Quarterly Report • May 24, 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 31 March 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 | 3M 2018 | FY 2017 | |
|---|---|---|---|
| Total assets | € bn | 75.3 | 72.0 |
| Capital investments | € bn | 47.8 | 45.8 |
| Senior fixed-income securities | € bn | 19.8 | 19.7 |
| Senior debenture bonds and registered bonds | € bn | 15.6 | 14.1 |
| Building loans | € bn | 23.4 | 23.5 |
| Liabilities to customers | € bn | 22.5 | 23.8 |
| Technical provisions | € bn | 35.6 | 33.8 |
| Equity | € bn | 4.3 | 4.0 |
| Equity per share | € | 46.12 | 42.16 |
| Consolidated profit and loss statement | 3M 2018 | 3M 2017 | |
| Net financial result (after credit risk adjustments) | € mn | 376.8 | 721.4 |
| Premiums/contributions earned (net) | € mn | 973.1 | 946.5 |
| Insurance benefits (net) | € mn | –898.0 | –1,197.1 |
| Earnings before income taxes from continued operations | € mn | 83.9 | 97.6 |
| Consolidated net profit | € mn | 58.0 | 69.5 |
| Total comprehensive income | € mn | 1.6 | 13.5 |
| Earnings per share | € | 0.61 | 0.74 |
| Other information | 3M 2018 | 3M 2017 | |
| Employees (Germany)1 | 6,535 | 6,603 | |
| Employees (Group)2 | 8,107 | 8,166 | |
| Key sales figures | 3M 2018 | 3M 2017 | |
| Group | |||
| Gross premiums written | € mn | 1,427.4 | 1,370.9 |
| New construction financing business (including brokering for third parties) | € mn | 1,445.0 | 1,359.9 |
| Sales of own and third-party investment funds | € mn | 130.3 | 105.3 |
| Home Loan and Savings Bank | |||
| New home loan savings business (gross) | € mn | 3,464.8 | 3,744.8 |
| New home loan savings business (net) | € mn | 2,608.3 | 3,016.0 |
| Life and Health Insurance | |||
| Gross premiums written | € mn | 550.9 | 545.9 |
| New premiums | € mn | 119.2 | 112.6 |
| Property/Casualty Insurance | |||
| Gross premiums written | € mn | 879.5 | 831.4 |
| New premiums (measured in terms of annual contributions to the portfolio) | € mn | 95.8 | 90.2 |
| 1 Full-time equivalent head count. 2 Number of employment contracts. |
The W&W Group had a very encouraging start in 2018. In terms of key figures, it performed as forecast. For instance, consolidated net profit for the first quarter of 2018 came in at €58.0 million (previous year: €69.5 million) and was thus in line with expectations.
Gross premiums written also rose, both for property and casualty insurance and for life and health insurance. Construction financing business also grew substantially. Gross new home loan savings business, by contrast, declined in the first quarter of 2018.
| 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Gross premiums property/ casualty |
880 | 831 | 5.9% |
| Gross premiums life and health |
551 | 546 | 0.9% |
| Construction financing business (including broke ring for third parties) |
1,445 | 1,360 | 6.3% |
| New home loan savings business (gross) |
3,553 | 3,877 | –8.4% |
Wüstenrot & Württembergische AG has agreed to sell its subsidiary Wüstenrot Bank AG Pfandbriefbank to Bremer Kreditbank AG. At the same time, the W&W Group agreed with the bank under the new ownership, to establish a broad sales collaboration to enable the reciprocal provision of financial products and to further increase sales strength. Both parties have executed the contract, and closing will take place following receipt of the required official approvals.
The W&W Group is continuing with its investment programme that it announced in 2015 and is now expanding it to cover additional areas.
