Wüstenrot & Württembergische : Annual Report Wüstenrot & Württembergische 2025

About this update from Wuestenrot & Wuerttembergische Ag

2025 Annual Report Wüstenrot & Württembergische AG This is a translation of the German Annual Report. In case of any divergences, the German original is legally binding. Wüstenrot & Württembergische AG Overview of key figures of W&W Group (according to IFRS) Consolidated balance sheet 51.12.2025 51.12.2024 Total assets in € billion 72.5 72.5 Capital investments in € billion 58.8 59.9 Senior debenture and registered bonds in € billion 5.5 5.8 Senior fixed-income securities in € billion 18.9 19.2 Building loans in € billion 50.1 28.4 Liabilities to customers in € billion 25.9 27.5 Technical provisions in € billion 51.5 52.5 Equity in € billion 5.0 4.9 Equity per share (equity without minority interests, number of shares without treasury shares) in € 52.58 52.20 1.1.2025 to 1.1.2024 to Consolidated income statement 51.12.2025 51.12.2024 Total net financial result in € million 258 476 Technical result in € million 452 -17 Earnings before income taxes from continued operations in € million 212 26 Consolidated net income in € million 121 55 Total comprehensive income in € million 102 22 Earnings per share in € 1.29 0.55 Other disclosures 51.12.2025 51.12.2024 Average annual number of employees 7,598 7,565 Key sales figures 1.1.2025 to 1.1.2024 to 51.12.2025 51.12.2024 Housing segment New business volume (new lending and home loan savings business) in € million 16,488 15,676 Life and Health insurance segment Total premiums in new life insurance business in € million 5,687 5,242 Gross premiums written health insurance (according to the German Commercial Corde) in € million 546 527 Gross premiums written life insurance (according to the German Commercial Corde) in € million 1,782 1,742 of which regular premiums in € million 1,550 1,574 of which single premiums in € million 452 568 Property/Casualty insurance segment Annual contribution to the portfolio (new and replacement business) in € million 472 456 Gross premiums written (according to the German Commercial Corde) in € million 2,921 2,775 W&W AG (according to the German Commercial Corde) 1.1.2025 to 51.12.2025 1.1.2024 to 51.12.2024 Net income in € million 146 155 Dividend per share 1 in € 0.65 0.65 Share price at year-end in € 14.54 11.64 Market capitalisation at year-end in € million 1,565 1,090 1 Subject to approval by the Annual General Meeting. Financial calendar Annual General Meeting Annual General Meeting Wednesday, 15 May 2026 Financial reports 2025 Annual Report Friday, 27 March 2026 Interim management statement as at 51 March Wednesday, 15 May 2026 Interim management report as at 50 June Friday, 14 August 2026 Interim management statement as at 50 September Friday, 15 November 2026 Wüstenrot & Württembergische AG Contents Letter to shareholders 4 Management Board 6 Supervisory Board 8 Combined management report 12 Group fundamentals 12 Business report 20 Opportunity and risk report 52 Outlook 68 Other disclosures 71 Corporate governance statement 74 Group sustainability report 88 Report on equality and equal remuneration pursuant to the German Transparancy in Remuneration Act (EntgTransG) 225 Consolidated financial statements of W&W Group (IFRS) 228 Consolidated balance sheet 228 Consolidated income statement 250 Consolidated statement of comprehensive income 252 Consolidated statement of changes in equity 254 Consolidated cash flow statement 256 Notes to the consolidated financial statements 259 Responsibility statement 410 Independant auditor's report 411 Financial statements of the W&W AG (German Commercial Code) 422 Balance sheet 422 Income statement 426 Notes 428 Other mandatory information 448 Responsibility statement 459 Independant auditor's report 460 Report of the Supervisory Board 468 Glossary 474 4 | Wüstenrot & Württembergische AG | Letter to shareholders Letter to shareholders W&W AG Jürgen A. Junker, Chairman of the Executive Board "At W&W, we develop everything ourselves" Dear shareholders, The W&W Group is back on track. After a challenging year in 2024, we achieved a clear improvement in earnings in the past financial year, with new business once again proving successful. We achieved this in an economic environment in Germany that remained weak and was anything but conducive to consumer and corporate spending. In other words, everything we have achieved as the W&W Group has been down to our own efforts. With consolidated net income after tax of €121 million in accordance with IFRS accounting standards, we have achieved our key objective of significantly increasing net income compared with the previous year's figure of €35 million. In addition to almost consistently good new business with further market share gains, this was based on the normalisation of the claims situation after an unprecedented series of major storm-related claims had significantly impacted our technical result in the previous year. W&W AG successfully closed the 2025 financial year with net income of €146 million (previous year: €135 million) in accordance with the German Commercial Code (HGB). It should be noted time and again that the individual financial statements in accordance with HGB adequately reflect the solidity of our operational business development and the fundamental strength of our company, whereas the IFRS framework often leads to market-related positive and negative distortions in the consolidated financial statements. It is particularly pleasing that the positive trend in new business, which has been evident for years, continued in 2025. We achieved significant growth across all segments. New business volume in the Housing segment increased by 5.2% year-on-year to €16.49 billion. In life and health insurance, we recorded insurance revenue of €1.35 billion, up from €1.30 billion in 2024. This represents an increase of 3.4%. In new life insurance business, we recorded an increase of well over 15% to €535 million in both regular and single premiums. In property/casualty insurance, we achieved insurance revenue of €2.9 billion. That is 5.9% more than in the previous year. The annual contribution to the portfolio here amounts to €472 million. That is an increase of over 8% compared with 2024. The clear focus on our customers was the decisive factor in this operational development; it remains a central component of our Group strategy. The performance of our organisation is the result of the tremendous commitment of our employees, who live and exemplify the W&W philosophy of becoming a little 'better' every day. I would like to express my sincere thanks to them for their significant contribution to the success of the business, which is anything but a matter of course given the economic environment and the continuing fierce competition. Dear shareholders, We see two key areas of action for the current financial year and beyond. Firstly, we need to secure the upward trend in our business. We are doing this by following the same principles that have enabled our success in recent Wüstenrot & Württembergische AG | Letter to shareholders | 5 years: remaining agile and curious, developing new products, staying one step ahead of the competition, and inspiring customers with the quality of service provided by the W&W Group. On the other hand, we must address those areas that are not yet meeting our expectations and develop further our business model in a meaningful way. This includes sustainable profitability in the Housing segment across interest rate cycles, continuous improvements in property/casualty insurance underwriting techniques and optimised concepts in life and health insurance. One of our main tasks is to consistently leverage efficiency and cost potential within our Group. IT remains a key focus area in this regard; the ongoing modernisation projects across the entire W&W Group are complex and will continue to keep us busy in 2026. Bringing our teams together under one roof at the new W&W campus in Kornwestheim provides the ideal conditions for further reducing interfaces, complexity and redundancies in our organisation. The increased focus on cost efficiency also means foregoing insufficiently profitable growth and temporarily prioritising margins and risk minimisa-tion in the acquisition of new customers. All of this is happening in line with our group-wide fitness programme, 'Bestform 2030'. But one thing is also clear: by 2028 at the latest, we are aiming to return to positive net customer growth. Four key projects are the focus of attention in 2026: we want to further increase our earnings, grow faster than the market, convince our employees and further improve customer satisfaction. We are well on track with all of these projects. We are delighted to see a high level of satisfaction among our customers and a new high in employee satisfaction. In uncertain times, we are regarded as a reliable partner and also as an attractive and secure employer. As Top Employer, we want to develop the future skills of our employees in a targeted manner and thus further strengthen their loyalty to the W&W Group. However, the satisfaction and enthusiasm of our customers remain crucial to our long-term success. If we