Annual Report 2023
Wüstenrot & Württembergische AG
This is a translation of the German
Annual Report. In case of any
divergences, the German original is legally binding.
Wüstenrot & Württembergische AG
Overview of key figures of W&W Group (according to IFRS)
Consolidated statement of financial position | .. | .. | |||||||
Total assets | in | billion | . | . | |||||
Capital investments | in | billion | . | . | |||||
Senior debenture bonds and registered bonds | in | billion | . | . | |||||
Senior fixed-income securities | in | billion | . | . | |||||
Building loans | in | billion | . | . | |||||
Liabilities to customers | in | billion | . | . | |||||
Technical liabilities | in | billion | . | . | |||||
Equity | in | billion | . | . | |||||
Equity per share | in | . | . | ||||||
Consolidated income statement | .. to | .. to | |||||||
.. | .. | ||||||||
Total net financial result | in | million | . | . | |||||
Technical result | in | million | . | . | |||||
Earnings before income taxes from continued operations | in | million | . | . | |||||
Consolidated net profit | in | million | . | . | |||||
Total comprehensive income | in | million | . | -. | |||||
Earnings per share | in | . | . | ||||||
Other disclosures | .. | .. | |||||||
Employees (full-time equivalent head count) | , | , | |||||||
Employees (number of employment contracts) | , | , | |||||||
Key sales figures | .. to | .. to | |||||||
.. | .. | ||||||||
Housing segment | |||||||||
New business volume | ,. | ,. | |||||||
(new lending and home loan savings business) | in | million | |||||||
Life and Health Insurance segment | |||||||||
Total premiums in new life insurance business | in | million | ,. | ,. | |||||
Property/Casualty Insurance segment | |||||||||
Annual contribution to the portfolio (new and replacement business) | in | million | . | . | |||||
W&W AG (according tot he German Commercial Code)
.. bis | .. bis | ||||||
.. | .. | ||||||
Net income | in million | . | . | ||||
Dividend per share | in | . | . | ||||
Share price at year-end | in | . | . | ||||
Market capitalisation at year-end | in million | ,. | ,. | ||||
Subject to approval by the Annual General Meeting .
Financial calendar
Annual General Meeting
Annual General MeetingTuesday, May
Financial reports
Annual Report | Wednesday, March | |
Interim management statement as at March | Friday, | May |
Interim management report as at June | Friday, | August |
Interim management statement as at September | Fri day, | November |
Wüstenrot & Württembergische AG Contents
Letter to shareholders
Management Board
Supervisory Board
Combined Management Report
Group fundamentals Business report Opportunity and risk report Outlook
Other disclosures
Declaration on Corporate Management/Corporate governance
Report on equality and equal remuneration pursuant to the German Transparency in Remuneration Act (EntgTransG)
Consolidated Financial Statements of W&W Group (IFRS)
Consolidated balance sheet
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of changes in equity
Consolidated cash flow statement
Notes to the consolidated financial statements
Responsibility statement
Auditor's report
Financial statements of the W&W AG (German Commercial Code)
Balance sheet
Income statement
Notes
Responsibility statement
Auditor's report
Report of the Supervisory Board
Non-Financial Report
Glossary
Letter to shareholders W&W AG
Jürgen A. Junker, Chairman
of the Executive Board
"Even in a tough environment, W&W is innovative, customer-focused and resilient"
Dear shareholders,
Wüstenrot & Württembergische, your company, is looking back on an eventful and challenging 2023 financial year. We made good, and in some cases very good, progress on everything that we were able to influence our- selves. This applies first and foremost to our new busi- ness, which posted significant growth - well above the market average in some cases. In particular, new home loan savings business (gross), motor vehicles and corporate customers as well as our digital brand Adam Riese, which seamlessly continued its years-long growth trajec- tory, kept growing significantly in a difficult and highly competitive market.
In 2023, we once again gained new customers for the W&W Group and strengthened our ties with many existing customers. We further intensified business relation- ships, including some very long-standing ones, and our market shares increased again almost everywhere. In operating terms, we can be very pleased with what the company and our employees have achieved.