All essential activities are being grouped together under the Group initiative "W&W Besser!" These include the development of new digital business models, such as Adam Riese, treefin, FinanzGuide and NIST. The development of Adam Riese is very encouraging: Following a successful market launch in October 2017 with personal liability insurance, we have added a policy for legal expenses insurance. With treefin and FinanzGuide, we are currently developing pioneering online financial advisors that can be accessed with a smartphone. NIST is the personal digital assistant for house-hunting, offering its customers construction financing as well as a certificate confirming their creditworthiness.
Thus, investments will increase over the next three years to a total of €820 million, as already announced.
The W&W Group began applying the new version of IFRS 9 "Financial Instruments" on 1 January 2018. The values for the previous year continued to be accounted for in accordance with IAS 39. The following changes had substantial effects on the W&W consolidated financial statements:
Until 31 December 2017, participations, equities, and fund units had predominantly been measured in the W&W Group (in available for sale) under IAS 39 at fair value through other comprehensive income. From 1 January 2018, pursuant to IFRS 9, these financial instruments are now exclusively measured in the W&W Group at fair value through profit or loss, since the W&W Group is not making use of the option to measure them at fair value through other comprehensive income.
Until 31 December 2017, the risk provision for receivables measured at amortised cost had been created under IAS 39 using the incurred loss model. From 1 January 2018, pursuant to IFRS 9, the risk provision is now calculated on the basis of the expected credit loss model. In addition, financial instruments falling under the "hold to collect and sell" business model, which are measured at fair value through other comprehensive income, are also included in the calculation.
In connection with the first-time application of IFRS 9, the W&W Group changed the structure of the net financial result. The new net financial result, which henceforth will also contain the net income/expense from investment property, is broken down into:
We expect that this change will further increase reporting transparency and make the income statement even more meaningful at the consolidated and segment levels. The values for the previous year, which were still measured pursuant to IAS 39, were retroactively adjusted to conform to the new structure.
As at 31 March 2018, consolidated net profit after taxes stood at €58.0 million (previous year: €69.5 million).
| Consolidated net profit | 58.0 | 69.5 |
|---|---|---|
| Consolidation/reconciliation | –19.4 | –39.0 |
| All other segments | 20.9 | 42.6 |
| Property and Casualty Insurance | 28.6 | 44.4 |
| Life and Health Insurance | 9.9 | 1.4 |
| Home Loan and Savings Bank | 18.0 | 20.1 |
| in € million | 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
The net financial result fell considerably to €375.2 million (previous year: €721.4 million). This was on the one hand attributable to lower net income in the segment Life and Health Insurance, which has been deliberately reduced
due to possibly lower requirements of the additional interest reserve. In addition losses occured with respect to capital investments for unit-linked life insurance policies, which were occasioned by declines on the equity markets.
Earned premiums rose by €26.6 million to €973.1 million (previous year: €946.5 million). Both Property and Casualty Insurance and Life and Health Insurance saw increases.
Net insurance benefits fell by €299.1 million to €898.0 million (previous year: €1,197.1 million). Property insurance again posted good claims development as a result of the underwriting of our profitable business. In Life and Health Insurance, the decline was the result of smaller additions to the provision for premium refunds and to the provision for unit-linked life insurance policies.
General administrative expenses rose slightly to €272.0 million (previous year: €269.9 million). Due to a lower headcount, personnel expenses declined despite collectively bargained salary increases. By contrast, materials costs increased due to new market launches by Württembergische.
As at 31 March 2018, total comprehensive income stood at €1.6 million (previous year: €13.5 million). It consists of consolidated net profit and other comprehensive income (OCI).
As at the end of the quarter, OCI stood at –€56.4 million (previous year: –€56.0 million). It was essentially shaped by two effects: First, the actuarial assumptions underlying the pension provisions were adjusted to conform to market conditions. The actuarial interest rate used to measure pension commitments increased from 1.50% to 1.70% compared with the end of the previous year. This resulted in €34.3 million in actuarial gains from defined benefit plans for pension schemes (previous year: €50.4 million).
