Quarterly Report • May 15, 2017
Quarterly Report
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www.ww-ag.com
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 2017. 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 2017 | FY 2016 | |
|---|---|---|---|
| Total assets | € bn | 72.0 | 72.3 |
| Capital investments | € bn | 45.6 | 45.8 |
| Financial assets available for sale | € bn | 24.4 | 24.6 |
| First tier loans and advances to institutional investors | € bn | 14.2 | 14.3 |
| Building loans | € bn | 23.6 | 23.7 |
| Liabilities to customers | € bn | 25.4 | 25.4 |
| Technical provisions | € bn | 33.9 | 33.3 |
| Equity | € bn | 3.8 | 3.8 |
| Equity per share | € | 40.72 | 40.56 |
| Consolidated profit and loss statement | 3M 2017 | 3M 2016 | |
| Net financial result (after credit risk adjustments) | € mn | 697.9 | 413.8 |
| Premiums/contributions earned (net) | € mn | 946.5 | 995.7 |
| Insurance benefits (net) | € mn | –1,197.1 | –957.0 |
| Earnings before income taxes from continued operations | € mn | 97.6 | 93.7 |
| Consolidated net profit | € mn | 69.5 | 62.6 |
| Total comprehensive income | € mn | 13.5 | 232.3 |
| Earnings per share | € | 0.74 | 0.67 |
| Other information | 3M 2017 | FY 2016 | |
| Employees (domestic)1 | 6,702 | 6,745 | |
| Employees (domestic)2 | 8,354 | 8,395 | |
| 1 Full-time equivalent head count. 2 Number of employment contracts. |
|||
| Key sales figures | 3M 2017 | 3M 2016 | |
| Group | |||
| Gross premiums written | € mn | 1,370.9 | 1,400.0 |
|---|---|---|---|
| New construction financing business (including brokering for third parties) | € mn | 1,359.9 | 1,162.4 |
| Sales of own and third-party investment funds | € mn | 105.3 | 89.1 |
| Home Loan and Savings Bank | |||
| New home loan savings business (gross) | € mn | 3,744.8 | 4,780.4 |
| New home loan savings business (net) | € mn | 3,016.0 | 3,117.9 |
| Life and Health Insurance | |||
| Gross premiums written | € mn | 545.9 | 612.0 |
| New premiums | € mn | 112.6 | 170.1 |
| Property/Casualty Insurance | |||
| Gross premiums written | € mn | 831.4 | 792.4 |
| New premiums (measured in terms of annual contributions to the portfolio) | € mn | 90.2 | 70.3 |
The W&W Group increased its consolidated net profit after taxes in the first quarter of 2017. It came in at €69.5 million (previous year: €62.6 million), nearly €7 million above the comparable quarter of the previous year. The increase was primarily attributable to a higher net financial result. Opportunities in the capital market were leveraged through disposals. However, these are anticipatory effects that cannot be extrapolated over the entire year.
The construction financing business grew substantially. New business in property/casualty insurance and regular premiums in life insurance also performed well. Single premiums for life insurance declined. New home loan savings business (net) declined as expected in the first quarter of 2017. The previous year was characterised by the introduction of a new savings plan.
| 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Net new home loan and savings business |
3,117.3 | 3,208.6 | –2.8 |
| Gross premiums written (Life and Health Insurance) |
1,370.9 | 1,400.0 | –2.1 |
| Construction financing business (including brokering for third parties) |
1,359.9 | 1,162.4 | 17.0 |
In the year to date, the W&W Group has made important structural moves: The construction financing and German covered bond business of Wüstenrot Bank Pfandbriefbank has been transferred to Wüstenrot Bausparkasse. Thus, Wüstenrot is the first German home loan and savings bank that actively engages in the German covered bond business. In this way, it has assumed a pioneer role in making use of the possibilities of the German Building Society Act (BauSparkG) as amended in late 2015. In May 2017, it became the first home loan and savings bank to issue a German covered bond.
