Wüstenrot & Württembergische AG

Quarterly Report • Jun 19, 2023

Quarterly Statement as at 31 March 2023

Wüstenrot & Württembergische AG

This is a convenient translation of the German Report. In case of any divergences, the German original is legally binding.

Wüstenrot & Württembergische AG

Overview of key figures of W&W Group (according to IFRS)

Consolidated statement of financial position		ƉƇƉƈƐƈƉ	ƉƇƇƈƈƐƈƈ
Total assets	LQ Ƒ ELOOLRQ	ƌƎƉ	ƌƍƉ
Capital investments	LQ Ƒ ELOOLRQ	ƉƎƉ	ƉƍƋ
Senior debenture bonds and registered bonds	LQ Ƒ ELOOLRQ	ƊƊ	Ɗƍ
Senior fixed-income securities	LQ Ƒ ELOOLRQ	ƇƍƏ	Ƈƍƌ
Building loans	LQ Ƒ ELOOLRQ	ƈƋƍ	ƈƋƊ
Liabilities to customers	LQ Ƒ ELOOLRQ	ƈƉƉ	ƈƈƏ
Technical provisions	LQ Ƒ ELOOLRQ	ƉƇƐ	ƉƐƉ
Equity	LQ Ƒ ELOOLRQ	ƋƐ	ƊƏ
Equity per share	LQ Ƒ	ƋƉƋƊ	ƋƇƎƎ

Consolidated income statement	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ
Net financial result LQ Ƒ PLOOLRQ	ƇƈƋƊ	ƎƇƈ
Technical result LQ Ƒ PLOOLRQ	ƍƇƋ	ƊƍƎ
Earnings before income taxes from continued operations LQ Ƒ PLOOLRQ	ƎƊƈ	ƍƌƇ
Consolidated net profit LQ Ƒ PLOOLRQ	ƌƊƇ	ƌƈƇ
Total comprehensive income LQ Ƒ PLOOLRQ	ƇƋƏƋ	ŌƎƎƎ
Earnings per share LQ Ƒ	ƐƌƎ	Ɛƌƌ

Other disclosures	ƉƇƉƈƐƈƉ	ƉƇƇƈƈƐƈƈ
Employees (full-time equivalent head count)	ƌƉƋƉ	ƌƉƐƌ
Employees (number of employment contracts)	ƍƊƉƈ	ƍƉƏƐ

Key sales figures	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ
Housing segment
New business volume (New lending and home loan savings business) LQ Ƒ PLOOLRQ	ƌƏƇƉ	ƋƉƍƊ
Life and Health Insurance segment
Total premiums in new life insurance business LQ Ƒ PLOOLRQ	ƎƈƇƈ	ƏƎƋƐ
Property/Casualty Insurance segment
Annual contribution to the portfolio (new and replacement business) LQ Ƒ PLOOLRQ	Ƈƌƍƍ	ƇƈƍƋ

This Quarterly Statement has been prepared in accordance with IFRS principles as at 31 March 2023. It does not constitute a Quarterly Financial Report in accordance with IAS 34 or Financial Statements in accordance with IAS 1.

Wüstenrot & Württembergische AG Group Interim Management Report

Business report

Development of business and position of the W&W Group (IFRS)

Development of business

Despite high inflation, rising interest rates and geopolitical tensions, the development of the financial markets was surprisingly benign but also volatile in the first three months of the year. The bond market was also ultimately stable.

Composition of consolidated net profit

Property/Casualty Insurance segment All other segments	ƈƉƏ ƐƐ	ƊƏ Ɗƈ
Consolidation/reconciliation	ƌƏ	ƈƋ
C o n s o l i d a t e d n e t p r o f i t a f t e r t a x e s	ƌƊƇ	Ƈ ƌƈƇ

Ƈ 5HWURVSHFWLYH DGMXVWPHQW XQGHU ,\$6 Ǝ GXH WR WKH LQWURGXFWLRQ RI ,)56 Ƈƍ DV ZHOO DV LQ WKH housing segment because of adjustment of the amortisation of the separate line items from the portfolio fair value hedge.

For the W&W Group, the first three months were a good start to 2023. At Ŵ64.1 million (previous year: Ŵ62.1 million), total comprehensive income under IFRS was slightly above the adjusted IFRS 17 of the previous year. It was supported by stabler capital market conditions and a good technical result.

Group key figures

	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ	Change
	LQ Ƒ PLOOLRQ	LQ Ƒ PLOOLRQ	in %
New business total Housing (new lending & new home loan savings business (gross))	ƌƏƇƉ	ƋƉƍƊ	ƈƎƌ
Total premiums in new business (Life insurance)	ƎƈƇƈ	ƏƎƋƐ	Ƈƌƌ
Annual contribution to portfolio of new business (new and replacement business; property/casualty insurance)	Ƈƌƍƍ	ƇƈƍƋ	ƉƇƋ

The W&W Group also saw continued success in new business. In gross new home loan savings business, it achieved the best quarterly result in the company's history. The decline in life insurance was due among other things to lower single-premium business. In property/casualty insurance, the growth trajectory continued.

"Top Employer" title

For the third time in a row, the Top Employers Institute, Düsseldorf, has awarded the W&W Group the "Top Employer" title. Each year, the institute certified employers that offer their employees optimum working conditions. These include flexible working, personal development, work-life balance and employer benefits.

