W&W Group Maintains Course Despite High Claims Costs

The Wüstenrot & Württembergische Group (W&W) reported growth in key areas during the first half of 2024, despite a challenging market environment. New business in building loans surged by 18.4%, surpassing overall sector performance. The Property/Casualty Insurance segment also saw positive developments.

However, financial performance under IFRS was heavily impacted by major natural disasters, including storm "Orinoco" in June, resulting in a consolidated net loss of EUR -14 million. Despite these setbacks, W&W AG's HGB-compliant earnings remained stable.

CEO Jürgen A. Junker emphasized the group's resilience and operational stability in a volatile market. Measures to support customers affected by natural disasters were also highlighted. Rising claim costs and changes to reinsurers' policies continue to pose challenges.

Overall, W&W adjusted its earnings forecast for 2024, anticipating net profit to fall significantly below the previous year's figure of EUR 141 million under IFRS accounting.