The unrealised net loss from debt-financing instruments required to be measured at fair value through other comprehensive income is the second noteworthy effect. After additions to the provision for deferred premium refunds and to deferred taxes, it declined to –€90.3 million (previous year: –€104.8 million). There was a decline in prices of bearer instruments due to the increased interest rate level since the start of the year.
These valuation effects recognised directly in equity mainly reflect the interest rate sensitivity of the assets side (of the balance sheet) and of the pension provisions. However, in accordance with IFRS, developments in the opposite direction in the area of underwriting and deposits are not presented in total comprehensive income.
Segment net income reached €18.0 million (previous year: €20.1 million). New construction financing business rose, whereas new home loan savings business declined in the first quarter. The segment's total assets amounted to €31.6 billion (previous year: €30.8 billion).
Gross new business in terms of total home loan savings contracts fell to €3.5 billion (previous year: €3.7 billion). Also, net new business (paid-in new business) of €2.6 billion fell short of the previous year (€3.0 billion). However, we expect business to pick up by the end of the year. Sector development was uneven. Whereas gross new business grew slightly, net new business in the sector declined. With a market share of 13.1%, Wüstenrot remains Germany's second largest home loan savings bank.
New construction financing business continued to focus on more profitable offers and increased to €723.1 million (previous year: €712.4 million). This includes €87.4 million in refinancing (previous year: €90.2 million). New lending business came in at €635.7 million (previous year: €622.2 million). In new construction financing business, taking into account brokering for third parties, the segment posted €1,279.6 million (previous year: €1,181.6).
| 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Gross new business | 3 464.8 | 3 744.8 | –7.5% |
| Net new business | 2 608.3 | 3 016.0 | –13.5% |
| New construction finan cing business (approvals) |
723.1 | 712.4 | 1.5% |
The decline in segment net income to €18.0 million (previous year: €20.1 million) was mainly attributable to the lower net financial result.
The net financial result in the Home Loan and Savings Bank segment reached €115.4 million (previous year: €132.0 million). In 2017 the segment was strategically realigned, with construction financing business being shifted to the home loan savings bank, and this resulted in considerably higher disposal gains in the previous year.
Current net income was positive due to the portfolio measures that were undertaken, as well as to interest rates, which rose further in the first quarter. The same was true for net income from risk provision. By contrast, a net measurement loss was posted, which was particularly attributable to the free-standing derivatives used for interest book management and to the discounting of provisions for home loan savings business (bonus provisions).
General administrative expenses fell to €94.7 million (previous year: €95.5 million). Whereas personnel expenses rose slightly, materials expenses fell as a result of, inter alia, lower marketing expenses.
Net other operating income increased to €3.4 million (previous year: –€0.8 million). This was mainly due to lower additions to miscellaneous provisions in the previous year.
Segment net income stood at €9.9 million (previous year: €1.4 million). New premiums rose by 5.9%. The segment's total assets increased to €35.6 billion (previous year: €33.8 billion).
As at 31 March 2018, new premiums in the Life and Health Insurance segment grew to €119.2 million (previous year: €112.6 million). Single-premium income rose to €94.7 million (previous year: €86.5 million). New regular premiums amounted to €24.5 million (previous year: €26.1 million). Total premiums for new life insurance business were slightly below the level of the previous year at €790.4 million (previous year: €807.4 million).
Gross premiums written increased to €550.9 million (previous year: €545.9 million), mainly as a result of higher single-premium income. Life and Health Insurance posted a 9.0% increase in gross premiums written.
| 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New premiums | 119.2 | 112.6 | 5.9% |
| Single premiums life | 94.7 | 86.5 | 9.5% |
| Regular premiums life and health |
24.5 | 26.1 | -6.1% |
Segment net income grew to €9.9 million (previous year: €1.4 million). The declining net financial result was able to be more than offset by the rise in net underwriting income.
The net financial result in the Life and Health Insurance segment decreased by €310.5 million to €250.1 million (previous year: €560.6 million). The decline was caused, on the one hand by lower disposals, which have been deliberately reduced due to possibly lower requirements of the additional interest reserve. On the other, there was a drop in net income from capital investments for unitlinked life insurance policies. This was attributable, above all, to worse trends in equity prices compared with the previous year.
