Quarterly Report • May 19, 2016
Quarterly Report
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This is a translation of the German report. In case of any divergences, the German original is legally binding.
| Consolidated balance sheet | 1M 2016 | 1M 2015 | |
|---|---|---|---|
| Total assets | € bn | 75.6 | 74.1 |
| Capital investments | € bn | 48.5 | 47.0 |
| Financial assets available for sale | € bn | 25.9 | 24.3 |
| First tier loans and advances to institutional investors | € bn | 15.4 | 15.7 |
| Building loans | € bn | 24.0 | 24.3 |
| Liabilities to customers | € bn | 25.5 | 25.3 |
| Technical provisions | € bn | 33.8 | 32.9 |
| Equity | € bn | 3.9 | 3.6 |
| Equity per share | € | 41.13 | 38.68 |
| Consolidated profit and loss statement | 1M 2016 | 1M 2015 | |
| Net financial result (after credit risk adjustments) | € mn | 413.8 | 781.6 |
| Premiums/contributions earned (net) | € mn | 995.7 | 949.7 |
| Insurance benefits (net) | € mn | –957.0 | –1,239.7 |
| Earnings before income taxes from continued operations | € mn | 93.7 | 88.7 |
| Consolidated net profit | € mn | 62.6 | 54.7 |
| Total comprehensive income | € mn | 232.3 | 271.9 |
| Earnings per share | € | 0.67 | 0.57 |
| Other information | 1M 2016 | 1M 2015 | |
| Employees (domestic)1 | 6,897 | 6,907 | |
| Employees (Group)2 | 8,585 | 8,763 | |
| Key sales figures | 1M 2016 | 1M 2015 | |
| Group | |||
| Gross premiums written | € mn | 1,400.0 | 1,353.9 |
| New construction financing business (including brokering for third parties) | € mn | 1,162.4 | 1,306.8 |
| Sales of own and third-party investment funds | € mn | 89.1 | 89.6 |
| Home Loan and Savings Bank | |||
| New home loan savings business (gross) | € mn | 4,780.4 | 3,557.0 |
| New home loan savings business (net) | € mn | 3,117.9 | 2,610.7 |
| Life and Health Insurance | |||
| Gross premiums written | € mn | 612.0 | 577.2 |
| New premiums | € mn | 170.1 | 141.7 |
| Property/Casualty Insurance | |||
| Gross premiums written | € mn | 792.4 | 774.1 |
| New premiums (measured in terms of annual contributions to the portfolio) |
1 Full-time equivalent head count.
2 Number of employment contracts.
| 1M 2016 | 1M 2015 | ||
|---|---|---|---|
| Share price | € | 18.60 | 17.50 |
| Market capitalisation | € mn | 1,736.6 | 1,640.6 |
This Quarterly Statement has been prepared in accordance with IFRS principles as at 31 March 2016. It does not constitute a Quarterly Financial Report in accordance with IAS 34 or Financial Statements in accordance with IAS 1.
The W&W Group once again increased its consolidated net profit after taxes. It came in at €62.6 million (previous year: €54.7 million), which was above the amount in the comparable quarter of the previous year.
New home loan savings business increased significantly. Gross premiums written by the insurance companies also rose. Construction financing business declined.
In early January, the company sold its Czech insurance subsidiaries Wüstenrot pojišt'ovna a.s. and Wüstenrot zivotni pojišt'ovna a.s. The sales price was in the low double digit million range.
| 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New home loan savings business (gross) |
4,884.3 | 3,671.9 | 33.0 |
| Gross premiums written (insurer) |
1,400.0 | 1,353.9 | 3.4 |
| Construction financing business (including bro kering for third parties) |
1,162.4 | 1,306.8 | –11.0 |
In the 2015 annual report, W&W AG stated its aim of being listed on the SDAX, and this goal was achieved during the reporting period: As of 21 March 2016 W&W AG-share has been listed on the SDAX index run by the Frankfurt Stock Exchange. In the course of the first months of the year, the W&W share showed the same volatility as the entire capital markets. European equity markets had a
historically weak start in 2016. For instance, the DAX had declined 18.5% by mid-February. After closing out the year 2015 at €19.95, the W&W share price experienced a correction in the first weeks of 2016 on account of a very weak overall market, reaching its low for the year of €17.37 in mid-February. The mood then improved on the equities markets, and the W&W share price recovered, reaching nearly €20 by mid-March. As a result of profit-taking in late March, the share price stood at €18.60 at the close of the reporting period. This represents a decline of 6.8% for W&W shares for the first quarter of 2016, which fared better than the DAX, which lost 7.2% over the same period.
