Group. The reason for the drop in commission expenses can be found in the claims experience in the Property/Casualty insurance segment.
General administrative expenses increased to Ŵ23.8 million (previous year: Ŵ21.0 million). While personnel expenses have fallen, materials costs have risen as a consequence of investments in IT and depreciation.
The first quarter of 2022 was characterised by considerable uncertainty associated with the war in Ukraine, sharply rising inflation and increased fluctuations on financial markets.
Looking at the year as a whole, we still expect to achieve our forecast of a consolidated net profit of around Ŵ250 million.
The forecast is subject to the proviso that there are no additional upheavals on capital markets, economic slumps or unforeseen major loss events over the rest of the year.
| Assets | ||
|---|---|---|
| LQ Ƒ WKRXVDQGV | ƉƇƉƈƐƈƈ | ƉƇƇƈƈƐƈƇ |
| Cash reserve | ƌƋƌƏƇ | ƍƈƇƉƌ |
| Non-current assets held for sale and discontinued operations | ƉƌƌƎ | ƎƈƋƎ |
| Financial assets at fair value through profit or loss | ƇƐƋƌƌƈƏƊ | ƇƐƍƈƇƌƎƎ |
| Financial assets at fair value through other comprehensive income | ƈƏƍƍƋƎƉƇ | ƉƊƊƏƈƋƇƎ |
| Thereof sold under repurchase agreements or lent under securities lending transactions | ƌƍƍƉƍƊ | ƍƌƍƎƇƐ |
| Financial assets at amortised cost | ƈƍƏƇƌƌƏƌ | ƈƌƇƍƇƇƈƎ |
| Subordinated securities and receivables | ƇƎƐƈƋƊ | ƇƎƐƍƌƊ |
| Senior debenture bonds and registered bonds | ƊƈƉƌƍ | ƊƈƊƈƏ |
| Senior fixed-income securities | – | Ə |
| Building loans | ƈƊƈƐƌƍƇƍ | ƈƉƎƇƏƍƊƊ |
| Other receivables | ƉƊƎƇƐƌƈ | ƈƐƏƎƋƋƋ |
| Active portfolio hedge adjustment | ƌƈƏƌ | ƈƏƌƈƍ |
| Positive market values from hedges | – | ƌƐƏƏ |
| Financial assets accounted for under the equity method | ƏƌƋƏƏ | ƏƐƌƉƎ |
| Investment property | ƇƏƐƉƎƊƊ | ƇƏƐƏƉƏƉ |
| Reinsurers' portion of technical provisions | ƊƇƇƎƐƊ | ƊƇƌƊƊƎ |
| Other assets | ƇƌƇƋƈƐƐ | ƇƉƈƊƌƈƐ |
| Intangible assets | ƇƇƋƇƐƊ | ƇƇƊƉƏƎ |
| Property, plant and equipment | ƋƇƊƌƌƍ | ƋƇƇƍƉƏ |
| Inventories | ƇƊƌƊƇƈ | ƇƏƈƋƌƐ |
| Current tax assets | ƊƌƋƋƇ | ƉƌƈƐƎ |
| Deferred tax assets | ƍƐƇƈƏƎ | ƊƐƏƊƋƎ |
| Other assets | ƏƇƇƌƎ | ƌƐƈƋƍ |