W&W Besser!

The W&W Group is continuing its digital transformation process with "W&W Besser!". The strategic projects were successfully advanced in the first quarter of 2023.

• For example, customers in the Housing division can now take out home loan and savings contracts entirely digitally. The fully electronic submission channels are currently being tested and were developed as a "digital home savings application process" as part of Wüstenrot's "Wohnen 4.0" initiative. This is thus intended to drive the digital transformation of the home loan and savings bank.
• In the Insurance division, the digital brand Adam Riese received the TOP 100 award in the 2023 innovation competition for particularly innovative SMEs. Adam Riese beat 550 competitors in all five categories of the

competition – Innovation-friendly Senior Management, Climate of Innovation, Innovative Processes/Organisation, Outward-looking/Open Innovation and Successful Innovations.

■ Since the start of 2023, Württembergische Krankenversicherung AG has converted all customer communication documents to modern text output management (TOM). This gives customers the option to receive all correspondence electronically via the customer portal. Electronic document delivery into the customer mailbox with subsequent reminder function is also available to all business lines outside of WürttKranken in order to deliver customer correspondence paperlessly, efficiently and on time.

Sustainability

The W&W Group sees sustainability as a matter of course. Responsible action and social commitment have a long tradition in the Group and are an integral part of its strategic orientation. It is based on an understanding of longterm, stability-focused corporate governance that in turn has its roots in the foundation ideals of W&W AG's main shareholder.

We have voluntarily joined initiatives such as the Principles for Sustainable Insurance (PSI) or the Principles for Responsible Investment (PRI) and are committed to increasingly implementing and continuously developing sustainable principles in our business activities.

The Group-wide sustainability strategy has been further developed in order to further advance the topic of sustainability. The focus was on increasing the measurability and transparency of the sustainability targets.

The Energy-Saving Days in March 2023 were the first introduction to the topic of sustainability at the new W&W Campus. The aim was to raise awareness of energy saving among the W&W Group's employees and thus to contribute to overcoming the energy crisis.

There are various European regulatory initiatives on transparency and disclosure of sustainability information. The initial requirements resulting from them have been implemented in sustainability projects at the W&W Group.

Disclosure of changes in accounting policies

The W&W Group has applied the new standard IFRS 17 Insurance Contracts since 1 January 2023. The previous year's figures have been restated accordingly. IFRS 17 replaces IFRS 4, which had been in effect since 1 January 2005, in full and for the first time introduces standardised requirements for the recognition, valuation, presentation and notes on insurance contracts and reinsurance contracts issued or held by the W&W Group's insurance companies.

The details of the introduction of IFRS 17 were already presented in the consolidated financial statements of the W&W Group. They appear in the "Accounting policies" section of the consolidated financial statements.

Financial performance

Total comprehensive income

Consolidated income statement

As at 31 March 2023, the consolidated net profit after taxes was Ŵ64.1 million (previous year: Ŵ62.1 million).

With the new accounting standard IFRS 17, part of the consolidated net financial result is attributable to insurance contracts with direct participation features (in life and health insurance). This part of the net financial result must be reclassified to the technical result. Before this reclassification, the net financial result amounted to Ŵ409.2 million (previous year: Ŵ34.5 million). This increase is primarily attributable to the better measurement result, which benefited from the stabler capital markets than in the previous year. In contrast, net income from disposals declined. After the reclassification, the net financial result still grew to Ŵ125.4 million (previous year: Ŵ81.2 million).

The technical result (net) rose to Ŵ71.5 million (previous year: Ŵ47.8 million). A significant increase was achieved in property and casualty insurance in particular. In life and health insurance, the result was relatively stable. Here, the application of IFRS 17 has a smoothing effect on the development of results overall.

Net commission income amounted to –Ŵ10.9 million (previous year: Ŵ5.9 million). This is primarily attributable to the positive development of new home loan savings business.

General administrative expenses (gross) increased to Ŵ310.5 million (previous year: Ŵ281.7 million). Marketing initiatives and investments in our IT infrastructure resulted in higher materials costs. Personnel expenses also

increased as a result of inflation-driven pension adjustments. As already described with regard to the net financial result, cost components attributable to the technical result were also reclassified in general administrative expenses (in both life and health insurance and property and casualty insurance). After the reclassification, general administrative expenses (net) amounted to Ŵ154.6 million (previous year: Ŵ134.9 million).

Net other operating income came to Ŵ52.9 million (previous year: Ŵ76.2 million). Among other things, this was the result of lower income from settlement transactions in connection with home loan savings deposits.

Consolidated statement of comprehensive income

As at 31 March 2023, total comprehensive income increased to Ŵ159.5 million (previous year: –Ŵ88.8 million). It consists of consolidated net profit and other comprehensive income (OCI).

As at 31 March 2023, OCI stood at Ŵ95.5 million (previous year: –Ŵ151.0 million). The slight decline in interest rates in the first quarter of 2023 had a positive effect on the market values of fixed-income securities and registered securities. Their unrealised gains, which were recognised in OCI, grew to Ŵ256.9 million (previous year: –Ŵ2,391.0 million). This was countered by the decline in interest rates for the valuation of technical provisions under IFRS 17. The resulting unrealised losses amounted to Ŵ–170.9 million (previous year: Ŵ2,125.3 million). In the previous year, interest increased significantly and also led to correspondingly high unrealised gains and losses. Actuarial gains from defined benefit plans amounted to Ŵ9.4 million (previous year: Ŵ114.8 million).