In recent months, the savings and investment products have also been transferred from the bank to the Bausparkasse. Both moves have a positive impact on the refinancing and on the financial situation of the Bausparkasse and open the door to further growth in the field of residential property. The product offering in the field of accounts, card services, fund brokering and online activities remain with Wüstenrot Bank. To support the new functionality, the powerful core banking system of the third-party provider FiduciaGAD has been introduced.
Moreover, the work on the new smartpone app of Treefin, which is designed especially for W&W customers, has moved ahead. The further development of a new digital brand for insurance products is also progressing well.
As at 31 March 2017, consolidated net profit after taxes rose to €69.5 million (previous year: €62.6 million).
| in € million | 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
|---|---|---|
| Home Loan and Savings Bank segment |
20.1 | 10.1 |
| Life and Health Insurance segment | 1.4 | 3.6 |
| Property/Casualty Insurance segment |
44.4 | 41.5 |
| All other segments | 42.6 | 51.0 |
| Consolidation across segments | –39.0 | –43.6 |
| Consolidated net profit | 69.5 | 62.6 |
The net financial result increased significantly, rising €284.1 million to €697.9 million (previous year: €413.8 million). Positive effects came from lower impairments, higher income from disposals and better net investment income for unit-linked life insurance policies.
Net premiums earned declined to €946.5 million (previous year: €995.7 million). The increase in property/ casualty insurance was unable to compensate for the decline in life and health insurance.
Net insurance benefits increased €240.1 million to €1,197.1 million (previous year: €957.0 million). Claims development in property insurance was very good once again, albeit somewhat weaker than in the exceptional prior-year quarter. In life and health insurance, the provision for unit-linked life insurance policies increased significantly as a consequence of the increased value of the underlying investments.
At €277.3 million (previous year: €274.3 million), general administrative expenses were essentially unchanged year on year. Due to a lower headcount, personnel expenses declined further despite collectively bargained salary increases. Material costs increased due to scheduled investments in software and advisory services.
As at 31 March 2017, total comprehensive income stood at €13.5 million (previous year: €232.3 million). It consists of consolidated net profit and other comprehensive income (OCI).
As at 31 March 2017, OCI stood at –€56,0 million (previous year: €169.7 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 1.5% to 1.75% compared to the end of the previous year. This resulted in €50.4 million in actuarial gains from defined benefit plans for pension schemes (previous year: –€4.4 million).
Unrealised net income from financial assets available for sale is the second noteworthy effect. After additions to the provision for premium refunds and to deferred taxes, it declined to –€104.8 million (previous year: €183.3 million). The decline is due to sales of securities whose reserves were previously recognised without affecting income, thus increasing the Group result. In addition 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. However, developments in the opposite direction on the equally interest rate sensitive equity and liabilities side, e.g. in the field of underwriting and deposits, are not presented.
Segment net income increased to €20.1 million (previous year: €10.1 million).
New home loan savings business declined in the first quarter. The segment's total assets amounted to €31.1 billion (previous year: €31.7 billion).
Gross new business by contract volume was, due to seasonal influences, €3.7 billion lower than in the excellent previous year (previous year: €4.8 billion), which was affected by the introduction of the new home loan savings "Wohnsparen" plan. Net new business (paid-in new business) came in slightly below the previous year at €3.0 billion (previous year: €3.1 billion). It outperformed the market significantly and has met expectations. With a market share of 14.7%, Wüstenrot has been able to reinforce and develop its position as Germany's second-largest home loan and savings bank according to plan.
New construction financing business continued to focus on more profitable offers and increased to €712.4 million (previous year: €537.7 million). This includes €90.2 million in refinancing (previous year: €75.2 million). New lending business came in at €622.2 million (previous year: €462.5 million).
| 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Gross new business | 3,744.8 | 4,780.4 | –21.7 |
| Net new business (paid-in new business) |
3,016.0 | 3,117.9 | –3.3 |
| New construction finan cing business (approvals) |
712.4 | 537.7 | 32.5 |
Segment net income rose €10.0 million to €20.1 million (previous year: €10.1 million), which was mainly attributable to the increase in the net financial income.
