W&W Group Reports Strong Start to 2024 Despite Economic Challenges

The Wüstenrot & Württembergische Group (W&W) has announced a dynamic beginning to 2024, highlighting a successful adaptation to the current economic landscape. In the first quarter of the year, the group reported a consolidated net profit of EUR 51.1 million. This figure aligns closely with the company’s forecast, despite being EUR 13 million less than the previous year’s profit for the same period.

Notably, W&W achieved a significant increase of 24.4% in new residential property financing, totaling EUR 1.04 billion. This is particularly impressive given the downward pressure on the German property market. Moreover, the company managed a decrease in general administrative expenses by almost 4% year-over-year, pointing to effective cost management strategies.

Insurance operations also saw varied results, with a decline of 2.1% in new business at Württembergische Lebensversicherung due to lower single premiums, while property and casualty insurance experienced a growth of 5.1% in new business. Additionally, a notable rise in gross premiums written was reported, which exceeded market growth.

The overall positive performance in the face of rising claim costs and a challenging macroeconomic environment has led the W&W Board to reaffirm their earnings guidance for the remainder of 2024. The group anticipates its full-year consolidated net profit to surpass last year’s EUR 140.5 million, yet remain below the target range of EUR 220 to EUR 250 million.