Quarterly Report • Nov 20, 2019
Quarterly Report
Open in ViewerOpens in native device viewer
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 30 September 2019. It does not constitute a Quarterly Financial Report in accordance with IAS 34 or Financial Statements in accordance with IAS 1.
| Consolidated balance sheet | 9M 2019 | FY 2018 | |
|---|---|---|---|
| Total assets | € bn | 78.4 | 72.0 |
| Capital investments | € bn | 51.3 | 45.9 |
| Senior fixed-income securities | € bn | 13.8 | 13.8 |
| Senior debenture bonds and registered bonds | € bn | 25.0 | 21.3 |
| Building loans | € bn | 23.6 | 23.1 |
| Liabilities to customers | € bn | 24.0 | 23.6 |
| Technical provisions | € bn | 38.8 | 34.7 |
| Equity | € bn | 5.1 | 4.2 |
| Equity per share | € | 53.67 | 45.51 |
| Consolidated profit and loss statement | 9M 2019 | 9M 2018 | |
| Net financial result (after credit risk adjustments) | € mn | 1,923.4 | 1,312.4 |
| Premiums/contributions earned (net) | € mn | 3,167.7 | 2,955.2 |
| Insurance benefits (net) | € mn | –3,607.3 | –2,931.9 |
| Earnings before income taxes from continued operations | € mn | 316.5 | 257.5 |
| Consolidated net profit | € mn | 220.0 | 172.3 |
| Total comprehensive income | € mn | 895.2 | –57.2 |
| Earnings per share | € | 2.33 | 1.84 |
| Other information | 9M 2019 | 9M 2018 | |
| Employees (Germany)1 | 6,505 | 6,540 | |
| Employees (Group)2 | 8,018 | 8,129 | |
| Key sales figures | 9M 2019 | 9M 2018 | |
| Group | |||
| Gross premiums written | € mn | 3,376.8 | 3,149.9 |
| New construction financing business (including brokering for third parties) | € mn | 5,151.1 | 4,559.8 |
| Sales of own and third-party investment funds | € mn | 351.5 | 315.7 |
| Housing segment | |||
| New home loan savings business (gross) | € mn | 10,068.1 | 9,679.0 |
| New home loan savings business (net) | € mn | 7,988.2 | 7,866.9 |
| Life and Health Insurance segment | |||
| Gross premiums written | € mn | 1,737.0 | 1,598.2 |
| New premiums | € mn | 539.0 | 410.6 |
| Property/Casualty Insurance segment | |||
| Gross premiums written | € mn | 1,644.8 | 1,556.4 |
| New premiums (measured in terms of annual contributions to the portfolio) | € mn | 218.7 | 202.9 |
| 1 Full-time equivalent head count. 2 Number of employment contracts. |
As at 30 September 2019, the W&W Group's after-tax net profit came in at €220.0 million (previous year: €172.3 million) and thus exceeded our expectations.
New business developed positively in all respects. Gross premiums written increased both in Property/Casualty Insurance and in Life and Health Insurance. Construction financing business and new home loan savings business (gross) also rose substantially.
| Key sales figures (Group) | |||
|---|---|---|---|
| 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
Change | |
| in € million | in € million | in % | |
| Gross premiums property/ casualty |
1,645 | 1,556 | 5.7 |
| Gross premiums life and health |
1,737 | 1,598 | 8.7 |
| Construction financing business (including broker ing for third parties) |
5,151 | 4,560 | 13.0 |
| New home loan savings business (gross) |
10,406 | 9,977 | 4.3 |
We continue to rigorously ensure that products, services and processes are aligned with customer benefits throughout the entire W&W Group.
In this regard, the emphasis is on sustainable, profitable growth accompanied by increased efficiency and investments in new customer groups.
In the third quarter, the W&W Group continued its successful implementation of the strategic projects and plans associated with the W&W Besser! initiative.
The Housing division further solidified its position as the first point of contact for real estate services, from searching for a property to building or buying one, including financing.