| T o t a l a s s e t s | ƍƈƉƋƋƌƈƍ | ƍƋƈƇƈƏƈƌ |
| LQ Ƒ WKRXVDQGV | ƉƇƉƈƐƈƈ | ƉƇƇƈƈƐƈƇ |
|---|---|---|
| Financial liabilities at fair value through profit or loss | ƈƌƊƉƊƌ | ƈƇƎƈƐƇ |
| Liabilities | ƈƍƎƉƍƍƍƋ | ƈƍƏƌƉƍƏƇ |
| Liabilities evidenced by certificates | ƇƎƍƊƌƉƇ | ƇƎƌƌƐƎƊ |
| Liabilities (due) to credit institutions | ƈƊƐƐƍƌƏ | ƈƇƊƋƎƏƊ |
| Liabilities to customers | ƈƈƌƎƍƐƌƋ | ƈƈƋƎƍƏƎƊ |
| Lease liabilities | ƌƊƐƍƍ | ƌƌƌƌƉ |
| Miscellaneous liabilities | ƇƈƎƐƊƉƉ | ƇƉƈƍƉƇƐ |
| Passive portfolio hedge adjustment | –ƊƌƏƈƐƐ | –ƉƐƇƊƊ |
| Negative market values from hedges | ƊƏƍƐ | – |
| Technical provisions | ƉƌƈƎƈƉƎƈ | ƉƎƊƈƉƉƉƋ |
| Other provisions | ƈƋƇƊƏƌƈ | ƈƍƈƐƐƋƉ |
| Other liabilities | ƉƏƋƏƊƌ | ƉƍƈƎƍƊ |
| Current tax liabilities | ƈƇƇƇƊƉ | ƈƇƈƊƐƉ |
| Deferred tax liabilities | ƇƊƇƇƏƐ | ƇƊƍƊƐƇ |
| Other liabilities | ƊƉƌƇƉ | ƇƉƐƍƐ |
| Subordinated capital | ƌƊƌƐƇƐ | ƌƊƇƐƏƎ |
| Equity | ƊƊƐƏƈƉƌ | ƊƎƍƉƋƍƊ |
| Share in paid-in capital attributable to shareholders of W&W AG | ƇƊƎƋƐƎƌ | ƇƊƎƋƋƎƎ |
| Share in retained earnings attributable to shareholders of W&W AG | ƈƏƐƏƋƊƈ | ƉƉƋƏƈƋƏ |
| Retained earnings | ƉƊƏƎƉƋƎ | ƉƊƊƇƍƉƉ |
| Other reserves (OCI) | –ƋƎƎƎƇƌ | –ƎƈƊƍƊ |
| Non-controlling interests in equity | ƇƊƌƐƎ | ƈƎƍƈƍ |
| T o t a l e q u i t y a n d l i a b i l i t i e s | ƍƈƉƋƋƌƈƍ | ƍƋƈƇƈƏƈƌ |
| LQ Ƒ WKRXVDQGV | ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
|---|---|---|
| Current net income | ƈƍƋƈƏƎ | ƈƍƐƊƐƊ |
| Net interest income | ƇƏƉƌƉƊ | ƈƐƉƇƍƉ |
| Interest income | ƈƎƇƉƐƊ | ƉƐƎƉƎƐ |
| Thereof calculated using the effective interest method | ƈƋƋƉƐƉ | ƈƎƉƏƇƇ |
| Interest expenses | –ƎƍƌƍƐ | –ƇƐƋƈƐƍ |
| Dividend income | ƌƋƍƈƐ | ƋƉƍƇƐ |
| Other current net income | ƇƋƏƊƊ | ƇƉƋƈƇ |
| Net income/expense from risk provision | –ƇƐƍƎƊ | –ƉƇƏƈ |
| Income from credit risk adjustments | ƉƐƌƍƈ | ƉƇƈƉƏ |
| Expenses for credit risk adjustments | –ƊƇƊƋƌ | –ƉƊƊƉƇ |
| Net measurement gain/loss | –ƋƉƋƋƌƌ | ƇƉƌƇƍƏ |
| Measurement gains | ƇƇƉƊƍƐƎ | ƇƐƊƌƌƎƊ |
| Measurement losses | –ƇƌƍƐƈƍƊ | –ƏƇƐƋƐƋ |
| Net income from disposals | ƈƋƏƏƎƌ | ƉƐƌƐƍƎ |
| Income from disposals | ƉƍƊƋƏƐ | ƉƇƈƍƇƇ |
