Wüstenrot & Württembergische AG
Annual Report 2025 W&W Group
27 March 2026
Agenda
W&W - Overview and Strategy
Group and Segment Development 2025
Outlook
Appendix
W&W - Overview and Strategy
Service and Central Functions
Group -wide services around IT, investments, services and digitalization
Our business areas are supported by strong partners across the group
Segment Housing
Everything around housing: home loan savings, financing, project planning, sales and brokerage
# 2
Bausparen1)
Service insurer in the life, health and property/casualty lines.
Adam Riese: Direct and broker brand for private customers
# 12
Lebens-versicherung2)
# 9
Schaden- & Unfallversicherung2)
6.4 mn customers, 6.6 k employees, one common location in Kornwestheim: the W&W-Campus
Notes: 1) Comparison of Annual Reports German Bausparkassen, Gross new business by home loan savings 2) GDV, Feb. 2026
W&W - Overview and Strategy
Segment Housing
No matter how great the challenges surrounding housing may be, we are passionately committed to our customers. Because for us, housing means helping each and every individual to fulfil their dream.
Home Loan Savings Business und Construction Financing
As the pioneer of "Bausparen", Wüstenrot offers a wide range of modern options: from the Start Home Savings scheme to the Wealth Home Savings scheme.
Or tailored, needs-based mortgage solutions, such as credit facilities or a variety of loan types.
Real Estate & Services
Wüstenrot also stands out for its wide range of services in housing construction, urban development, property management, energy consultancy, project management, property trading and other services.
W&W AG | Annual Report 2025 | 27 March 2026 Page 4
W&W - Overview and Strategy
Segment Insurance, Württembergische
Württembergische provides insurance cover for both private and business customers. To this end, we offer a comprehensive range of products: from pension plans to supplementary dental insurance. In short, everything our customers need for a secure future. We are a rock of reliability for our customers.
Property/Casualty Insurance
We offer a comprehensive range of insurance policies across all sectors,
such as third-party liability, home contents, home buildings, personal accident, motor, legal expenses and much more.
Life & Pension Insurance
We offer a wide range of products: from traditional and unit-linked life and pension insurance policies, through to workplace pension schemes, and including disability and basic disability cover, and more.
Health & Care Insurance
Our customers benefit from a wide range of products: from health and long-term care insurance for employees and the self-employed to attractive supplementary insurance policies.
W&W AG | Annual Report 2025 | 27 March 2026
Page 5
W&W - Overview and Strategy
Geschäftsfeld Versichern, Adam Riese
Within the Insurance division, Adam Riese is another key component of the W&W Group's distribution channel mix. This young corporate start-up within the W&W Group is rethinking insurance: simple, high-quality products, priced consistently according to need and risk.
As an independent company with its own brand, Adam Riese sees itself as a direct insurer for everyone who wants to focus on the essentials. Insurance not by guesswork - but by Adam Riese.
Only what matters.
W&W AG | Annual Report 2025 | 27 March 2026 Page 6
W&W - Overview and Strategy
W&W-Service- und Zentralgesellschaften
Starke Partner im Hintergrund. Ohne diese Unternehmen geht es nicht.
W&W Service and Central Companies
Strong partners behind the scenes. We couldn't do it without these companies.
W&W Asset Management GmbH serves as the centre of expertise for asset management within the W&W Group. It is responsible for, manages and coordinates the investment and securities division across the Group, and thus acts as the central platform for all matters relating to investment.
W&W Informatik GmbH is the digital heart of the W&W Group. It is responsible for the IT architecture,
the IT application landscape and the IT infrastructure, including its own data centres and networks, and sees itself as a driver of innovation and digital solutions.
W&W Service GmbH
is the central service provider for the W&W Group.
It is responsible for document, data and printing services, procurement and transport services, building services, event management and group catering.
W&W Interaction Solutions GmbH, for example, develops and operates customer interaction and data analytics solutions. These include the W&W Customer Portal, the W&W Group's app for existing customers.