The Insurance division opens up potential new customer bases, particularly with regard to company pension schemes and corporate customer business.
In the third quarter, the brandpool division expanded its portfolio and invested in familynet, a family start-up. The digital brand Adam Riese has now acquired nearly 80,000 policyholders.
As at 30 September 2019, consolidated after-tax net profit rose to €220.0 million (previous year: €172.3 million). Trends in interest rates resulted in very high measurement gains from fixed-income securities in net financial income, most which were credited to customers in the form of benefits.
Net financial income increased significantly, coming in at €1,923.4 million (previous year: €1,312.4 million). This rise was mainly attributable to the significant increase in the net measurement result. Fixed-income securities, equity instruments and capital investments for unit-linked life insurance policies all saw a considerable increase in value. On the one hand, this was related to the drop in interest rates in 2019, because when interest rates fall, the value of fixed-income securities in our portfolio rises. In addition, the equity markets recovered. By contrast, current net income declined further as a consequence of the fall in interest rates. The sale of Wüstenrot Bank AG Pfandbriefbank had a positive impact of €48.4 million on net income from disposals due to the reclassification of the fair value OCI reserve to the income statement. By contrast, net other operating income fell by €41.9 million for this reason. The sale of Wüstenrot Bank AG Pfandbriefbank thus resulted in a deconsolidation gain of €6.5 million.
On whole, since the application of IFRS 9, a greater number of securities are measured at fair value. This results in increased volatility in net financial income and, in particular, the net measurement result included in it.
The net commission expense amounted to –€337.8 million (previous year: –€305.3 million). This was primarily due to higher sales and service commissions as a result of the encouraging increase in the property insurance portfolio.
Net premiums earned rose by €212.5 million to €3,167.7 million (previous year: €2,955.2 million). Both Property/ Casualty Insurance and Life and Health Insurance saw significant increases.
Net insurance benefits rose by €675.4 million to €3,607.3 million (previous year: €2,931.9 million). This increase mainly stemmed from Life and Health Insurance, where additions to the provision for premium refunds and to the provision for unit-linked life insurance policies rose markedly. Owing to our profitable insurance portfolio, Property/Casualty Insurance once again posted good claims development.
General administrative expenses stood at €786.1 million (previous year: €777.6 million). Having an impact here were, in particular, rate increases and Wüstenrot's new brand image.
The net other operating expense amounted to –€43.4 million (previous year: net other operating income of €4.7 million) as a result of the described deconsolidation of Wüstenrot Bank AG Pfandbriefbank.
Tax expenses amounted to €96.4 million (previous year: €85.2 million). This increase was attributable, in particular, to the rise in pre-tax net income compared with the previous period.
As at 30 September 2019, total comprehensive income stood at €895.2 million (previous year: –€57.2 million). It consists of consolidated net profit and other comprehensive income (OCI).
As at 30 September 2019, OCI stood at €675.2 million (previous year: –€229.5 million). The extent of this result was predominantly an expression of the sensitivity of our capital investments to changes in interest rates. Whereas interest rates rose slightly in the previous year, they fell sharply in 2019. This resulted in substantial unrealised
measurement gains. Therefore, after additions to the provision for deferred provisions for premium refunds and to deferred taxes, unrealised net income from these capital investments amounted to €919.8 million (previous year: net expense of –€241.7 million). At the same time, lower interest rates had the opposite effect, including in the form of actuarial losses from defined benefit plans for pension schemes. The interest rate used for measuring pension commitments fell from 1.7% to 0.5 % during the financial year, resulting in a recognition of –€224.1 million (previous year: €13.4 million) in comprehensive income.
Because comprehensive income is highly dependent on changes in interest rates, it has only very limited suitability as a performance indicator for our Group. In an environment of rising interest rates, this currently positive unrealised effect would turn negative. From an operational standpoint, a slow yet steady rise in interest rates would be a welcome development for our business model.