As at 31 March 2016, consolidated net profit after taxes rose to €62.6 million (previous year: €54.7 million).
| in € million | 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
|---|---|---|
| Home Loan and Savings Bank segment | 10.1 | 9.1 |
| Life and Health Insurance segment | 3.6 | 10.4 |
| Property/Casualty Insurance segment | 41.5 | 22.3 |
| All other segments | 51.0 | 27.5 |
| Consolidation across segments | –43.5 | –14.6 |
| Consolidated net profit | 62.6 | 54.7 |
Included therein is net financial income in the amount of €413.8 million (previous year: €781.6 million). In particular, the income contribution from investments for unit-linked life insurance policies declined due to market trends as compared to the previous year. In addition, there were greater impairments on equity instruments and somewhat lower net income from disposals of investments.
Net earned premiums rose by €46.0 million to €995.7 million (previous year: €949.7 million). Both property/casualty insurance and life and health insurance saw increases.
Net insurance benefits fell by €282.7 million to €957.0 million (previous year: €1,239.7 million). In property insurance, claims development was extraordinarily good in the first quarter. In addition, the provision for unit-linked life insurance policies decreased as a consequence of the reduced value of the underlying investments.
General administrative expenses markedly declined by €22.4 million to €274.3 million (previous year: €296.7 million) as a result of a continuous tenacious cost management. Due to a lower headcount, personnel expenses declined despite collectively bargained salary increases. Materials costs decreased significantly. We are on target in implementing our annual productivity goal of 5%.
As at 31 March 2016, total comprehensive income stood at €232.3 million (previous year: €271.9 million). It consists of consolidated net profit and other comprehensive income (OCI).
OCI was mainly shaped by unrealised net income from financial assets available for sale. After additions to the provision for premium refunds and to deferred taxes, it amounted to €183.3 million (previous year: €208.4 million). These measurement gains, which are recognised directly in equity, were the result of the decline in interest rates since the start of the year and the associated increase in prices of bearer instruments. Interest rates in the comparable quarter of the previous year declined even more strongly than in the current quarter.
Segment net income came in at €10.1 million (previous year: €9.1 million). New business increased significantly in the first quarter. The segment's total assets amounted to €35.6 billion (previous year: €35.1 billion).
Gross new business by contract volume came in at €4.8 billion (previous year: €3.6 billion), up 34.4% compared with the previous year. The Wüstenrot Bausparkasse AG thus posted its best sales results for a first quarter and,
counter to market trends, achieved growth. Net new business (paid-in new business) rose considerably to €3.1 billion (previous year: €2.6 billion). New business in the first quarter was mainly boosted by the introduction of the new home loan savings "Wohnsparen" plan for home renovations.
New construction financing business fell to €537.7 million (previous year: €683.1 million) due to focusing on more profitable offers. The follow-on lending included in this figure amounted to €75.2 million (previous year: €169.6 million). New lending business came in at €462.5 million (previous year: €513.5 million).
| 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Gross new business | 4,780.4 | 3,557.0 | 34.4% |
| Net new business | 3,117.9 | 2,610.7 | 19.4% |
| New construction financ ing business (approvals) |
537.7 | 683.1 | –21.3% |
Segment net income for the Home Loan and Savings Bank stood at €10.1 million (previous year: €9.1 million) as at 31 March 2016.
