Quarterly Report • May 20, 2020
Quarterly Report
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This is a convenient translation of the German Report. In case of any divergences, the German original is legally binding.
This Quarterly Statement has been prepared in accordance with IFRS principles as at 31 March 2020. It does not constitute a Quarterly Financial Report in accordance with IAS 34 or Financial Statements in accordance with IAS 1.
| Consolidated balance sheet | 3M 2020 | FY 2019 | |
|---|---|---|---|
| Total assets | € bn | 77.4 | 75.7 |
| Capital investments | € bn | 49.2 | 49.0 |
| Senior fixed-income securities | € bn | 12.4 | 13.0 |
| Senior debenture bonds and registered bonds | € bn | 24.1 | 24.0 |
| Building loans | € bn | 22.3 | 21.5 |
| Liabilities to customers | € bn | 23.0 | 21.6 |
| Technical provisions | € bn | 37.5 | 37.4 |
| Equity | € bn | 4.6 | 4.8 |
| Equity per share | € | 48.78 | 51.23 |
| Consolidated profit and loss statement | 3M 2020 | 3M 2019 | |
| Net financial result (after credit risk adjustments) | € mn | –139.7 | 847.3 |
| Premiums/contributions earned (net) | € mn | 1,103.8 | 1,040.3 |
| Insurance benefits (net) | € mn | –518.8 | –1,359.5 |
| Earnings before income taxes from continued operations | € mn | 36.6 | 124.3 |
| Consolidated net profit | € mn | 25.0 | 78.5 |
| Total comprehensive income | € mn | –227.6 | 525.4 |
| Earnings per share | 0.26 | 0.83 | |
| Other information | 3M 2020 | FY 2019 | |
| Employees (Germany)1 | 6,450 | 6,456 | |
| Employees (Group)2 | 7,630 | 7,991 | |
| Key sales figures | 3M 2020 | 3M 2019 | |
| Group | |||
| Gross premiums written | € mn | 1,615.4 | 1,517.7 |
| New construction financing business (including brokering for third parties) | € mn | 1,613.0 | 1,612.4 |
| Sales of own and third-party investment funds | € mn | 181.5 | 125.5 |
| Housing Segment | |||
| New home loan savings business (gross) | € mn | 3,018.2 | 3,474.7 |
| New home loan savings business (net) | € mn | 2,651.0 | 2,607.1 |
| Life and Health Insurance Segment | |||
| Gross premiums written | € mn | 629.7 | 590.9 |
| New premiums | € mn | 197.3 | 174.8 |
| Property/Casualty Insurance Segment | |||
| Gross premiums written | € mn | 989.2 | 930.2 |
| New premiums (measured in terms of annual contributions to the portfolio) | € mn | 112.1 | 102.1 |
| 1 Full-time equivalent head count. |
2 Number of employment contracts.
At the turn of the year, the economic outlook for Germany was still cautiously positive. In the meantime, as a result of the coronavirus pandemic, the economic and growth outlook for the German economy has deteriorated massively. In the first quarter of 2020, the slump in economic expectations and corporate profit forecasts resulted in a decline in interest rates and higher risk premiums on the bond markets as well as significant price losses on the stock markets.
The coronavirus pandemic and its duration will continue to affect the further economic outlook for Germany. In the near term, interest rates, risk premiums for bonds and stock market prices are expected to remain more volatile.
To protect our shareholders' and employees' health, the Annual General Meeting of W&W AG will take place on 25 June 2020 in the form of a virtual meeting. In the context of the Annual General Meeting, W&W AG will propose a dividend of €0.65 per share, as in the previous year. Thus, W&W AG furnishes evidence of its stability and robustness even in times of turbulence.
As the coronavirus crisis continues, the Group draws on the strength it has gained in past year. Moreover, the Group benefits from the early and comprehensive introduction of digital technology, which enables it to stay close to its customers even in this challenging setting.
