Kornwestheim, August 14, 2025
News Summary
Wüstenrot & Württembergische (W&W) reported a strong turnaround with IFRS consolidated earnings of €91 million for the first half, reversing a prior loss. All main business divisions grew, led by a 27.6% surge in new construction lending to €2.8 billion. Building savings and insurance premiums also rose, while underwriting improved markedly as the gross combined ratio fell to 83.8%. Management credits lower storm claims, better pricing and expense management, and sustained customer demand for mortgage and savings solutions. The group signalled an improved full-year IFRS outlook while HGB projections remain cautiously positive.
Kornwestheim, 14 August 2025 — W&W Group posts strong IFRS profit and sees construction lending surge
Wüstenrot & Württembergische Group (W&W) reported a marked recovery in the first half of 2025, posting IFRS consolidated earnings of €91 million for H1 2025, up from a loss of €14 million in the same period a year earlier. The result is supported by broad-based growth across the group and a sharp improvement in underwriting performance.
Key numbers up front
The group recorded several notable moves in the first six months of 2025:
- IFRS consolidated earnings: €91 million in H1 2025 (H1 2024: -€14 million).
- New construction financing lending: +27.6% to €2.8 billion.
- Building savings contract volume (gross new business): +1.2% to €5.7 billion.
- Gross premiums written — property & personal accident: +5.3% to €1.9 billion.
- Gross combined ratio (IFRS): improved to 83.8% from 104.7% a year earlier.
- Life and health gross premiums written: life +5.1% to €889 million; health +6.0% to €172 million.
Why the turnaround
The prior year’s first half was negatively affected by exceptionally high storm damage, which materially impacted IFRS accounting and pushed the group into an IFRS loss in H1 2024. The 2025 half-year shows a recovery driven by lower claims severity, higher premium income across divisions, and a rebound in lending activity tied to construction finance.
Business development and customer trends
All business divisions reported growth in new business in H1 2025. The most pronounced expansion came in new construction financing, where lending volumes rose more than a quarter year-on-year. Building savings and life and health premiums also increased, indicating steady demand from retail clients for housing finance and protection products.
Underwriting and profitability
The gross combined ratio moved substantially below 100%, settling at 83.8% for the half-year, a strong improvement compared with 104.7% in H1 2024. This shift reflects both reduced claims pressure and improved operational performance in the property and casualty segments.
Outlook and accounting frameworks
W&W expects a significant year-on-year increase in IFRS consolidated earnings for the full 2025 year. Separate financial statements under the German Commercial Code (HGB) for W&W AG are not presented for the half‑year, but the group forecasts HGB earnings for full-year 2025 to be slightly above the 2024 level. That HGB forecast is explicitly conditional on the absence of extraordinary loss events or major turbulence in capital and financial markets.
Management view and customer focus
Company leadership points to rising customer trust as a driver of the result, citing a mix of innovative products, improved service, and a strategy that combines digital tools for routine processes with in-depth personal advice for more complex matters. Management sees growing public interest in private and independent financial planning, treating that trend as an opportunity to support customers through economic shifts.
Administrative and contact details
The announcement was issued from Kornwestheim on 14 August 2025 at 08:19 CET/CEST. The issuer is solely responsible for the content of the release. Contact for investor relations is available by phone at +49 711/662-725252 and by email at ir@ww-ag.com. Select market data for the release were provided by third-party services and archives of the corporate announcement are available through the distribution service used for dissemination.
Notes and context
The half-year figures provide a mid‑year snapshot and reflect IFRS accounting conventions. The previous year’s significant storm damage remains the principal reason for the negative comparison base. Forward-looking forecasts are subject to normal market and operational risks.
FAQ
What are the group’s IFRS consolidated earnings for H1 2025?
The W&W Group reported IFRS consolidated earnings of €91 million for the first half of 2025.
How does this compare to H1 2024?
The result improves markedly from H1 2024, when IFRS consolidated earnings were -€14 million. The prior period was affected by high storm damage that increased claims and cost.
Which business areas drove growth?
Key drivers were a strong increase in new construction financing (+27.6% to €2.8 billion), growth in building savings contracts, and higher gross premiums in property, personal accident, life and health insurance.
What does the gross combined ratio indicate?
The gross combined ratio fell to 83.8% in H1 2025, indicating underwriting profitability in the property and casualty segment compared with 104.7% in H1 2024.
What guidance has the group given for the rest of 2025?
The group expects a significant year-on-year increase in IFRS consolidated earnings for the full year 2025. HGB earnings for W&W AG are forecast to be slightly above the 2024 level, assuming no extraordinary loss events or significant market turmoil.
How can I contact investor relations?
Investor relations can be reached at +49 711/662-725252 or by email at ir@ww-ag.com.
Quick reference table — Key H1 2025 figures
| Metric | H1 2025 | Change vs H1 2024 |
|---|---|---|
| IFRS consolidated earnings | €91 million | From -€14 million |
| New construction financing lending | €2.8 billion | +27.6% |
| Building savings (gross new business) | €5.7 billion | +1.2% |
| Gross premiums — property & personal accident | €1.9 billion | +5.3% |
| Life (gross premiums written) | €889 million | +5.1% |
| Health (gross premiums written) | €172 million | +6.0% |
| Gross combined ratio (IFRS) | 83.8% | From 104.7% |
Source: Corporate announcement disseminated 14.08.2025 at 08:19 CET/CEST. The issuer is solely responsible for the content of the announcement. Select market and reference data supplied by external providers.
Deeper Dive: News & Info About This Topic
Additional Resources
- TradingView: W&W Group successful first half of 2025
- Wikipedia: Wüstenrot & Württembergische
- W&W AG: Corporate website
- Google Search: W&W Group H1 2025
- W&W Investor Relations
- Google Scholar: W&W Group IFRS
- W&W Newsroom / Press releases
- Encyclopedia Britannica: combined ratio (insurance)
- W&W Financial reports
- Google News: W&W Group H1 2025
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