The net financial income in the Home Loan and Savings Bank segment reached €132.0 million (previous year: €114.2 million). As a result of the continued reduction in risk-weighted assets in the first quarter of 2017 as part of the strategic restructuring of the segment and the centralisation of the construction financing business in Home Loan and Savings, income from disposals rose significantly in net income from financial assets available for sale. 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). Interest rates in medium to long-term maturities increased in the first quarter of 2017 after declining significantly in the same period the previous year. As a result, discounting the interest bonus provision had a strong positive impact. The hedge result, by contrast, was clearly negative, which is due to the discontinuation of the portfolio fair value hedge and lower reversals of the provision (OCI) from cash flow hedges.
General administrative expenses decreased €3.8 million to €95.5 million (previous year: €99.3 million). Both personnel expenses and material costs fell.
Tax expenses rose to €12.9 million (previous year: €6.9 million). This year-on-year increase was primarily due to higher segment pre-tax income. As in the previous year, the reporting year is not impacted by non-deductible operating expenses (especially the banking levy).
Segment net income stood at €1.4 million (previous year: €3.6 million). Total premium from new business increased. New premiums were lower than in the previous year. The segment's total assets amounted to €33.5 billion (previous year: €33.5 billion).
Total premium from new business increased 5.1% to €807.4 million (previous year: €768.1 million). As at 31 March 2017, new premiums in the Life and Health Insurance segment stood at €112.6 million (previous year: €170.1 million). New regular premiums rose to €26.1 million (previous year: €21.6 million). Single-premium income fell to €86.5 million (previous year: €148.5 million).
Gross premiums written decreased to €545.9 million (previous year: €612.0 million), mainly as a result of lower single-premium income.
| 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| New premiums | 112.6 | 170.1 | –33.8 |
| Single premiums life | 86.5 | 148.5 | –41.8 |
| Regular premiums life | 23.5 | 21.0 | 11.9 |
| Annual new premiums health |
2.6 | 0.6 | 333.3 |
Segment net income reached €1.4 million (previous year: €3.6 million). The increase in net financial and real estate income was able to offset the decline in the underwriting result.
The net financial result in the Life and Health Insurance segment increased by €249.0 million to €538.4 million (previous year: €289.4 million). The main causes were an increase in net income from investments for unit-linked life insurance policies, higher net income from disposals and lower impairments on equity instruments.
Net income from investment property rose €10.9 million to €22.2 million (previous year: €11,3 million). This was mainly due higher gains from disposals.
Net premiums earned declined to €548.6 million (previous year: €609.7 million). This was due to the lower volume of single-premium insurance in new business as well the decline in the regular premium portfolio.
Net insurance benefits stood at €1,006.1 million (previous year: €787.6 million). Benefits to customers were secured further through the regular increase of the additional interest reserve (including interest rate reinforcement). At €156.8 million, additions exceeded the prior-year level (€120.3 million), which was already high. The additional interest reserve as a whole thus now totals €1,756.5 million. The provision for unit-linked life insurance policies increased as a consequence of the increased value of the underlying investments. There was also an increase in additions to the provision for premium refunds.
General administrative expenses fell to €58.7 million (previous year: €59.8 million). This was mainly due to lower material costs. Personnel expenses were about the same year on year.
Segment net income stood at €44.4 million (previous year: €41.5 million). New business in the property/ casualty insurance segment rose slightly in the first quarter of 2017. Total assets stood at €4.9 billion (previous year: €4.4 billion).