want to be the first point of contact for financial provision issues in all phases of life - and that is our goal -then we must optimally cover the changing investment preferences and insurance needs of the various target groups. As before, we will use digitalisation in a way that supports the customer experience and does not solely serve internal cost targets. This also applies to the targeted use of artificial intelligence (AI), which can help us, for example, with digital product ranges, to handle standard tasks up to the conclusion of contracts and create additional free space for our advisors to deal with demanding pension and investment issues. The good success of our digital insurer Adam Riese, which had more than 450,000 policyholders under contract at the end of 2025, has demonstrated how we consistently think about digitalisation from the customer's perspective. Our focus is on organic growth. However, in recent years, the W&W Group has demonstrated that it can improve its market position, for example in the home loan savings business, through targeted acquisitions. We are therefore monitoring the current consolidation process in the German insurance industry very closely, without feeling any pressure to participate in it. Our 'Bestform 2030' programme forms the basis for bringing the consolidated net income of the W&W Group in accordance with IFRS back into its original, sustainable target range of €200 to €250 million in the medium term. In terms of consolidated net income under the German Commercial Code (HGB), we aim to continue the positive development of recent years, which is a prerequisite for the important continuity in our dividend policy. The general conditions for the W&W Group are challenging - economically, socially and in terms of competition. The stronger we are, the more likely we are to secure the opportunity to decide our own future. This makes it all the more important to prove every day that our customers can rely on us: with strong products, fair prices, convincing services and an efficient organisation. Sincerely yours, Jürgen A. Junker, Chairman of the Executive Board 6 | Wüstenrot & Württembergische AG | Management Board Our Management Board Together to the future The W&W Group has separated its activities into two divisions: Housing and Insurance. At Group level management and service entities as well as overall digitalization topics are managed. The Executive Board of W&W AG and the heads of the divisions form the Management Board, which serves as the central steering entity of the W&W Group. Wüstenrot & Württembergische AG | Management Board | 7 Jürgen A. Junker CEO of the W&W Executive Board Corporate Legal Audit Communication Strategy Human Resources Data, Processes and AI Matthias Bogk CFO/CRO of the W&W Executive Board (from 1 July 2025) Accounting Controlling Risk management Compliance Alexander Mayer CFO/CRO of the W&W Executive Board (until 30 June 2025) Accounting Controlling Risk management Compliance Jens Wieland CIO of the W&W Executive Board IT Capital Investments Reinsurance Bernd Hertweck Head of Housing Division, Chairman of the Executive Board of Wüstenrot Bausparkasse AG Zeliha Hanning Head of Insurance Division, Chairwoman of the Executive Board of Württembergische Versicherung AG Jacques Wasserfall Head of Insurance Division, Chairman of the Executive Board of Württembergische Lebensversicherung AG and of the Executive Board of Württembergische Krankenversicherung AG 8 | Wüstenrot & Württembergische AG | Supervisory Board Our Supervisory Board Dr. Michael Gutjahr Chairman Former Member of the Executive Board Wüstenrot & Württembergische AG Wüstenrot Bausparkasse AG Württembergische Versicherung AG Württembergische Lebensversicherung AG Frank Weber 1 Deputy Chairman Chairman of the Works Council Württembergische Versicherung AG/Württembergische Lebensversicherung AG, Karlsruhe site Chairman of the Group Works Council Hartmut Bader 1 Chairman of the Works Council Wüstenrot & Württembergische AG/Württembergische Lebensversicherung AG, Kornwestheim site Chairman of the General Works Council Wüstenrot & Württembergische AG/Württembergische Lebensversicherung AG Jutta Eberle 1 Insurance Employee Württembergische Versicherung AG Dr. Frank Ellenbürger Auditor and tax consultant Prof. Dr. Nadine Gatzert Chair of Insurance Economics and Risk management at the Erlangen-Nürnberg Friedrich-Alexander-university Petra Knodt 1 Chairwoman of the Works Council Wüstenrot Bausparkasse AG, Bad Vilbel site Deputy Chairwoman of the Group Works Council Chairwoman of the General Works Council Wüstenrot Bausparkasse AG Bernd Mader 1 Head of Customer service and Operations Württembergische Versicherung AG Petra Sadowski 1 Trade union secretary of Vereinte Dienstleistungsgewerkschaft ver.di Stuttgart district Dr. Wolfgang Salzberger Chief Financial Officer (CFO) and Member of the Board ATON GmbH Jutta Stöcker Former Member of the Executive Board RheinLand-Versicherungsgruppe Edith Weymayr Chairwoman of the Executive Board Landeskreditbank Baden-Württemberg - Förderbank (L-Bank) 1 Employee representatives. trustful As a reliable and experienced partner, we offer our customers financial provision solutions from a single source. individual We develop individual product solutions for insurance, financing and pensions that are tailored to the specific needs of our customers. Combined management report Contents Group fundamentals 12 Business model 12 Business management system 16 Ratings 18 Stock 18 Business report 20 Business environment 20 Development of business and position of the W&W Group (IFRS) 21 Development of business and position of W&W AG (German Commercial Code) 28 Opportunity and risk report 52 Opportunity report 52 Risk report 57 Features of the internal control and risk management system 66 Outlook 68 Macroeconomic outlook 68 Industry outlook 68 Company outlook 69 Other disclosures 71 Disclosures pursuant to Sections 289a und 515a of the German Commercial Code (HGB) 71 Corporate governance statement 74 Statement of compliance 74 Further information to corporate governance practices 75 Structure of W&W AG 77 Group sustainability report 88 General information 88 Environmental information 126 Social information 175 Governance information 205 Wüstenrot & Württembergische AG Combined management report Group fundamentals Business model Overview of the Group and Wüstenrot & Württembergische AG (W&W AG) Formed in 1999 from the merger of the two long-established companies Wüstenrot and Württembergische, the W&W Group now develops and brokers the four building blocks of modern provision: financial security, residential property ownership, risk protection and savings and investment. The W&W Group relies on omnichannel distribution, which ranges from its own sales force, cooperation and partner sales organisations, brokerage activities and digital channels such as Adam Riesereicht. The W&W Group, based in Kornwestheim, operates primarily in Germany. In the Housing division, the focus is on home loan savings business and construction financing through Wüstenrot Bausparkasse AG. In addition, Wüstenrot Haus- und Städtebau GmbH is active in property development activities and Wüstenrot Immobilien GmbH acts as a real estate agent. In the Insurance division, the W&W Group offers its customers a wide range of personal and property/casualty insurance products. The main companies are Württembergische Versicherung AG, Württembergische Lebensversicherung AG and Württembergische Krankenversicherung AG. The listed company Wüstenrot & Württembergische AG is the Group's strategic management holding company. It coordinates all activities, sets standards and manages capital. As an individual company, it operates almost exclusively in the reinsurance sector for the Group's insurance companies. In addition it provides services for the entire group. The Supervisory Board of W&W AG has appointed Matthias Bogk as the new Chief Financial Officer of W&W AG with effect from 1 July 2025, succeeding Alexander Mayer. Also with effect from 1 July 2025, Bogk was appointed to the Executive Boards of Württembergische Versicherung AG and Württembergische Lebensversicherung AG. Here, too, he succeeds Mayer. Bogk joined the W&W Group in 2001 and has been Chief Financial Officer of Wüstenrot Bausparkasse AG since 2019. Frank Wunderlich has been appointed to the Executive Board there as Matthias Bogk's successor with effect from 1 July 2025 Wunderlich previously headed Controlling, risk management, address risk monitoring and post-merger integration at start:bausparkasse. He was already on the Executive Board at start:bausparkasse AG, which was taken over by Wüstenrot. The Management Board is the central steering committee of the W&W Group. Among other things, it is responsible for group management and for defining and developing the business strategy. As at 51 December 2025, its members included the members of the Executive Board of W&W AG as well as the business unit managers Bernd Hertweck (residential property), Zeliha Hanning (property/casualty insurance) and Jacques Wasserfall (life and health insurance). Operational and company-specific issues relating to the individual companies are dealt with at