Quarterly Report • Nov 20, 2018
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 30 September 2018. 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 2018 | FY 2017 | |
|---|---|---|---|
| Total assets | € bn | 74.0 | 72.0 |
| Capital investments | € bn | 47.7 | 45.8 |
| Senior fixed-income securities | € bn | 20.6 | 19.7 |
| Senior debenture bonds and registered bonds | € bn | 14.4 | 14.1 |
| Building loans | € bn | 23.1 | 23.5 |
| Liabilities to customers | € bn | 23.6 | 23.8 |
| Technical provisions | € bn | 35.3 | 33.8 |
| Equity | € bn | 4.2 | 4.0 |
| Equity per share | € | 45.36 | 42.16 |
| Consolidated profit and loss statement | 9M 2018 | 9M 2017 | |
| Net financial result (after credit risk adjustments) | € mn | 1,312.4 | 1,524.0 |
| Premiums/contributions earned (net) | € mn | 2,955.2 | 2,840.6 |
| Insurance benefits (net) | € mn | –2,931.9 | –3,073.3 |
| Earnings before income taxes from continued operations | € mn | 257.5 | 259.6 |
| Consolidated net profit | € mn | 172.3 | 214.7 |
| Total comprehensive income | € mn | –57.2 | 177.6 |
| Earnings per share | € | 1.84 | 2.29 |
| Other information | 9M 2018 | 9M 2017 | |
| Employees (Germany)1 | 6,567 | 6,603 | |
| Employees (Group)2 | 8,112 | 8,166 | |
| Key sales figures | 9M 2018 | 9M 2017 | |
| Group | |||
| Gross premiums written | € mn | 3,149.9 | 3,020.9 |
| New construction financing business (including brokering for third parties) | € mn | 4,559.8 | 4,135.0 |
| Sales of own and third-party investment funds | € mn | 315.7 | 307.2 |
| Home Loan and Savings Bank | |||
| New home loan savings business (gross) | € mn | 9,679.0 | 10,108.2 |
| New home loan savings business (net) | € mn | 7,866.9 | 8,460.4 |
| Life and Health Insurance | |||
| Gross premiums written | € mn | 1,598.2 | 1,552.0 |
| New premiums | € mn | 410.6 | 352.7 |
| Property/Casualty Insurance | |||
| Gross premiums written | € mn | 1,556.4 | 1,474.9 |
| New premiums (measured in terms of annual contributions to the portfolio) | € mn | 201.8 | 189.7 |
| 1 Full-time equivalent head count. 2 Number of employment contracts. |
| Interim Management Statement | 3 |
|---|---|
| Economic report | 3 |
| Outlook | 7 |
| Selected Financial Statements of W&W Group (IFRS) | 8 |
| Consolidated balance sheet | 8 |
| Consolidated income statement | 10 |
| Consolidated statement of comprehensive income | 12 |
| Segment income statement | 14 |
As at 30 September 2018, consolidated net profit stood at €172.3 million (previous year: €214.7 million) and thus exceeded our expectations. The largest contributor to results was once again the Property/Casualty Insurance segment.
| 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
|
|---|---|---|
| in € million | in € million | |
| Home Loan and Savings Bank segment | 45.5 | 42.6 |
| Life and Health Insurance segment | 12.4 | 21.4 |
| Property/Casualty Insurance segment | 106.8 | 109.2 |
| All other segments | 7.6 | 41.5 |
| Consolidated net profit | 172.3 | 214.7 |
Gross premiums written increased both in property/ casualty insurance and in life and health insurance. Construction financing business also grew substantially. By contrast, gross new home loan savings business declined.
| 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Gross premiums property/ casualty |
1.556 | 1.475 | 5.5 |
| Gross premiums life and health |
1.598 | 1.552 | 3.0 |
| Construction financing business (including broker ing for third parties) |
4.560 | 4.135 | 10.3 |
| New home loan savings business (gross) |
9.977 | 10.413 | –4.2 |
May 2018 saw the formation of the third division, W&W brandpool, which bundles all digital business models. These include the digital brand Adam Riese, the webbased financing assistant for property purchases NIST, the intelligent financial assistants FinanzGuide and treefin, and the participation in the pregnancy app Keleya.