Segment net income stood at €32.6 million (previous year: €45.5 million). New construction financing business rose significantly.
Gross new business in terms of total home loan savings contracts came in at €10,068.1 million, which exceeded the figure for the previous year (€9,679.0 million).
In terms of new construction financing business, taking into account brokering for third parties and disbursements of loans under home loan savings contracts, the segment posted a considerable increase to €4,672.0 million (previous year: €4,061.4 million), with continued focus on profitable offers.
| 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Gross new business | 10,068.1 | 9,679.0 | 4.0 |
| Construction financing business (including broker ing for third parties) |
4,672.0 | 4,061.4 | 15.0 |
Net income in the Housing segment fell to €32.6 million (previous year: €45.5 million) and thus met our expectations. This was mainly attributable to lower net financial income. By contrast, general administrative expenses and income taxes developed positively.
Net financial income stood at €271.8 million (previous year: €303.7 million). The significant decline in interest rates had a particularly negative impact on current net income, whereas it had a positive impact on net measurement gains from securities and on interest rate swaps that were concluded to reduce interest rate risks. Net measurement gains from the discounting of provisions for home loan savings business (bonus provisions) developed negatively as a result of interest rates. Net income from risk provision declined, inter alia, as a result of higher new construction financing business.
General administrative expenses fell to €241.9 million (previous year: €251.7 million). Both personnel expenses and materials costs fell.
Segment net income stood at €31.0 million (previous year: €12.4 million). New premiums rose considerably by 31.3%.
Total premiums for new life insurance business rose by 10.5% to €2,625.9 million (previous year: €2,376.7 million). Particularly in the area of occupational pension schemes, which we are targeting for growth, we posted a large increase of 25.8%.
New premiums in the Life and Health Insurance segment rose by 31.3% to €539.0 million (previous year: €410.6 million). In particular, single-premium income increased to €460.4 million (previous year: €334.9 million). We pay attention here to impairment and collectively acceptable impact. Growth was also posted in health insurance.
| 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New premiums | 539.0 | 410.6 | 31.3 |
| Single premiums life | 460.4 | 334.9 | 37.5 |
| Regular premiums life | 71.0 | 68.4 | 3.8 |
| Annual premiums health | 7.6 | 7.3 | 4.1 |
Gross premiums written increased to €1,737.0 million (previous year: €1,598.2 million), mainly as a result of higher single-premium income.
Segment net income stood at €31.0 million (previous year: €12.4 million). Increased net financial income also resulted in higher benefits under insurance contracts.
Net financial income in the Life and Health Insurance segment rose sharply to €1,436.5 million (previous year: €913.3 million). Here as well, this was mainly driven by the net measurement gain. Interest rates fell further, and this had a positive impact on the measurement of interest-bearing securities. Similarly, trends on the equity markets contributed to growth in the value of equities and investment fund units. Capital investments for unitlinked life insurance policies also benefited from this.
Net premiums earned rose to €1,799.8 million (previous year: €1,654.9 million), mainly owing to single-premium insurance policies.
Net insurance benefits stood at €2,866.4 million (previous year: €2,250.2 million). This significant rise was related to movements in net financial income, which resulted in high additions to the provision for premium refunds and to the provision for unit-linked life insurance policies. Additions to the additional interest reserve amounted to €300.5 million (previous year: €605.5 million). The amount of the additions is primarily determined by the reference interest rate. The way in which it is calculated was changed at the end of 2018 (corridor method), therefore resulting in significantly lower additions to the additional interest rate reserve in the first three months of 2019 compared with the previous year period. Nevertheless, the additional interest reserve as a whole rose to €2,501.6 million (end of the previous year: €2,201.1 million).
General administrative expenses rose to €198.4 million (previous year: €192.8 million), an increase that was disproportionately lower than that for premiums. Whereas personnel expenses fell, materials costs increased. Nevertheless, the administrative expense ratio fell to 2.4% (previous year: 2.7%).
