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.
What happened: The Wüstenrot & Württembergische Group (W&W) reported a positive turnaround in the first half of 2025 with IFRS consolidated earnings of €91 million. This marks a clear improvement from the same period a year earlier, when IFRS consolidated earnings were negative at -€14 million.
Why it matters: The company attributes part of last year’s loss to unusually high storm damage that affected IFRS accounting in H1 2024. The stronger H1 2025 result positions the group to expect a significant year-on-year increase in IFRS consolidated earnings for the full 2025 year, subject to normal market conditions.
The W&W Group recorded growth across all main business divisions in the first half of 2025. The most notable movement was in lending for new construction, which rose sharply by 27.6% to €2.8 billion. Building savings contract volume in gross new business increased by 1.2% to €5.7 billion, while gross premiums written in property and personal accident insurance climbed by 5.3% to €1.9 billion.
In life and health insurance, gross premiums written also grew: life insurance rose by 5.1% to €889 million, and health insurance increased by 6.0% to €172 million.
Insurance underwriting performance improved materially under IFRS. The gross combined ratio fell to 83.8% in H1 2025, down from 104.7% in the same period of 2024, reflecting lower claims and improved expense and pricing dynamics.
W&W published the consolidated IFRS numbers for H1 2025. The separate financial statements prepared under the German Commercial Code (HGB) do not report earnings for the first half. For the full year 2025, W&W AG’s HGB earnings are forecast to be slightly above the level of the 2024 financial year, conditional on the absence of extraordinary loss events or major turbulence in capital and financial markets.
Management highlighted that the profit growth and the rise in new business reflect sustained customer demand for mortgage and savings solutions as well as insurance protection. The group is focusing on a mix of digital tools for straightforward transactions and personal advice for more complex topics, aiming to support customers through economic shifts and to help them plan finances and accumulate wealth independently.
Investor relations contact details were published alongside the results: phone +49 711/662-725252 and email ir@ww-ag.com. The results were released as a corporate announcement on 14 August 2025 at 08:19 CET/CEST from Kornwestheim.
Market watchers will likely focus on the group’s second-half performance and whether the improved underwriting results and lending growth continue. Full-year IFRS guidance was revised upward in tone, and HGB projections remain cautious but slightly positive, both depending on market stability and the absence of major loss events.
The group posted IFRS consolidated earnings of €91 million for the first half of 2025.
IFRS consolidated earnings for H1 2024 were -€14 million, so the H1 2025 result represents a clear turnaround.
Improved underwriting performance, growth across new business lines, and lower storm-related claims compared with last year contributed to the better result. The gross combined ratio improved to 83.8% in H1 2025 from 104.7% in H1 2024.
New construction lending increased by 27.6% to €2.8 billion. Building savings new business rose by 1.2% to €5.7 billion.
Yes. Gross premiums written in property and personal accident insurance rose by 5.3% to €1.9 billion. Life premiums increased by 5.1% to €889 million and health premiums by 6.0% to €172 million.
The group expects a significant year-on-year increase in IFRS consolidated earnings for the full 2025 year. HGB results for the full year are forecast to be slightly above 2024, conditional on no major loss events or market turbulence.
Investor relations contact: phone +49 711/662-725252; email ir@ww-ag.com.
| Metric | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| IFRS consolidated earnings | €91 million | -€14 million | Turnaround to profit |
| New construction lending | €2.8 billion | — | +27.6% |
| Building savings new business | €5.7 billion | — | +1.2% |
| Property & personal accident premiums | €1.9 billion | — | +5.3% |
| Life insurance premiums | €889 million | — | +5.1% |
| Health insurance premiums | €172 million | — | +6.0% |
| Gross combined ratio (IFRS) | 83.8% | 104.7% | Improved |
This report is based on a corporate announcement issued by the company on 14 August 2025 at 08:19 CET/CEST from Kornwestheim. Figures are presented on an IFRS basis where indicated. HGB figures for the first half are not reported.
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