This certainly was not something that could be taken for granted given the difficult conditions under which our Group had to operate: the considerable uncertainty and strain on many consumers due to the global crises and continued high inflation in 2023; the significantly gloomier macroeconomic situation, not least in new housing construction; the sharp rise in the cost of living; and certainly also the too often unclear political frame- work. The fact that we managed to continue, and in some cases even accelerate, our operational upward trend in an environment like this demonstrates the resilience and toughness that characterise the W&W Group. It is the result of our clear path of emphasizing customer
focus, digital transformation and cost efficiency that we have been pursuing for years.
This resilience also allowed us to handle the accounting impact of the significant claims costs in the past financial year, which arose in the third quarter especially and had not been predictable to this extent. In particular, these included an unusual accumulation of claims relating to natural disasters as a result of storms, along with significantly higher costs for settling motor vehicle claims, partly due to inflation. We therefore lowered our earnings guidance for the W&W Group at the end of October in line with the IFRS accounting rules. At €140 million, the consolidated net profit under IFRS accounting was within the adjusted target range of €130 million to €160 million in the end, although it fell below the range of €220 million to €250 million that we aim for on a sustained basis.
The situation was different under HGB accounting: In the individual financial statements in accordance with German commercial law, we even exceeded the original forecast with net profit of €131,7 million. This is important not least because it enables us to ensure dividend continuity for 2023, too - a principle that is and has always been important to us in the interests of reliability towards you, our shareholders. The Executive Board and the Supervisory Board will therefore propose the distribution of a dividend of €0.65 per share, as in the previous years, to the Annual General Meeting of W&W AG on 14 May 2024.
The good results for 2023 were first and foremost thanks to the people who work at our company on a daily basis with our customers' interests in mind. I would therefore like to warmly thank all the employees for their impressive contribution to the company's success.
Wüstenrot & Württembergische AG | Letter to shareholders |5
Ladies and Gentlemen,
The challenges for our sector will not lessen in the
current financial year, either. It is particularly important here to recognise that our customers' lives and planning are currently changing significantly and at a fast pace.
The weak economic environment, continued high energy prices, the constantly shifting political framework and the effects of the rapid turnaround in interest rates are causing many people to worry about their own financial future. It is precisely in such times of change and uncertainty that customers seek guidance and support with all their financial planning needs. And in precisely such situations, we at W&W are called upon - to provide advice and support and be a reliable partner when it comes to helping and settling claims quickly if the worst happens.
This also includes providing a comprehensive range of information and products for our core areas of housing and insurance, both digitally and in person. In this re- spect, a lot has already been done in the past few years. Wüstenrot now offers comprehensive information and advice on all issues relating to housing. The same applies to the Württembergische insurance companies when it comes to providing cover against all major risks and in all areas of life.
But we can live up to our ambitions only if we attract skilled and committed employees to the W&W Group in the future, too. We are very pleased that the Group continues to display comparatively low employee turnover and a high level of employee satisfaction. An attractive work environment also contributes to this: After years of construction work, almost all Group companies have now been located in one place, our new campus in Korn- westheim, since 2023 for the first time in the company's history. This state-of-the-art workplace, combined with modern working arrangements and a flexible approach to remote working, enhances the W&W Group's appeal as an employer and thus our future viability.
Dear shareholders,
We anticipate a continued modest economic outlook for the Germany economy in the current financial year; Deutsche Bundesbank is forecasting an increase in gross domestic product of just 0.4% in real terms. And even this low figure seems rather uncertain. Although there are signs of a sustained decrease in inflation, it is likely to remain considerably above the target of 2% pursued at a monetary policy level. A real turnaround in demand on the property and housing market cannot yet be seen, although at the beginning of 2024 experts as-
sumed that the rise in construction interest rates had reached or even passed its peak.
In this environment, the W&W Group will act prudently but with due self-confidence. We are a strong group that has demonstrated often enough in the past few years, not least with its move into a digital future, that it can perform better than the sector as a whole. We aim to gain new customers again 2024 and build on existing customer relationships. To this end, we are willing and able to keep using our own resources to make substantial investments in products, processes and not least in our employees. We still see major opportunities in digitalisation, especially when it comes to enhancing service for our customers. At the same time, we can thereby free up our customer advisors to develop more clout on the market and focus on providing discerning advice to customers. We will also continue to pursue a risk-conscious underwriting policy, including in view of significantly changed policies on the part of reinsurers, to which we have adapted.