Net premiums earned rose to €550.5 million (previous year: €548.6 million). The higher volume of single-premium insurance policies in new business more than offset the decline in regular premiums.
Net insurance benefits stood at €685.9 million (previous year: €1,006.1 million). This decline was the result of lower additions to the provision for premium refunds and 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 €289.5 million, additions exceeded the prior-year level (€156.8 million), which was already high. The additional interest reserve as a whole thus now totals €2,335.4 million.
General administrative expenses increased to €62.9 million (previous year: €58.8 million). This was due to higher materials expenses, e.g. as a result of the new advertising launches. Personnel expenses were about the same year on year.
Net segment income stood at €28.6 million (previous year: €44.4 million) and was thus on target. New business in property and casualty insurance rose again. Total assets stood at €5.2 billion (previous year: €4.5 billion).
New business developed positively, coming in at €95.8 million (previous year: €90.2 million). The areas of retail customers and motor posted an encouraging increase. New business in the area of corporate customers levelled off after the extraordinarily high result posted in the previous year from major business that we concluded.
| 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New business | 95.8 | 90.2 | 6.2% |
| Motor | 70.7 | 62.2 | 13.7% |
| Corporate customers | 14.9 | 20.0 | –25.5% |
| Retail customers | 10.2 | 8.0 | 27.5% |
Gross premiums written increased further by €48.1 million (+5.8%) to €879.5 million (previous year: €831.4 million).
| 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Total segment | 879.5 | 831.4 | 5.8% |
| Motor | 470.5 | 445.2 | 5.7% |
| Corporate customers | 219.4 | 204.2 | 7.4% |
| Private customers | 189.6 | 182.0 | 4.2% |
Segment net income reached €28.6 million (previous year: €44.4 million). The net financial result fell considerably. Net underwriting income was very good, coming in at nearly the same level as the previous year.
The net financial result stood at €2.7 million (previous year: €13.7 million). Net income from disposals and net measurement gains, both of which were considerably lower, had an impact on this.
Net commission expense stood at –€53.6 million (previous year: –€49.8 million). The larger insurance portfolio led to an increase in renewal commissions.
Net earned premiums continued to trend positively. They rose by €17.9 million to €361.6 million (previous year: €343.7 million). We posted growth in all business segments in Property and Casualty Insurance.
Net insurance benefits increased €14.8 million to €176.0 million (previous year: €161.2 million). This was partly due to the larger insurance portfolio overall. Another factor was considerably higher losses from natural disasters compared with the previous year. Nevertheless, the combined ratio (gross) was still a very good 87.4% (previous year: 87.0%).
General administrative expenses grew to €92.7 million (previous year: €87.6 million). Personnel expenses fell despite collectively bargained salary increases. This was attributable to staff reductions in connection with an efficiency programme. By contrast, materials expenses rose, primarily due to new market launches by Württembergische.
"All other segments" covers the divisions that cannot be allocated to any other segment. This 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 €7.3 billion (previous year: €6.4 billion). After-tax net income stood at €20.9 million (previous year: €42.6 million). This was composed, among other things, of the following: W&W AG, €18.3 million (previous year: €37.6 million), W&W Asset Management GmbH, €5.0 million (previous
year: €5.5 million), and the Czech subsidiaries, €4.5 million (previous year: €5.4 million).
The net financial result stood at €35.3 million (previous year: €77.7 million). It was marked by lower W&W AG revenues from internal Group participations, which are contained in current net income. 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 €69.5 million (previous year: €62.4 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 €41.2 million (previous year: €35.6 million).
General administrative expenses fell to €22.6 million (previous year: €29.8 million), since both personnel expenses and materials expenses declined.