As a complement to the consolidated income statement, OCI serves to depict profit and loss that is recognised directly in equity and that results from accounting under IFRS 9 and IFRS 17. It essentially reflects the interest rate sensitivity of the assets side of our balance sheet and of underwriting on the liabilities side.

The application of the new standard to account for insurance contracts, IFRS 17, significantly reduced measurement discrepancies.

Housing segment

New business

Total new business for housing purposes for urgent financing, modernisation and the accumulation of equity (total from new business (gross) and the new lending business total including brokering for third parties) increased sharply by 28.6% in the first three months of 2023 to reach Ŵ6,913 million (previous year: Ŵ5,374 million).

Gross new business in terms of total home loan savings contracts increased to Ŵ6,075 million (previous year:

Ŵ3,479 million), the best quarterly result in the company's history.

Net new business in terms of total home loan savings contracts also increased significantly by 122.0% to Ŵ4,906 million (previous year: Ŵ2,210 million).

As a result of the difficult economic conditions, the new lending business total developed in line with the market and declined on the very strong prior-year quarter to Ŵ838 million (previous year: Ŵ1,895 million).

Overall, Wüstenrot Bausparkasse AG thus continued its growth course and easily outperformed the market.

New business key figures

	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ	Change
	LQ Ƒ PLOOLRQ	LQ Ƒ PLOOLRQ	in %
New business volume	ƌƏƇƉ	ƋƉƍƊ	ƈƎƌ
New lending business volume (including brokering for third parties)	ƎƉƎ	ƇƎƏƋ	ƋƋƎ
Gross new business home loan and savings	ƌƐƍƋ	ƉƊƍƏ	ƍƊƌ

Financial performance

Net income after taxes in the Housing segment decreased to Ŵ20.9 million (previous year: Ŵ52.1 million). As previously described, the previous year's figures were retrospectively adjusted due to new valuation methods.

The net financial result increased to Ŵ106.3 million (previous year: Ŵ81.7 million). This was largely attributable to higher net income from disposals and increased net measurement income on securities. It was countered by the lower interest surplus of derivatives concluded to manage the risks of changes in interest rates.

Net commission income declined to –Ŵ3.7 million (previous year: Ŵ7.5 million). This development was primarily driven by higher commission expenses as a result of the significantly increased new home loan savings business.

General administrative expenses amounted to Ŵ98.0 million (previous year: Ŵ94.5 million). As a result of our digitalisation initiatives, materials costs and depreciation on capitalised acquisition costs for major IT projects increased. Personnel expenses decreased as a result of the coronavirus-related support benefits granted to our employees in the previous year.

Net other operating income picked up substantially to Ŵ25.3 million (previous year: Ŵ82.1 million). This was mainly the result of lower income from settlement transactions in connection with home loan savings deposits.

Life and Health Insurance segment

New business

Total premiums for new life insurance business rose to Ŵ821.2 million (previous year: Ŵ985.0 million). The decline was due among other things to fewer single-premium insurance policies. By contrast, in the area of company pension schemes, total premiums were on a par with the previous year at Ŵ319.3 million (previous year: Ŵ324.5 million).

Total premiums in new life insurance business

	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ	Change
	LQ Ƒ PLOOLRQ	LQ Ƒ PLOOLRQ	in %
Total premiums in new business	ƎƈƇƈ	ƏƎƋƐ	Ƈƌƌ
Total premiums in new business (not including company pension schemes)	ƋƐƇƏ	ƌƌƐƋ	ƈƊƐ
Total premiums in new business for company pension schemes	ƉƇƏƉ	ƉƈƊƋ	Ƈƌ

In health insurance, annual new premiums increased to Ŵ1.8 million (previous year: Ŵ0.5 million). New business was increased in full-coverage premium rates as well as supplementary rates.

Financial performance

Segment net income after taxes stood at Ŵ12.4 million (previous year: Ŵ13.2 million).

With the new accounting standard IFRS 17, almost all the net financial result is attributable to contracts with direct participation features. This part of the net financial result is reclassified to the technical result. Before the reclassification, the net financial result in the Life and Health Insurance segment amounted to Ŵ280.0 million (previous year: –Ŵ41.8 million). This was due mainly to the measurement result. In the previous year, higher inflation resulted in measurement losses. By contrast, the current quarter saw measurement gains on shares and interest-bearing securities. This development was also evident in the case of investments for unit-linked life insurance policies. Moreover, the increase in interest income led to higher current net income.

The technical result (net) fell to Ŵ23.8 million (previous year: Ŵ31.4 million). Insurance revenue (technical income) amounted to Ŵ293.1 million (previous year: Ŵ299.1 million). The previous year's increase in interest rates led to

growth in the contractual service margin (CSM) of around 11% compared to the previous quarter and thus slightly higher revenue in the first quarter of 2023. The reversal of the CSM was therefore stable overall and met expectations. In contrast, income from risk adjustment declined. Technical expenses were on a par with the previous year at Ŵ265.2 million (previous year: Ŵ265.1 million).