With the new business liability insurance policy for industry, building trade and gastronomy, the digital brand "Adam Riese" has now for this first time introduced insurance for commercial customers onto the market. As was already the case with the first two products by Adam Riese for private consumers – private liability insurance and legal expenses insurance – the new product also is thoroughly digital and tailored to new customer needs.
NIST was launched in April 2018. The first loans through NIST have been successfully concluded, and and major plan values were met. The web-based financing assistant provided support to users in simple steps, from searching for a property to financing it.
The web-based residential platform "Wüstenrot-Wohnwelt" was further expanded. Since June 2018, customers have also been able to place their own property ads on it. The platform is designed to strengthen residential topics.
As at 30 September 2018, consolidated net profit after taxes stood at €172.3 million (previous year: €214.7 million).
Net financial income fell to €1,312.4 million (previous year: €1,523.9 million). Current net income rose as a result of, inter alia, higher dividend income. By contrast, net income from capital investments for unit-linked life insurance policies declined due to trends on the equities markets. Net income from disposals also was lower. In the previous year, it benefitted from the sale of shares in V-Bank AG. In Life and Health Insurance, net income from disposals was deliberately reduced due to the expected
adjustment of the requirements for the additional interest reserve.
Net commission expense stood at –€305.3 million (previous year: –€292.9 million). This was mainly due to increased renewal commissions in property insurance. Earned premiums rose by €114.6 million to €2,955.2 million (previous year: €2,840.6 million). Increases were recorded for both Property/Casualty Insurance and Life and Health Insurance.
Net insurance benefits fell by €141.3 million to €2,931.9 million (previous year: €3,073.2 million). Property insurance again posted good claims development as a result of the underwriting of profitable new business. In Life and Health Insurance, the decline was the result of negative additions to the provision for premium refunds and smaller additions to the provision for unit-linked life insurance policies.
General administrative expenses rose to €777.6 million (previous year: €762.4 million). Due to a lower headcount, personnel expenses declined despite collectively bargained salary increases. By contrast, marketing expenses increased due to new market launches by Württembergische. In addition, expenses increased as a result of the costs for demolishing the old buildings on the new W&W campus in Kornwestheim.
Tax expenses returned to their normal range at €85.2 million (previous year: €44.9 million) after positive oneoff effects in the previous year.
As at 30 September 2018, total comprehensive income stood at –€57.2 million (previous year: €177.6 million). It consists of consolidated net profit and other comprehensive income (OCI).
As at the end of the quarter, OCI stood at –€229.5 million (previous year: –€37.1 million). It was essentially shaped by two effects: First, the actuarial interest rate used to measure pension commitments increased from 1.50% to 1.60% compared with the end of the previous year. This resulted in €13.4 million in actuarial gains from defined benefit plans for pension schemes (previous year: €50.9 million).
The unrealised net loss from debt-financing instruments required to be measured at fair value through other comprehensive income is the other noteworthy effect. After additions to the provision for deferred premium refunds and to deferred taxes, it amounted to –€241.7 million (previous year: –€82.3 million). On the one hand, due to rising interest rates over the course of the year, measurement losses were recorded for bearer and registered instruments in the portfolio. On the other, as a result of sales, reserves were released, for which reason reserves that were previously recognised in equity were booked in consolidated earnings.
Segment net income rose to €45.5 million (previous year: €42.6 million). New construction financing business increased, whereas new home loan savings business declined. The segment's total assets amounted to €30.7 billion (previous year: €30.8 billion).
New construction financing business continued to focus on more profitable offers and increased to €2,284.8 million (previous year: €2,131.6 million). In terms of total new construction financing business, taking into account brokering for third parties and disbursements of building loans, the segment posted an increase to €4,061.4 million (previous year: €3,626.6 million).
Gross new business in terms of total home loan savings contracts came in at €9.7 billion, which was below the good result in the previous year (€10.1 billion). Also, net new business (paid-in new business) of €7.9 billion fell short of the previous year (€8.5 billion). At the start of the fourth quarter however, growth was posted in new business. Owing to this development, and to the introduction of the new product "Spezial" for higher-volume business, we expect that new business will further increase by year-end.
| 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Construction financing business (including broker ing for third parties) |
4,061.4 | 3,626.6 | 12.0 |
| Gross new business | 9,679.0 | 10,108.2 | –4.2 |
Net income for the Home Loan and Savings Bank segment stood at €45.5 million (previous year: 42.6 million). This was mainly attributable to higher net financial income.