Thus, some significant increases were recorded in new business and in the premium development in all divisions in the first quarter of 2020. However, new business weakened as a result of the curfews from mid-March 2020 on. Another positive development was the increase in new customers throughout the Group by 24.6% to 146.2 thousand in the first quarter (previous year: 117.3 thousand).
| 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Gross premiums property/ casualty |
989.2 | 930.2 | 6.3 |
| Gross premiums life and health |
629.7 | 590.9 | 6.6 |
| Construction financing business (including broke ring for third parties) |
1,613.0 | 1,612.4 | 0.0 |
| New home loan savings business (net) |
2,825.7 | 2,712.6 | 4.2 |
The W&W Group felt the effects of the coronavirus pandemic in the form of turmoil on the capital markets and additional encumbrances in the insurance area due to the shutdown of customer businesses. In the first quarter of 2020, the consolidated net profit amounted to €25.0 million (previous year: €78.5 million), considerably less than in the previous year. Compared to companies that apply IAS 39, the adoption of IFRS 9 resulted in a greater impact on the income statement due to the volatility on the capital markets.
As of 1 January 2020, the control of Aachener Bausparkasse AG (ABAG) passed to Wüstenrot Bausparkasse AG. In the first quarter of 2020, ABAG is being included in the consolidated financial statements of W&W AG for the first time. ABAG is scheduled to be legally merged with Wüstenrot Bausparkasse AG during the first half of 2020.
The W&W Group went through with the sale of the two Czech companies Wüstenrot stavební spořitelna a.s. and Wüstenrot hypoteční banka a.s. according to plan. On 1 April 2020, Moneta Money Bank a.s. became the companies' new owner, after all supervisory authorities in the Czech Republic had granted their approval. The two subsidiaries will thus depart from the W&W Group in the second quarter.
Close to the customer, innovative and digital – these are the focal themes that the strategic initiative W&W Besser! consistently pursues. This customer proximity has also become evident in the coronavirus crisis: The W&W Group has proved to be a reliable, trusted partner especially in these difficult times.
FinanzGuide is an example of location-independent, 24/7 digital services. It forms an important digital bridge for the relationships between the company, the mobile sales force and the customers. FinanzGuide is continually expanding its offering.
The success of our digital brand Adam Riese is clearly evident from the 110 thousand customers that it has already gained. The further development of the dog owner liability insurance with the help of artificial intelligence impressively demonstrates the innovative drive of Adam Riese.
As at 31 March 2020, consolidated net profit after taxes stood at €25.0 million (previous year: €78.5 million).
The net financial income fell considerably to –€139.7 million (previous year: €847.3 million). The decline was caused by the market turmoil as a result of the coronavirus pandemic. Some equity and debt instruments have suffered a substantial loss of value, which is reflected especially in the significantly lower net measurement gains. Investments for unit-linked life insurance policies were also severely impacted. On the other hand, net income from disposals increased.
Net premiums earned rose by €63.5 million to €1,103.8 million (previous year: €1,040.3 million). Both Property/ Casualty Insurance and Life and Health Insurance saw significant increases.
Net insurance benefits decreased to €518.8 million (previous year: €1,359.5 million). This decline mainly resulted from the field of Life and Health Insurance, where the encumbrances from the net financial income impacted the technical provisions. Owing to our profitable insurance portfolio, Property/Casualty Insurance once again posted good claims development.
Net commission income amounted to –€122.0 million (previous year:–€114.9 million). This was primarily due to higher service commissions as a result of the generally satisfying increase in the property insurance portfolio.
Thanks to the continued determined cost management, general administrative expenses dropped to €275.5 million (previous year: €287.4 million). Personnel expenses underwent a slight decline. Material costs also dropped, e.g. due to lower advertising and consulting expenses.
Tax expenses amounted to €11.6 million (previous year: €45.8 million). This development was mainly attributable to the decline in income before taxes compared to the previous period.
As at 31 March 2020, total comprehensive income stood at –€227.6 million (previous year: €525.4 million). It consists of consolidated net profit and other comprehensive income (OCI).