business unit level. Strategy The W&W Group's "Bestform 2050" strategy forms the basis for the company's long-term development. It defines the framework for growth targets in the two core business areas of insurance and residential property . As part of this strategic orientation, four key objectives have been defined to serve as a guide for decisions and measures: Increase earnings and actively manage costs at market level Growth above market level Increase customer satisfaction Inspire employees. These strategic goals form the basis for the further development of the W&W Group as an innovative and profit-oriented company. Product mix Our product range is aimed at private and corporate customers. Customers receive financial provision for all stages of life and risk protection from a single source. Our approximately 6.4 million customers appreciate the quality of service, expertise and customer focus of our employees, both in-house and in the field. Wüstenrot Bausparkasse AG offers a wide range of home loan and savings bank products (e.g. Klima Flex home loans, Klima Classic home loans and Klima Turbo home loans) for the purchase or construction of new properties, for modernisation projects, for energy-efficient renovation projects and for follow-up financing. KfW programmes continue to complement the product range of Wüstenrot Bausparkasse AG, supporting customers in the purchase and modernisation of properties. Investment products such as call money and fixed-term deposits continued to expand the range in 2025. In order to offer customers high-quality products tailored to their individual needs, Württembergische Versicherung AG offers a broad product portfolio covering almost all areas of property/casualty insurance. In the 2025 financial year, the motor insurance segment again accounted for a high proportion of premium car insurance premiums, at over 95% (retail customers). Both product lines - Premium and Compact - within the car insurance tariff were further developed in 2025. Premiums were adjusted to market conditions by means of a new risk-based structure. In the retail customer business segment, new tariffs were introduced in 2025 for property lines household contents and residential buildings, as well as for legal protection. In the corporate customer business segment, the number of contracts concluded in the commercial and industrial lines by over 2%. In the commercial core product "Firmen-Police" (company policy). Württembergische Lebensversicherung AG offers a wide range of products for private and company pension schemes and risk protection. In 2025, almost all tariffs were adjusted. The reason for this was the increase in the maximum interest rate, which resulted in higher guaranteed benefits being included in the products. Since 2025, the Riester pension has also been added to the product range of Württembergische Lebensversicherung AG. In addition to comprehensive health insurance, Württembergische Krankenversicherung AG offers a broad product portfolio in supplementary health and long-term care insurance for both private and corporate customers. In 2025, international travel health insurance was modernised. Numerous products from the W&W Group received awards from rating agencies and trade journals in the past financial year. Sales channel mix Thanks to our extensive network of our own sales force, partner and broker sales organisations, and our online sales, we as a pension group can reach millions of people throughout Germany. In doing so, we rely above all on our expertise and the reliability of personal advice. Our sales force, as the main pillar, consists of the two exclusive sales organisations of Wüstenrot and Württembergische. We also work with a large number of brokers. In addition, numerous cooperation partners from the banking and insurance sector contribute significantly to our business success. The traditional sales channels are being expanded through the use of various digitalisation options, such as the Adam Riese digital brand. Employees As at 51 December 2025, the W&W Group employed 7,565 (previous year: 7,570) permanent staff, calculated on the basis of the number of employment contracts, excluding trainees and students at the Cooperative State University (DH). A total of 500 (previous year: 276) trainees and DH students were employed at the end of the year. Intangible resources in the W&W Group The W&W Group reports on the most important intangible resources without physical substance on which the business model fundamentally depends and which represent sources of value creation for the Group. We base our approach on the categorisation of the Deutschen Rechnungslegungs Standards Committee (DRSC). The most important intangible resources are presented below. A key intangible resource of the W&W Group is its human capital. The W&W Group's business model is highly complex and therefore heavily dependent on human capital. The human capital of the W&W Group encompasses the skills, knowledge, experience and motivation of our employees, because well-trained, motivated and committed employees make a significant contribution to increasing the efficiency and productivity of the W&W Group. They develop new ideas and innovations, for example to find answers to the individual pension needs of our customers. The W&W Group also carries out a a wide range of activities are carried out in joint teamwork. Sharing knowledge and skills and networking strengthens the knowledge base within the W&W Group. The W&W campus enables a flexible and hybrid working model that promotes networking and a stronger culture of innovation. Investment in the development and promotion of human capital will continue to be a central component of our corporate success. Our corporate values of community, openness, joy, sustainability, commitment, courage and added value shape our collaboration and strengthen identification with the company, thereby boosting the loyalty, satisfaction and motivation of the workforce. As part of our relationship capital, our customers represent an essential intangible resource because they are the fundamental basis of the W&W Group's business model. Customer satisfaction and long-term loyalty are essential to our corporate success. A good customer base and a high recommendation rate are material sources of our value creation. Our various sales networks play a central role in this and are a significant source of value creation. These are described in the section on sales channel mix in the chapter on the business model. The W&W Group's comprehensive range of products and services described in the section on product mix offers further sales opportunities through cross-selling possibilities and also strengthens customer loyalty. The W&W Group's brands are also an important intangible resource as part of our relationship capital. They create trust, credibility and loyalty among our customers. The W&W Group has strong brands - Wüstenrot and Württembergische, both of which have long been known in the German market. In addition, Adam Riese has been part of the W&W Group since 2017 and is our digital brand. Wüstenrot, with its brand image "Wohnen heißt Wüstenrot" ("Housing means Wüstenrot"), positions itself as the point of contact for all matters relating to housing. Württembergische, with its brand image "Ihr Fels in der Brandung" ("Your pillar of strength"), embodies the values of the company, in particular reliability and personal advice. Both brands support our advisors in ensuring that our customer base feels related, remains loyal and recommends us to others. The digital brand Adam Riese, with its brand image "Only what counts", embodies the company's concept of simplicity and customer focus. Here, too, the focus is on proximity to customers. As an accompanying intangible resource of relationship capital, we have established networks with cooperation partners for customers in order to provide them with additional information or services. With these networks, we want to offer added value and strengthen customer loyalty. In addition, these networks open up opportunities for acquiring new customers and for follow-up business. A stable shareholder structure is an intangible resource in the investor capital category as part of relationship capital, as it creates trust and stability in the company. It can protect a company from unwanted takeovers and enables management to pursue long-term strategies. management to pursue long-term strategies. For the W&W Group, the non-profit Wüstenrot Stiftung foundation, as the owner of Wüstenrot Holding AG and WS Holding AG, represents this stable majority shareholder. In addition, processes are an important intangible resource in the W&W Group as part of knowledge and structural capital. They are designed to ensure efficiency, quality and customer satisfaction. With the creation of the Data, Processes and AI Competence Centre, the focus has also been placed on modern AI technology with the aim of improving processes. In addition to this internal process excellence, our online customer portals enable smooth digital customer interaction. The W&W campus brings the Group's companies together in one place. The W&W campus is therefore also an intangible