Gross general administrative expenses (before the reclassification of components of profit or loss attributable to the technical result) increased to Ŵ68.1 million (previous year: Ŵ63.1 million). Increased materials costs were offset by lower personnel expenses. After the reclassification to the technical result, net general administrative expenses amounted to Ŵ13.7 million (previous year: Ŵ9.2 million).

Property/Casualty Insurance segment

New business/premium development

New business in terms of the annual contribution to the portfolio amounted to Ŵ167.7 million (previous year: Ŵ127.5 million). Both brand new business and replacement business were increased compared with the same quarter of the previous year. All sales channels contributed to this development and significantly exceeded expectations. There was particularly significant growth in the corporate customer and motor businesses.

New business key figures

ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ LQ Ƒ PLOOLRQ	ƇƇƈƐƈƈ WR ƉƇƉƈƐƈƈ LQ Ƒ PLOOLRQ	Change in %
Ƈƌƍƍ	ƇƈƍƋ	ƉƇƋ
ƇƐƐƐ	ƍƐƋ	ƊƇƎ
ƊƎƋ	ƉƍƉ	ƉƐƐ
ƇƏƈ	ƇƏƍ	ƈƋ

Financial performance

Segment net income after taxes stood at Ŵ23.9 million (previous year: –Ŵ4.9 million).

The net financial result climbed to Ŵ7.3 million (previous year: –Ŵ8.1 million). This was chiefly due to the improved net measurement income on shares and investment funds.

The technical result (net) increased to Ŵ48.4 million (previous year: Ŵ15.1 million). While the same quarter of the previous year was influenced by the effects of the claims due to winter storms, the claims for the financial year normalised in the first quarter of 2023. In addition, the insurance portfolio grew overall as a result of the increase in new business, which likewise contributed to the positive result. The combined ratio (net) was thus a positive 92.1% (previous year: 96.9%).

General administrative expenses (gross) amounted to Ŵ123.2 million on (previous year: Ŵ106.3 million). Both personnel expenses and materials costs increased. This was due primarily to increased expenses for marketing. In addition to collectively bargained wage increases, the increase in personnel expenses is primarily due to the increased payment to the Württembergische pension fund as a result of the inflation-driven pension adjustments. After the reclassification, general administrative expenses (net) amounted to Ŵ21.8 million (previous year: Ŵ13.5 million).

All other segments

"All other segments" covers the divisions that cannot be allocated to any other segment. This mainly includes W&W AG – together with its participations in Wüstenrot Immobilien GmbH, W&W Asset Management GmbH, Wüstenrot Haus- und Städtebau GmbH, and W&W brandpool GmbH – and the Group's internal service providers.

Segment net income after taxes amounted to Ŵ0.0 million (previous year: Ŵ4.2 million).

The net financial result rose to Ŵ6.2 million (previous year: –Ŵ8.0 million) as a result of higher net measurement income on shares and investment funds.

General administrative expenses increased to Ŵ25.0 million (previous year: Ŵ23.4 million), mainly as a result of higher depreciation on the campus buildings. Personnel expenses matched the level of the previous year.

Net other operating income grew to Ŵ6.7 million (previous year: Ŵ3.6 million).

Outlook

The macroeconomic developments and relevant framework conditions are based on estimates made by the company based on relevant analyses and publications of various well-respected business research institutes, Germany's federal government, the Bundesbank, Bloomberg consensuses and industry and business associations.

In the first quarter, ongoing inflation, increasing key rates, and the geopolitical tensions continue to lead to volatile development of the financial markets.

Looking at the year as a whole, we still expect to achieve our forecast of a consolidated net profit within a medium to long-term target range of Ŵ220 million to Ŵ250 million.

The forecast is subject to the proviso that there are no upheavals on capital markets, economic slumps or unforeseen major loss events over the rest of the year.