W&W AG | Annual Report 2025 | 27 March 2026 Page 7
∼6.4 mn
Customers1
On average three contracts per customer
High client retention (low churn rate)
Solvent customer base
Increasing digital affinity
Eigene Vertriebskanäle Kooperationen und Partnerschaften
Insurances
~2.300 tied agents
Banks
~3.000 tied agents
Direct channels
Financial distributors
Sales networks & Brokers
Over 8.000
Partnerships
Comprehensive multi-channel distribution approach opens up access to 55 mn customersTo the point: Sustainability goals of the W&W Group
E
S
G
E
S
G
Customers and products
"Green" product lines and components in the business areas
Sustainable and resource-saving customer communication
Continuous reduction
of CO2emissions towards climate-neutral capital investments by 2050
Capital
investments and refinancing
CO2-neutral operation
of own buildings and vehicle fleet through the use of ecological energy sources and compensation of the remaining CO2emissions
Own
operations
Promotion of cultural,
sporting, social and regional offers
Expansion of our regional educational networks
Society
Strengthen awareness
for sustainability and anchor it across the Group
Expansion of responsible corporate governance
Organisation
Employees
Developing the future of
work and work culture
Increase employer attractiveness and employee satisfaction
Promote diversity
13. Mai 2020
W&W Group is implementing these goals as part of a new sustainability strategy
W&W Group structure as of 31 December 2025
Freefloat > 21,00%39,91%
Wüstenrot Holding AG FS BW Holding GmbH > ~10,00%27,47%
WS Holding AG Wüstenrot Foundation indirectly holds 67,38%1 of W&W shares.Note: 1) Own shares are not taken into account due to insignificance.
Agenda
W&W - Overview and Strategy
Group and Segment Development 2025
Outlook
Appendix
Overview 2025
The IFRS consolidated net income amounts to EUR 121 million (previous year: EUR 36 million). The W&W Group thus recorded a positive financial year in 2025. In the Property/Casualty insurance segment, new business and replacement business, premium adjustments, portfolio restructuring and a very positive claims development led to a significant increase in the technical result. In the Life and Health insurance segment, too, the pre-tax profit increased, although there was a one-off charge resulting from the revaluation of deferred taxes. In the Housing segment, higher risk provisions and hedging measures against interest rate risks led to a significantly lower profit.
Key portfolio figures increased compared with the previous year. The building loan portfolio rose from EUR 28.4 billion to EUR 30.1 billion. Insurance revenue (technical income) in accordance with IFRS 17 also increased. In the Life and Health Insurance segment, it rose by 3.4% to EUR 1,345 million (previous year: EUR 1,301 million), and in the Property/Casualty Insurance segment by 5.9% to EUR 2,929 million (previous year: EUR 2,767 million).
New business figures increased across all segments. New business in Life Insurance, comprising regular premiums and single premiums, grew by 15.6%. In the Housing segment, new business volume increased by 5.2%. In the Property/Casualty Insurance segment, annual contributions to the portfolio from new and replacement business also grew by 8.3%.
IFRS consolidated net income more than tripled
121
35
+246%
-28.1%
1,803
1,297
-46.2%
476
258
500
400
The net technical result rose significantly. This was driven by higher premiums, portfolio management initiatives and the absence of storm damage in the Property/Casualty Insurance segment, as well as an improved result in the Life and Health Insurance segment.
The financial result declined, primarily due to significantly lower valuation gains, a fall in net interest income and higher risk provisions. Weaker results from disposals also weighed on performance.
432
308 | ||
-17 | ||
101 | 122 |
2
2024 2025
Net Gross-118
2024 2025
Life & Health Property/Casualty Others
2024 2025
2024 2025
An increase of around 400,000 customers despite restructuring measures and the decision not to run special promotions in the Housing segment.
W&W AG | Annual Report 2025 | 27 March 2026
Page 14
Segment overview
Reported segments1 (in EUR millions) | 2025 2024 Delta | ||
Housing segment | -117 | 16 | -133 |
Life and Health Insurance segment | 19 | 42 | -23 |
Property/Casualty Insurance segment | 210 | -97 | 307 |
All other segments/consolidation | 9 | 74 | -65 |
Consolidated net income | 121 | 35 | 86 |
Net income before taxes | 212 | 26 | +186 |
Taxes | -91 | -9 | -100 |
Segment Housing - New lending business volume records strong growth
5,416
4,686
+15,6%
2024 2025
16
10,990
11,072
+0,7%
-117
The negative segment result is attributable to a significant decline in the financial result, higher risk provisions, lower gains on valuation and disposals, a deterioration in the commission result, and the absence of positive one-off effects from the previous year.