| Expenses from disposals | –ƇƇƊƌƐƊ | –ƌƌƉƉ |
| Thereof gains/losses from financial assets at amortised cost | ƉƉ | – |
| N e t f i n a n c i a l r e s u l t | –ƇƇƐƌƌ | ƍƐƏƊƌƏ |
| Thereof net income/expense from financial assets accounted for under the equity method | ƌƍƊ | ƈƌƍ |
| Earned premiums (net) | ƇƇƉƈƏƊƏ | ƇƇƊƈƐƐƉ |
| Earned premiums (gross) | ƇƇƎƈƇƋƋ | ƇƇƍƏƏƋƌ |
| Premiums ceded to reinsurers | –ƊƏƈƐƌ | –ƉƍƏƋƉ |
| Insurance benefits (net) | –ƍƉƉƐƊƏ | –ƇƈƎƐƐƏƋ |
| Insurance benefits (gross) | –ƍƋƌƈƐƊ | –ƇƈƏƐƇƊƎ |
| Received insurance premiums | ƈƉƇƋƋ | ƇƐƐƋƉ |
| Net commission income | –ƇƈƎƇƌƇ | –ƇƈƇƊƋƎ |
| Commission income | ƎƐƐƇƏ | ƍƇƉƉƋ |
| Commission expenses | –ƈƐƎƇƎƐ | –ƇƏƈƍƏƉ |
| C a r r y o v e r / t r a n s f e r | ƈƌƐƌƍƉ | ƊƊƏƏƇƏ |
| LQ Ƒ WKRXVDQGV | ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
|
|---|---|---|---|
| C a r r y o v e r / t r a n s f e r | ƈƌƐƌƍƉ | ƊƊƏƏƇƏ | |
| General administrative expenses | –ƈƎƊƌƋƉ | –ƈƍƇƌƉƊ | |
| Personnel expenses | –ƇƌƏƋƇƏ | –ƇƍƐƇƌƍ | |
| Materials costs | –ƏƌƍƐƊ | –ƎƉƏƍƊ | |
| Depreciation | –ƇƎƊƉƐ | –ƇƍƊƏƉ | |
| Net other operating income/expense | ƏƋƍƐƊ | –ƇƋƉƍƈ | |
| Other operating income | ƈƌƇƊƋƇ | ƉƎƉƌƊ | |
| Other operating expenses | –ƇƌƋƍƊƍ | –ƋƉƍƉƌ | |
| E a r n i n g s b e f o r e i n c o m e t a x e s f r o m c o n t i n u e d o p e r a t i o n s | ƍƇƍƈƊ | ƇƌƈƏƇƉ | |
| Of which sales revenuesƇ | ƈƈƍƍƈƐƏ | ƈƇƋƐƎƐƏ | |
| Income taxes | –ƇƋƐƌƍ | –ƋƎƋƈƎ | |
| C o n s o l i d a t e d n e t p r o f i t | ƋƌƌƋƍ | ƇƐƊƉƎƋ | |
| Result attributable to shareholders of W&W AG | ƋƌƎƉƐ | ƇƐƉƌƎƈ | |
| Result attributable to non-controlling interests | –ƇƍƉ | ƍƐƉ | |
| % D V L F G L O X W H G H D U Q L Q J V S H U V K D U H L Q Ƒ | ƐƌƇ | ƇƇƇ | |
| 7KHUHRI IURP FRQWLQXHG RSHUDWLRQV LQ Ƒ | ƐƌƇ | ƇƇƇ | |
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| Consolidated net profit Other comprehensive income (OCI) Elements not reclassified to the consolidated income statement: Actuarial gains/losses (–) from pension commitments (gross) Provision for deferred premium refunds Deferred taxes Actuarial gains/losses (–) from pension commitments (net) Elements subsequently reclassified to the consolidated income statement: |