Wüstenrot & Württembergische AG Condensed consolidated financial statements

Selected financial data

Assets
LQ Ƒ WKRXVDQGV	ƉƇƉƈƐƈƉ	Ƈ ƉƇƇƈƈƐƈƈ
Cash reserve	ƊƊƌƍƌ	ƇƇƌƇƌƍ
Non-current assets held for sale and discontinued operations	ƉƌƊƍ	ƉƌƊƍ
Financial assets at fair value through profit or loss	ƇƐƐƎƉƍƎƍ	ƇƐƈƍƌƐƉƈ
Financial assets at fair value through other comprehensive income (OCI)	ƈƈƏƇƍƐƏƍ	ƈƈƎƍƎƉƌƌ
Financial assets at amortised cost	ƈƏƐƍƍƉƐƌ	ƈƍƍƏƋƐƏƌ
Subordinated securities and receivables	ƈƇƇƉƍƈ	ƇƎƋƌƈƋ
Senior debenture bonds and registered bonds	ƌƐƉƋƉ	ƊƏƎƏƏ
Senior fixed-income securities	–	Ə
Building loans	ƈƋƌƌƈƊƎƉ	ƈƋƊƈƊƏƈƍ
Other receivables	ƉƇƐƐƎƉƍ	ƈƈƊƍƎƇƇ
Active Portfolio Hedge Adjustment	ƊƈƈƌƇ	ƇƇƉƇƍƋ
Positive market values from hedges	ƇƍƇƐ	Ƌƈƈ
Assets from insurance business	ƉƎƋƋƋƍ	ƉƊƊƏƊƈ
Insurance contracts issued that are assets	ƍƊƏƉƋ	ƍƇƊƏƋ
Reinsurance contracts held that are assets	ƉƇƐƌƈƈ	ƈƍƉƊƊƍ
Financial assets accounted for under the equity method	ƇƇƉƐƈƏ	ƇƐƏƌƐƊ
Investment property	ƈƊƍƎƈƈƎ	ƈƊƊƐƊƊƈ
Other assets	ƉƈƈƐƋƋƍ	ƉƉƉƇƇƇƈ
Intangible assets	ƇƉƉƎƉƐ	ƇƈƍƍƎƎ
Property, plant and equipment	ƋƉƐƇƉƊ	ƋƉƎƊƏƊ
Inventories	ƇƊƎƇƇƍ	ƇƋƍƈƏƉ
Current tax assets	ƌƎƐƍƐ	ƋƋƌƊƎ
Deferred tax assets	ƈƈƍƌƎƌƎ	ƈƊƇƈƐƍƋ
Other assets	ƌƉƋƉƎ	ƉƏƎƇƉ
T o t a l a s s e t s	ƌƎƉƈƋƋƏƊ	ƌƍƈƏƋƏƈƏ

Ƈ 6HH EXVLQHVV UHSRUW IRU UHWURVSHFWLYH DGMXVWPHQW RI SUHYLRXV \HDUVŖ ILJXUHV DFFRUGLQJ WR ,\$6 Ǝ

Equity and liabilities

LQ Ƒ WKRXVDQGV	ƉƇƉƈƐƈƉ	Ƈ ƉƇƇƈƈƐƈƈ
Financial liabilities at fair value through profit or loss	ƉƍƐƐƌ	ƊƐƊƌƈ
Liabilities	ƈƍƋƌƈƊƇƎ	ƈƍƉƐƈƍƉƍ
Liabilities evidenced by certificates	ƈƉƍƈƐƍƈ	ƇƎƎƋƉƐƌ
Liabilities to credit institutions	ƇƏƇƏƐƋƐ	ƈƌƏƍƊƈƈ
Liabilities to customers	ƈƉƉƊƊƇƋƏ	ƈƈƏƉƈƊƏƎ
Lease liabilities	ƋƐƍƊƋ	ƋƉƊƋƋ
Miscellaneous liabilities	ƌƉƈƋƐƊ	ƌƐƈƇƋƍ
Passive portfolio hedge adjustment	ŌƍƋƌƇƇƈ	ŌƎƌƎƇƐƇ
Negative market values from hedges	ƈƊƌƉƌ	ƈƋƊƌƌ
Technical liabilities (Technical provisions)	ƉƇƐƉƊƇƎƍ	ƉƐƈƏƎƏƈƈ
Insurance contracts issued that are liabilities	ƉƇƐƉƈƉƍƎ	ƉƐƈƏƍƋƈƌ
Reinsurance contracts held that are liabilities	ƇƎƐƏ	ƇƉƏƌ
Other provisions	ƇƎƌƍƈƋƐ	ƇƏƐƋƋƌƈ
Other liabilities	ƈƇƐƊƊƈƋ	ƈƇƏƐƊƍƌ
Current tax liabilities	ƇƌƇƍƊƈ	ƇƌƇƏƌƐ
Deferred tax liabilities	ƇƏƈƎƋƇƈ	ƈƐƇƋƊƎƐ
Other liabilities	ƇƊƇƍƇ	ƇƉƐƉƌ
Subordinated capital	ƌƊƌƉƎƈ	ƌƊƇƊƌƎ
Equity	ƋƐƊƏƈƏƐ	ƊƎƏƐƎƉƌ
Share in paid-in capital attributable to shareholders of W&W AG	ƇƊƎƋƈƈƏ	ƇƊƎƌƈƋƈ
Share in retained earnings attributable to shareholders of W&W AG	ƉƋƈƎƇƊƍ	ƉƉƍƈƎƍƉ
Retained earnings	ƊƇƈƇƎƇƈ	ƊƐƋƎƉƋƌ
Other reserves (OCI)	ŌƋƏƉƌƌƋ	ŌƌƎƋƊƎƉ
Non-controlling interests in equity	ƉƋƏƇƊ	ƉƇƍƇƇ
T o t a l e q u i t y a n d l i a b i l i t i e s	ƌƎƉƈƋƋƏƊ	ƌƍƈƏƋƏƈƏ