resource in the category of location capital as part of knowledge and structural capital. It promotes networking, interaction and knowledge exchange between employees. This strengthens the establishment of a common corporate culture. Overall, all of the intangible resources listed here are material sources of value creation for achieving the goals of the W&W Group's business model. The better the characteristics of these intangible resources, the more successful the W&W Group is. Commitment to sustainability Responsible action and social commitment have a long tradition in the W&W Group and are integral parts of the corporate culture. It is based on an understanding of longterm, stability-oriented corporate management derived from the founding principles of the main shareholder of W&W AG. To underpin our sustainability positioning, we have a group-wide sustainability strategy with four key areas: customers and sustainable products, sustainable capital investments, sustainable business operations and employees. The Group-wide sustainability strategy is based on ESG criteria (environment, social and governance) and is adjusted and revised annually as part of the strategy process. Goals and measures have been defined for all key areas. The ESG rating agency ISS has awarded the W&W Group's sustainability activities a Prime rating in its 2025 sustainability rating. The rating result underlines our level of ambition and is external confirmation of the consistent implementation of our sustainability strategy. We have joined initiatives such as the Principles for Sustainable Insurance (PSI) and the Principles for Responsible Investment (PRI). In doing so, we are committing ourselves to increasingly implementing sustainable principles in our business activities and to continuously develop them further. Signing the "Diversity Charter" complements the measures we are taking as the W&W Group to promote diversity. At European level, there are various regulatory initiatives with regard to transparency and the disclosure of sustainability-related information. Within the W&W Group, the resulting requirements are anchored in sustainability projects. The W&W Group has been applying the ESRS since the 2024 financial year. These standards are currently being revised at European level. Their implementation for the W&W Group is being carried out in a group-wide project. The W&W Group and W&W AG are required by the CSR Directive Implementation Act to publish a non-financial group statement and a non-financial statement. Since the 2024 financial year, these have been included in the group sustainability report in the compined management report. Regulatory requirements From a regulatory perspective, the W&W Group has two scopes of consolidation: the financial conglomerate and the Solvency II Group. The W&W Group is therefore subject to a wide range of regulatory requirements and is supervised at national level. Wüstenrot Bausparkasse AG, as a significant institution (SI), is subject to banking supervision by the ECB. The review of reporting requirements under Solvency II (Solvency II review) will lead to adjustments in the quantitative and qualitative requirements for insurance undertakings and our insurance group. Among other things, this will expand the reporting requirements for sustainability-related aspects. The amendments to the Solvency II Directive were published in the EU Official Journal on 8 January 2025. They are scheduled to come into force on 50 January 2027. In the meantime, they are to be transposed into national law. In parallel, the European Commission published the final version of the amendment to the Delegated Regulation on 29 October 2025. In addition, the European Insurance and Occupational Pensions Authority (EIOPA) is preparing technical implementation standards and guidelines. In the financial conglomerate and the Solvency II Group, the coverage ratios are expected to be well above 100% on the reporting date. For further details, please refer to the section on regulatory solvency in the appendix. Reporting segments The segment information has been prepared in accordance with IFRS 8. We report on the segments Housing, Life and Health Insurance, and Property/Casualty Insurance. All other activities are summarised under All Other Segments. The Segment reporting chapter of the notes to the consolidated financial statements provides a detailed breakdown of the products and services of the individual segments. Business management system The W&W Group's integrated management system is aligned with our business strategy. On this basis, a three-year business plan is drawn up and submitted to the Supervisory Board. The key control parameters are defined as quantitative corporate targets for management from the plan approved by the Supervisory Board for the following financial year. The most material performance indicators are derived on this basis. We validate the operational planning during the current financial year with several projections. Management during the year is based on a "management cockpit". This is used to monitor on a monthly basis whether the target figures are being achieved are being achieved. If deviations become apparent, countermeasures are taken as necessary. The following key performance indicators are defined for the adequate management of the W&W Group: At Group level, the Group's annual result after tax (IFRS) and Group general administrative expenses (gross, i.e. before allocation to the technical result) continue to be used as most important performance indicators. At segment level, the segment result after tax and general administrative expenses (gross) continue to be used as control variables. General administrative expenses include intra-group settlements with other segments. These key figures can be found in the consolidated financial statements of W&W. In addition, the Group's new customers continue to be used as the most important cross-segment performance indicator. We define new customers, we define natural or legal persons who, in the reporting period, appear for the first time as policyholders, policy holder or insured person for the first time in the reporting period. As further performance indicators, we report net new business by total home loan savings contracts and new construction financing business (assumptions) in the Housing segment, as well as new business by total premiums in the Life and Health Insurance segment. For the Property/Casualty Insurance segment, we report new and replacement business (by annual contributions to the portfolio). The risk management system plays an important role within the W&W Group's control system. The requirements of the risk strategy must be complied with when pursuing the company's objectives. This is discussed separately in the risk reporting section of the opportunity and risk report. In addition, our IT strategy pursues the objective of achieving a sustainable orientation of information technology in order to provide the best possible support for our projects and business processes at a reasonable cost. As the strategic management holding company, W&W AG manages the W&W Group. Holding the W&W Group. The most significant performance indicator as a basis for calculating dividend payments to our shareholders is the annual result after taxes (HGB). The retained portion of the annual result after taxes (HGB) serves to strengthen the equity base at the level of W&W AG. prospective Digitalisation is our key to greater speed, transparency and service - and even more satisfied customers. Ratings Standard & Poor's (S&P) once again confirmed the ratings with a stable outlook in the reporting year. The core companies within the W&W Group thus continue to have an "A-" rating, while the holding company W&W AG retains its "BBB+" rating. The short-term issuer credit rating of Wüstenrot Bausparkasse AG remain at "A-1". Ratings Standard & Poor's and W&W shares ultimately ended the year at €14.54. Based on a year-end price of €11.64 in 2024, this represents a price increase of 24.9% in the 2025 calendar year. Taking into account including the dividend distribution of €0.65, this results in a total performance of 50.5% for the reporting period. Further information and the complete basic data on the W&W AG share can be found on the company's website at ww-ag.com in the Investor Relations section. Key data relating to W&W stock W&W AG Financial Strength BBB outlook Issuer Credit rating BBB outlook 2025 2024 2025 95,749,720 95,749,720 95,749,720 0 101,879 54,555 Number of shares Number of which treasury shares Number stable stable Market Württembergische Versicherung AG A- outlook A- outlook stable stable capitalisation as at 51.12. in € million 1,565.1 1,090.1 1,250.2 Württembergische Lebensversicherung AG A- outlook A- outlook Dividend per share in € 0.65 1 0.65 0.65 stable stable Dividend yield In % 4.47 5.58 4.87 Wüstenrot Bausparkasse AG A- outlook High/low for the 15.18/ 15.90/ 17.70/ stable year in € 11.84 11.50 12.90 Closing price in € 14.54 11.64 15.54 The mortgage bonds issued by Wüstenrot Bausparkasse AG continue to enjoy the top rating of "AAA" rating with a stable outlook. The subordinated bond issued by Wüstenrot Bausparkasse AG on the stock exchange continues to be rated "BBB". In May 2025, Wüstenrot Bausparkasse AG also issued a senior preferred bond, which is rated "A-". In addition, W&W AG issued another subordinated bond in October 2025, which - like the previous subordinated bond issued by W&W AG - is rated "BBB-". Stock Stock price performance The W&W share, which is listed on the SDAX, moved within a range of around €12 to its annual high of around €15 in mid-May during the first few months of 2025. In the second half of the year, there was a wave movement which initially pushed the W&W share back into the €15 range. In the final quarter, price fluctuations decreased Number Average daily trading volume 56,022 58,246 24,448 1 Proposed dividend. The shareholder structure of W&W AG remained stable during the reporting period. The non-profit Wüstenrot Stiftung foundation, Gemeinschaft der Freunde Deutscher Eigenheimverein e. V., Ludwigsburg, holds an indirect stake in W&W AG of 67.58% via two holding companies. Of this, WS Holding AG, Stuttgart, holds 27.47% and Wüstenrot Holding AG, Ludwigsburg, holds 59.91%. Another major shareholder in W&W AG is FS BW Holding GmbH, Munich, with more than 10% of the shares. As at 51 December 2025, W&W AG did not hold any treasury shares. 