New business increased significantly to €90.2 million (previous year: €70.3 million). This growth was fuelled by all of the business segments. Owing to a large contact, new business in the corporate customer segment nearly doubled compared to the same quarter of the previous year.
| 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
Change | |
|---|---|---|---|
| in € million | in € million | in % | |
| Annual contributions to the portfolio (segment) |
90.2 | 70.3 | 28.3 |
| Motor | 62.2 | 52.2 | 19.2 |
| Corporate customers | 20.0 | 10.9 | 83.5 |
| Retail customers | 8.0 | 7.2 | 11.1 |
Gross premiums written increased further by €39.0 million to €831.4 million (previous year: €792.4 million).
Segment net income increased to €44,4 million (previous year: €41.5 million). The net financial result increased significantly. The underwriting result came in slightly lower than the excellent prior-year figure.
The net financial result stood at €13.2 million (previous year: –€2.8 million), an increase compared to the previous year. The main causes were an increase in net income from disposals and lower impairments.
Net commission income amounted to –€49.8 million (previous year: –€42.9 million). The larger insurance portfolio led to an increase in renewal commissions.
Net premiums earned continued to trend positively. They rose €13.0 million to €343.7 million (previous year: €330.7 million). Growth was achieved in all business lines.
Net insurance benefits increased –€20.4 million to €161.2 million (previous year: €140.8 million). This is partly due to the larger insurance portfolio overall. It is also partly due to the increase in claims, including major losses, compared to the previous year, which had been exceptionally good. Nevertheless, the combined ratio (gross) was still a very good 87.0% (previous year: 81.1%).
General administrative expenses increased slightly to €93.1 million (previous year: €91.0 million). Slightly lower personnel expenses were offset by higher material costs.
Tax expenses in the segment fell to €13.5 million (previous year: €22.6 million). In contrast to the previous year, the financial year was not affected by negative one-off tax effects.
"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 bank subsidiaries and the Group's internal service providers. The total as-sets of the other segments amounted to €6.4 billion (previous year: €6.2 billion). After-tax net income stood at €42.6 million (previous year: €51.0 million). This was composed, among other things, of the following:
W&W AG €37.6 million (previous year: €35.0 million), W&W Asset Management GmbH €5.5 million (previous year: €4.3 million) and Czech subsidiaries €5.4 million (previous year: €3.5 million).
Net financial income stood at €77.6 million (previous year: €76.1 million). It was shaped by long-term equity 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. Furthermore, the previous year's figure included additional net income from the sale of the Czech insurance subsidiaries.
Earned premiums rose to €62.4 million (previous year: €61.3 million). There was an increase in the volume ceded by Württembergische Versicherung AG to W&W AG for reinsurance within the Group. As this relates to quota share insurance, the insurance benefits increased as well, to €35.6 million (previous year: €34.2 million).
General administrative expenses increased to €27.8 million (previous year: €20.1 million). This was mainly due to an increase in consulting costs for IT projects.
We expect that the consolidated net profit for 2017 will remain largely stable compared to the previous year.