As at 31 March 2020, OCI stood at –€252.6 million (previous year: €446.9 million). The market value of fixed-income securities and registered instruments has dropped as a result of the coronavirus pandemic. Two opposite developments were observed. On the one hand, spreads widened, resulting in severe price slumps. On the other hand, owing to countermeasures of governments and central banks, interest rates went down further, providing a compensatory effect. At the bottom line, however, the negative spread development surpassed the interest effect, resulting in net unrealised losses of –€197.0 million (previous year: gains of €444.2 million). Moreover, the lower interest rates also resulted in actuarial losses from defined-benefit pension plans. Furthermore, the interest rate used for measuring pension commitments declined from 0.8% at the end of the previous year to 0.7%. As a result, an amount of –€40.5 (previous year: €3.3 million) was recognised in comprehensive income.
The net new business (paid-in new business) by contract volume amounted to €2,651.0 million (previous year: €2,607.1 million), slightly more than in the previous year. Gross new business merely amounted to €3,018.2 million (previous year: €3,474.7 million), an effect caused by the restrictions due to the coronavirus pandemic. However, the segment was able to outperform the market, thereby expanding its market share.
Taking into account the brokering for third parties, new construction financing business amounted to €1,451.1 million (previous year: €1,456.2 million), a level close to the record figure of the previous year.
| 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Net new business | 2,651.0 | 2,607.1 | 1.7 |
| Gross new business | 3,018.2 | 3,474.7 | -13.1 |
| New construction finan cing business (approvals) |
1,451.1 | 1,456.2 | -0.4 |
| 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New premiums | 197.3 | 174.8 | 12.9 |
| Single premiums life | 170.0 | 149.6 | 13.6 |
| Regular premiums life | 24.7 | 22.9 | 7.9 |
| New premiums health | 2.6 | 2.3 | 13.0 |
Gross premiums written increased to €629.7 million (previous year: €590.9 million), mainly as a result of higher single-premium income.
Segment net income stood at €6.9 million (previous year: €10.8 million). The lower net financial income also led to lower net insurance benefits.
Net financial income in the Life and Health Insurance segment underwent a substantial decline to –€246.1 million (previous year: €675.1 million). This was mainly driven by the net measurement gain. As a result of the slump of the capital markets around the globe due to the coronavirus pandemic, shares, fund units and interest-bearing securities suffered substantial net measurement losses. This development also affected the investments to cover unit-linked insurance policies. The effects had a compensatory impact on net insurance benefits. By contrast, net income from disposals increased.
Mainly due to the higher new business, net premiums earned grew to €633.4 million (previous year: €597.3 million).
Net insurance benefits stood at €287.5 million (previous year: €1,137.3 million). This significant decline had to do with the development of the net financial income. Benefits to our customers were further secured through the ongoing increase of the additional interest reserve (including interest rate reinforcement). Additions totalled €128.9 million (previous year: €100.2 million). Meanwhile, the total balance of the interest reserve is €2,694.8 million (end of the previous year: €2,565.9) million.
General administrative expenses fell to €66.4 million (previous year: €68.6 million). While personnel expenses declined, material costs went up slightly.
New business performed well, coming it at €112.1 million (previous year: €102.1 million). The corporate and motor area experienced significant growth. Our digital brand Adam Riese continued to perform better than we had expected, achieving good sales figures.
Net income in the Housing segment increased to €26.5 million (previous year: €16.1 million).
Net financial income fell to €98.0 million (previous year: €116.3 million). The net measurement gain declined, primarily because of widening spreads on securities as determined by the capital markets, to –€19.9 million (previous year: €22.8 million). Moreover, the slightly increased risk provision in the retail area pushed down the net income from risk provision to –€9.6 million (previous year:–€3.3 million).
Due to factors such as lower encumbrances from Group projects and lower legal and audit expenses, general administrative expenses declined to €86.2 million (previous year: €93.7 million).
Net other operating expenses amounted to €14.9 million (previous year: €2.3 million). This figure includes the negative excess of €25.0 million from the purchase of Aachener Bausparkasse AG and, on the other hand, the restructuring provision of €12.2 million that was recognised in this context. Moreover, segment net income was encumbered by the loss of €3.6 million incurred by Aachener Bausparkasse AG.