6.5% (previous year: 6.9%) of the total shares issued by W&W AG are held by foreign shareholders. Dividend policy W&W AG strives to provide its shareholders with a stable and reliable dividend. For the past financial year, the Executive Board is therefore proposing an unchanged dividend payment of €0.65 per share to the Annual General Meeting. Based on the closing price at the end of 2025, this corresponds to a dividend yield of 4.47% (previous year: 5.58%). Employee shares In April 2025, W&W AG once again issued employee shares across the Group employee shares across the Group. Based on the XETRA closing price on 24 March 2025, eligible employees received a €5 discount on a maximum of 40 shares. Our company is thus continuing a long-standing tradition and aims to further strengthen the focus on shareholder value among the workforce and increase employer attractiveness and employee retention. In total, just under a quarter of eligible employees took advantage of the offer. Further information on this can be found in the appendix. In 2026, shares will again be offered to employees will again be offered shares. Analyst recommendations W&W AG is regularly monitored and evaluated. The current analyst recommendations for W&W shares and the price targets assigned to the shares by analysts are available online at website at ww-ag.com. The current average price potential from the price targets for W&W AG shares set by banks and securities firms is €18.00. addition, the Investor Relations team provides regular updates on current topics in a newsletter. W&W AG presented its current business figures in the form of conference calls and a press conference on the annual financial statements. The 2025 Annual General Meeting was again held in virtual form. The upcoming Annual General Meeting will also take place virtually on 15 May 2026 at 10 a.m. Analyst recommendations Date Recommendation/ Target price Institution LBBW 14.11.2025 HOLD/€15.00 Montega 19.11.2025 BUY/€21.00 Investor Relations (IR) In the reporting year, W&W AG continued its intensive dialogue with institutional investors, private investors and financial analysts. The digital activities established in investor relations as part of the digitalization process were further expanded. Communication with international investors through roadshows and capital market conferences was continued on an ongoing basis, for example through participation in the Eigenkapitalforum in Frankfurt am Main and the Hamburger Investorentage. In Economic report Business environment Macroeconomic environment The overall economic environment remained challenging in 2025 in view of geopolitical and economic tensions. According to initial estimates, the German economy recorded only a slight increase in economic output of 0.2%. Several factors weighed on the economy: on the one hand, the German industrial sector performed poorly. On the other hand, corporate investment also showed weak development due to high political uncertainty. Foreign trade was also impacted by highly volatile US trade policy and significantly increased tariffs on German exports. Despite real income growth in private households due to lower inflation and higher wages, the expected significant upturn in consumer demand failed to materialise. Overall, inflation rates in Germany normalised in 2025. The overall inflation rate fell to 2.2%, which was only slightly above the European Central Bank's (ECB) target level of 2.0%. Capital markets Bond markets Yields on the German bond market varied depending on maturity, particularly in the first half of 2025. In the short-term maturity segment, yields fell as a result of expected key interest rate cuts by the ECB. In the longer-term maturity segment, the reform of the debt brake and the creation of additional special funds by the new German government at the beginning of March initially led to a jump in yields on ten-year German government bonds of around 40 basis points. However, fears of negative economic effects due to increased US tariffs on European exports, a sustained decline in inflation and further key interest rate cuts by the ECB caused a counter-movement in the first half of the year. In the second half of the year, yields across all maturities showed, driven by the end of the ECB's key interest rate cuts, more optimistic economic expectations and the even larger volume of German government bond issues in the future. Overall, the yield on two-year German government bonds maturing in 2025 rose slightly by four basis points to 2.12%, while the yield on ten-year German government bonds rose more significantly from 2.57% to 2.86%. Equity markets European stock markets were heavily influenced by political developments in the first half of 2025 and recorded significant price fluctuations. After a positive start to the year with double-digit percentage gains on indices such as the Euro STOXX 50 and the DAX, the announcement of massive increases in US tariffs at the beginning of April caused prices to plummet. The subsequent temporary suspension of US tariffs quickly led to a sharp rise in prices again. Further ECB interest rate cuts and hopes for higher economic growth in Germany supported this trend. In the second half of the year, the DAX moved sideways between around 25,000 points and its new all-time high of 24,771 points. The Euro STOXX 50 also showed a moderate upward trend in the second half of the year, reaching a new record high of around 5,800 points in November. Overall, 2025 was a very good year for equities in Europe. The Euro STOXX 50 recorded a price increase of 18.5%, while the English benchmark index DAX rose by as much as 25.0%. Currency markets The euro appreciated significantly against the US dollar in 2025, gaining 15.4% against the US currency. Starting at a level of 1.055 US dollars per euro at the end of 2024 to just under 1.18 US dollars in the first half of 2025, before moving sideways with limited exchange rate fluctuations. Industry trends The overall economic environment and developments on the capital markets were also reflected in the development of the industry. In addition, increasing regulation had an impact on the financial services industry . Based on figures from the Association of Private Building Societies, net new home loan savings business in the industry fell by 21% to around €62 billion in 2025 (previous year: around €78 billion). Following the boom years of 2022 and 2025 caused by the interest rate turnaround, the normalisation of new home loan savings business continued in the financial year to the level seen before the interest rate turnaround. New business in private residential mortgage lending developed positively in 2025. According to the Deutsche Bundesbank, lenders paid out around €241 billion (previous year: around €198 billion) in residential construction loans to private households. This corresponds to an increase of 21%. The market recovery was favoured by largely constant construction interest rates, moderately rising property prices, an inflation rate close to the European Central Bank's target and a renewed rise in real incomes. Wüstenrot Bausparkasse AG ranks second among private home loan and savings banks in terms of gross new business. Based on preliminary industry figures for 2025 published by the German Insurance Association (GDV), the life insurance industry recorded an increase in current new premiums to €6.8 billion (previous year: €6.6 billion) in 2025. New business with a single premium also increased to €51.8 billion (previous year: €27.2 billion). New premiums for life insurers thus rose to €58.5 billion in 2025 (previous year: €55.8 billion). Measured in terms of total premiums for new business, there was an increase to €192.6 billion (previous year: €182.9 billion). Württembergische Versicherung AG increased its gross premiums written to €2,921 million (previous year: €2,775 million). In the current ranking based on the previous year's