Wüstenrot & Württembergische AG
Annual Report 2023 W&W Group
27 March 2024
Agenda
W&W - Overview & Strategy
Group and Segment Developments 2023 Outlook
Appendix
W&W AG | Annual Report 2023 | 27 March 2024 Page 2
W&W - Overview & Strategy
Our business areas are supported by strong partners across the group
Segment Housing
- Everything around housing: home loan savings, financing, project planning, sales and brokerage
Segment Insurance
- Service insurer in the Life and Health as well as Property/Casualty lines.
- Adam Riese: Direct and broker brand for private customers
Service and Central Functions
- Group-wideservices around IT, investments, services and digitalization
# 2 | # 12 | # 10 |
Lebens- | Schaden- & | |
Bausparen1) | ||
versicherung2) | Unfallversicherung2) | |
6.5 Mio. customers, 6,500 employees, one common location in Kornwestheim: the W&W-Campus
Notes: 1) Comparison of Annual Reports German Bausparkassen, Gross new business by home loan savings. 2) GDV, Feb. 2024.
W&W AG | Annual Report 2023 | 27 March 2024 Page 3
W&W - Overview & Strategy
Excellent client base with growth potential
∼6.5m
Customers1
On average three contracts per customer
High client retention (low churn rate)
Solvent customer base
Increasing digital affinity
Note: 1) As of Feb. 2024.
W&W AG | Annual Report 2023 | 27 March 2024 Page 4
W&W - Overview & Strategy
The W&W Group pursues a multi-channel sales approach
Own sales channels | Partnerships and cooperations |
Insurances | |
3,000 tied agents | |
Banks and financial distributors | |
3,000 tied agents | |
Sales networks& Brokers | |
Over 20.000 | |
brokers | |
Direct channels | |
Parternships |
Comprehensive multi-channel distribution approach opens up access to 55 million customers
W&W AG | Annual Report 2023 | 27 March 2024 Page 5
W&W - Overview & Strategy
To the point: Sustainability goals of the W&W Group
E | S G | ||||
Capital | |||||
Customers | Own | ||||
Society | |||||
and | investments | ||||
operations | |||||
products | and refinancing | ||||
"Green" product lines and components in the business areas
Sustainable and resource-saving customer communication
13 May 2020
E | S | G | ||||
Employees | ||||||
Organisation | ||||||
awareness | Developing the future of | |||||
and | work and work culture | |||||
it across the | ||||||
Group | Increase employer | |||||
attractiveness and | ||||||
Expansion of | employee satisfaction | |||||
corporate | ||||||
governance | Promote diversity |
W&W Group is implementing these goals as part of a new sustainability strategy
W&W AG | Annual Report 2023 | 27 March 2024 Page 6
W&W - Overview & Strategy
W&W Group structure
Freefloat
21.33%
Wüstenrot
39.91% Holding AG
FS BW Holding GmbH 11.29%
27.47% | Wüstenrot Foundation indirectly |
holds 67.38%1 of W&W shares. | |
WS Holding AG |
Note: 1) Own shares are not taken into account due to insignificance.
W&W AG | Annual Report 2023 | 27 March 2024 Page 7
W&W - Overview & Strategy
The W&W AG share - stable and reliable dividend as a quality feature
W&W has a constant dividend level
4.87
4.21
4.06 | 3.93 | 3.68 |
3.36 | ||
3.23
2.78
3.74 | |||||||||||
2.49 | 2.74 | 2.65 | 2) | ||||||||
2.29 | 2.24 | 2.51 | |||||||||
1.48 | |||||||||||
0.60 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | ||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 1) | ||||
Earnings per share (EUR) | Dividend per share (EUR) | Dividend yield (%) | |||||||||
Notes: 1) Dividend proposal subject to approval by the general meeting. 2) Deviation in Q3/2023 due to first-time application effect of IFRS 17.
W&W AG | Annual Report 2023 | 27 March 2024 Page 8
W&W - Overview & Strategy
Current analyst recommendations at a glance
Analyst | Date | Recommendation | Comment |
Metzler | 23/11/01 | Buy | |
Price target: 22.00 EUR |
"Ironically, the profit warning might result in more generous dividends."
Montega | 23/12/07 | Buy | |
Price target: 23.00 EUR | |||
"After the forecast adjustment on October 25th, Q3 was in line with our expectations. Due to the | |||
fundamentally very favorable valuation, the solid equity base and the structurally intact business | |||
model, we confirm our buy recommendation and our price target." | |||
LBBW | 23/11/24 | Hold | |
Price target: 15.00 EUR | "The third quarter numbers were as weak as ever | ||
we do this after the profit warning from October 25th. had expected. However, its competitor Allianz has | |||
now also reported operating losses in the German property and casualty business this quarter, so that, | |||
contrary to our initial assumption, Württembergische's high claims burden does not appear to | |||
have predominantly company-specific causes." | |||
W&W AG | Annual Report 2023 | 27 March 2024 Page 9
Agenda
W&W - Overview & Strategy
Group and Segment Developments 2023
Outlook
Appendix
W&W AG | Annual Report 2023 | 27 March 2024 Page 10
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w&w - Wüstenrot & Württembergische AG published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2024 17:27:05 UTC.