||
|---|---|---|
| ƋƌƌƋƍ | ƇƐƊƉƎƋ | |
| ƇƌƉƊƎƍ | ƇƉƏƌƇƋ | |
| –ƇƇƇƊƎ | –ƏƊƇƍ | |
| –ƊƋƉƏƋ | –ƉƏƌƍƇ | |
| ƇƐƌƏƊƊ | ƏƐƋƈƍ | |
| Unrealised gains/losses (–) from financial assets at fair value through other comprehensive income (OCI; gross) | –ƉƊƐƌƇƏƇ | –ƈƉƐƉƌƈƎ |
| Provision for deferred premium refunds | ƈƋƇƈƌƏƎ | ƇƍƌƐƍƐƈ |
| Deferred taxes | ƈƌƌƈƌƇ | ƇƌƋƊƉƇ |
| Unrealised gains/losses (–) from financial assets at fair value through other comprehensive income (OCI; net) |
–ƌƈƍƈƉƈ | –ƉƍƍƊƏƋ |
| Total other comprehensive income (OCI; gross) | –ƉƈƊƈƍƐƊ | –ƈƇƌƊƐƇƉ |
| Total provision for deferred premium refunds | ƈƋƐƇƋƋƐ | ƇƍƋƇƈƎƋ |
| Total deferred taxes | ƈƈƐƎƌƌ | ƇƈƋƍƌƐ |
| Total other comprehensive income (OCI; net) | –ƋƈƐƈƎƎ | –ƈƎƌƏƌƎ |
| C o m p r e h e n s i v e i n c o m e f o r t h e p e r i o d | –ƊƌƉƌƉƇ | –ƇƎƈƋƎƉ |
| Result attributable to shareholders of W&W AG | –ƊƊƏƋƇƈ | –ƇƍƉƊƋƎ |
| Result attributable to non-controlling interests |
| Life and Health Insurance | |||||
|---|---|---|---|---|---|
| LQ Ƒ WKRXVDQGV | ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
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ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
|
| Current net income | ƋƍƈƏƏ | ƋƈƋƇƉ | ƇƏƉƇƌƐ | ƇƏƐƈƊƐ | |
| Net income/expense from risk provision | –ƇƈƐƇƏ | –ƈƏƇƈ | ƇƋƉƐ | ƌƌ | |
| Net measurement gain/loss | ƇƉƌƊƏ | ƈƍƇƋƌ | –ƋƈƋƐƐƉ | ƏƇƇƎƈ | |
| Net income from disposals | –ƊƍƋ | ƈƎƐƊƊ | ƈƌƌƈƎƏ | ƈƍƌƈƈƎ | |
| Net financial result | ƋƎƊƋƊ | ƇƐƊƎƐƇ | –ƌƊƐƈƊ | ƋƋƍƍƇƌ | |
| Thereof net income/expense from financial assets accounted for under the equity method | – | – | ƇƋƈ | –Ƈƌ | |
| Earned premiums (net) | – | – | ƌƈƎƋƌƉ | ƌƋƎƈƊƈ | |
| Insurance benefits (net) | – | – | –ƊƍƇƉƋƉ | –ƇƐƍƏƊƋƋ | |
| Net commission income | ƍƊƏƇ | ƉƇƎƍ | –ƊƇƐƈƌ | –ƉƍƋƇƏ | |
| General administrative expensesƈ | –ƏƋƏƈƇ | –ƎƏƋƋƋ | –ƌƉƇƏƌ | –ƌƊƌƏƋ | |
| Net other operating income/expense | ƎƉƌƊƉ | ƉƇƋƈ | ƇƐƊƌƐ | –ƏƇƈƉ | |
| Segment net income before income taxes from continued operations | ƋƉƌƌƍ | ƈƇƋƎƋ | –Ƌƍƌ | ƈƋƇƌƌ | |