figures for property and casualty insurers, it ranks ninth in terms of gross premiums written domestic direct business. Development of business and position of the Group (IFRS) Development of business The W&W Group recorded a positive financial year in 2025. In the Property/Casualty Insurance segment, new and replacement business, premium adjustments, portfolio restructuring and the absence of storm damage led to a significant increase in the technical result. Pre-tax profit also increased in the Life and Health Insurance segment, although there was a one-off charge due to the revaluation of deferred taxes. In the Housing segment, higher risk provisions and hedging measures against interest rate risks led to a significantly lower result. Composition of consolidated net profit Gross premiums written by life insurers rose to €96.7 billion (previous year: €91.8 billion) in the reporting period, mainly due to higher single-premium business. Württembergische Lebensversicherung AG increased its gross premiums written to €1,716 million (previous year: C o n s o l i d a t e d n e t i n c o m e a f t e r t a x e s 121 55 €1,675 million). Measured in terms of premiums written, Württembergische Lebensversicherung AG had a market share of 1.8% (previous year: 1.8%). In its peer group of German life insurers, Württembergische Lebensversicherung AG ranked twelfth in terms of gross premiums written based on the previous year's figures. Housing segment -117 16 Life and Health Insurance segment 19 42 Property/Casualty Insurance segment 210 -97 All other segments/reconciliation 9 74 in € million 1.1.2025 to 51.12.2025 1.1.2024 to 51.12.2024 According to preliminary calculations by the GDV, premium income in the property/casualty insurance market rose by approximately 7.6% to €99.6 billion (previous year: €92.5 billion). Expenses for claims incurred during the financial year fell by 1.4%, following an increase of 4.2% in the previous year. This led to a significant increase in technical profit to €10.1 billion (previous year: €5.6 billion). Both the claims ratio for the financial year, at around 70% (previous year: 76.2%), and the combined ratio (related claims and cost ratio) of around 90% (previous year: 96.1%) were lower than in the previous year. The material portfolio figures increased compared with the previous year. The portfolio of building loans increased from €28.4 billion to €50.1 billion. Insurance revenue (technical income) in accordance with IFRS 17 also increased. In the Life and Health Insurance segment, it rose by 5.4% to €1,545 million (previous year: €1,501 million), and in the Property/Casualty Insurance segment by 5.9% to €2,929 million (previous year: €2,767 million). New business figures increased in all segments. New business in life insurance, consisting of 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, the annual contribution to the portfolio from new and replacement business also grew by 8.5%. Selected Group key figures The result from risk provision fell to -€60 million million (previous year: -€27 million), which is materially attributable to the result in the Housing segment. The valuation output was €96 million (previous year: €472 million). Equity securities and capital investments for unit-linked life insurance policies generated capital 1.1.2025 to 51.12.2025 1.1.2024 to 51.12.2024 Change gains. life insurance policies. Alternative investments and investment funds developed in the opposite in € million in € million In % 1 Figures as at 51 December 2024 and 51 December 2025. Financial performance Total comprehensive income Consolidated income statement In the 2025 financial year, consolidated net income after taxes rose significantly to €121 million (previous year: €55 million). Earnings per share amounted to €1.29 (previous year: €0.55). The financial result (gross) amounted to €1,297 million (previous year: €1,805 million). Under the IFRS 17 accounting standard, a material portion of the Group's financial result is attributable to insurance contracts with direct profit participation in life and health insurance. After the corresponding policy holder participation, the financial result fell to €258 million (previous year: €476 million). The following earnings components were responsible for this development (gross): The current result was €1,527 million (previous year: €1,596 million). The increase in dividend income was unable to offset the decline in net interest income. direction. The rise of the euro against the US dollar also led to a significant decline in currency results, particularly in the Life and Health Insurance segment. Building loan portfolio 1 50,116 28,401 +6.0 New business volume, residential (new lending volume & gross new home loan savings business) 16,488 15,676 +5.2 Life and Health Insurance segment 1,545 1,501 +5.4 New life insurance business (regular and single premiums) 555 465 +15.6 Insurance revenue in the Property/Casualty Insurance segment 2,929 2,767 +5.9 Annual contribution to the portfolio (new and replacement business; Property/Casualty Insurance) 472 456 +8.5 The result from disposals amounted to -€66 million (previous year: -€58 million). The technical result improved significantly to €452 million (previous year: -€17 million). In Property/Casualty Insurance, premium adjustments, portfolio restructuring and the absence of storm damage led to a significantly higher technical result. In the Life and Health Insurance segment, too, the technical result was above the previous year's level. The commission result fell to -€25 million (previous year: -€12 million), due in part to increased new business and a positive valuation effect on home loan provisions in the Housing segment in the previous year. General administrative expenses (gross), i.e. before allocation to the technical result, amounted to €1,171 million (previous year: €1,165 million). While personnel expenses increased due to wage increases, materials expenses were reduced again through active cost management. Among other things, consulting and advertising expenses declined in 2025. Impairments and amortisation decreased due to lower impairment losses on capitalised software. General administrative expenses (net) amounted to €505 million (previous year: €506 million). Other operating income amounted to €52 million (previous year: €85 million). In the previous year, income from the recognition of the negative difference (badwill) from the purchase of start:bausparkasse AG. Tax expense rose to -€91 million (previous year: €9 million). In addition to a higher pre-tax profit, this increase is mainly attributable to the Life and Health Insurance segment. The future reduction in the corporation tax rate resulted in a one-off charge from the revaluation of deferred taxes. Consolidated statement of comprehensive income The consolidated total comprehensive income (total comprehensive Income) for the 2025 financial year was New business key figures 1.1.2025 to 1.1.2024 to 51.12.2025 51.12.2024 Change in € million in € million In % 16,488 15,676 +5.2 5,416 4,686 +15.6 11,072 10,990 +0.7 €102 million (previous year: €22 million). It comprises the consolidated net income plus other comprehensive income. The OCI amounted to -€19 million (previous year: -€15 million). The rise in interest rates in 2025 led to falling market values for fixed-income securities and registered securities. Their unrealised result with an impact on the OCI amounted to -€885 million (previous year: -€85 million). Technical liabilities/provisions in accordance with IFRS 17 had an offsetting effect. The unrealised result from this amounted to €857 million (previous year: €65 million). The actuarial result from defined benefit pension plans amounted to €29 million (previous year: €6 million). In the same period of the previous year, interest rates remained largely constant and led to only minor unrealised losses on capital investments and low unrealised gains on provisions. The OCI serves as a supplement to the consolidated income statement and reflects the gains and losses recognised directly in equity resulting from accounting in accordance with IFRS 9 and IFRS 17, among other standards. It essentially reflects the interest rate sensitivity of our assets and the technical provisions on the liabilities side. Housing segment New business The new business volume for residential purposes such as immediate financing, modernisation and equity accumulation (sum of gross new business and the volume of new lending business including brokered business in the third-party book) rose to €16,488 million (previous year: €15,676 million). Gross new business based on total home loan savings contracts amounted to €11,072 million (previous year: €10,990 million), slightly above the previous year's level. As expected, net new business in terms of total home loan savings contracts (new business redeemed) declined to €8,725 million (previous year: €10,555 million) as a result of the low level of gross new business in 2024. The volume of new lending rose to €5,416 million (previous year: €4,686 million). This further strengthened the market position. New business volume New construction financing business (including brokering for third parties) New