Provided there is no turbulence on the capital and financial markets or other events with a significant impact on the W&W Group, we expect consolidated net profit for 2024 to exceed the level of the 2023 financial year but fall below the target range of €220 million to €250 mil- lion. For the individual financial statements in accordance with HGB, we are confirming our ambition of around €130 million, combined with the goal of ongoing dividend continuity.
Even in a tough economic environment, the W&W Group stands for innovation, customer proximity and resilience. We will keep working with commitment, passion and a clear strategic direction to convince our customers of our performance each and every day and guide the W&W Group to a stable future.
Sincerely yours,
Jürgen A. Junker,
Chairman of the Executive Board
6 | Wüstenrot & Württembergische AG | Executive Board
Our Management Board
Together to the future
The W&W Group has separated its activities into two divisions: Housing and Insurance. At Group level management and service entities as well as overall digitalization topics are managed. The Executive Board of W&W AG and the heads of the divisions form the Management Board, which serves as the central steering entity of the W&W Group.
Wüstenrot & Württembergische AG | Executive Board |7
Jürgen A. Junker | Bernd Hertweck |
CEO of the | Head of Housing Division |
W&W Executive Board | Chairman of the Executive Board of |
Corporate Legal | Wüstenrot Bausparkasse AG |
Audit | |
Communication | |
Strategy |
Alexander Mayer | Zeliha Hanning |
CFO of the | Head of Insurance Division |
W&W Executive Board | Chairwoman of the Executive Board of |
Capital Investments | Württembergische Versicherung AG and |
Accounting | Member of the Executive Board of |
Württembergische | |
Lebensversicherung AG |
Jürgen Steffan | Jacques Wasserfall |
CRO of the | Head of Insurance Division |
W&W Executive Board | Chairman of the Executive Board of |
Human Resources | Württembergische Lebensversicherung |
Controlling | AG and of the Executive Board of |
Risk management | Württembergische |
Compliance | Krankenversicherung AG |
Jens Wieland
CIO of the
W&W Executive Board
IT
8 | Wüstenrot & Württembergische AG | Supervisory Board
Our Supervisory Board
Dr. Michael Gutjahr
Chairman
Former Chairman of the Executive Board
Wüstenrot & Württembergische AG
Wüstenrot Bausparkasse AG
Württembergische Versicherung AG
Württembergische Lebensversicherung AG
Frank Weber1
Deputy Chairman
Chairman of the Works Council
Württembergische Versicherung AG/Württembergische Lebensversicherung AG, Karlsruhe site
Chairman of the Group Works Council
Jutta Eberle1
Insurance Employee
Württembergische Versicherung AG
Dr. Frank Ellenbürger
Auditor and tax consultant
Prof. Dr. Nadine Gatzert
Chair of Insurance Economics and Risk management at the Erlangen-NürnbergFriedrich-Alexander-university
Dr. Reiner Hagemann
Former Chairman of the Executive Board
Allianz Versicherungs-AG
Former Member of the Executive Board
Allianz AG
Jochen Höpken1
Task Group Chairman
Vereinte Dienstleistungsgewerkschaft ver.di
Ute Kinzinger1
Chairwoman of the Works Council
W&W Informatik GmbH
1 Employee representatives.
Corinna Linner
Linner Wirtschaftsprüfung
Bernd Mader1
Head of Customerservice and Operations Württembergische Versicherung AG
Andreas Rothbauer1
Chairman of the Works Council
Wüstenrot Bausparkasse AG, Ludwigsburg site
Dr. Wolfgang Salzberger
Chief Financial Officer (CFO) and
Member of the Board ATON GmbH
Wüstenrot & Württembergische AG | Supervisory Board |9
Christoph Seeger1
Chairman of the Group Works Council
Wüstenrot Bausparkasse AG
Jutta Stöcker
Former Member of the Executive Board
RheinLand-Versicherungsgruppe
Susanne Ulshöfer1
Member of the Works Council
Wüstenrot Bausparkasse AG, Ludwigsburg site
Edith Weymayr
Member of the Executive Board
Landeskreditbank Baden-Württemberg - Förderbank (L-Bank)
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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 16:03:01 UTC.