Gross new home loan savings business was slightly higher than in the previous year and thus performed significantly better than the market.
New lending volume has seen double-digit growth. This has enabled the bank to further consolidate its market position.
2024 2025
2024 2025
Notes: 1) Incl. third party business.
Segment Life and Health Insurance - New business with significant growth
12.6
11.6
+8,6%
1,590
1,694
+6,5%
+13,7%
Double-digit growth in the total premiums from new business in Life Insurance.
3,687
2,519
2,148
1,094
1,168
3,242
-54,8%
42
The segment profit fell, mainly due to the significantly lower financial result and the increase in tax expense.
19
In Health insurance, new annual premiums increased.
2024 2025
2024 2025
2024 2025
2024 2025
Total premiums in new business(not incl. Company pension schemes)
Total premiums in new business for company pension schemesNotes: 1) The CSM represents the as yet unrealized expected future profit from the insurance contracts. In accordance with the basic principle of IFRS 17, the company only recognizes this when the benefits are provided over the coverage period. 3) Values after reinsurance.
Segment Property/Casualty Insurance - continues its path to profitability and growth
290
264
106
110
66
72
436
+8,3%
102.7
86.2
-16,1%
The combined ratio (gross) under IFRS 17 improved significantly to 86.2% (previous year: 102.7%). The combined ratio (net) under IFRS 17 stood at 89.5% (previous year: 104.3%).
New business, measured in terms of annual premium income, increased significantly. Growth was achieved across all insurance sectors.
472
Segment profit rose due to a significant improvement in the underwriting result, combined with a higher current financial result.
2024 2025
Private customersRetail customers
Automotive
2024 2025
210
-97
2024 2025
Notes: 1) DAV definition, future changes possible.
IFRS consolidated income statement
in EUR millions | 2025 | 2024 | Delta | |
Net financial income | 258 | 476 | -218 | |
Current net income | 1.327 | 1.396 -69 | ||
Net expense from risk provision | -60 | -27 | -33 | |
Net measurement gain/loss | 96 | 472 | -376 | |
Net income from disposals | -66 | -38 | -28 | |
Financial income (brutto) | 1.297 | 1.803 | -506 | |
Insurance finance result | -1.039 | -1.327 | 288 | |
Technical result (net) | 432 | -17 | 449 | |
Property/Casualty Insurance segment | 310 | -118 | 428 | |
Life and Health insurance segment | 122 | 101 | 21 | |
Net commission expense | -25 | -12 | -13 | |
General administrative expenses (net) | -505 | -506 | 1 | |
General administrative expenses (gross) | -1.171 | -1.163 | -8 | |
General administrative expenses attributable to the technical result | 666 | 657 | 9 | |
Net other operating income/expense | 52 | 85 | -33 | |
Consolidated net income before income taxes | 212 | 26 | 186 | |
Income taxes | -91 | 9 | -100 | |
IFRS consolidated net profit | 121 | 35 | 86 | |
Consolidated balance sheet
in EUR million | 2025 | 2024 | Delta | |
Financial assets at fair value through profit or loss | 11.983 | 11.538 | 445 | |
Financial assets at fair value through other comprehensive income | 23.352 | 23.809 | -457 | |
Financial assets at amortised cost | 31.991 | 31.362 | 629 | |
Investment property | 2.251 | 2.466 | -215 | |
Assets from insurance business | 248 | 340 | -92 | |
Insurance contracts issued that are assets | 48 | 51 | -3 | |
Reinsurance contracts held that are assets | 200 | 289 | -89 | |
Other assets | 2.719 | 2.761 | -42 | |
Liabilities | 33.341 | 32.225 | 1.116 | |
thereof deposits | 28,855 | 27,468 | -1,387 | |
Technical provisions | 31.456 | 32.274 | -818 | |
Property/Casualty Insurance segment | 2.518 | 2.552 -34 | ||
Life and Health Insurance segment | 28.938 | 29.722 | -784 | |
Other provisions | 1.586 | 1.721 | -135 | |
Other liabilities | 1.200 | 1.134 66 | ||
Equity | 4.961 | 4.922 | 39 | |
Total equity and liabilities | 72.544 | 72.276 | 268 | |