home loan savings business (gross) Financial performance The segment result after taxes decreased to -€117 million (previous year: €16 million). The financial result fell to €168 million (previous year: €299 million). This was due to the following factors: The current financial result decreased to €214 million (previous year: €281 million). The interest result from interest rate swaps concluded for interest rate management purposes and higher refinancing expenses had a negative impact. Interest income from mortgage lending business. The risk provisioning result declined materially as a result of the economic downturn due to higher additions to risk provisions in the mortgage lending business to -€58 million (previous year: -€51 million). The valuation output decreased to €7 million (previous year: €12 million). This development is attributable to a decline in result from hedges. This was offset by a positive result from the valuation of home loan provisions. The result from disposals decreased to €5 million (previous year: €57 million). Higher income was generated in the previous year as part of asset/liability management. The commission result declined materially due to the increase in gross new home loan savings business and a positive valuation effect on home loan provisions included in the previous year, to -€18 million (previous year: -€10 million). General administrative expenses amounted to €541 million (previous year: €558 million). Materials expenses decreased, among other things as a result of lower contributions to deposit protection and lower consulting expenses. Personnel expenses increased mainly due to collectively agreed salary increases. Other operating income decreased to €55 million (previous year: €62 million). This development is mainly attributable to the recognition of the negative difference from the acquisition of start:bausparkasse AG in the previous year. This was offset by higher income from settlement transactions in connection with home loan deposits. Life and Health Insurance segment New business/premium development The total premiums for new business in life insurance increased to €5,687 million (previous year: €5,242 million). In company pension schemes (bAV), the total premiums also exceeded the previous year's level, at €1,168 million (previous year: €1,094 million). The total premiums for unit-linked insurance (including Genius) also developed positively, increased by 52% to €2,578 million (previous year: €1,797 million). In health insurance, new annual premiums rose to €12.6 million (previous year: €11.6 million). New business key figures this development (gross) the following earnings components: The current financial result decreased to €947 million (previous year: €965 million). The portfolio of fixed-income securities declined slightly, resulting in lower interest income. This was offset by higher dividend income and lower interest expenses for subordinated capital. The valuation output decreased to €141 million (previous year: €417 million). Although there were higher capital gains on equities and capital investments for unit-linked life insurance policies, alternative investments and investment funds developed in the opposite direction. Due to the rise of the euro against the US dollar, the currency result included in the valuation output fell significantly by €261 million. The result from disposals improved slightly to -€60 million (previous year: -€76 million). The technical underwriting result increased to €122 million (previous year: €101 million). Insurance revenue (underwriting income) rose to €1,545 million (previous year €1,501 million). Technical expenses amounted to €1,208 million (previous year €1,186 million). In both sets 1.1.2025 to 51.12.2025 1.1.2024 to 51.12.2024 Change of expenses, life insurance and health insurance, the technical result (net) was higher than in the previous year. Total premiums in new life insurance business Total premiums in new business (excluding occupational pension schemes) Total premiums in new business for occupational pension schemes Financial performance The segment result after taxes was €19 million (previous year: €42 million). The financial result (gross) amounted to €1,050 million (previous year: €1,511 million). Under the IFRS 17 accounting standard, a material portion of the financial result is attributable to insurance contracts with direct profit participation in life and health insurance. After the corresponding participation of policy holders, the financial result amounted to -€5 million (previous year: -€2 million). The following earnings components were responsible for General administrative expenses (gross), i.e. before the corresponding contribution from policy holders, amounted to €265 million (previous year: €254 million). Both materials expenses and personnel expenses increased. After the policy holders' contribution, general administrative expenses (net) amounted to €52 million (previous year: €59 million). Annual new health insurance premiums 12.6 11.6 +8.6 in € million in € million In % 5,687 5,242 +15.7 2,519 2,148 +17.5 1,168 1,094 +6.8 Tax expense rose to €65 million (previous year: €21 million). The future reduction in the corporation tax rate resulted in a one-off charge from the revaluation of deferred taxes. Property/Casualty Insurance segment New business/premium development New business, measured in terms of the annual contribution to the portfolio, rose to €472 million (previous year: €456 million). Growth was achieved in all areas. New business key figures of cumulative events. While the previous year was marked by losses from cumulative events, the current financial year saw gains from the reversal of loss components due to lower claims expectations. In addition, the run-off result was significantly better than in the previous year. The reinsurance result was -€96 million (previous year: -€45 million). The combined ratio (gross) according to IFRS 17 improved significantly to 86.2% (previous year: 102.7%). The combined ratio (net) under IFRS 17 was 89.5% (previous year: 104.5%). 1.1.2025 to 51.12.2025 1.1.2024 to 51.12.2024 Change General administrative expenses (gross) amounted to Annual contribution to the portfolio (new and replacement business) Motor Corporate customers Retail customers in € million in € million in 456 +8.5 264 +9.8 106 +5.8 66 +9.1 €479 million (previous year: €500 million). While personnel expenses rose, mainly due to collectively agreed salary increases, materials expenses decreased. This was due to a lower impairment loss on capitalised software. After allocation to the technical result, general administrative expenses (net) amounted to €46 million (previous year: €58 million). 472 290 110 72 All other segments Financial performance Segment profit after tax rose significantly to €210 million (previous year: -€97 million). The financial result amounted to €25 million (previous year: €42 million). It comprises the following components: The current financial result increased to €110 million (previous year: €87 million). This was primarily due to higher interest and dividend income. The valuation output amounted to -€27 million (previous year: €12 million). The result from alternative investments and investment funds declined compared with the previous year. In addition, as in the Life and Health Insurance segment, currency losses were incurred. The result from disposals was -€6 million (previous year: €1 million). The technical financial result amounted to -€49 million (previous year: -€55 million). This development is due to lower expenses from the discounting of technical provisions. The net technical result increased to €508 million (previous year: -€118 million). New and replacement business as well as premium adjustments resulted in encouraging growth in the insurance portfolio. Insurance revenue (technical income) therefore rose in all business areas to €2,929 million (previous year: €2,767 million). Gross claims expenditure fell due to portfolio restructuring, active claims management and the absence All other segments comprise business areas that cannot be allocated to any other segment. These are primarily W&W AG, including its subsidiaries Wüstenrot Immobilien GmbH, W&W Asset Management GmbH, Wüstenrot Haus- und Städtebau GmbH, W&W brandpool GmbH and the Group's internal service providers. After taxes, the segment result amounted to €70 million (previous year: €117 million). The financial result decreased to €104 million (previous year: €159 million). The following earnings components contributed materially to this development: The current financial result rose to €108 million (previous year: €105 million) as a result of higher dividend income. The valuation output fell to €0 million (previous year: €56 million). This development was due to a decline in the currency result and lower results from alternative investments and equity investments. The commission result amounted to €56 million (previous year: €40 million). General administrative expenses rose to €86 million (previous year: €76 million). Higher wages and salaries led to an increase in personnel expenses. Materials expenses were reduced. Other operating income rose to €16 million (previous