Net financial income in the Home Loan and Savings Bank segment reached €114.2 million (previous year: €131.8 million). It was shaped by the prolonged phase of low interest rates, the strategy-compliant decrease in the customer portfolio of the Pfandbriefbank, the elimination of old tariffs in the home loan and savings area, and the improved portfolio occasioned by the development of new tariffs and products. Interest rate risks are hedged as part of managing the interest book, on the one hand for financial instruments and, on the other, to neutralise the offsetting effect on net income from discounting the provisions for loan savings business (bonus provisions). In total, net financial income therefore decreased by €17.6 million.
Net commission income fell to –€5.0 million (previous year: €2.5 million), due to the higher negative commission balance in the home loan and savings area resulting from the growth in new business.
General administrative expenses decreased by €14.1 million to €99.3 million (previous year: €113.5 million). Materials costs fell significantly by €12.5 million. This is a result of our continuous tenacious cost management. In addition, personnel expenses fell by €2.6 million.
Segment net income stood at €3.6 million (previous year: €10.4 million). New premiums in Life and Health Insurance were higher than in the previous year. The segment's total assets amounted to €33.7 billion (previous year: €33.0 billion).
As at 31 March 2016, new premiums in the Life and Health Insurance segment stood at €170.1 million (previous year: €141.7 million). Single-premium income rose to €148.5 million (previous year: €113.5 million). New regular/continued premiums reached €21.0 million (previous year: €26.3 million).
Gross premiums written increased to €612,0 million (previous year: €577.2 million), mainly as a result of higher single-premium income.
| 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New premiums | 170.1 | 141.7 | 20.0% |
| Single premiums, life | 148.5 | 113.5 | 30.8% |
| Regular/continued premiums, life |
21.0 | 26.3 | –20.2% |
| Annual new premiums, health |
0.6 | 1.9 | –68.4% |
Net financial income in the Life and Health Insurance segment reached €289.4 million (previous year: €595.6 million). The main drivers were higher impairments and declining income from investments for unit-linked life insurance policies. In addition, the results for the individual categories include currency effects, which had a slightly positive impact on net financial income.
Net income from investment property fell by €2.4 million to €11.3 million (previous year: €13.7 million). The main reasons for this were lower rental income as a result of numerous sales in 2015 and an associated reduction in the portfolio volume.
Net commission income rose by €4.7 million to –€36.0 million (previous year: –€40.7 million), due to rising singular premiums and the cancellation of a reinsurance contract in 2015.
Net earned premiums increased to €609.7 million (previous year: €566.3 million) as a result of higher single premium income and the termination of a reinsurance contract in 2015.
Net insurance benefits stood at €787.6 million (previous year: €1,038.6 million). Benefits to customers continued to be secured through the regular increase of the additional interest reserve. At €134.4 million (previous year: €117.5 million), additions exceeded the already high level of the previous year. Consequently, these reserves now total €1,429.6 million. The provision for unit-linked life insurance policies decreased as a result of weak performance by the underlying investments. By contrast, additions to the provision for premium refunds increased. The reinsurers' portion of insurance benefits decreased as a result of a reinsurance contract that was terminated in 2015.
General administrative expenses in the Life and Health Insurance segment fell to €59.8 million (previous year: €61.6 million). This is mainly due to reduced depreciations and less materials costs.
Segment net income rose to €41.5 million (previous year: €22.3 million). New business in the Property/Casualty Insurance segment declined. The segment's total assets amounted to €4.7 billion (previous year: €4.2 billion).
New business decreased to €70.3 million (previous year: €78.5 million). The decline was mainly attributable to the motor business line. Overall, new business came in slightly above plan.
Gross premiums written increased by €18.3 million to €792.4 million (previous year: €774.1 million).
| 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New business | 70.3 | 78.5 | –10.4% |
| Motor | 52.2 | 61.2 | –14.7% |
| Corporate customers | 10.9 | 9.5 | 14.7% |
| Retail customers | 7.2 | 7.8 | –7.7% |
At –€2.8 million (previous year: €30.2 million), net financial income fell considerably. The main causes were a net loss on sales and higher impairment expenses for equity instruments. In addition, net currency income declined, which was, however, offset by currency gains in net other operating income.