Net financial income in the Home Loan and Savings Bank segment reached €303.7 million (previous year: €296.8 million). On the one hand, this was due to higher current net income. In particular, the management of the portfolio of home loan savings contracts, which was carried out at an early stage, continued to have a positive effect here. On the other hand, net income from risk provision rose as a result of the continued good economic situation and because of the fact that the portfolio of building loans is generally low risk. Net measurement gains trended in the opposite direction. The free-standing derivatives used for interest book management and net income from the discounting of provisions for home loan savings business (bonus provisions) posted a decline.
General administrative expenses fell considerably to €251.7 million (previous year: €259.4 million). Personnel expenses were able to be reduced. Materials costs also fell, including as a result of the lower bank levy and decreased marketing expenses.
Net other operating income declined to €9.7 million (previous year: €21.6 million). This was mainly due to lower income from the release of miscellaneous provisions.
Segment net income stood at €12.4 million (previous year: €21.4 million). New premiums rose by 16.4%. The segment's total assets increased to €35.6 billion (previous year: €33.8 billion).
Total premiums for new life insurance business increased to €2,376.7 million (previous year: €2,299.0 million).
As at 30 September 2018, new premiums in the Life and Health Insurance segment grew to €410.6 million (previous year: €352.7 million). Single-premium income rose to €334.9 million (previous year: €276.0 million). New regular premiums amounted to €75.7 million (previous year: €76.7 million). New regular premiums for life insurance posted an increase.
Gross premiums written increased to €1,598.2 million (previous year: €1,552.0 million), mainly as a result of higher single-premium income. Health insurance posted an 8.5% increase in gross premiums written.
| 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New premiums | 410.6 | 352.7 | 16.4 |
| Single premiums life | 334.9 | 276.0 | 21.3 |
| Regular premiums life and health |
75.7 | 76.7 | –1.3 |
Segment net income came in at €12.4 million (previous year: €21.4 million). Net financial income and income from deferred taxes both fell and were not able to be offset by the rise in net underwriting income.
Net financial income in the Life and Health Insurance segment fell to €913.3 million (previous year: €1,123.7 million). Current net income increased as a result of higher dividend income. There was a decline in net income from capital investments for unit-linked life insurance policies. This was attributable, above all, to worse trends in equity prices compared with the previous year. As a result of the conversion to IFRS 9, a greater number of assets were measured at fair value through profit or loss. This also had a negative impact on net measurement gains. Lower net income from disposals also contributed to the decline. This was attributable to deliberate action taken in light of an impending statutory amendment with respect to the requirements for the additional interest reserve.
Net premiums earned rose to €1,654.9 million (previous year: €1,605.6 million) owing to the higher volume of single-premium insurance policies in new business.
Net insurance benefits stood at €2,250.2 million (previous year: €2,416.5 million). This decline was the result of negative additions to the provision for premium refunds and lower additions to the provision for unit-linked life insurance policies owing to worse performance by the underlying capital investments. Benefits to customers were secured further through the regular increase of the additional interest reserve (including interest rate reinforcement). At €605.5 million, additions exceeded the prioryear level (€399.6 million), which was already high. The additional interest reserve as a whole thus now totals €2,651.5 million.
General administrative expenses increased to €192.8 million (previous year: €185.6 million). This was due to higher materials and personnel expenses.
Tax expenses rose to €8.3 million (previous year: €10.3 million). Negative effects on tax expenses resulted, in particular, from the settlement of prior-year taxes. In addition, one-off effects in the previous year resulting from a positive fiscal-court ruling did not recur in the current period.
Net segment income stood at €106.8 million, which was at the high level of the previous year (€109.2 million). New business in the Property/Casualty Insurance segment rose again. Total assets stood at €4.8 billion (previous year: €4.5 billion).