| Assets | ||
|---|---|---|
| in € thousands | 31/3/2017 | 31/12/2016 |
| A. Cash reserves | 345 778 | 366 482 |
| B. Non-current assets classified as held for sale and discontinued operations | 38 114 | 15 211 |
| C. Financial assets at fair value through profit or loss | 3 094 694 | 2 996 697 |
| D. Financial assets available for sale | 24 356 769 | 24 564 474 |
| E. Receivables | 40 715 921 | 40 860 885 |
| I. Subordinated securities and receivables |
95 484 | 122 334 |
| II. First-rank receivables from institutional investors | 14 151 656 | 14 311 613 |
| III. Building loans | 23 569 672 | 23 708 597 |
| IV. Other loans and receivables | 2 899 109 | 2 718 341 |
| F. Risk provision | –174 051 | –169 288 |
| G. Positive market values from hedges | 15 701 | 21 431 |
| H. Financial assets accounted for using the equity method | 97 285 | 97 407 |
| I. Investment property |
1 693 970 | 1 742 228 |
| J. Reinsurers' portion of technical provisions | 342 667 | 312 999 |
| K. Other assets | 1 449 257 | 1 467 112 |
| I. Intangible assets |
99 404 | 100 724 |
| II. Property, plant and equipment | 241 776 | 238 985 |
| III. Inventories | 99 010 | 97 435 |
| IV. Current tax assets | 64 060 | 60 317 |
| V. Deferred tax assets | 856 939 | 888 466 |
| VI. Other assets | 88 068 | 81 185 |
| Total assets | 71 976 105 | 72 275 638 |
| in € thousands | 31/3/2017 | 31/12/2016 |
|---|---|---|
| A. Financial liabilities at fair value through profit or loss | 914 567 | 1 129 266 |
| B. Liabilities | 29 058 047 | 29 596 623 |
| I. Liabilities evidenced by certificates |
611 445 | 647 685 |
| II. Liabilities to credit institutions | 1 767 752 | 2 252 968 |
| III. Liabilities to customers | 25 425 757 | 25 418 956 |
| IV. Finance lease liabilities | 27 086 | 28 129 |
| V. Miscellaneous liabilities | 1 226 007 | 1 248 885 |
| C. Negative market values from hedges | — | — |
| D. Technical provisions | 33 873 388 | 33 319 748 |
| E. Other provisions | 3 069 184 | 3 147 368 |
| F. Other liabilities | 818 705 | 874 304 |
| I. Current tax liabilities |
236 024 | 233 452 |
| II. Deferred tax liabilities | 573 260 | 634 492 |
| III. Other liabilities | 9 421 | 6 360 |
| G. Subordinated capital | 417 158 | 396 739 |
| H. Equity | 3 825 056 | 3 811 590 |
| I. Interests of W&W shareholders in paid-in capital |
1 483 639 | 1 483 639 |
| II. Interests of W&W shareholders in earned capital | 2 322 888 | 2 308 146 |
| Retained earnings | 2 413 619 | 2 344 149 |
| Other reserves (other comprehensive income) | –90 731 | –36 003 |
| III. Non-controlling interests in equity | 18 529 | 19 805 |
| Total liabilities | 71 976 105 | 72 275 638 |
| in € thousands | 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
|---|---|---|
| Income from financial assets available for sale | 389 935 | 334 232 |
| Expenses from financial assets available for sale | –61 613 | –218 698 |
| 1. Net income from financial assets available for sale | 328 322 | 115 534 |
| Income from financial assets accounted for using the equity method | 658 | 300 |
| Expenses from financial assets accounted for using the equity method | — | — |
| 2. Net income from financial assets accounted for using the equity method | 658 | 300 |
| Income from financial assets/liabilities at fair value through profit or loss | 319 756 | 608 693 |
| Expenses from financial assets/liabilities at fair value through profit or loss | –253 877 | –608 095 |
| 3. Net income from financial assets/liabilities at fair value through profit or loss | 65 879 | 598 |
| Income from hedges | 833 | 153 519 |
| Expense from hedges | –1 081 | –101 676 |
| 4. Net income from hedges | –248 | 51 843 |
| Income from receivables, liabilities and subordinated capital | 487 203 | 488 841 |