We continue to expect that consolidated net profit for 2018 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.
| in € thousands | 31/3/2018 | 31/3/2017 |
|---|---|---|
| Cash reserves | 761,674 | 154,095 |
| Non-current assets held for sale and discontinued operations | 1,469,943 | 1,605,812 |
| Financial assets at fair value through profit or loss (IFRS 9) | 7,150,515 | — |
| Thereof sold under repurchase agreements or lent under securities lending transactions | 64,326 | — |
| Financial assets at fair value through other comprehensive income (IFRS 9) | 33,268,050 | — |
| Thereof sold under repurchase agreements or lent under securities lending transactions | 991,434 | — |
| Financial assets at amortised cost (IFRS 9) | 28,705,849 | — |
| Subordinated securities and receivables | 136,657 | — |
| Senior debenture bonds and registered bonds | 1,085,903 | — |
| Senior fixed-income securities | 1,073,250 | — |
| Building loans | 23,408,331 | — |
| Other loans and receivables | 3,140,839 | — |
| Risk provision | –139,131 | — |
| Thereof sold under repurchase agreements or lent under securities lending transactions | 524,387 | — |
| Financial assets at fair value through profit or loss (IAS 39) | — | 2,837,312 |
| Financial assets available for sale (IAS 39) | — | 23,908,533 |
| thereof sold under repurchase agreements or lent under securities lending transactions | — | 1,001,043 |
| Loans and receivables (IAS 39) | — | 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 (IAS 39) | — | –153,071 |
| Positive market values from hedges | 55,271 | 50,506 |
| Financial assets accounted for using the equity method | 95,688 | 95,469 |
| Investment property | 1,734,643 | 1,683,541 |
| Reinsurers' portion of technical provisions | 354,740 | 325,655 |
| Other assets | 1,722,921 | 1,398,177 |
| Intangible assets | 102,697 | 100,432 |
| Property, plant and equipment | 287,467 | 289,401 |
| Inventories | 174,084 | 99,388 |
| Current tax assets | 55,339 | 59,708 |
| Deferred tax assets | 1,018,800 | 779,624 |
| Other assets | 84,534 | 69,624 |
| Total assets | 75,319,294 | 72,018,169 |
| in € thousands | 31/3/20181 | 31/3/20172 |
|---|---|---|
| Liabilities under non-current assets classified as held for sale and discontinued operations | 1,140,151 | 1,017,175 |
| Financial liabilities at fair value through profit or loss | 469,671 | 533,614 |