Net commission income amounted to –€42.9 million (previous year: –€50.6 million). Because claims development was extremely positive, the Group's internal reinsurer paid a higher commission.
Net earned premiums continued to trend positively. They grew by €8.8 million to €330.7 million (previous year: €321.9). All business lines contributed to this growth.
Net insurance benefits fell by €25.8 million to €140.8 million (previous year: €166.6 million). This decline was, despite portfolio growth, attributable to extraordinarily good claims development and thus ultimately to a risk-conscious underwriting policy. So far, there have been neither significant impacts from accumulation events nor high individual claims. The comparably mild winter also had a positive effect. The combined ratio (gross) therefore markedly increased, coming in at 81.1% (previous year: 86,5%).
General administrative expenses decreased by €3.3 million to €91.0 million (previous year: €94.3 million). Personnel expenses as well as materials costs decreased slightly.
Net other operating income amounted to €10.4 million (previous year: –€9.2 million). This figure includes currency rate gains under technical provisions, which were offset by losses in net financial income.
"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 €6.2 billion (previous year: €6.0 billion). After-tax net income stood at €51.0 million (previous year: €27.5 million). This was composed, among other things, of the following:
W&W AG, €35.0 million (previous year: €11.3 million); W&W Asset Management GmbH, €4.3 million (previous year: €4.7 million); Czech subsidiaries, €3.5 million (previous year: €3.5 million); Wüstenrot Haus- und Städtebau GmbH, €0.9 million (previous year: €2.2 million). The sale of the Czech insurance subsidiaries generated a deconsolidation gain of €6.4 million.
Net financial income rose year on year to €76.1 million (previous year: €61.8 million). This was mainly due to an increase in investment income from within the Group received by W&W AG, which is included in net income from financial assets available for sale. Dividend income from fully consolidated subsidiaries is eliminated in the consolidation/reconciliation column in order to obtain values for the Group. By contrast, the trend was negative for net currency income as well as for the measurement of derivative financial instruments with regard to net income from financial assets at fair value through profit or loss.
Earned premiums fell by €7.3 million to €61.3 million (previous year: €68.5 million). This was mainly attributable to the sale of the two Czech insurance companies Wüstenrot životní pojišt'ovna a.s. and Wüstenrot pojišt'ovna a.s. Net insurance benefits decreased analogously to €34.2 (previous year: €42.2), also as a consequence of improved claims development.
General administrative expenses decreased to €20.1 million (previous year: €22.0 million).
Net other operating income increased year on year to €2.6 million (previous year: –€3.1 million). This was mainly due to higher net currency income from technical provisions.
We anticipate that consolidated net income for 2016 will exceed the minimum threshold of €220 million stated in the 2015 Annual Report.
11
| Assets | ||
|---|---|---|
| in € thousands | 31/3/2016 | 31/12/2015 |
| A. Cash reserves | 309 193 | 299 454 |
| B. Non-current assets classified as held for sale and discontinued operations | 6 744 | 96 022 |
| C. Financial assets at fair value through profit or loss | 3 384 469 | 3 243 271 |
| D. Financial assets available for sale | 25 870 019 | 24 259 671 |
| thereof sold under repurchase agreements or lent under securities lending transactions | 1 657 552 | 1 338 472 |
| E. Receivables |
42 444 481 | 42 698 563 |
| I. Subordinated securities and receivables |
115 697 | 127 641 |
| II. First-rank receivables from institutional investors |
15 368 200 | 15 688 698 |
| III. Building loans | 24 039 087 | 24 293 438 |
| IV. Other loans and receivables | 2 921 497 | 2 588 786 |
| F. Risk provision |
–198 476 | –199 845 |
| G. Positive market values from hedges | 65 201 | 57 972 |
| H. Financial assets accounted for using the equity method | 123 339 | 122 144 |
| I. Investment property |
