W&W Group Enhances Market Position Amid Economic Challenges in 2023

Wüstenrot & Württembergische AG (W&W Group) reported a successful financial year in 2023, achieving substantial growth in key sectors despite a challenging economic climate. The group saw significant advancements in Wüstenrot Bausparkasse AG and Württembergische's property and life insurance segments, surpassing market averages.

The company announced a 10% increase in HGB profit to EUR 131.7 million, maintaining its dividend payout at EUR 0.65 per share. This translates to EUR 61 million in dividends to shareholders. Furthermore, W&W Group recorded a consolidated net profit of EUR 140.5 million under IFRS accounting standards, meeting its updated forecast.

Despite external pressures from political instability and severe weather events, the group experienced robust new business growth, showcasing the resilience and appeal of its offerings to over 6.5 million customers. CEO Jürgen A. Junker highlighted the adverse impact of reinsurance pricing and workshop cost surges on policyholders but reaffirmed the group's commitment to customer service and digital transformation.

Significant achievements include Wüstenrot Bausparkasse AG's historic growth in net new business and Württembergische's insurance divisions experiencing substantial new business and customer base expansions. The group anticipates a favorable outlook for 2024, with expected increases in consolidated net profit, albeit below the medium to long-term target range.