Reports and charts illustrating W&W Group's IFRS profit turnaround and surge in construction lending.
Kornwestheim, August 14, 2025
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.
Wüstenrot & Württembergische Group (W&W) reported a return to profitability in the first half of 2025, delivering an IFRS consolidated profit of €91 million. This marks a swing from an IFRS loss of €14 million in the same period a year earlier, when heavy storm damage had a major effect on results.
The group recorded broad-based growth across divisions in H1 2025. New construction financing lending rose by 27.6% to €2.8 billion, underlining stronger lending activity in the first six months. Building savings contract volume in gross new business grew by 1.2% to €5.7 billion. Gross premiums written in property and personal accident insurance increased by 5.3% to €1.9 billion.
Life and health business also expanded: gross written premiums for life insurance climbed by 5.1% to €889 million, while health insurance premiums rose by 6.0% to €172 million. The group’s insurance underwriting performance improved notably, with the gross combined ratio improving to 83.8% on an IFRS basis, down from 104.7% in H1 2024.
The company expects a notable year-on-year increase in IFRS consolidated earnings for the full 2025 financial year. The separate financial statements under the German Commercial Code (HGB) for W&W AG are not reported for the first half; the group forecasts HGB earnings for the full year 2025 to be slightly above the 2024 level, on the assumption that no extraordinary loss events occur and capital and financial markets remain reasonably stable.
Management described the performance as reflecting growing customer trust and the group’s combined approach of product innovation, improved service and a balance of digital solutions with in-person advisory for complex needs. The company also emphasized the rising importance of private and independent financial planning and wealth accumulation for customers in a changing economic environment. The firm cited competence, fairness and customer proximity as central to its business model.
The prior-year H1 2024 results were weighed down by high storm-related losses, which affected IFRS figures. The improvement in underwriting (as shown by the lower gross combined ratio) and increased lending volumes were the main drivers of the stronger first-half result in 2025. New business growth across building savings, life and health premiums contributed to broader revenue momentum.
Investor relations contact: Phone +49 711/662-725252; Email: ir@ww-ag.com.
This summary is based on the company’s corporate announcement disclosed on 14 August 2025 at 08:19 CET/CEST from Kornwestheim. The issuer is responsible for the content of the announcement.
IFRS consolidated profit is the net result reported under International Financial Reporting Standards for the entire group, after aggregating profits and losses of all subsidiaries and removing internal transactions.
H1 2024 was affected by high storm damage, which led to increased claims and higher costs recorded under IFRS accounting, reducing consolidated earnings in that period.
The gross combined ratio measures underwriting profitability for insurance operations. A ratio below 100% indicates underwriting profit; improving from 104.7% to 83.8% shows a significant turnaround in underwriting results.
Expansion in lending reflects stronger loan demand for new construction and the company’s capacity to originate and manage mortgage and construction finance products. New construction lending rose by 27.6% to €2.8 billion in H1 2025.
No. HGB earnings for W&W AG are not reported for the first half. The company provided a full-year HGB forecast, expecting results slightly above 2024 if no major loss events occur and markets remain stable.
The company’s full corporate announcement released on 14 August 2025 contains detailed financial statements and explanations. Investor relations can provide access to the full release upon request via the contact details above.
| Metric | H1 2025 | Year-on-year change | Notes |
|---|---|---|---|
| IFRS consolidated earnings | €91 million | Improved from -€14 million | Recovery after storm-related losses in prior year |
| New construction financing lending | €2.8 billion | +27.6% | Strong lending growth |
| Building savings – gross new business | €5.7 billion | +1.2% | Moderate growth in building savings contracts |
| Property & personal accident premiums (gross) | €1.9 billion | +5.3% | Premium growth across portfolio |
| Life insurance premiums (gross) | €889 million | +5.1% | Growth in life business |
| Health insurance premiums (gross) | €172 million | +6.0% | Improved health premium intake |
| Gross combined ratio (IFRS) | 83.8% | Improved from 104.7% | Significant underwriting improvement |
Note: Figures and forecasts are taken from the company’s corporate announcement dated 14 August 2025. HGB interim figures were not published for H1 2025. Full-year forecasts assume no extraordinary loss events or major market turbulence.
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