6HH EXVLQHVV UHSRUW IRU UHWURVSHFWLYH DGMXVWPHQW RI SUHYLRXV \HDUVŖ ILJXUHV DFFRUGLQJ WR ,\$6 Ǝ

Consolidated income statement

LQ Ƒ WKRXVDQGV	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR Ƈ ƉƇƉƈƐƈƈ
Current net financial result	ƈƎƊƋƇƐ	ƈƏƐƊƎƎ
Tax result	ƉƇƐƎƈƌ	ƈƎƇƉƐƊ
Tax income	ƇƎƏƋƍƋ	ƇƏƉƌƉƊ
of which: calculated using the effective interest method	ƈƍƋƉƎƇ	ƈƋƋƉƐƉ
Tax expenses	ŌƇƈƇƈƋƐ	ŌƎƍƌƍƐ
Dividend income	ƌƐƍƊƏ	ƌƋƍƈƐ
Other current net result	ƉƊƇƎƌ	ƉƇƇƉƊ
Net income/expense from risk provision	ŌƎƊƐƊ	ŌƇƐƏƊƉ
Income from credit risk adjustments	ƈƏƐƍƍ	ƉƐƋƐƎ
Expenses for credit risk adjustments	ŌƉƍƊƎƇ	ŌƊƇƊƋƇ
Net measurement gain/loss	ƎƏƊƋƌ	ŌƋƐƋƐƏƍ
Measurement gains	ƇƇƐƏƋƍƌ	ƇƇƌƌƇƋƌ
Measurement losses	ŌƇƐƈƐƇƈƐ	ŌƇƌƍƇƈƋƉ
Net income from disposals	ƊƉƌƎƊ	ƈƌƐƐƎƉ
Income from disposals	ƍƍƌƐƈ	ƉƍƊƋƏƐ
Expenses from disposals	ŌƉƉƏƇƎ	ŌƇƇƊƋƐƍ
Insurance finance result	ŌƈƎƉƎƎƇ	ƊƌƌƋƐ
of which: Insurance finance income from insurance contracts issued	ŌƈƎƊƉƎƊ	ƊƋƋƋƉ
of which: Insurance finance expenses from reinsurance contracts held	ƋƐƉ	ƇƐƏƍ
T o t a l n e t f i n a n c i a l r e s u l t	ƇƈƋƉƌƋ	ƎƇƇƎƇ
of which: net income/expense from financial assets accounted for under the equity method	ƉƊƈƊ	ƌƍƊ
Technical result	ƍƇƋƐƌ	ƊƍƍƌƉ
Technical income	ƏƐƋƉƇƈ	ƎƊƊƉƐƇ
Technical expenses	ŌƎƉƌƌƐƉ	ŌƍƋƏƉƏƎ
Net result from reinsurance contracts held	ƈƍƏƍ	ŌƉƍƇƊƐ
Net commission result	ŌƇƐƎƋƈ	ƋƎƏƋ
Commission income	ƏƉƊƇƉ	ƌƍƍƏƋ
Commission expenses	ŌƇƐƊƈƌƋ	ŌƌƇƏƐƐ
C a r r y o v e r	ƇƎƌƐƇƏ	ƇƉƊƎƉƏ

LQ Ƒ WKRXVDQGV	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR Ƈ ƉƇƉƈƐƈƈ
C a r r y o v e r	ƇƎƌƐƇƏ	ƇƉƊƎƉƏ
Personnel expenses	ŌƇƍƎƏƈƋ	ŌƇƌƏƊƇƌ
Materials costs	ŌƇƇƐƇƏƈ	ŌƏƌƇƉƇ
Depreciation, amortisation and write-downs	ŌƈƇƊƈƊ	ŌƇƌƇƉƉ
General administrative expenses (gross)	ŌƉƇƐƋƊƇ	ŌƈƎƇƌƎƐ
General administrative expenses attributable to the technical result	ƇƋƋƎƏƈ	ƇƊƌƍƋƋ
General administrative expenses (net)	ŌƇƋƊƌƊƏ	ŌƇƉƊƏƈƋ
Net other operating income/expense	ƋƈƎƋƊ	ƍƌƇƌƍ
Other operating income	ƌƋƎƋƋ	ƈƋƐƐƊƏ
Other operating expenses	ŌƇƉƐƐƇ	ŌƇƍƉƎƎƈ
E a r n i n g s 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	ƎƊƈƈƊ	ƍƌƐƎƇ
Income taxes	ŌƈƐƇƌƊ	ŌƇƉƏƋƉ
C o n s o l i d a t e d n e t p r o f i t	ƌƊƐƌƐ	ƌƈƇƈƎ
Result attributable to shareholders of W&W AG	ƌƉƋƇƍ	ƌƇƍƏƈ
Result attributable to non-controlling interests	ƋƊƉ	ƉƉƌ
% D V L F G L O X W H G  H D U Q L Q J V S H U V K D U H L Q Ƒ	ƐƌƎ	Ɛƌƌ
RI ZKLFK IURP FRQWLQXHG RSHUDWLRQV LQ Ƒ	ƐƌƎ	Ɛƌƌ