1 725 506 | 1 722 678 |
| J. Reinsurers' portion of technical provisions |
345 591 | 332 745 |
| K. Other assets | 1 510 849 | 1 453 906 |
| I. Intangible assets |
85 282 | 89 580 |
| II. Property, plant and equipment |
213 873 | 219 914 |
| III. Inventories | 78 795 | 76 789 |
| IV. Current tax assets | 50 874 | 59 136 |
| V. Deferred tax assets | 988 175 | 916 732 |
| VI. Other assets | 93 850 | 91 755 |
| Total assets | 75 586 916 | 74 086 581 |
| in € thousands | 31/3/2016 | 31/12/2015 |
|---|---|---|
| A. Liabilities under non-current assets classified as held for sale and discontinued operations | — | 79 735 |
| B. Financial liabilities at fair value through profit or loss | 911 272 | 752 411 |
| C. Liabilities | 31 835 116 | 31 828 304 |
| I. Liabilities evidenced by certificates |
912 881 | 1 056 854 |
| II. Liabilities to credit institutions |
4 092 102 | 4 122 614 |
| III. Liabilities to customers | 25 486 172 | 25 335 037 |
| IV. Finance lease liabilities | 27 386 | 28 413 |
| V. Miscellaneous liabilities | 1 316 575 | 1 285 386 |
| D. Negative market values from hedges | 593 548 | 544 643 |
| E. Technical provisions |
33 807 138 | 32 860 538 |
| F. Other provisions |
2 960 046 | 2 911 578 |
| G. Other liabilities | 1 036 274 | 895 429 |
| I. Current tax liabilities |
189 501 | 201 737 |
| II. Deferred tax liabilities |
837 444 | 687 108 |
| III. Other liabilities | 9 329 | 6 584 |
| H. Subordinated capital | 575 332 | 570 201 |
| I. Equity |
3 868 190 | 3 643 742 |
| I. Interests of W&W shareholders in paid-in capital |
1 480 704 | 1 487 576 |
| II. Interests of W&W shareholders in earned capital |
2 367 234 | 2 138 356 |
| Retained earnings | 2 231 074 | 2 169 652 |
| Other reserves (other comprehensive income) | 136 160 | –31 296 |
| III. Non-controlling interests in equity | 20 252 | 17 810 |
| Total liabilities | 75 586 916 | 74 086 581 |
13
| in € thousands | 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
|
|---|---|---|---|
| Income from financial assets available for sale | 334 232 | 752 052 | |
| Expenses from financial assets available for sale | –218 698 | –51 582 | |
| 1. Net income from financial assets available for sale | 115 534 | 700 470 | |
| Income from financial assets accounted for using the equity method | 300 | 564 | |
| Expenses from financial assets accounted for using the equity method | – | –259 | |
| 2. Net income from financial assets accounted for using the equity method | 300 | 305 | |
| Income from financial assets/liabilities at fair value through profit or loss | 608 693 | 738 365 | |
| Expenses from financial assets/liabilities at fair value through profit or loss | –608 095 | –880 354 | |
| 3. Net expense from financial assets/liabilities at fair value through profit or loss | 598 | –141 989 | |
| Income from hedges | 153 519 | 56 194 | |
| Expense from hedges | –101 676 | –33 093 | |
| 4. Net income from hedges | 51 843 | 23 101 | |
| Income from receivables, liabilities and subordinated capital | 488 841 | 434 767 | |
| Expense from receivables, liabilities and subordinated capital | –242 711 | –230 590 | |
| 5. Net income from receivables, liabilities and subordinated capital | 246 130 | 204 177 | |
| Income from risk provision | 31 203 | 30 744 | |
| Expense from risk provision | –31 834 | –35 165 | |
| 6. Net expense from risk provision | –631 | –4 421 | |
| 7. | Net financial result | 413 774 | 781 643 |
| Income from investment property | 28 755 | 30 669 | |
| Expense from investment property | –16 245 | –15 923 | |
| 8. Net income from investment property | 12 510 | 14 746 | |
| Commission income | 65 090 | 53 634 | |
| Commission expense | –161 594 | –150 879 | |
| 9. Net commission expense | –96 504 | –97 245 | |
| Earned premiums (gross) | 1 020 417 | 988 229 | |
| Premiums ceded to reinsurers | –24 756 | –38 560 | |
| 10. Earned premiums (net) | 995 661 | 949 669 | |
| Insurance benefits (gross) | –965 105 | –1 269 775 | |
| Received reinsurance premiums | 8 132 | 30 105 | |
| 11. Insurance benefits (net) | –956 973 | –1 239 670 | |
| Carryover | 368 468 | 409 143 |
| in € thousands | 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
|---|---|---|
| Carryover | 368 468 | 409 143 |
| Personnel expenses | –155 203 | –158 570 |