| Negative market values from hedges | 70,628 | 70,311 |
| Liabilities | 29,471,130 | 28,754,334 |
| Liabilities evidenced by certificates | 967,716 | 918,938 |
| Liabilities to credit institutions | 3,511,514 | 2,735,133 |
| Liabilities to customers | 23,717,236 | 23,822,677 |
| Finance lease liabilities | 22,884 | 23,951 |
| Miscellaneous liabilities | 1,251,780 | 1,253,635 |
| Technical provisions | 35,616,506 | 33,815,663 |
| Other provisions | 2,647,761 | 2,703,973 |
| Other liabilities | 1,105,719 | 707,265 |
| Current tax liabilities | 200,976 | 202,790 |
| Deferred tax liabilities | 861,580 | 497,926 |
| Other liabilities | 43,163 | 6,549 |
| Subordinated capital | 455,260 | 450,976 |
| Equity | 4,342,468 | 3,964,858 |
| Interests of W&W shareholders in paid-in capital | 1,484,645 | 1,484,645 |
| Interests of W&W shareholders in earned capital | 2,829,713 | 2,459,522 |
| Retained earnings | 2,761,100 | 2,544,484 |
| Other reserves (other comprehensive income) | 68,613 | –84,962 |
| Non-controlling interests in equity | 28,110 | 20,691 |
| Total liabilities | 75,319,294 | 72,018,169 |
| 1 Measurement in accordance with IFRS 9. |
2 Measurement in accordance with IAS 39.
| in € thousands | 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
|---|---|---|
| Current net income | 319,910 | 277,256 |
| Net interest income | 263,383 | 228,350 |
| Interest income | 404,030 | 426,202 |
| thereof calculated using the effective interest method | 374,029 | — |
| Interest expenses | –140,647 | –197,852 |
| Dividend income | 43,906 | 35,163 |
| Other current net income | 12,621 | 13,743 |
| Net income/expense from risk provision | 12,526 | –5,417 |
| Income from risk provision | 41,641 | 27,082 |
| Expenses from risk provision | –29,115 | –32,499 |
| Net measurement gain/loss | –119,506 | 34,694 |
| Measurement gains | 321,341 | 307,918 |
| Measurement losses | –440,847 | –273,224 |
| Net income/expense from disposals | 163,905 | 414,845 |
| Income from disposals | 228,040 | 445,053 |
| Expenses from disposals | –64,135 | –30,208 |
| Net financial result | 376,835 | 721,3781 |
| thereof net income/expense from financial assets accounted for using the equity method | –492 | 658 |
| Net commission expense | –98,822 | –98,984 |
| Commission income | 67,178 | 65,191 |
| Commission expenses | –166,000 | –164,175 |
| Earned premiums (net) | 973,071 | 946,513 |
| Earned premiums (gross) | 1,003,811 | 976,523 |
| Premiums ceded to reinsurers | –30,740 | –30,010 |
| Insurance benefits (net) | –898,016 | –1,197,103 |
| Insurance benefits (gross) | –916,065 | –1,217,941 |
| Received reinsurance premiums | 18,049 | 20,838 |
| in € thousands | 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
|---|---|---|
| General administrative expenses | –272,044 | – 269 9022 |
| Personnel expenses | –149,245 | – 152 358 |
| Materials costs | –108,156 | – 103 1592 |
| Depreciation/amortisation | –14,643 | – 14 385 |
| Net other operating income/expense | 2 883 | – 4 2642 |
| Other operating income | 37 468 | 36 7842 |
| Other operating expenses | – 34 585 | –41,048 |
| Consolidated earnings before income taxes from continued operations | 83,907 | 97,638 |
| Income taxes | –25,904 | –28,158 |
| Consolidated net profit | 58,003 | 69,480 |
| Result attributable to shareholders of W&W AG | 57,429 | 69,470 |
| Result attributable to non-controlling interests | 574 | 10 |
| Basic (= diluted) earnings per share, in € | 0.61 | 0.74 |
| Thereof from continued operations, in € | 0.61 | 0.74 |
| 1 Structure change in financial result. For details see Management Report. |
2 Previous year's figure adjusted.
| in € thousands | 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
|---|---|---|
| Consolidated net profit | 58,003 | 97,638 |
| Other comprehensive income | ||
| Elements not reclassified to the consolidated income statement: | ||
| Actuarial gains/losses (–) from pension commitments (gross) | 55,168 | 79,047 |
| Provision for deferred premium refunds | –5,698 | –6,446 |
| Deferred taxes | –15,127 | –22,199 |
| Actuarial gains/losses (–) from pension commitments (net) | 34,343 | 50,402 |
| 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 |
–312,375 | — |