Segment net income rose to €124.0 million (previous year: €106.8 million). New business in the Property/ Casualty Insurance segment rose once again.
New business developed positively, coming in at €218.7 million (previous year: €202.9 million). In particular, the areas of corporate and retail customers grew strongly. In this regard, our digital brand "Adam Riese" was very successful in terms of sales and continued to outperform our expectations.
| 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New business | 218.7 | 202.9 | 7.8 |
| Motor | 149.4 | 147.5 | 1.3 |
| Corporate customers | 35.4 | 29.4 | 20.4 |
| Retail customers | 33.9 | 26.0 | 30.4 |
Gross premiums written increased further by €88.4 million (+5.7%) to €1,644.8 million (previous year: €1,556.4 million). An increase was once again posted in all business segments.
| 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Total segment | 1,644.8 | 1,556.4 | 5.7 |
| Motor | 748.1 | 721.1 | 3.7 |
| Corporate customers | 381.8 | 350.0 | 9.1 |
| Private customers | 514.9 | 485.3 | 6.1 |
Segment net income increased to €124.0 million (previous year: €106.8 million). In particular, net financial income developed very positively. In addition, net underwriting income remained at a very good level.
Net financial income increased significantly by €47.9 million, coming in at €106.0 million (previous year: €58.1 million). It benefited particularly from measurement gains associated with interest-bearing securities as a consequence of the even lower interest rate level, as well as with equities due to the recovery of the equity market.
The net commission income stood at –€198.1 million (previous year: –€178.7 million). The increase in the insurance portfolio and in new business led to higher sales and service commissions.
Net premiums earned trended positively. They rose by €57.9 million to €1,167.1 million (previous year: €1,109.2 million). All business segments made a contribution to this.
Net insurance benefits increased €49.8 million to €620.0 million (previous year: €570.2 million) due to the significantly larger insurance portfolio. Claims development was encouraging on the whole. Expenses for natural disaster claims were lower compared with the previous year, but this includes considerably lower settlement results.
The loss ratio (gross) remained at a good level, coming in at 63.4% (previous year: 62.4%). The combined ratio (gross) stood at 90.6% (previous year: 89.3%) as at the reporting date.
General administrative expenses rose to €273.8 million (previous year: €261.5 million). This was due, inter alia, to higher write-downs as a result of the shortening of the remaining useful life of the Feuersee site.
"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, the Czech subsidiaries and the Group's internal service providers. After-tax net income stood at €132.9 million (previous year: €99.4 million). This was composed, among other things, of the following:
W&W AG, €116.9 million (previous year: €96.4 million); W&W Asset Management GmbH, €13.9 million (previous year: €13.1 million); and the Czech subsidiaries, €13.4 million (previous year: €18.3 million).
Net financial income stood at €213.5 million (previous year: €159.8 million). The increase was mainly attributable to measurement gains relating to equities and fund units as a result of the positive trends on the equity markets.
Earned premiums rose to €212.0 million (previous year: €202.3 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. As this relates to quota share reinsurance, the insurance benefits increased as well, to €133.8 million (previous year: €122.3 million).
Net other operating income fell to €2.2 million (previous year: €15.5 million). This was related, inter alia, to the creation of a higher provision for post-completion construction costs in property development business.
The economic environment is marked by rising political and economic uncertainties. With respect to financial performance, we see risks and opportunities, in particular, in connection with trends on the interest rate and capital markets and with claims development. Nevertheless, the W&W Group still expects consolidated net profit at the end of the year to come in at the upper end of the long-term target zone of € 220 to 250 million.