Total premiums for new life insurance business increased 5.2% to €898.9 million (previous year: €854.6 million).
Despite the difficult framework conditions, new premiums in the Life and Health Insurance segment increased 12.9% to €197.3 million (previous year: €174.8 million). Single-premium income rose to €170.0 million (previous year: €149.6 million). In this context, we pay attention to the intrinsic value and overall compatibility. Regular premiums in life insurance increased to €24.7 million (previous year: €22.9 million). In health insurance, annual new premiums increased 13.0%.
| 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New business | 112.1 | 102.1 | 9.8 |
| Motor | 81.1 | 71.0 | 14.2 |
| Corporate customers | 18.6 | 17.5 | 6.3 |
| Retail customers | 12.4 | 13.6 | -8.8 |
Gross premiums written increased further by €58.5 million (+6.3%) to €989.2 million (previous year: €930.2 million). An increase was once again posted in all business segments.
| 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Total segment | 989.2 | 930.2 | 6.3 |
| Motor | 516.7 | 490.8 | 5.3 |
| Corporate customers | 260.1 | 238.7 | 9.0 |
| Private customers | 212.4 | 200.7 | 5.8 |
Segment net income dropped to –€6.3 million (previous year: €54.1 million). Here too, the market turmoil due to the coronavirus pandemic was evident especially in net financial income.
Net financial income stood at –€15.1 million (previous year: €48.5 million). It was dominated by the significantly lower net measurement gain. The drop was caused by the slump on the stock markets and significantly larger spreads. This development was at least partly buffered by the higher net income from disposals.
Net premiums earned continued to trend positively. They rose by €23.2 million to €402.8 million (previous year: €379.7 million). All business segments made a contribution to this.
Net insurance benefits increased €7.8 million to €194.2 million (previous year: €186.4 million) due to the significantly larger insurance portfolio. Relative to premium performance, this item's performance was disproportionately low. As a whole, claims development was encouraging, though expenses for natural disasters increased slightly. The loss ratio (gross) amounted to an excellent 60.6% (previous year: 59.2%). The expense ratio dropped to 26.8% (previous year: 27.3%). The combined ratio (gross) was 87.4% (previous year: 86.5%).
Net commission income amounted to –€63.7 million (previous year: –€60.1 million). The larger insurance portfolio and increased new business led to higher sales and service commissions.
General administrative expenses dropped to €96.1 million (previous year: €98.1 million). Personnel expenses declined. As a result of reduced advertising expenses and other factors, material costs also declined.
Net other operating income amounted to –€35.1 million (previous year: –€6.8 million). Expenses for the shutdown of customer operations accounted for expenses of €30 million.
"All other segments" covers the divisions that cannot be allocated to any other segment. This mainly includes W&W AG, W&W Asset Management GmbH, Wüstenrot Haus- und Städtebau GmbH, W&W brandpool GmbH, the Czech subsidiaries and the Group's internal service providers.
The segment net income after taxes amounted to –€4.0 million (previous year: €5.9 million).
Net financial income stood at –€2.1 million (previous year: €27.3 million). The decline was mainly caused by the lower net measurement gain of shares and fund units due to the turmoil in the capital markets as a result of the coronavirus pandemic.
Earned premiums rose to €76.3 million (previous year: €72.0 million). The volume ceded by Württembergische Versicherung AG to W&W AG for reinsurance within the Group increased as a result of positive premium development.
Owing to lower consulting expenses and other factors, general administrative expenses dropped to €27.8 million (previous year: €28.4 million).
In view of the expected long-term negative economic impact of the coronavirus pandemic, we have adjusted our forecast for the financial year 2020.
We now expect consolidated net profit below the medium-term target corridor of €220 million to €250 million. Due to the current uncertainties on the markets and in the economy in general, it is presently not possible to make a reliable forecast for the financial year 2020.