| Expense from receivables, liabilities and subordinated capital | –178 513 | –242 711 |
| 5. Net income from receivables, liabilities and subordinated capital | 308 690 | 246 130 |
| Income from risk provision | 27 082 | 31 203 |
| Expense from risk provision | –32 499 | –31 834 |
| 6. Net income from risk provision | –5 417 | –631 |
| 7 . Net financial result | 697 884 | 413 774 |
| Income from investment property | 39 557 | 28 755 |
| Expense from investment property | –16 063 | –16 245 |
| 8. Net income from investment property | 23 494 | 12 510 |
| Commission income | 65 191 | 65 090 |
| Commission expense | –164 175 | –161 594 |
| 9. Net commission expense | –98 984 | –96 504 |
| Earned premiums (gross) | 976 523 | 1 020 417 |
| Premiums ceded to reinsurers | –30 010 | –24 756 |
| 10.Earned premiums (net) | 946 513 | 995 661 |
| Insurance benefits (gross) | –1 217 941 | –965 105 |
| Received reinsurance premiums | 20 838 | 8 132 |
| 11.Insurance benefits (net) | –1 197 103 | –956 973 |
| Carryover | 371 804 | 368 468 |
| in € thousands | 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
|---|---|---|
| Carryover | 371 804 | 368 468 |
| Personnel expenses | –152 358 | –155 203 |
| Materials costs | –110 604 | –103 020 |
| Depreciation/amortisation | –14 385 | –16 125 |
| 12.General administrative expenses | –277 347 | –274 348 |
| Other operating income | 44 229 | 56 694 |
| Other operating expense | –41 048 | –57 138 |
| 13.Net other operating expense | 3 181 | –444 |
| 14.C o n s o l i d a t e d 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 operations |
97 638 | 93 676 |
| 15.Income taxes | –28 158 | –31 062 |
| 16.Consolidated net profit | 69 480 | 62 614 |
| Result attributable to shareholders of W&W AG | 69 470 | 62 444 |
| Result attributable to non-controlling interests | 10 | 170 |
| 17.Basic (= diluted) earnings per share, in € | 0.74 | 0.67 |
| Thereof from continued operations, in € | 0.74 | 0.67 |
| in € thousands | 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
|---|---|---|
| Consolidated net profit | 69 480 | 62 614 |
| Other comprehensive income | ||
| Elements not reclassified to the consolidated income statement: | ||
| Actuarial gains/losses (–) from defined-benefit plans (gross) | 79 047 | –10 773 |
| Provision for deferred premium refunds | –6 446 | 4 497 |
| Deferred taxes | –22 199 | 1 919 |
| Actuarial gains/losses (–) from defined-benefit plans (net) | 50 402 | –4 357 |
| Elements subsequently reclassified to the consolidated income statement: | ||
| Unrealised gains/losses (–) from financial assets available for sale (gross) | –378 844 | 664 795 |
| Provision for deferred premium refunds | 227 870 | –401 704 |
| Deferred taxes | 46 184 | –79 756 |
| Unrealised gains/losses (–) from financial assets available for sale (net) | –104 790 | 183 335 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (gross) | –370 | 895 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | 6 | –14 |
| Unrealised gains/losses (–) from financial assets accounted for using the equity method (net) | –364 | 881 |
| in € thousands | 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
|---|---|---|
| Unrealised gains/losses (–) from cash flow hedges (gross) | –1 717 | –16 080 |
| Provision for deferred premium refunds | — | — |
| Deferred taxes | 525 | 4 917 |
| Unrealised gains/losses (–) from cash flow hedges (net) | –1 192 | –11 163 |
| Currency translation differences of economically independent foreign units | –70 | 1 033 |
| Total other comprehensive income, gross | –301 954 | 639 870 |
| Total provision for deferred premium refunds | 221 424 | –397 207 |
