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 posts strong H1 results, driven by lending growth and lower insurance losses
Wüstenrot & Württembergische Group (W&W) reported consolidated IFRS earnings of €91 million for the first half of 2025, a major turnaround from an IFRS loss of €14 million in the same period last year. The group described the period as a successful first half of 2025, citing higher lending volumes, rising insurance premiums and a marked improvement in underwriting performance.
Top-line numbers — quick summary
The most important numbers for H1 2025: consolidated IFRS profit €91 million; new construction financing up 27.6% to €2.8 billion; gross combined ratio improved to 83.8% from 104.7% the prior year (IFRS); and gross new building savings business up 1.2% to €5.7 billion. Gross premiums in property and personal accident rose 5.3% to €1.9 billion, while life and health premiums also increased.
Why results improved
Improved earnings reflect several factors. The prior-year period was hit by high storm damage that weighed on IFRS accounts. With fewer extraordinary loss events this year, underwriting performance improved and the group’s gross combined ratio fell below 100% to 83.8%, indicating that insurance operations returned to profitability on an underwriting basis.
At the same time, lending and savings products showed strong customer demand. New construction lending rose sharply by 27.6% to €2.8 billion, while building savings contract volume in gross new business climbed to €5.7 billion. Life insurance gross premiums increased by 5.1% to €889 million, and health insurance premiums went up 6.0% to €172 million.
Outlook and accounting notes
The group expects a significant year-on-year increase in IFRS consolidated earnings for the full 2025 year, based on current trends and the absence of major loss events. Separate financial statements under the German Commercial Code (HGB) are not reported for the first half of the year. W&W AG forecasts HGB earnings for the full year 2025 to be slightly above the level seen in 2024, provided there are no extraordinary losses or major market turbulence.
Business mix and customer approach
All main business divisions contributed to growth in new business during the first half. The uptick in construction financing and building savings reflects persistent demand for homeowner financing and long-term saving products. In property and personal accident lines, premium growth and a lower combined ratio signal improved underwriting outcomes and cost control.
Management view (paraphrased)
Company leadership pointed to strong profit growth, expanding new business and rising customer trust as central themes behind the results. Management attributes progress to a mix of product innovation, better service and a balance between digital solutions and personal advice for more complex issues. The firm emphasized the growing importance of independent private financial planning and long-term wealth building for customers.
Contacts and reporting
Investor relations contact: Phone +49 711/662-725252, Email ir@ww-ag.com. This corporate news was transmitted via a regulatory distribution service and contains select market and reference data from external data providers.
Key figures (H1 2025 vs H1 2024)
- IFRS consolidated earnings: €91m (H1 2025) vs €-14m (H1 2024)
- New construction financing: €2.8bn, +27.6%
- Building savings gross new business: €5.7bn, +1.2%
- Gross premiums — Property & Personal Accident: €1.9bn, +5.3%
- Gross combined ratio (IFRS): 83.8% (H1 2025) vs 104.7% (H1 2024)
- Life insurance premiums: €889m, +5.1%
- Health insurance premiums: €172m, +6.0%
FAQ
What drove the turnaround to a €91 million IFRS profit?
Lower storm-related insurance losses compared with the same period last year, stronger lending volumes, higher insurance premiums and improved underwriting performance combined to lift results.
How big was the increase in new construction lending?
New construction financing grew by 27.6% to €2.8 billion in the first half of 2025.
What does the improved gross combined ratio mean?
The gross combined ratio measures underwriting performance. A fall from 104.7% to 83.8% signals that insurance operations moved from a loss-making underwriting position into profitability before investment income.
Are HGB earnings available for H1 2025?
No. HGB (German Commercial Code) earnings for the first half are not reported. The company forecasts HGB earnings for full-year 2025 to be slightly above 2024, assuming no extraordinary losses or severe market disruption.
Where can I get more details?
Investor relations can be reached by phone at +49 711/662-725252 or by email at ir@ww-ag.com. Official announcements and regulatory filings are available through the company’s corporate distribution channels.
Table — Key features at a glance
| Metric | H1 2025 | H1 2024 (for comparison) | Change |
|---|---|---|---|
| IFRS consolidated earnings | €91 million | €-14 million | Significant improvement |
| New construction financing | €2.8 billion | — | +27.6% |
| Building savings (gross new business) | €5.7 billion | — | +1.2% |
| Gross combined ratio (IFRS) | 83.8% | 104.7% | Improved by ~21 points |
| Property & PA premiums | €1.9 billion | — | +5.3% |
| Life premiums | €889 million | — | +5.1% |
| Health premiums | €172 million | — | +6.0% |
Source: Corporate announcement issued 14.08.2025, 08:19 CET/CEST. The issuer is solely responsible for the content of the announcement. Select market and reference data provided by third-party services.
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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