New business again developed positively, coming in at €201.8 million (previous year: €189.7 million). The areas of retail customers and motor posted an encouraging increase. New business in the area of corporate customers declined following major business that we concluded in the previous year.
| 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New business | 201.8 | 189.7 | 6.4 |
| Motor | 147.5 | 136.7 | 7.9 |
| Corporate customers | 29.4 | 32.5 | –9.5 |
| Retail customers | 24.9 | 20.5 | 21.5 |
Gross premiums written increased significantly further by €81.4 million (5.5%) to €1,556.4 million (previous year: €1,475.0 million). Once again, all business segments were up.
| 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Total segment | 1,556.4 | 1,475.0 | 5.5 |
| Motor | 721.3 | 683.6 | 5.5 |
| Corporate customers | 349.9 | 326.8 | 7.1 |
| Private customers | 485.2 | 464.6 | 4.4 |
Earnings performance still trends positively. Net underwriting income came even higher than the very good level of the previous year. Net financial income also rose. Nevertheless, higher tax expenses led to slightly lower segment net income.
Net financial income amounted to €58.1 million (previous year: €47.1 million). This was due, inter alia, to a higher interest surplus, since in the previous year a voluntary supplemental payment toward the pension fund resulted in increased interest expenses. In addition, as a result of the conversion to IFRS 9, a greater number of financial instruments were measured at fair value through profit or loss. In this regard, profits were generated from the measurement of participations through profit or loss. By contrast, there was lower net income from the disposal of bearer bonds and equity instruments.
Net commission expense stood at –€178.7 million (previous year: –€167.9 million). The larger insurance portfolio led to an increase in renewal commissions.
Net premiums earned continued to trend positively. They rose by €54.4 million to €1,109.2 million (previous year: €1,054.8 million). We posted growth in all business segments in Property/Casualty Insurance.
Net insurance benefits increased €17.0 million to €570.2 million (previous year: €553.2 million). On the one hand, losses from natural disasters were higher than in the previous year. On the other, this relatively moderate increase was also due to the considerably larger insurance portfolio overall. As a result, the loss ratio (gross) came in at 62.4% (previous year: 63.9%). Also, the combined ratio (gross) was able to be lowered to 89.3% compared with the very good previous year (90.7%).
General administrative expenses grew to €261.5 million (previous year: €249.9 million). This was attributable to expenses in connection with the new market launches of Württembergische. In addition, significant investments were made in the further expansion of our digital brand "Adam Riese".
The increase in the segment's tax expenses to €50.0 million (previous year: €32.4 million) was due to higher pretax net income and to tax-free earnings in the previous year.
"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. The total assets of the other segments amounted to €7.1 billion (previous year: €6.4 billion). After-tax net income stood at €99.4 million (previous year: €129.5 million). This was composed, among other things, of the following: W&W AG, €96.4 million (previous year: €87.9 million), W&W Asset Management GmbH, €13.1 million (previous year: €14.6 million), and the Czech subsidiaries, €18.3 million (previous year: €16.5 million).
Net financial income stood at €159.8 million (previous year: €193.9 million). The decline was due, on the one hand, to a positive effect on net income in the previous year from the sale of V-Bank AG, which was accounted for using the equity method. On the other, there was a drop in revenues from internal Group participations at W&W AG. Dividend income from fully consolidated subsidiaries is eliminated in the consolidation/reconciliation column in order to obtain values for the Group.
Earned premiums rose to €202.3 million (previous year: €191.4 million). The volume ceded by Württembergische Versicherung AG to W&W AG for reinsurance within the Group increased as a result of positive business development. As this relates to quota share insurance, the insurance benefits increased as well, to €122.3 million (previous year: €117.9 million).
General administrative expenses increased to €74.2 million (previous year: €66.1 million) due to higher materials costs. Personnel expenses declined.