| Income taxes | –ƇƍƎƊƍ | –ƍƍƐƐ | –ƉƎƎƐ | –ƎƌƋƎ | |
| S e g m e n t n e t i n c o m e a f t e r t a x e s | ƉƋƎƈƐ | ƇƉƎƎƋ | –ƊƊƋƌ | ƇƌƋƐƎ |
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| Property/Casualty Insurance | Total for reportable segments | All other segments | Consolidation/reconciliationƇ | Group | |||||
|---|---|---|---|---|---|---|---|---|---|
| ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ |
ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
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ƇƇƈƐƈƇ WR ƉƇƉƈƐƈƇ |
| ƇƌƐƏƉ | ƇƎƐƐƍ | ƈƌƌƋƋƈ | ƈƌƐƍƌƐ | ƍƌƉƉ | ƊƇƐƊ | ƇƇƇƉ | ƋƋƊƐ | ƈƍƋƈƏƎ | ƈƍƐƊƐƊ |
| –ƇƈƎ | –ƇƎƎ | –ƇƐƌƇƍ | –ƉƐƉƊ | –ƇƏƉ | –ƇƐƏ | ƈƌ | –ƊƏ | –ƇƐƍƎƊ | –ƉƇƏƈ |
| –ƈƇƌƊƍ | ƇƍƈƊƏ | –ƋƉƉƐƐƇ | ƇƉƋƋƎƍ | –ƇƈƇƍƇ | ƇƐƊƈƏ | ƏƌƐƌ | –ƏƎƉƍ | –ƋƉƋƋƌƌ | ƇƉƌƇƍƏ |
| –ƈƌƍƌ | ƌƋƈ | ƈƌƉƇƉƎ | ƉƐƊƏƈƊ | –ƉƇƋƈ | ƇƇƋƋ | – | –Ƈ | ƈƋƏƏƎƌ | ƉƐƌƐƍƎ |
| –ƎƉƋƎ | ƉƋƍƈƐ | –ƇƉƏƈƎ | ƌƏƎƈƉƍ | –ƍƎƎƉ | ƇƋƋƍƏ | ƇƐƍƊƋ | –ƊƉƊƍ | –ƇƇƐƌƌ | ƍƐƏƊƌƏ |
| ƇƋƈ | –Ƈƌ | ƉƐƊ | –Ɖƈ | ƉƍƐ | ƈƏƏ | – | – | ƌƍƊ | ƈƌƍ |
| ƊƉƍƌƊƌ | ƊƈƐƐƇƏ | ƇƐƌƌƈƐƏ | ƇƐƍƎƈƌƇ | ƍƍƈƉƏ | ƍƊƇƇƏ | –ƇƐƊƏƏ | –ƇƐƉƍƍ | ƇƇƉƈƏƊƏ | ƇƇƊƈƐƐƉ |
| –ƈƇƏƌƎƉ | –ƇƌƍƏƊƈ | –ƌƏƇƐƉƌ | –ƇƈƊƍƉƏƍ | –ƊƌƊƎƈ | –ƉƌƉƐƋ | ƊƊƌƏ | ƉƌƐƍ | –ƍƉƉƐƊƏ | –ƇƈƎƐƐƏƋ |
| –ƍƈƇƌƐ | –ƋƏƐƉƈ | –ƇƐƋƌƏƋ | –ƏƉƉƌƊ | –ƈƇƍƇƎ | –ƈƌƐƉƌ | –ƍƊƎ | –ƈƐƋƎ | –ƇƈƎƇƌƇ | –ƇƈƇƊƋƎ |
| –ƇƐƇƍƏƇ | –ƏƎƐƊƍ | –ƈƌƐƏƐƎ | –ƈƋƈƈƏƍ | –ƈƉƎƈƍ | –ƈƐƏƎƈ | Ǝƈ | ƇƌƊƋ | –ƈƎƊƌƋƉ | –ƈƍƇƌƉƊ |
| –ƊƋƐƊ | –ƍƎƇƏ | ƎƏƋƏƏ | –ƇƉƍƏƐ | ƇƈƉƊƏ | ƇƊƋƋ | –ƌƈƊƊ | –ƉƐƉƍ | ƏƋƍƐƊ | –ƇƋƉƍƈ |
| ƉƇƇƋƐ | ƇƈƈƎƏƏ | ƎƊƈƊƇ | ƇƌƏƌƋƐ | –ƇƐƉƈƈ | ƍƎƉƐ | –ƈƇƏƋ | –ƇƊƋƌƍ | ƍƇƍƈƊ | ƇƌƈƏƇƉ |
| –ƇƈƉƈƈ | –ƉƋƎƌƈ | –ƉƊƐƊƏ | –ƋƈƈƈƐ | ƇƏƋƉƍ | –ƇƐƌƉƌ | –ƋƋƋ | ƊƉƈƎ | –ƇƋƐƌƍ | –ƋƎƋƈƎ |
| ƇƎƎƈƎ | ƎƍƐƉƍ | ƋƐƇƏƈ | ƇƇƍƊƉƐ | ƏƈƇƋ | –ƈƎƐƌ | –ƈƍƋƐ | –ƇƐƈƉƏ | ƋƌƌƋƍ | ƇƐƊƉƎƋ |
Wüstenrot & Württembergische AG 70163 Stuttgart Germany phone + 49 711 662-0 www.ww-ag.com
W&W Service GmbH, Stuttgart
The financial reports of the W&W Group are available at https://www.ww-ag.com/en/investor-rela tions/reports/reports-annual-reports. In case of any divergences, the German original is legally binding. E-mail: [email protected] Investor relations hotline: + 49 711 662-725252
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