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 an IFRS consolidated profit of €91 million for the first half of 2025, reversing a loss of €14 million in the same period a year earlier. The group also recorded sharp growth in lending for new construction and a marked improvement in its insurance loss ratio.
The H1 2025 IFRS result of €91 million follows a period in H1 2024 that was hit hard by extensive storm damage, which distorted the prior year’s IFRS accounting. W&W now expects a significant year-on-year rise in IFRS consolidated earnings for the full 2025 year compared with 2024.
On a business-activity level, lending for new construction financing rose 27.6% to €2.8 billion in H1 2025. Building savings contracts in gross new business inched up by 1.2% to €5.7 billion. In the property and personal accident insurance unit, gross premiums written climbed by 5.3% to €1.9 billion.
One of the most notable improvements was the gross combined ratio, which improved to 83.8% on an IFRS basis in H1 2025, compared with 104.7% in H1 2024. This means the group paid proportionally fewer claims and expenses relative to earned premiums than in the prior-year period.
Within life and health lines, gross premiums written for life insurance rose by 5.1% to €889 million, while health insurance increased by 6.0% to €172 million.
The company did not report earnings under the German Commercial Code (HGB) for the first half of the year. For the full 2025 financial year, W&W AG forecasts HGB earnings will be slightly above the 2024 level, provided there are no extraordinary loss events or major turbulence in capital and financial markets.
Company leadership attributes the better result to rising customer trust and growing demand across divisions. Management points to a mix of innovative products, continued service improvements, and a blend of digital solutions for routine matters together with personal advice for more complex needs as key factors behind the performance. The firm also emphasizes support for customers during difficult times and the increasing importance of private, independent financial planning and wealth accumulation.
The group recorded growth in new business across all divisions in the first half of 2025. Highlights include construction lending and building savings expansions, and steady premium growth in life and health lines. These trends suggest sustained customer activity in housing finance and a moderate rise in insurance demand.
Investor relations can be reached by phone at +49 711/662-725252 or by email at ir@ww-ag.com. The announcement was made via a corporate information release on 14 August 2025 at 08:19 CET/CEST. Market and reference data underlying parts of the release are provided by external market-data services.
The group reported an IFRS consolidated profit of €91 million for the first half of 2025.
In H1 2024 the group recorded an IFRS consolidated loss of €14 million, a period affected by high storm damage that impacted results.
Yes. New construction financing lending increased by 27.6% to €2.8 billion in H1 2025.
The gross combined ratio improved significantly to 83.8% in H1 2025 from 104.7% in H1 2024, indicating fewer claims and expense pressure relative to premiums earned.
W&W expects a significant year-on-year increase in IFRS consolidated earnings for the full 2025 year. HGB earnings for W&W AG for the full year are forecast to be slightly above 2024, assuming no major market shocks or extraordinary loss events.
Investor relations can be contacted at +49 711/662-725252 or ir@ww-ag.com.
| Metric | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| IFRS consolidated earnings | €91 million | −€14 million | Positive swing |
| New construction lending | €2.8 billion | — | +27.6% |
| Building savings gross new business | €5.7 billion | — | +1.2% |
| Gross premiums (PPA) | €1.9 billion | — | +5.3% |
| Gross combined ratio (IFRS) | 83.8% | 104.7% | Improved |
| Life insurance premiums | €889 million | — | +5.1% |
| Health insurance premiums | €172 million | — | +6.0% |
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