| Materials costs | –103 020 | –121 911 |
| Depreciation/amortisation | –16 125 | –16 248 |
| 12. General administrative expenses | –274 348 | –296 729 |
| Other operating income | 56 694 | 55 236 |
| Other operating expense | –57 138 | –78 949 |
| 13. Net other operating expense | –444 | –23 713 |
| 14. Consolidated earnings before income taxes from continued operations | 93 676 | 88 701 |
| 15. Income taxes | –31 062 | –34 040 |
| 16. Consolidated net profit | 62 614 | 54 661 |
| Result attributable to shareholders of W&W AG | 62 444 | 53 459 |
| Result attributable to non-controlling interests | 170 | 1 202 |
| 17. Basic (= diluted) earnings per share, in € | 0,67 | 0.57 |
| Thereof from continued operations, in € | 0,67 | 0.57 |
| in € thousands | 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
|---|---|---|
| Consolidated net profit | 62 614 | 54 661 |
| Other comprehensive income | ||
| Elements not reclassified to the consolidated income statement: | ||
| Actuarial gains/losses (–) from defined-benefit plans (gross) | –10 773 | 3 004 |
| Provision for deferred premium refunds | 4 497 | –1 106 |
| Deferred taxes | 1 919 | –580 |
| Actuarial gains/losses (–) from defined-benefit plans (net) | –4 357 | 1 318 |
| Elements subsequently reclassified to the consolidated income statement: | ||
| Unrealised gains/losses (–) from financial assets available for sale (gross) | 664 795 | 817 378 |
| Provision for deferred premium refunds | –401 704 | –520 961 |
| Deferred taxes | –79 756 | –88 017 |
| Unrealised gains/losses (–) from financial assets available for sale (net) | 183 335 | 208 400 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (gross) | 895 | 499 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | –14 | –8 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (net) | 881 | 491 |
| in € thousands | 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
|---|---|---|
| Unrealised gains/losses (–) from cash flow hedges (gross) | –16 080 | 7 856 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | 4 917 | –2 402 |
| Unrealised gains/losses (–) from cash flow hedges (net) | – 11 163 | 5 454 |
| Currency translation differences of economically independent foreign units | 1 033 | 1 530 |
| Total other comprehensive income, gross | 639 870 | 830 267 |
| Total provision for deferred premium refunds | –397 207 | –522 067 |
| Total deferred taxes | –72 934 | –91 007 |
| Total other comprehensive income, net | 169 729 | 217 193 |
| Total comprehensive income for the period | 232 343 | 271 854 |
| Attributable to shareholders of W&W AG | 229 901 | 265 992 |
| Attributable to non-controlling interests | 2 442 | 5 862 |
| Home Loan and | |||||
|---|---|---|---|---|---|
| Savings Bank | Life and Health Insurance | ||||
| in € thousands | 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
|
| 1. Net income from financial assets available for sale | 31 251 | 68 087 | 86 652 | 583 506 | |
| 2. Net income from financial assets accounted for using the equity method | — | — | 27 | – 23 | |
| 3. Net income from financial assets/liabilities at fair value through profit or loss |
–9 463 | 18 584 | 2 221 | –137 064 | |
| 4. Net income from hedges | 51 843 | 23 101 | — | — | |
| 5. Net income from receivables, liabilities and subordinated capital |
39 964 | 25 664 | 200 042 | 149 052 | |
| 6. Net income from risk provision |
641 | –3 608 | 471 | 110 | |
| 7. Net financial result |
114 236 | 131 828 | 289 413 | 595 581 | |
| 8. Net income from investment property | — | — | 11 339 | 13 711 | |
| 9. Net commission income | –4 957 | 2 457 | –35 965 | –40 742 | |
| 10. Earned premiums (net) | — | — | 609 733 | 566 315 | |
| 11. Insurance benefits (net) | — | — | –787 631 | –1 038 647 | |
| 12. General administrative expenses3 | –99 327 | –113 459 | –59 789 | –61 6104 | |
| 13. Net other operating income | 7 056 | 2 939 | –21 175 | –24 2824 | |
| 14. Segment net income before income taxes from continued operations | 17 008 | 23 765 | 5 925 | 10 326 | |
| 15. Income taxes | –6 944 | –14 653 | –2 348 | 123 | |
| 16. Segment net income after taxes | 10 064 | 9 112 | 3 577 | 10 449 |
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 Previous year's figure adjusted.