We continue to adhere without change to the forecast made in the 2017 Annual Report concerning consolidated net profit. Due to additional investments, consolidated net profit for 2018 will come in below the value for the previous year. However, we expect that consolidated net profit will amount to at least €200 million. We remain committed to our long-term goal of consolidated net profit of €220 million to €250 million.
| Assets | ||
|---|---|---|
| in € thousands | 30/9/2018 | 30/9/2017 |
| IFRS 9 | IAS 39 | |
| Cash reserves | 87,072 | 154,095 |
| Non-current assets held for sale and discontinued operations | 1,426,698 | 1,605,812 |
| Financial assets at fair value through profit or loss | 7,306,687 | — |
| Thereof sold under repurchase agreements or lent under securities lending transactions | 43,962 | — |
| Financial assets at fair value through other comprehensive income | 32,888,599 | — |
| Thereof sold under repurchase agreements or lent under securities lending transactions | 522,385 | — |
| Financial assets at amortised cost | 28,466,233 | — |
| Thereof sold under repurchase agreements or lent under securities lending transactions | 199,220 | — |
| Subordinated securities and receivables | 128,426 | — |
| Senior debenture bonds and registered bonds | 1,090,796 | — |
| Senior fixed-income securities | 1,048,633 | — |
| Building loans | 23,101,377 | — |
| Other loans and receivables | 3,097,001 | — |
| Financial assets at fair value through profit or loss | — | 2,837,312 |
| Financial assets available for sale | — | 23,908,533 |
| Thereof sold under repurchase agreements or lent under securities lending transactions | — | 1,001,043 |
| Loans and receivables | — | 40,112,140 |
| Subordinated securities and receivables | — | 80,224 |
| First-rate receivables from institutional investors | — | 14,076,295 |
| Building loans | — | 23,525,418 |
| Other loans and receivables | — | 2,430,203 |
| Risk provision | — | –153,071 |
| Positive market values from hedges | 52,830 | 50,506 |
| Financial assets accounted for using the equity method | 91,274 | 95,469 |
| Investment property | 1,844,079 | 1,683,541 |
| Reinsurers' portion of technical provisions | 323,152 | 325,655 |
| Other assets | 1,538,624 | 1,398,177 |
| Intangible assets | 100,723 | 100,432 |
| Property, plant and equipment | 285,720 | 289,401 |
| Inventories | 172,602 | 99,388 |
| Current tax assets | 24,183 | 59,708 |
| Deferred tax assets | 879,912 | 779,624 |
| Other assets | 75,484 | 69,624 |
| Total assets | 74,025,248 | 72,018,169 |
| in € thousands | 30/9/2018 | 30/9/2017 |
|---|---|---|
| IFRS 9 | IAS 39 | |
| Liabilities under non-current assets classified as held for sale and discontinued operations | 1,158,148 | 1,017,175 |
| Financial liabilities at fair value through profit or loss | 476,017 | 533,614 |
| Liabilities | 28,733,232 | 28,754,334 |
| Liabilities evidenced by certificates | 1,290,302 | 918,938 |
| Liabilities to credit institutions | 2,684,862 | 2,735,133 |
| Liabilities to customers | 23,554,094 | 23,822,677 |
| Finance lease liabilities | 20,981 | 23,951 |
| Miscellaneous liabilities | 1,182,993 | 1,253,635 |
| Negative market values from hedges | 147,869 | 70,311 |
| Technical provisions | 35,299,916 | 33,815,663 |
| Other provisions | 2,671,286 | 2,703,973 |
| Other liabilities | 877,973 | 707,265 |
| Current tax liabilities | 209,790 | 202,790 |
| Deferred tax liabilities | 645,491 | 497,926 |
| Other liabilities | 22,692 | 6,549 |
| Subordinated capital | 438,352 | 450,976 |
| Equity | 4,222,455 | 3,964,858 |
| Interests of W&W shareholders in paid-in capital | 1,485,595 | 1,484,645 |
| Interests of W&W shareholders in earned capital | 2,712,342 | 2,459,522 |
| Retained earnings | 2,812,702 | 2,544,484 |
| Other reserves (other comprehensive income) | –100,360 | –84,962 |
| Non-controlling interests in equity | 24,518 | 20,691 |
| Total liabilities | 74,025,248 | 72,018,169 |