6HH EXVLQHVV UHSRUW IRU UHWURVSHFWLYH DGMXVWPHQW RI SUHYLRXV \HDUVŖ ILJXUHV DFFRUGLQJ WR ,\$6 Ǝ

Consolidated statement of comprehensive income

LQ Ƒ WKRXVDQGV	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR Ƈ ƉƇƉƈƐƈƈ
Consolidated net profit	ƌƊƐƌƐ	ƌƈƇƈƎ
Other comprehensive income (OCI)
Elements not reclassified to the consolidated income statement:
Actuarial gains/losses (–) from pension commitments (gross)	ƇƉƊƋƏ	ƇƌƉƊƎƍ
Deferred taxes	ŌƊƐƇƐ	ŌƊƎƍƇƍ
Actuarial gains/losses (–) from pension commitments (net)	ƏƊƊƏ	ƇƇƊƍƍƐ
Elements subsequently reclassified to the consolidated income statement:
Unrealised gains/losses (–) from financial assets at fair value through other comprehensive income (OCI; gross)	ƉƌƌƎƎƋ	ŌƉƊƐƌƇƏƇ
Deferred taxes	ŌƇƇƐƐƐƈ	ƇƐƇƋƇƍƇ
Unrealised gains/losses (–) from financial assets at fair value through other comprehensive income (OCI; net)	ƈƋƌƎƎƉ	ŌƈƉƏƇƐƈƐ
Unrealised insurance finance income or expenses from insurance contracts issued (gross)	ŌƈƉƋƇƉƇ	ƉƐƐƋƊƊƏ
Unrealised insurance finance income or expenses from reinsurance contracts held (gross)	ƈƐƎ	ƇƌƈƌƋ
Deferred taxes	ƌƊƐƌƎ	ŌƎƏƌƊƇƋ
Unrealised insurance finance income or expenses (net)	ŌƇƍƐƎƋƋ	ƈƇƈƋƈƏƏ
Total other comprehensive income (OCI; gross)	ƇƊƋƊƈƇ	ŌƈƈƐƏƏƐ
Total deferred taxes	ŌƊƏƏƊƊ	ƍƐƐƉƏ
Total other comprehensive income (OCI; net)	ƏƋƊƍƍ	ŌƇƋƐƏƋƇ
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	ƇƋƏƋƉƍ	ŌƎƎƎƈƉ
Result attributable to shareholders of W&W AG	ƇƋƋƉƉƋ	ŌƏƇƋƐƐ
Result attributable to non-controlling interests	ƊƈƐƈ	ƈƌƍƍ

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Segment income statement

		Housing		Life and Health Insurance
LQ Ƒ WKRXVDQGV	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƈ ƉƇƉƈƐƈƈ	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƈ ƉƇƉƈƐƈƈ
Current net income	ƊƉƐƌƐ	ƋƍƈƏƏ	ƈƇƋƍƈƈ	ƈƐƎƉƋƇ
Net income/expense from risk provision	ŌƇƐƈƐƇ	ŌƇƈƐƇƏ	ƇƉƊƇ	ƇƉƏƋ
Net measurement gain/loss	ƊƈƐƐƌ	ƉƌƏƐƏ	ƊƌƈƉƎ	ŌƋƇƍƍƏƊ
Net income from disposals	ƉƇƊƎƊ	ŌƊƍƋ	ƇƌƌƎƋ	ƈƌƌƈƎƏ
Technical financial result	–	–	ŌƈƎƐƇƇƏ	ƊƇƏƋƍ
Net financial result	ƇƐƌƉƊƏ	ƎƇƍƇƊ	ŌƇƉƉ	ƇƏƎ
of which: net income/expense from financial assets accounted for under the equity method	–	–	ƇƈƎƋ	ƇƋƈ
Technical result	–	–	ƈƉƍƎƊ	ƉƇƊƈƈ
Net commission income	ŌƉƍƈƎ	ƍƋƉƋ	ŌƎƇƏ	ŌƇƇƋƎ
General administrative expenses (gross)	ŌƏƎƐƈƐ	ŌƏƊƊƏƐ	ŌƌƎƇƈƎ	ŌƌƉƇƐƈ
General administrative expenses attributable to the technical result	–	–	ƋƊƊƉƋ	ƋƉƏƊƇ
General administrative expenses (net)ƈ	ŌƏƎƐƈƐ	ŌƏƊƊƏƐ	ŌƇƉƌƏƉ	ŌƏƇƌƇ
Net other operating income/expense	ƈƋƉƐƋ	ƎƈƇƇƋ	ƏƈƊƈ	ƈƏƌ
Segment net income before income taxes from continued operations	ƈƏƏƐƌ	ƍƌƎƍƊ	ƇƎƉƎƇ	ƈƇƋƏƍ
Income taxes	ŌƎƏƋƍ	ŌƈƊƍƌƉ	ŌƋƏƎƋ	ŌƎƉƋƇ
S e g m e n t n e t i n c o m e a f t e r t a x e s	ƈƐƏƊƏ	ƋƈƇƇƇ	ƇƈƉƏƌ	ƇƉƈƊƌ

Ƈ 7KH FROXPQ "Consolidation/reconciliation" includes the effects of consolidation between the segments.