| in € thousands | 30/9/2019 | 31/12/2018 |
|---|---|---|
| Cash reserves | 64,302 | 83,898 |
| Non-current assets held for sale and discontinued operations | 78,892 | 1,236,580 |
| Financial assets at fair value through profit or loss | 8,254,462 | 6,778,739 |
| Thereof sold under repurchase agreements or lent under securities lending transactions | — | 29,606 |
| Financial assets at fair value through other comprehensive income | 38,629,508 | 32,044,702 |
| Thereof sold under repurchase agreements oder lent under securities lending transactions | 614,507 | — |
| Financial assets at amortised cost | 26,866,779 | 28,102,415 |
| Subordinated securities and receivables | 163,550 | 133,380 |
| Senior debenture bonds and registered bonds | 75,026 | 1,087,957 |
| Senior fixed-income securities | 146,691 | 1,054,900 |
| Building loans | 23,575,036 | 23,098,798 |
| Other loans and receivables | 2,906,476 | 2,727,380 |
| Positive market values from hedges | 492,997 | 61,686 |
| Financial assets accounted for using the equity method | 89,845 | 93,016 |
| Investment property | 1,873,989 | 1,827,055 |
| Reinsurers' portion of technical provisions | 302,978 | 297,212 |
| Other assets | 1,783,140 | 1,513,938 |
| Intangible assets | 92,886 | 99,701 |
| Property, plant and equipment | 395,858 | 287,461 |
| Inventories | 177,551 | 190,254 |
| Current tax assets | 23,602 | 37,372 |
| Deferred tax assets | 1,043,632 | 825,619 |
| Other assets | 49,611 | 73,531 |
| Total assets | 78,436,892 | 72,039,241 |
| in € thousands | 30/9/2019 | 31/12/2018 |
|---|---|---|
| Liabilities under non-current assets classified as held for sale and discontinued operations | — | 952,652 |
| Financial liabilities at fair value through profit or loss | 427,334 | 455,318 |
| Liabilities | 28,361,067 | 27,585,077 |
| Liabilities evidenced by certificates | 1,259,666 | 1,286,568 |
| Liabilities to credit institutions | 1,817,744 | 1,454,518 |
| Liabilities to customers | 23,987,643 | 23,580,660 |
| Finance lease liabilities | 83,171 | 20,133 |
| Miscellaneous liabilities | 1,212,843 | 1,243,198 |
| Negative market values from hedges | 947,909 | 126,449 |
| Technical provisions | 38,780,966 | 34,728,212 |
| Other provisions | 3,132,458 | 2,653,801 |
| Other liabilities | 1,292,472 | 865,925 |
| Current tax liabilities | 139,482 | 262,460 |
| Deferred tax liabilities | 1,140,363 | 570,313 |
| Other liabilities | 12,627 | 33,152 |
| Subordinated capital | 422,799 | 435,476 |
| Equity | 5,071,887 | 4,236,331 |
| Interests of W&W shareholders in paid-in capital | 1,486,514 | 1,485,595 |
| Interests of W&W shareholders in earned capital | 3,542,858 | 2,725,867 |
| Retained earnings | 2,996,591 | 2,855,048 |
| Other reserves (other comprehensive income) | 546,267 | –,129,181 |
| Non-controlling interests in equity | 42,515 | 24,869 |
| Total liabilities | 78,436,892 | 72,039,241 |
| in € thousands | 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
|---|---|---|
| Current net income | 869,518 | 952,041 |
| Net interest income | 685,021 | 770,901 |
| Interest income | 1,133,961 | 1,198,571 |
| Thereof calculated using the effective interest method | 1,026,706 | 1,103,293 |
| Interest expenses | –448,940 | –427,670 |
| Dividend income | 136,164 | 136,982 |
| Other current net income | 48,333 | 44,158 |
| Net income/expense from risk provision | –3,419 | 11,007 |
| Income from risk provision | 64,948 | 79,400 |
| Expenses from risk provision | –68,367 | –68,393 |
| Net measurement gain/loss | 562,438 | –102,573 |
| Measurement gains | 2,120,340 | 791,547 |
| Measurement losses | –1,557,902 | –894,120 |
| Net income/expense from disposals | 494,888 | 451,923 |
| Income from disposals | 531,460 | 507,813 |
| Expenses from disposals | –36,572 | –55,890 |
| Thereof gains/losses from financial assets at amortised cost | 115 | –660 |
| Net financial result | 1,923,425 | 1,312,398 |
| Thereof net income/expense from financial assets accounted for using the equity method | 1,080 | 1,547 |
| Net commission expense | –337,849 | –305,303 |
| Commission income | 194,744 | 200,473 |
| Commission expenses | –532,593 | –505,776 |
| Earned premiums (net) | 3,167,727 | 2,955,209 |
| Earned premiums (gross) | 3,269,066 | 3,047,259 |
| Premiums ceded to reinsurers | –101,339 | –92,050 |
| Insurance benefits (net) | –3,607,292 | –2,931,921 |
