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.
Key takeaway: The Wüstenrot & Württembergische Group (W&W) reported a strong first half of 2025 with IFRS consolidated earnings of €91 million, a sharp turnaround from a loss of €14 million in H1 2024. The group also recorded a large rise in new construction lending and a marked improvement in its insurance loss ratio.
The group’s IFRS consolidated profit for the first six months of 2025 reached €91 million, reversing the negative result seen in the same period last year. The prior-year result was weighed down notably by extensive storm damage that affected IFRS accounting. Management expects consolidated IFRS earnings for the full year 2025 to increase significantly compared with 2024, while separate financial statements under the German Commercial Code (HGB) for W&W AG are not reported for the half-year. For the full 2025 year under HGB, W&W AG forecasts earnings to finish slightly above the level recorded in 2024, provided there are no extraordinary loss events or major market turbulence.
W&W reported growth in new business in all core divisions during H1 2025. The company’s lending for new construction surged by 27.6%, reaching €2.8 billion. Gross new business in building savings contracts edged up by 1.2% to €5.7 billion. In the insurance side, gross premiums written in property and personal accident insurance rose by 5.3% to €1.9 billion.
On an IFRS basis, the group’s gross combined ratio improved notably to 83.8% in H1 2025, down from 104.7% in H1 2024. This shift signals lower net claims and expense pressures relative to premiums earned. In the life and health business, gross premiums written showed healthy increases: life insurance rose by 5.1% to €889 million, and health insurance climbed by 6.0% to €172 million.
The turnaround is tied to a mix of higher sales activity, stronger lending volumes, and better insurance underwriting results compared with the storm-impacted prior year. The group highlights the role of product innovation, service improvements, and a blend of digital tools with personal advice in meeting customer needs. Management views private and independent financial planning as an expanding area of customer demand.
W&W’s full-year guidance assumes no major loss events and reasonably stable capital and financial markets. Under those conditions, the company expects a significant year-on-year increase in IFRS consolidated earnings and a modest rise in HGB earnings for the group parent by year-end.
The corporate announcement notes that the issuer is solely responsible for the content of the release. Select market and reference data for the announcement were provided by external data services. Archive access and the original distribution channel are referenced in the company statement.
For investor relations: Phone +49 711/662-725252 or Email ir@ww-ag.com.
IFRS consolidated earnings for the first half of 2025 were €91 million.
New construction lending increased by 27.6% to €2.8 billion in H1 2025 compared with the same period in 2024.
The gross combined ratio improved to 83.8% on an IFRS basis in H1 2025, down from 104.7% in H1 2024.
The company expects a significant year-on-year increase in IFRS consolidated earnings for full-year 2025 and forecasts HGB earnings for W&W AG to be slightly above 2024, assuming no major loss events or market turbulence.
Investor relations can be reached by phone at +49 711/662-725252 or by email at ir@ww-ag.com.
| Feature | H1 2025 | H1 2024 (for comparison) |
|---|---|---|
| IFRS consolidated earnings | €91 million | −€14 million |
| New construction lending (gross) | €2.8 billion (+27.6%) | — |
| Building savings new business (gross) | €5.7 billion (+1.2%) | — |
| Property & personal accident premiums (gross) | €1.9 billion (+5.3%) | — |
| Gross combined ratio (IFRS) | 83.8% | 104.7% |
| Life insurance premiums (gross) | €889 million (+5.1%) | — |
| Health insurance premiums (gross) | €172 million (+6.0%) | — |
Note: Figures are taken from the company’s corporate announcement distributed on 14 August 2025. The issuer is solely responsible for the content of that announcement.
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