ƈ 6HH EXVLQHVV UHSRUW IRU UHWURVSHFWLYH DGMXVWPHQW RI SUHYLRXV \HDUVŖ ILJXUHV DFFRUGLQJ WR ,\$6 Ǝ

Property/Casualty Insurance			Total for reportable segments	All other segments		Consolidation/reconciliationƇ		Group
ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƈ ƉƇƉƈƐƈƈ	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƈ ƉƇƉƈƐƈƈ	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƈ ƉƇƉƈƐƈƈ	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƈ ƉƇƉƈƐƈƈ	ƇƇƈƐƈƉ WR ƉƇƉƈƐƈƉ	ƇƇƈƐƈƈ WR ƈ ƉƇƉƈƐƈƈ
ƇƌƎƍƍ	ƇƌƐƏƈ	ƈƍƋƌƋƏ	ƈƎƇƍƊƈ	ƊƇƉƐ	ƍƌƉƉ	ƊƍƈƇ	ƇƇƇƉ	ƈƎƊƋƇƐ	ƈƏƐƊƎƎ
ƉƊƈ	ŌƇƋƉ	ŌƎƋƇƎ	ŌƇƐƍƍƍ	ƋƏ	ŌƇƏƉ	ƋƋ	ƈƍ	ŌƎƊƐƊ	ŌƇƐƏƊƉ
ŌƉƉƐƎ	ŌƈƇƌƊƍ	ƎƊƏƉƌ	ŌƋƐƈƋƉƈ	Ɖƍƍƍ	ŌƇƈƇƍƇ	ƍƊƉ	ƏƌƐƌ	ƎƏƊƋƌ	ŌƋƐƋƐƏƍ
ŌƈƌƊƎ	Ōƈƌƍƌ	ƊƋƋƈƇ	ƈƌƉƇƉƎ	ŌƇƎƉƍ	ŌƉƇƋƈ	–	Əƍ	ƊƉƌƎƊ	ƈƌƐƐƎƉ
ŌƉƏƎƊ	ƈƌƉ	ŌƈƎƊƇƐƉ	ƊƈƈƈƐ	ƌƎ	ŌƇƐƋ	ƇƋƊ	ƊƋƉƋ	ŌƈƎƉƎƎƇ	ƊƌƌƋƐ
ƍƈƍƏ	ŌƎƇƈƇ	ƇƇƉƊƏƋ	ƍƉƍƏƇ	ƌƇƏƍ	ŌƍƏƎƎ	ƋƌƍƉ	ƇƋƉƍƎ	ƇƈƋƉƌƋ	ƎƇƇƎƇ
ƇƈƎƋ	ƇƋƈ	ƈƋƍƐ	ƉƐƊ	ƎƋƊ	ƉƍƐ	–	–	ƉƊƈƊ	ƌƍƊ
ƊƎƉƎƊ	ƇƋƐƋƈ	ƍƈƇƌƎ	ƊƌƊƍƊ	ŌƊƎƋ	ƇƊƈƌ	ŌƇƍƍ	ŌƇƉƍ	ƍƇƋƐƌ	ƊƍƍƌƉ
ŌƉƈƉƇ	ŌƇƍƎƍ	ŌƍƍƍƎ	ƊƋƏƐ	ƏƇƎƌ	ƎƎƎƊ	ŌƇƈƈƌƐ	ŌƍƋƍƏ	ŌƇƐƎƋƈ	ƋƎƏƋ
ŌƇƈƉƈƊƍ	ŌƇƐƌƉƇƉ	ŌƈƎƏƉƏƋ	ŌƈƌƉƏƐƋ	ŌƈƊƏƍƐ	ŌƈƉƊƇƍ	ƉƎƈƉ	ƋƌƊƇ	ŌƉƇƐƋƊƈ	ŌƈƎƇƌƎƇ
ƇƐƇƊƋƎ	ƏƈƎƇƊ	ƇƋƋƎƏƉ	ƇƊƌƍƋƋ	–	–	–	–	ƇƋƋƎƏƉ	ƇƊƌƍƋƋ
ŌƈƇƍƎƏ	ŌƇƉƊƏƏ	ŌƇƉƉƋƐƈ	ŌƇƇƍƇƋƐ	ŌƈƊƏƍƐ	ŌƈƉƊƇƍ	ƉƎƈƉ	ƋƌƊƈ	ŌƇƋƊƌƊƏ	ŌƇƉƊƏƈƋ
ƍƊƎ	ƋƊƈƊ	ƉƋƈƏƋ	ƎƍƎƉƋ	ƌƌƋƐ	ƉƋƍƏ	ƇƐƏƐƏ	ŌƇƋƈƊƍ	ƋƈƎƋƊ	ƍƌƇƌƍ
ƉƇƉƏƇ	ŌƈƏƉƇ	ƍƏƌƍƎ	ƏƋƋƊƐ	ŌƉƊƈƈ	ŌƇƍƋƇƌ	ƍƏƌƎ	ŌƇƏƊƉ	ƎƊƈƈƊ	ƍƌƐƎƇ
ŌƍƊƍƎ	ŌƇƏƌƊ	ŌƈƈƊƈƐ	ŌƉƋƐƍƎ	ƉƊƈƊ	ƈƇƌƎƍ	ŌƇƇƌƎ	ŌƋƌƈ	ŌƈƐƇƌƊ	ŌƇƉƏƋƉ
ƈƉƏƇƉ	ŌƊƎƏƋ	ƋƍƈƋƎ	ƌƐƊƌƈ	ƈ	ƊƇƍƇ	ƌƎƐƐ	ŌƈƋƐƋ	ƌƊƐƌƐ	ƌƈƇƈƎ

Wüstenrot & Württembergische AG Imprint and contact

Publisher

Wüstenrot & Württembergische AG 70801 Kornwestheim Germany phone + 49 711 662-0 www.ww-ag.com

Investor Relations

The financial reports of the W&W Group are available at www.ww-ag.com/reports. In case of any divergences, the German original is legally binding.

E-mail: ir@ww-ag.com

Investor relations hotline: + 49 711 662-725252

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