Opportunities and risks arise especially from the further development of interest rates, the capital markets and the economy as a whole
| in € thousands | 31/3/2020 | 31/12/2019 |
|---|---|---|
| Cash reserves | 191,224 | 35,758 |
| Non-current assets held for sale and discontinued operations | 2,604,365 | 2,636,760 |
| Financial assets at fair value through profit or loss | 7,674,399 | 8,299,631 |
| Financial assets at fair value through other comprehensive income | 36,846,838 | 36,808,770 |
| Thereof sold under repurchase agreements or lent under securities lending transactions | 711,746 | 1,029,181 |
| Financial assets at amortised cost | 25,723,899 | 23,984,047 |
| Subordinated securities and receivables | 168,358 | 163,978 |
| Senior debenture bonds and registered bonds | 50,385 | 30,898 |
| Building loans | 22,331,432 | 21,493,189 |
| Other loans and receivables | 3,100,854 | 2,220,544 |
| Portfolio hedge adjustment | 72,870 | 75,438 |
| Positive market values from hedges | 127,064 | 88,994 |
| Financial assets accounted for using the equity method | 100,483 | 100,100 |
| Investment property | 1,811,197 | 1,855,224 |
| Reinsurers' portion of technical provisions | 316,833 | 276,064 |
| Other assets | 1,977,212 | 1,658,161 |
| Intangible assets | 110,530 | 99,939 |
| Property, plant and equipment | 411,967 | 397,777 |
| Inventories | 157,540 | 152,828 |
| Current tax assets | 43,764 | 34,398 |
| Deferred tax assets | 1,192,619 | 931,591 |
| Other assets | 60,792 | 41,628 |
| Total assets | 77,373,514 | 75,743,509 |
| in € thousands | 31/3/2020 | 31/12/2019 |
|---|---|---|
| Liabilities under non-current assets classified as held for sale and discontinued operations | 2,364,058 | 2,427,916 |
| Financial liabilities at fair value through profit or loss | 131,421 | 80,287 |
| Liabilities | 27,832,852 | 26,320,204 |
| Liabilities evidenced by certificates | 911,597 | 947,565 |
| Liabilities to credit institutions | 2,177,485 | 2,232,992 |
| Liabilities to customers | 22,984,040 | 21,641,444 |
| Lease liabilities | 81,440 | 77,268 |
| Sonstige Verbindlichkeiten | 1,460,904 | 1,373,138 |
| Passivisches Portfolio-Hedge-Adjustment | 217,386 | 47,797 |
| Negative market values from hedges | 215,417 | 216,195 |
| Technical provisions | 37,506,357 | 37,429,141 |
| Other provisions | 3,135,752 | 2,955,370 |
| Other liabilities | 1,150,979 | 1,054,464 |
| Current tax liabilities | 177,504 | 144,347 |
| Deferred tax liabilities | 966,060 | 904,323 |
| Other liabilities | 7,415 | 5,794 |
| Subordinated capital | 429,032 | 424,850 |
| Equity | 4,607,646 | 4,835,082 |
| Interests of W&W shareholders in paid-in capital | 1,486,457 | 1,486,514 |
| Interests of W&W shareholders in earned capital | 3,086,098 | 3,313,465 |
| Retained earnings | 3,051,344 | 3,026,543 |
| Other reserves (other comprehensive income) | 34,754 | 286,922 |
| Non-controlling interests in equity | 35,091 | 35,103 |
| Total liabilities | 77,373,514 | 75,743,509 |
| in € thousands | 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
|---|---|---|
| Current net income | 293,336 | 308,502 |
| Net interest income | 236,784 | 234,591 |
| Interest income | 349,972 | 378,159 |
| Thereof calculated using the effective interest method | 318,164 | 347,179 |
| Interest expenses | –113,188 | –143,568 |
| Dividend income | 43,195 | 58,309 |
| Other current net income | 13,357 | 15,602 |
| Net income/expense from risk provision | –11,152 | –8,227 |
| Income from risk provision | 34,020 | 30,842 |
| Expenses from risk provision | –45,172 | –39,069 |
| Net measurement gain/loss | –756,042 | 362,918 |
| Measurement gains | 805,116 | 736,622 |
| Measurement losses | –1,561,158 | –373,704 |