| in € thousands | 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
|---|---|---|
| IFRS 9 | IAS 39 | |
| Current net income | 952,041 | 842,483 |
| Net interest income | 770,901 | 694,017 |
| Interest income | 1,198,571 | 1,273,204 |
| Thereof calculated using the effective interest method | 1,103,293 | — |
| Interest expenses | –427,670 | –579,187 |
| Dividend income | 136,982 | 105,478 |
| Other current net income | 44,158 | 42,988 |
| Net income/expense from risk provision | 11,007 | 1,972 |
| Income from risk provision | 79,400 | 62,428 |
| Expenses from risk provision | –68,393 | –60,456 |
| Net measurement gain/loss | –102,573 | 76,639 |
| Measurement gains | 791,547 | 901,942 |
| Measurement losses | –894,120 | –825,303 |
| Net income/expense from disposals | 451,923 | 602,851 |
| Income from disposals | 507,813 | 824,222 |
| Expenses from disposals | –55,890 | –221,371 |
| Net financial result | 1,312,398 | 1,523,9451 |
| Thereof net income/expense from financial assets accounted for using the equity method | 1,547 | 28,871 |
| Net commission expense | –305,303 | –292,915 |
| Commission income | 200,473 | 191,055 |
| Commission expenses | –505,776 | –483,970 |
| Earned premiums (net) | 2,955,209 | 2,840,630 |
| Earned premiums (gross) | 3,047,259 | 2,926,964 |
| Premiums ceded to reinsurers | –92,050 | –86,334 |
| Insurance benefits (net) | –2,931,921 | –3,073,248 |
| Insurance benefits (gross) | –2,986,239 | –3,115,448 |
| Received reinsurance premiums | 54,318 | 42,200 |
| in € thousands | 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
|---|---|---|
| IFRS 9 | IAS 39 | |
| General administrative expenses | –777,625 | –762,4302 |
| Personnel expenses | –434,922 | –439,814 |
| Materials costs | –298,846 | –278,2932 |
| Depreciation/amortisation | –43,857 | –44,323 |
| Net other operating income/expense | 4,732 | 23,5752 |
| Other operating income | 126,020 | 140,2632 |
| Other operating expenses | –121,288 | –116,688 |
| Consolidated earnings before income taxes from continued operations | 257,490 | 259,557 |
| Income taxes | –85,193 | –44,869 |
| Consolidated net profit | 172,297 | 214,688 |
| Result attributable to shareholders of W&W AG | 171,905 | 213,737 |
| Result attributable to non-controlling interests | 392 | 951 |
| Basic (= diluted) earnings per share, in € | 1.84 | 2.29 |
| Thereof from continued operations, in € | 1.84 | 2.29 |
| 1 Structure change in financial result. For details see Management Report. |
2 Previous year's figure adjusted.
| in € thousands | 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
|---|---|---|
| IFRS 9 | IAS 39 | |
| Consolidated net profit | 172,297 | 214,688 |
| Other comprehensive income | ||
| Elements not reclassified to the consolidated income statement: | ||
| Actuarial gains/losses (–) from pension commitments (gross) | 22,927 | 79,805 |
| Provision for deferred premium refunds | –3,697 | –6,446 |
| Deferred taxes | –5,880 | –22,431 |
| Actuarial gains/losses (–) from pension commitments (net) | 13,350 | 50,928 |
| 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 |
–973,044 | — |
| Provision for deferred premium refunds | 636,165 | — |
| Deferred taxes | 95,153 | — |
| Unrealised gains/losses (–) from debt-financing instruments required to be measured at fair value through other comprehensive income (net; IFRS 9) |
–241,726 | — |
| Unrealised gains/losses (–) from financial assets available for sale (gross) | — | –303,482 |
| Provision for deferred premium refunds | — | 183,242 |
| Deferred taxes | — | 37,984 |
| Unrealised gains/losses (–) from financial assets available for sale (net; IAS 39) | — | –82,256 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (gross) | –183 | –97 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | 3 | 1 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (net) | –180 | –96 |
| in € thousands | 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