| Property/Casualty Insurance |
Total for reportable segments |
Consolidation/ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| All other segments1 | reconciliation2 | Group | ||||||||
| 1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
1/1/2016 to 31/3/2016 |
1/1/2015 to 31/3/2015 |
|
| –12 749 | 47 074 | 105 154 | 698 667 | 80 431 | 44 514 | –70 051 | –42 711 | 115 534 | 700 470 | |
| 27 | –23 | 54 | –46 | 246 | 351 | — | — | 300 | 305 | |
| 9 440 | –36 494 | 2 198 | –154 974 | –2 742 | 7 519 | 1 142 | 5 466 | 598 | –141 989 | |
| — | — | 51 843 | 23 101 | — | — | — | — | 51 843 | 23 101 | |
| 782 | 19 744 | 240 788 | 194 460 | –424 | 10 195 | 5 766 | –478 | 246 130 | 204 177 | |
| –304 | –113 | 808 | –3 611 | –1 439 | –810 | – | – | –631 | –4 421 | |
| –2 804 | 30 188 | 400 845 | 757 597 | 76 072 | 61 769 | –63 143 | –37 723 | 413 774 | 781 643 | |
| 455 | 422 | 11 794 | 14 133 | 68 | 98 | 648 | 515 | 12 510 | 14 746 | |
| –42 929 | –50 564 | –83 851 | –88 849 | –15 780 | –9 684 | 3 127 | 1 288 | –96 504 | –97 245 | |
| 330 694 | 321 866 | 940 427 | 888 181 | 61 273 | 68 538 | –6 039 | –7 050 | 995 661 | 949 669 | |
| –140 817 | –166 582 | –928 448 | –1 205 229 | –34 185 | –42 190 | 5 660 | 7 749 | –956 973 | –1 239 670 | |
| –91 006 | –94 260 | –250 122 | –269 3294 | –20 143 | –21 978 | –4 083 | –5 4224 | –274 348 | –296 729 | |
| 10 441 | –9 182 | –3 678 | –30 5254 | 2 614 | –3 099 | 620 | 9 9114 | –444 | –23 713 | |
| 64 034 | 31 888 | 86 967 | 65 979 | 69 919 | 53 454 | –63 210 | –30 732 | 93 676 | 88 701 | |
| –22 574 | –9 635 | –31 866 | –24 165 | –18 895 | –25 979 | 19 699 | 16 104 | –31 062 | –34 040 | |
| 41 460 | 22 253 | 55 101 | 41 814 | 51 024 | 27 475 | –43 511 | –14 628 | 62 614 | 54 661 |
Wüstenrot & Württembergische AG 70163 Stuttgart Germany phone + 49 711 662-0 www.ww-ag.com
Production W&W Service GmbH, Stuttgart
E-mail: [email protected] Investor relations hotline: + 49 711 662-725252
This Annual Report and other financial reports of the W&W Group are available at www. ww-ag.com/publikationen
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