| Net income/expense from disposals | 334,147 | 184,104 |
| Income from disposals | 351,371 | 191,158 |
| Expenses from disposals | –17,224 | –7,054 |
| Thereof gains/losses from financial assets at amortised cost | –5 | 18 |
| Net financial result | –139,711 | 847,297 |
| Thereof net income/expense from financial assets accounted for using the equity method | 383 | 237 |
| Insurance benefits (net) | 1,103,800 | 1,040,312 |
| Insurance benefits (gross) | 1,139,407 | 1,072,782 |
| Received reinsurance premiums | –35,607 | –32,470 |
| Earned premiums (net) | –518,816 | –1,359,504 |
| Earned premiums (gross) | –544,966 | –1,370,974 |
| Premiums ceded to reinsurers | 26,150 | 11,470 |
| Net commission expense | –121,952 | –114,870 |
| Commission income | 63,060 | 68,400 |
| Commission expenses | –185,012 | –183,270 |
| Carryover | 323,321 | 413,235 |
| in € thousands | 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
|---|---|---|
| Carryover | 323,321 | 413,235 |
| General administrative expenses | –275,515 | –287,378 |
| Personnel expenses | –162,332 | –163,343 |
| Materials costs | –94,735 | –105,858 |
| Depreciation/amortisation | –18,448 | –18,177 |
| Net other operating income/expense | –11,162 | –1,589 |
| Other operating income | 60,290 | 43,942 |
| Other operating expenses | –71,452 | –45,531 |
| Consolidated earnings before income taxes from continued operations | 36,644 | 124,268 |
| Of which are earnings1 | 2,106,697 | 2,065,857 |
| Income taxes | –11,641 | –45,810 |
| Consolidated net profit | 25,003 | 78,458 |
| Result attributable to shareholders of W&W AG | 24,612 | 78,037 |
| Result attributable to non-controlling interests | 391 | 421 |
| Basic (= diluted) earnings per share, in € | 0.26 | 0.83 |
| Thereof from continued operations, in € | 0.26 | 0.83 |
1 Interest, dividend, commission and rental income from property development business and gross premiums written in insurance.
| in € thousands | 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
|---|---|---|
| Consolidated net profit | 25,003 | 78,458 |
| Other comprehensive income | ||
| Elements not reclassified to the consolidated income statement: | ||
| Actuarial gains/losses (–) from pension commitments (gross) | –62,777 | 5,938 |
| Provision for deferred premium refunds | 4,404 | –1,116 |
| Deferred taxes | 17,849 | –1,474 |
| Actuarial gains/losses (–) from pension commitments (net) | –40,524 | 3,348 |
| Elements subsequently reclassified to the consolidated income statement: | ||
| Unrealised gains/losses (–) from debt-financing instruments required to be measured at fair value through other comprehensive income |
–352,541 | 1,417,696 |
| Thereof from reclassification of financial assets (gross) | — | 304,918 |
| Provision for deferred premium refunds | 69,113 | –777,924 |
| Deferred taxes | 86,425 | –195,622 |
| Unrealised gains/losses (–) from debt-financing instruments required to be measured at fair value through other comprehensive income (net) |
–197,003 | 444,150 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (gross) | — | — |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | — | — |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (net) | — | — |
| in € thousands | 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
|---|---|---|
| Unrealised gains/losses (-) from cash flow hedges (gross) | 24 | 79 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | –7 | –24 |
| Unrealised gains/losses (-) from cash flow hedges (net) | 17 | 55 |
| Currency translation differences of economically independent foreign units | –15,061 | –648 |
| Total other comprehensive income, gross | –430,355 | 1,423,065 |
| Total provision for deferred premium refunds | 73,517 | –779,040 |
