Wuestenrot & Wuerttembergische Ag · XETR:WUW
Wuestenrot & Wuerttembergische — Wüstenrot & Württembergische — Q1 2024 Earnings Presentation
27 slides from Wuestenrot & Wuerttembergische's earnings presentation, May 17, 2024
Slide 1: Quarterly Statement Q1 2024 W&W Group
Wüstenrot & Württembergische AG Quarterly Statement Q1 2024 W&W Group 17 May 2024
Slide 2: Agenda
Agenda W&W – Overview & Strategy Group and Segment Developments Q1 2024 Outlook Appendix W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 2
Slide 3: Our business areas are supported by strong partners across the group
W&W – Overview & Strategy Our business areas are supported by strong partners across the group Segment Housing Segment Insurance Service and Central Functions Everything around housing: home Service insurer in the Life and Group-wide services around IT, loan savings, financing, project Health
Slide 4: Excellent client base with growth potential
W&W – Overview & Strategy Excellent client base with growth potential On average three contracts per customer ∼6.4m High client retention (low churn rate) Customers Solvent customer base Increasing digital affinity W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 4
Slide 5: The W&W Group pursues a multi-channel sales approach
W&W – Overview & Strategy The W&W Group pursues a multi-channel sales approach Own sales channels Partnerships and cooperations Insurances 3,000 tied agents Banks and financial distributors 3,000 tied agents Sales networks& Brokers Over 20.000 brokers Direct channels Parternships Comprehensive multi
Slide 6: To the point: Sustainability goals of the W&W Group
W&W – Overview & Strategy To the point: Sustainability goals of the W&W Group E S G E S G Customers Capital Own investments Society Organisation Employees and operations products and refinancing "Green" product lines CO2 -neutral operation Promotion of cultural, Strengthen awareness Developing the f
Slide 7: W&W Group structure
W&W – Overview & Strategy W&W Group structure Freefloat 21.33% Wüstenrot 39.91% Holding AG FS BW Holding GmbH 11.29% 27.47% Wüstenrot Foundation indirectly holds 67.38%1 of W&W shares. WS Holding AG Note: 1) Own shares are not taken into account due to insignificance. W&W AG | Quarterly Statement as
Slide 8: The W&W AG share – stable and reliable dividend as a quality feature
W&W – Overview & Strategy The W&W AG share – stable and reliable dividend as a quality feature W&W has a constant dividend level 4.87 4.21 4.06 3.93 3.68 3.36 3.23 2.78 3.74 2.49 2.74 2.65 2.51 2.29 2.24 1.48 0.60 0.65 0.65 0.65 0.65 0.65 0.65 0.65 2016 2017 2018 2019 2020 2021 2022 2023 Earnings pe
Slide 9: Current analyst recommendations at a glance
W&W – Overview & Strategy Current analyst recommendations at a glance Analyst Date Recommendation Comment Metzler 23/11/01 Buy Price target: 22.00 EUR „Ironically, the profit warning might result in more generous dividends.” Montega 15/04/07 Buy Price target: 23.00 EUR „Although W&W only achieved a
Slide 10: Agenda
Agenda W&W – Overview & Strategy Group and Segment Developments Q1 2024 Outlook Appendix W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 10
Slide 11: Overview Q1 2024
Group and Segment Development Q1 2024 Overview Q1 2024 Despite the ongoing challenging economic conditions, the W&W Group is well on track to achieve its earnings target for the 2024 financial year with consolidated net income after taxes of EUR 51.1 million (previous year: EUR 64.1 million). Compar
Slide 12: W&W core business mixed in an overall volatile market environment
Group and Segment Development Q1 2024 W&W core business mixed in an overall volatile market environment As expected, the new business volume Housing remained below the very strong figure from the previous quarter, while the volume +4.8% of new lending business increased despite the continuing diff
Slide 13: Decline in consolidated net profit, but still in line with full-year target
Group and Segment Development Q1 2024 Decline in consolidated net profit, but still in line with full-year target The main reasons for the increase in the financial result were a better valuation result and higher net interest income The technical result (net) decreased. -18.1% -20.3% While the
Slide 14: IFRS consolidated income statement