| Total deferred taxes | 24 516 | –72 934 |
| Total other comprehensive income, net | –56 014 | 169 729 |
| 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 | 13 465 | 232 343 |
| Attributable to shareholders of W&W AG | 14 742 | 229 901 |
| Attributable to non-controlling interests | –1 277 | 2 442 |
| Home Loan and Savings Bank |
Life and Health Insurance | ||||
|---|---|---|---|---|---|
| in € thousands | 1/1/2017 to 1/1/2016 to 31/3/2017 31/3/2016 |
1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
||
| 1. Net income from financial assets available for sale | 80 314 | 31 251 | 224 378 | 86 652 | |
| 2. Net income from financial assets accounted for using the equity method | — | — | 36 | 27 | |
| 3. Net income from financial assets/liabilities at fair value through profit or loss | –2 612 | –9 463 | 65 863 | 2 221 | |
| 4. Net income from hedges | –248 | 51 843 | — | — | |
| 5. Net income from receivables, liabilities and subordinated capital | 59 407 | 39 964 | 247 190 | 200 042 | |
| 6. Net income from risk provision | –4 859 | 641 | 943 | 471 | |
| 7. Net financial result | 132 002 | 114 236 | 538 410 | 289 413 | |
| 8. Net income from investment property | — | — | 22 231 | 11 339 | |
| 9. Net commission income | –2 758 | –4 957 | –31 894 | –35 965 | |
| 10.Earned premiums (net) | — | — | 548 573 | 609 733 | |
| 11.Insurance benefits (net) | — | — | –1 006 073 | –787 631 | |
| 12.General administrative expenses3 | –95 524 | –99 327 | –58 687 | –59 789 | |
| 13.Net other operating income | –757 | 7 056 | –8 811 | –21 175 | |
| 14. 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 operations |
32 963 | 17 008 | 3 749 | 5 925 | |
| 15.Income taxes | –12 887 | –6 944 | –2 362 | –2 348 | |
| 16. Segment net income after taxes | 20 076 | 10 064 | 1 387 | 3 577 |
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.
| Property/Casualty Insurance |
Total for reportable seg ments |
All other segments1 | Consolidation/ reconciliation2 |
Group | |||||
|---|---|---|---|---|---|---|---|---|---|
| 1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
1/1/2017 to 31/3/2017 |
1/1/2016 to 31/3/2016 |
| 22 243 | –12 749 | 326 935 | 105 154 | 69 608 | 80 431 | –68 221 | –70 051 | 328 322 | 115 534 |
| 36 | 27 | 72 | 54 | 586 | 246 | — | — | 658 | 300 |
| 750 | 9 440 | 64 001 | 2 198 | 1 878 | –2 742 | — | 1 142 | 65 879 | 598 |
| — | — | –248 | 51 843 | — | — | — | — | –248 | 51 843 |
| –9 470 | 782 | 297 127 | 240 788 | 6 684 | –424 | 4 879 | 5 766 | 308 690 | 246 130 |
| –315 | –304 | –4 231 | 808 | –1 186 | –1 439 | — | — | –5 417 | –631 |
| 13 244 | –2 804 | 683 656 | 400 845 | 77 570 | 76 072 | –63 342 | –63 143 | 697 884 | 413 774 |
| 497 | 455 | 22 728 | 11 794 | 148 | 68 | 618 | 648 | 23 494 | 12 510 |
| –49 762 | –42 929 | –84 414 | –83 851 | –14 024 | –15 780 | –546 | 3 127 | –98 984 | –96 504 |
| 343 662 | 330 694 | 892 235 | 940 427 | 62 377 | 61 273 | –8 099 | –6 039 | 946 513 | 995 661 |
| –161 227 | –140 817 | –1 167 300 | –928 448 | –35 604 | –34 185 | 5 801 | 5 660 | –1 197 103 | –956 973 |
| –93 145 | –91 006 | –247 356 | –250 122 | –27 790 | –20 143 | –2 201 | –4 083 | –277 347 | –274 348 |
| 4 658 | 10 441 | –4 910 | –3 678 | 2 965 | 2 614 | 5 126 | 620 | 3 181 | –444 |
| 57 927 | 64 034 | 94 639 | 86 967 | 65 642 | 69 919 | –62 643 | –63 210 | 97 638 | 93 676 |
| –13 516 | –22 574 | –28 765 | –31 866 | –22 995 | –18 895 | 23 602 | 19 699 | –28 158 | –31 062 |
| 44 411 | 41 460 | 65 874 | 55 101 | 42 647 | 51 024 | –39 041 | –43 511 | 69 480 | 62 614 |
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
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
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