| Total deferred taxes | 104,267 | –197,120 |
| Total other comprehensive income, net | –252,571 | 446,905 |
| T o t a l 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 | –227,568 | 525,363 |
| Result attributable to shareholders of W&W AG | –227,556 | 520,594 |
| Result attributable to non-controlling interests | –12 | 4,769 |
| Housing | Life and Health Insurance | ||||
|---|---|---|---|---|---|
| in € thousands | 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
|
| Current net income | 74,409 | 56,946 | 185,715 | 218,393 | |
| Net income/expense from risk provision | –9,621 | –3,260 | –1,409 | –2,051 | |
| Net measurement gain/loss | –19,947 | 22,754 | –695,152 | 315,971 | |
| Net income from disposals | 53,190 | 39,861 | 264,773 | 142,787 | |
| Net financial result | 98,031 | 116,301 | –246,073 | 675,100 | |
| Thereof net income/expense from financial assets accounted for using the equity method |
— | — | 50 | 46 | |
| Net commission income/expense | — | — | 633,443 | 597,257 | |
| Earned premiums (net) | — | — | –287,508 | –1,137,283 | |
| Insurance benefits (net) | 1,268 | –20 | –39,289 | –37,255 | |
| General administrative expenses3 | –86,217 | –93,725 | –66,385 | –68,558 | |
| Net other operating income/expense | 14,862 | 2,323 | 15,881 | –13,342 | |
| S e g m e n t n e t i n c o m e 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 operations |
27,944 | 24,879 | 10,069 | 15,919 | |
| Income taxes | –1,460 | –8,730 | –3,172 | –5,075 | |
| Segment net income after taxes 26,484 16,149 6,897 |
10,844 |
1 Includes amounts from proportional profit transfers eliminated in the Consolidation column.
2 The column "Consolidation/reconciliation" includes the effects of consolidation between segments.
3 Includes service revenues and rental income with other segments.
| Property and Casualty Insurance |
Total for reportable segments |
All other segments1 | Consolidation/ reconciliation2 |
Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
1/1/2020 to 31/3/2020 |
1/1/2019 to 31/3/2019 |
|
| 15,465 | 26,259 | 275,589 | 301,598 | 17,301 | 15,956,3 | 446 | –9,052,3 | 293,336 | 308,502 | |
| –75 | –230 | –11,105 | –5,541 | –50 | –2,854 | 3 | 168 | –11,152 | –8,227 | |
| –44,635 | 21,246 | –759,734 | 359,971 | –21,401 | 14,019 | 25,093 | –11,072 | –756,042 | 362,918 | |
| 14,107 | 1,258 | 332,070 | 183,906 | 2,077 | 198 | — | — | 334,147 | 184,104 | |
| –15,138 | 48,533 | –163,180 | 839,934 | –2,073 | 27,3193 | 25,542 | –19,9563 | –139,711 | 847,297 | |
| 4,517 | 6,277 | 4,567 | 6,323 | 283 | 146 | –4,467 | –6,232 | 383 | 237 | |
| 402,839 | 379,678 | 1,036,282 | 976,935 | 76,282 | 72,034 | –8,764 | –8,657 | 1,103,800 | 1,040,312 | |
| –194,195 | –186,374 | –481,703 | –1,323,657 | –40,589 | –40,622 | 3,476 | 4,775 | –518,816 | –1,359,504 | |
| –63,708 | –60,110 | –101,729 | –97,385 | –18,495 | –15,905 | –1,728 | –1,580 | –121,952 | –114,870 | |
| –96,096 | –98,122 | –248,698 | –260,405 | –27,846 | –28,391 | 1,029 | 1,418 | –275,515 | –287,378 | |
| –35,124 | –6,791 | –4,381 | –17,810 | 7,885 | 1,630 | –14,666 | 14,591 | –11,162 | –1,589 | |
| –1,422 | 76,814 | 36,591 | 117,612 | –4,836 | 16,0653 | 4,889 | –9,4093 | 36,644 | 124,268 | |
| –4,879 | –22,735 | –9,511 | –36,540 | 798 | –10,2023 | –2,928 | 9323 | –11,641 | –45,810 | |
| –6,301 | 54,079 | 27,080 | 81,072 | –4,038 | 5,8633 | 1,961 | –8,4773 | 25,003 | 78,458 |
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 www.ww-ag.com/reports. In case of any divergences, the German original is legally binding.
E-mail: [email protected] Investor relations hotline: + 49 711 662-725252
W&W AG is member of W&W AG is listed in
W&WQ1E2020
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