| Insurance benefits (gross) | –3,659,305 | –2,986,239 |
| Received reinsurance premiums | 52,013 | 54,318 |
| in € thousands | 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
|---|---|---|
| General administrative expenses | –786,070 | –777,625 |
| Personnel expenses | –454,159 | –434,922 |
| Materials costs | –275,680 | –298,846 |
| Depreciation/amortisation | –56,231 | –43,857 |
| Net other operating income/expense | –43,462 | 4,732 |
| Other operating income | 156,016 | 126,020 |
| Other operating expenses | –199,478 | –121,288 |
| Consolidated earnings before income taxes from continued operations | 316,479 | 257,490 |
| Of which are sales revenues1 | 4,988,045 | 4,826,003 |
| Income taxes | –96,431 | –85,193 |
| Consolidated net profit | 220,048 | 172,297 |
| Result attributable to shareholders of W&W AG | 218,103 | 171,905 |
| Result attributable to non-controlling interests | 1,945 | 392 |
| Basic (= diluted) earnings per share, in € | 2,33 | 1,84 |
| Thereof from continued operations, in € | 2,33 | 1,84 |
1 Interest, dividends, provisions, rental income and income from real estate business and gross premiums of insurance business.
| in € thousands | 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
|---|---|---|
| Consolidated net profit | 220,048 | 172,297 |
| Other comprehensive income | ||
| Elements not reclassified to the consolidated income statement: | ||
| Actuarial gains/losses (–) from pension commitments (gross) | –376,317 | 22,927 |
| Provision for deferred premium refunds | 24,644 | –3,697 |
| Deferred taxes | 107,533 | –5,880 |
| Actuarial gains/losses (–) from pension commitments (net) | –244,140 | 13,350 |
| 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 |
4,153,489 | –973,044 |
| Thereof from the reclassification of financial assets (gross) | 304,918 | — |
| Provision for deferred premium refunds | –2,828,519 | 636,165 |
| Deferred taxes | –405,136 | 95,153 |
| Unrealised gains/losses (–) from debt-financing instruments required to be measured at fair value through other comprehensive income (net; IFRS 9) |
919,834 | –241,726 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (gross) | 42 | –183 |
| Provision for deferred premium refunds | — | – |
| Deferred taxes | –1 | 3 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (net) | 41 | –,180 |
| in € thousands | 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
|---|---|---|
| Unrealised gains/losses (—) from cash flow hedges (gross) | 128 | 1,209 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | –39 | –370 |
| Unrealised gains/losses (—) from cash flow hedges (net) | 89 | 839 |
| Currency translation differences of economically independent foreign units | –645 | –1,747 |
| Total other comprehensive income, gross | 3,776,697 | –950,838 |
| Total provision for deferred premium refunds | –2,803,875 | 632,468 |
| Total deferred taxes | –297,643 | 88,906 |
| Total other comprehensive income, net | 675,179 | –229,464 |
| 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 | 895,227 | –57,167 |
| Result attributable to shareholders of W&W AG | 877,579 | –54,668 |
| Result attributable to non-controlling interests | 17,648 | –2,499 |
| Housing | Life and Health Insurance | ||||
|---|---|---|---|---|---|
| in € thousands | 1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
|
| Current net income | 161,612 | 224,431 | 596,993 | 628,708 | |
| Net income/expense from risk provision | –3,599 | 15,891 | 1,737 | –557 | |
| Net measurement gain/loss | 37,910 | –23,426 | 474,573 | –78,927 | |
| Net income from disposals | 75,921 | 86,847 | 363,204 | 364,033 | |
| Net financial result | 271,844 | 303,743 | 1,436,507 | 913,257 | |
| Net commission income/expense | 7,820 | 7,463 | –100,699 | –90,844 | |
| Earned premiums (net) | — | — | 1,799,829 | 1,654,858 | |
| Insurance benefits (net) | — | — | –2,866,356 | –2,250,197 | |
| General administrative expenses3 | –241,947 | –251,730 | –198,398 | –192,754 | |
| Net other operating income/expense | 9,492 | 9,707 | –17,699 | –13,603 | |
| 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 o p e r a t i o n s |
47,209 | 69,183 | 53,184 | 20,717 | |
| Income taxes | –14,588 | –23,636 | –22,161 | –8,287 | |
| Segment net income after taxes | 32,621 | 45,547 | 31,023 | 12,430 |
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.