| Provision for deferred premium refunds | 190,384 | — |
| Deferred taxes | 31,666 | — |
| Unrealised gains/losses (–) from debt-financing instruments required to be measured at fair value through other comprehensive income (net; IFRS 9) |
–90,325 | — |
| Unrealised gains/losses (–) from financial assets available for sale (gross) | — | –378,844 |
| Provision for deferred premium refunds | — | 227,870 |
| Deferred taxes | — | 46,184 |
| Unrealised gains/losses (–) from financial assets available for sale (net; IAS 39) | — | –104,790 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (gross) | –121 | –370 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | 2 | 6 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (net) | –119 | –364 |
| in € thousands | 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
|---|---|---|
| Unrealised gains/losses (-) from cash flow hedges (gross) | 323 | –1,717 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | –99 | 525 |
| Unrealised gains/losses (-) from cash flow hedges (net) | 224 | –1,192 |
| Currency translation differences of economically independent foreign units | –571 | –70 |
| Total other comprehensive income, gross | –257,576 | –301,954 |
| Total provision for deferred premium refunds | 184,686 | 221,424 |
| Total deferred taxes | 16,442 | 24,516 |
| Total other comprehensive income, net | –56,448 | –56,014 |
| 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 | 1,555 | 13,466 |
| Result attributable to shareholders of W&W AG | 2,391 | 14,743 |
| Result attributable to non-controlling interests | –836 | –1,277 |
| Home Loan and Savings Bank |
Life and Health Insurance | ||||
|---|---|---|---|---|---|
| in € thousands | 1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
|
| Current net income | 77,467 | 56,454 | 210,787 | 202,442 | |
| Net income/expense from risk provision | 9,690 | –4,859 | 3,664 | 943 | |
| Net measurement gain/loss | –13,845 | 11,951 | –88,314 | 22,746 | |
| Net income from disposals | 42,056 | 68,456 | 123,946 | 334,510 | |
| Net financial result | 115,368 | 132,0024 | 250,083 | 560,6414 | |
| Net commission income/expense | 1,204 | –2,758 | –31,072 | –31,894 | |
| Earned premiums (net) | — | — | 550,478 | 548,573 | |
| Insurance benefits (net) | — | — | –685,906 | –1,006,073 | |
| General administrative expenses3 | –94,681 | –95,4815 | –62,915 | –57,9475 | |
| Net other operating income/expense | 3,367 | –8005 | –4,832 | –9,5515 | |
| 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 |
25,258 | 32,963 | 15,836 | 3,749 | |
| Income taxes | –7,275 | –12,887 | –,5,962 | –2,362 | |
| Segment net income after taxes | 17,983 | 20,076 | 9,874 | 1,387 |
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 31/3/2018 |
1/1/2017 to 31/3/2017 |
1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
1/1/2018 to 31/3/2018 |
1/1/2017 to 31/3/2017 |
| 11,496 | 4,094 | 299,750 | 262,990 | 47,874 | 76,990 | –27,714 | –62,724 | 319,910 | 277,256 |
| –310 | –315 | 13,044 | –4,231 | –534 | –1,186 | 16 | — | 12,526 | –5,417 |
| –7,520 | –2,210 | –109,679 | 32,487 | –10,906 | 2,207 | 1,079 | — | –119,506 | 34,694 |
| –998 | 12,172 | 165,004 | 415,138 | –1,099 | –293 | — | — | 163,905 | 414,845 |
| 2,668 | 13,7414 | 368,119 | 706,3844 | 35,335 | 77,7184 | –26,619 | –62,7244 | 376,835 | 721,3784 |
| –53,640 | –49,762 | –83,508 | –84,414 | –14,732 | –14,024 | –582 | –546 | –98,822 | –98,984 |
| 361,573 | 343,662 | 912,051 | 892,235 | 69,530 | 62,377 | –8,510 | –8,099 | 973,071 | 946,513 |
| –176,011 | –161,227 | –861,917 | –1,167,300 | –41,189 | –35,604 | 5,090 | 5,801 | –898,016 | –1,197,103 |
| –92,730 | –87,6435 | –250,326 | –241,0715 | –22,634 | –29,8235 | 916 | 9925 | –272,044 | –269,9025 |
| –572 | –8445 | –2,037 | –11,1955 | 7,007 | 4,9985 | –2,087 | 1,9335 | 2,883 | –4,2645 |
| 41,288 | 57,927 | 82,382 | 94,639 | 33,317 | 65,642 | –31,792 | –62,643 | 83,907 | 97,638 |
| –12,701 | –13,516 | –25,938 | –28,765 | –12,428 | –22,995 | 12,462 | 23,602 | –25,904 | –28,158 |
| 28,587 | 44,411 | 56,444 | 65,874 | 20,889 | 42,647 | –19,330 | –39,041 | 58,003 | 69,480 |
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&WQ1E2018
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