Group and Segment Development Q1 2024 IFRS consolidated income statement1 1 Higher current net income due to higher interest rates and more dividend in EUR millions Q1 2024 Q1 2023 Delta distributions. More positive stock market performance in the financial year led to Net financial income 1 139 125
Slide 15: Consolidated balance sheet
Group and Segment Development Q1 2024 Consolidated balance sheet1 in EUR millions Q1 2023 Q1 2022 Delta Financial assets at fair value through profit or loss 1 10,997 10,630 367 1 Increase in market values, particularly for Financial assets at fair value through other comprehensive income 23,503 23,
Slide 16: Segment overview
Group and Segment Development Q1 2024 Segment overview 1 Reported segments IFRS 17 IFRS 17 Delta (in EUR millions) Q1 2024 Q1 2023 Housing segment 20.1 20.9 -0.8 Life and Health Insurance segment 14.7 12.4 2.3 Property/Casualty Insurance segment 10.5 23.9 -13.4 All other segments/consolidation 5.8 6
Slide 17: Segment Housing
Group and Segment Development Q1 2024 Segment Housing The segment result after taxes was almost at the previous year's level -48.6% -4.8% +24.5% The volume of new lending business 6,075 was increased despite the 21 20 continuing difficult economic 1,043 conditions 3,123 838 Gross new home loan
Slide 18: Segment Life and Health insurance (1/2)
Group and Segment Development Q1 2024 Segment Life and Health insurance (1/2) The segment result after taxes increased significantly -2.1% The new business premiums was roughly on a par with the previous +25.0% 821 804 year. The decline in single-premium 96 77 +66.7% policies was almost offset b
Slide 19: Segment Life and Health insurance (2/2)
Group and Segment Development Q1 2024 Segment Life and Health insurance (2/2) New business: + EUR 6 million +5.7% 1,592 6 30 1,601 Newly concluded insurance contracts increase the VSM -27 Unlocking: + EUR 30 million As the interest rate environment has hardly changed, the unlocking (revaluation
Slide 20: Segment Property/Casualty insurance
Group and Segment Development Q1 2024 Segment Property/Casualty insurance Segment result significantly below previous year, in particular due to -3.6% lower underwriting result 99.3 95.7 Both pure new business and replacement business increased compared to the same quarter of the previous year.
Slide 21: Agenda
Agenda W&W – Overview & Strategy Group and Segment Development Q1 2024 Outlook Appendix W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 21
Slide 22: Forecast for the 2024 financial year
Outlook Forecast for the 2024 financial year The first quarter was characterised by the renewed rise in inflation, continued high interest rates and geopolitical tensions, as well as generally gloomy conditions. Looking at the year as a whole, we still expect to achieve our forecast of a consolidate
Slide 23: Agenda
Agenda W&W – Overview & Strategy Group and Segment Development Q1 2024 Outlook Appendix W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 23
Slide 24: Investment of the W&W Group and the individual companies as of 31 Mar 2024
Appendix Investment of the W&W Group and the individual companies as of 31 Mar 2024 Investment by asset class Investment by geography 1% 1% 2% 1% 1% 1% 3% 1% 0% 0% 8% 6% 3% 1% 11% 14% 11% 10% 17% 8% 3% 3% 10% 10% 11% 1% 29% 4% 3% 11% 10% 4% 4% 0% 5% 3% 5% 4% 11% 10% 4% 12% 22% 10% 6% 0% 0% 6% 15% 0%
Slide 25: Overview regulatory capital of group key entities
Appendix Overview regulatory capital of group key entities Regulatory capital of group key entities in % Capital ratios (Solvency II ratios for insurance entities) Bausparkasse in % W&W Group W&W AG Württembergische Württembergische Wüstenrot (solo) Vers. AG (P&C) LV AG (Life) Bausparkasse AG 448.7
Slide 26: Be sure to keep in touch with us
IR contact Be sure to keep in touch with us For further information, please contact Michael Ellwanger 30 Aug 2024 Head of Investor Relations 15 Nov 2024 +49 711 662 725252 ir@ww-ag.com Please visit our IR website: W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 26
Slide 27: This presentation and the information contained in it, as well as all other documents
This presentation and the information contained in it, as well as all other documents and explanatory notes (collectively, the “Material”), are issued by Wüstenrot & Württembergische AG ("W&W"). This presentation contains certain forward-looking statements and forecasts that reflect the current view
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