|---|---|---|
| IFRS 9 | IAS 39 | |
| Unrealised gains/losses (—) from cash flow hedges (gross) | 1,209 | –20,851 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | –370 | 6,377 |
| Unrealised gains/losses (—) from cash flow hedges (net) | 839 | –14,474 |
| Currency translation differences of economically independent foreign units | –1,747 | 8,835 |
| Total other comprehensive income, gross | –950,838 | –235,790 |
| Total provision for deferred premium refunds | 632,468 | 176,796 |
| Total deferred taxes | 88,906 | 21,931 |
| Total other comprehensive income, net | –229,464 | –37,063 |
| 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 | –57,167 | 177,625 |
| Result attributable to shareholders of W&W AG | –54,668 | 177,703 |
| Result attributable to non-controlling interests | –2,499 | –78 |
| Home Loan and Savings Bank |
Life and Health Insurance | ||||
|---|---|---|---|---|---|
| in € thousands | 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
|
| IFRS 9 | IAS 39 | IFRS 9 | IAS 39 | ||
| Current net income | 224,431 | 185,535 | 628,708 | 591,193 | |
| Net income/expense from risk provision | 15,891 | 2,494 | –557 | 2,618 | |
| Net measurement gain/loss | –23,426 | 12,754 | –78,927 | 70,851 | |
| Net income from disposals | 86,847 | 95,994 | 364,033 | 459,040 | |
| Net financial result | 303,743 | 296,7774 | 913,257 | 1,123,7024 | |
| Net commission income/expense | 7,463 | 3,154 | –90,844 | –93,953 | |
| Earned premiums (net) | — | — | 1,654,858 | 1,605,563 | |
| Insurance benefits (net) | — | — | –2,250,197 | –2,416,546 | |
| General administrative expenses3 | –251,730 | –259,4165 | –192,754 | –185,6045 | |
| Net other operating income/expense | 9,707 | 21,5645 | –13,603 | –22,0375 | |
| 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 |
69,183 | 62,079 | 20,717 | 11,125 | |
| Income taxes | –23,636 | –19,507 | –8,287 | 10,321 | |
| Segment net income after taxes | 45,547 | 42,572 | 12,430 | 21,446 |
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.
4 Structure change in financial result. For details see Management Report.
5 Previous year's figure adjusted.
| Property and casualty insurance |
Total for reportable segments |
All other segments1 | Consolidation/ reconciliation2 |
Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
1/1/2018 to 30/9/2018 |
1/1/2017 to 30/9/2017 |
|
| IFRS 9 | IAS 39 | IFRS 9 | IAS 39 | IFRS 9 | IAS 39 | IFRS 9 | IAS 39 | IFRS 9 | IAS 39 | |
| 54,370 | 35,956 | 907,509 | 812,684 | 169,789 | 165,258 | –125,257 | –135,459 | 952,041 | 842,483 | |
| –1,042 | –414 | 14,292 | 4,698 | –3,487 | –2,726 | 202 | — | 11,007 | 1,972 | |
| 2,797 | –8,028 | –99,556 | 75,577 | –5,565 | 1,062 | 2,548 | — | –102,573 | 76,639 | |
| 1,961 | 19,592 | 452,841 | 574,626 | –918 | 30,273 | — | –2,048 | 451,923 | 602,851 | |
| 58,086 | 47,1064 | 1,275,086 | 1,467,5854 | 159,819 | 193,8674 | –122,507 | –137,5074 | 1,312,398 | 1,523,9454 | |
| –178,666 | –167,885 | –262,047 | –258,684 | –42,453 | –36,113 | –803 | 1,882 | –305,303 | –292,915 | |
| 1,109,230 | 1,054,817 | 2,764,088 | 2,660,380 | 202,251 | 191,402 | –11,130 | –11,152 | 2,955,209 | 2,840,630 | |
| –570,152 | –553,228 | –2,820,349 | –2,969,774 | –122,251 | –117,868 | 10,679 | 14,394 | –2,931,921 | –3,073,248 | |
| –261,495 | –249,8895 | –705,979 | –694,9095 | –74,228 | –66,0885 | 2,582 | –1,4335 | –777,625 | –762,4305 | |
| –209 | 10,7155 | –4,105 | 10,2425 | 15,492 | 19,5675 | –6,655 | –6,2345 | 4,732 | 23,5755 | |
| 156,794 | 141,636 | 246,694 | 214,840 | 138,630 | 184,767 | –127,834 | –140,050 | 257,490 | 259,557 | |
| –49,994 | –32,406 | –81,917 | –41,592 | –39,193 | –55,262 | 35,917 | 51,985 | –85,193 | –44,869 | |
| 106,800 | 109,230 | 164,777 | 173,248 | 99,437 | 129,505 | –91,917 | –88,065 | 172,297 | 214,688 |
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&WQ3E2018
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