| Group | Consolidation/ reconciliation2 |
All other segments1 | Total for reportable segments |
Property and casualty insurance |
|||||
|---|---|---|---|---|---|---|---|---|---|
| 1/1/2018 to 30/9/2018 |
1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
1/1/2019 to 30/9/2019 |
1/1/2018 to 30/9/2018 |
1/1/2019 to 30/9/2019 |
| 952,041 | 869,518 | –125,257 | –130,368 | 169,789 | 184,802 | 907,509 | 815,084 | 54,370 | 56,479 |
| 11,007 | –3,419 | 202 | 109 | –3,487 | –1,562 | 14,292 | –1,966 | –1,042 | –104 |
| –102,573 | 562,438 | 2,548 | –22,590 | –5,565 | 27,579 | –99,556 | 557,449 | 2,797 | 44,966 |
| 451,923 | 494,888 | — | 48,431 | –918 | 2,707 | 452,841 | 443,750 | 1,961 | 4,625 |
| 1,312,398 | 1,923,425 | –122,507 | –104,418 | 159,819 | 213,526 | 1,275,086 | 1,814,317 | 58,086 | 105,966 |
| –305,303 | –337,849 | –803 | –6,210 | –42,453 | –40,666 | –262,047 | –290,973 | –178,666 | –198,094 |
| 2,955,209 | 3,167,727 | –11,130 | –11,195 | 202,251 | 211,980 | 2,764,088 | 2,966,942 | 1,109,230 | 1,167,113 |
| –2,931,921 | –3,607,292 | 10,679 | 12,866 | –122,251 | –133,824 | –2,820,349 | –3,486,334 | –570,152 | –619,978 |
| –777,625 | –786,070 | 2,582 | 3,751 | –74,228 | –75,641 | –705,979 | –714,180 | –261,495 | –273,835 |
| 4,732 | –43,462 | –6,655 | –30,503 | 15,492 | 2,163 | –4,105 | –15,122 | –209 | –6,915 |
| 257,490 | 316,479 | –127,834 | –135,709 | 138,630 | 177,538 | 246,694 | 274,650 | 156,794 | 174,257 |
| –85,193 | –96,431 | 35,917 | 35,267 | –39,193 | –44,673 | –81,917 | –87,025 | –49,994 | –50,276 |
| 172,297 | 220,048 | –91,917 | –100,442 | 99,437 | 132,865 | 164,777 | 187,625 | 106,800 | 123,981 |
Wüstenrot & Württembergische AG 70163 Stuttgart Germany phone + 49 711 662-0 www.ww-ag.com
W&W Service GmbH, Stuttgart
E-mail: [email protected] Investor relations hotline: + 49 711 662-725252
The financial reports of the W&W Group are available at www.ww-ag.com/publikationen. In case of any divergences, the German original is legally binding.
W&W AG is member of W&W AG is listed in
W&WQ3E2019
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.