EQS-News

W&W Group makes very solid start to 2024 financial year

EQS-News: Wüstenrot & Württembergische AG / Key word(s): Quarterly / Interim Statement/Quarter Results W&W Group makes very solid start to 2024 financial year 17.05.2024 / 08:22 CET/CEST The issuer is solely responsible for the content of this announcement. Press information

Kornwestheim, 17 May 2024

W&W Group makes very solid start to 2024 financial year
 

 

• Consolidated net profit reaches EUR 51.1 million in first three months.
• New lending business in Housing segment rises by more than 24 per cent despite weak property markets.
• Good growth in new business with motor vehicles and retail customers.
• Strict cost management: general administrative expenses down 4 per cent.
• W&W Executive Board Chairman Jürgen A. Junker: “The W&W Group is operating successfully even in the current weak economic environment and despite some significant cost increases for claims adjustment.”

The Wüstenrot & Württembergische Group (W&W) posted further growth in new business in a weak economic environment in the first quarter of 2024. For example, new lending business for residential property financing increased by 24.4 per cent to EUR 1.04 billion despite the strained situation on the German property market. After the first three months of the year, the consolidated net profit under IFRS accounting was on target with EUR 51.1 million and was thus only EUR 13 million lower than in the same period of the previous year. This is a remarkable result, not least in view of the situation that can now be observed throughout the sector in property/casualty insurance, with significant cost increases for claims adjustment. At EUR 298.9 million, general administrative expenses in the Group were down almost 4 per cent on the previous year’s figure of EUR 310.5 million, reflecting the financial planning group’s strict cost management. The Executive Board has confirmed its current earnings guidance for 2024 as a whole.