year: €5 million). Net assets Asset structure The W&W Group's total assets amounted to €72,5 billion (previous year: €72,5 billion). The asset side consists mainly of building loans and capital investments. Building loans grew to €50.1 billion (previous year: €28.4 billion). This increase is attributable in particular to the higher volume of loans under building savings contracts and more advance and bridge financing loans. Capital investments amounted to €58.8 billion (previous year: €59.9 billion). Rising interest rates over the course of the year led to slight declines in the market value of securities held. Capital investments for unit-linked life insurance policies rose slightly due to portfolio growth and valuation effects. Financial position Capital structure Due to the financial services group's business model, the W&W Group's liabilities are dominated by technical liabilities and liabilities to customers. Technical liabilities (technical provisions) amounted to €51.5 billion (previous year: €52.5 billion). Of this amount, €27.5 billion (previous year: €28.1 billion) was attributable to life insurance, €2.5 billion (previous year: €2.6 billion) to Property/Casualty Insurance and €1.7 billion (previous year: €1.6 billion) to health insurance. The liabilities mainly comprised liabilities to customers of €25.9 billion (previous year: €27.5 billion). Of this amount, deposits from home loan savings business and savings deposits amounted to €19.7 billion (previous year: €19.8 billion). Deposits in time deposits and overnight money amounted to €6.2 billion (previous year: €7.7 billion). Liabilities evidenced by certificates amounted to €4,8 billion (previous year: €5,4 billion). The balance sheet value of subordinated capital amounted to €700 million (previous year: €406 million). This was issued by W&W AG and Wüstenrot Bausparkasse AG. In October 2025, W&W AG issued a further subordinated bond with a volume of €500 million. Consolidated equity As at 51 December 2025, the W&W Group's equity amounted to €4,961 million, compared with €4,922 million as at 51 December 2024. The consolidated net income and the income recognized in equity increased equity by €102 million. The dividend distribution reduced equity by €62 million. Liquidity The liquidity of the W&W Group was guaranteed at all times during the reporting year. Cash pooling has been implemented as part of liquidity management to optimise cash flows within the W&W Group. Further information on liquidity is provided in the risk report. The cash flow statement showed a cash inflow of €985 million (previous year: €555 million) from operating activities and a cash outflow of -€1,068 million (previous year: -€66 million) for investing activities, including capital investments. Financing activities resulted in a cash inflow of €201 million (previous year: -€555 million). Overall, cash and cash equivalents changed by €116 million (previous year: -€66 million) in the reporting year. Further information can be found in the cash flow statement. Investments The W&W Group made investments in non-current assets primarily in the Life and Health Insurance segment. This related in particular to investment property. In addition, investments were made mainly in hardware and software. Research and development was carried out primarily in the context of software development for the Group's own purposes. Customer development in the Group The W&W Group also gained new customers in the 2025 financial year. The number of new customers was 400 thousand (previous year: 500 thousand). The lower increase compared with the previous year is attributable to the Housing division. Here, an anniversary promotion for "Top Tagesgeld" had a positive effect in the previous year. The number of customers was 6,556 thousand (previous year: 6,488 thousand). Overall view The following comparison of the Group's business performance in the reporting year with the estimates from last year's annual report shows an improvement in the Group's performance despite the high level of uncertainty in the overall economic environment, volatility on the capital markets and geopolitical conflicts. Comparison of business performance with forecast Group Despite the challenges in 2025, we achieved a consolidated net profit after tax (IFRS) of €121 million. Last year's forecast was achieved. General administrative expenses (gross) in the in the reporting year were roughly at the same level as in the previous year, in our original forecast, we had assumed a slight increase. This was due in particular to the tariff increases in the insurance industry, which occurred later than expected. In the reporting year, we acquired 400 thousand new customers. This meant that we were unable to achieve our forecast from last year due to the lack of new business from cooperations and reduced marketing activities in the overnight money market. Housing segment As expected, the segment result after taxes for 2025 was -€117 million, in line with our forecast report for the first half of 2025, significantly below the previous year, mainly due to interest rate developments. In particular, the significant decline in short-term interest rates weighed on both the result from hedging transactions and income from the investment of short-term customer liabilities, leading to a noticeable decline in the interest result. Due to valuation differences and the treatment of hedging transactions under IFRS, this can only be controlled to a limited extent. In the Housing segment, general administrative expenses in the reporting year were, as expected, at the previous year's level. In the new construction financing business (assumptions), we forecast that we would be significantly above the 2024 level. This expectation was met. In line with our updated forecast for the first half of 2025, we recorded a significant decline in net new business in total home loan savings contracts compared with the previous year. This development is primarily attributable to the downward trend in the market, which could not be fully offset despite the expansion of our market share. Life and Health Insurance segment In the Life and Health Insurance segment, the segment result after taxes was €19 million, in line with our forecast report for the first half of 2025, due to the one-off valuation adjustment of deferred taxes at Württembergische Lebensversicherung AG as a result of the lower corporate tax rate in future. Gross general administrative expenses in the Life and Health Insurance segment were slightly above the previous year's level in the reporting year and thus better than expected. This was due in particular to tariff increases in the insurance industry that occurred later than expected. In our planning, we had assumed a moderate increase. As expected, we achieved new business for the 2025 financial year that was significantly above the previous year's level in terms of total premiums. Property/Casualty Insurance segment The segment result after taxes for the 2025 financial year was €210 million, which was significantly above the previous year's level, in line with our forecast report for the first half of 2025. The increase is mainly due to the significantly improved claims experience. Gross general administrative expenses in the reporting year were slightly below the previous year's level, whereas our original forecast had assumed a figure on a par with the previous year. This was due in particular to tariff increases in the insurance industry occurring later than expected. In new and replacement business (based on the annual contribution to the portfolio), we achieved a value of in 2025, which is mod erat above the previous year's level. In the forecast report for the first half of 2025, we assumed a slight increase on the previous year. Development of business and position of W&W AG (HGB) Unlike the consolidated financial statements, the annual financial statements of Wüstenrot & Württembergische AG are not prepared in accordance with International Financial Reporting Standards (IFRS), but in accordance with the rules of the German Commercial Code (HGB) and the supplementary provisions of the German Stock Corporation Act (AktG). The financial statements of W&W AG in accordance with HGB and the the combined management report are published simultaneously in the electronic Federal Gazette. Development of business W&W AG successfully closed the 2025 financial year with a net income of €146 million according to HGB (previous year: €155 million), W&W AG successfully closed the 2025 financial year. The annual result was significantly influenced by dividends and profit transfers from subsidiaries. Financial performance Net income W&W AG's net income for the 2025 financial year according to the HGB was €146 million (previous year: €155 million). In order to strengthen equity, the Executive Board and Supervisory Board decided to allocate €72 million (previous year: €56 million) to retained earnings. After a profit carryforward of €1 million from 2024, the net profit amounted to €74 million (previous year: €80 million). This result enables us to propose to the Annual General Meeting a dividend of €0.65 (previous year: €0.65) per share, the allocation of €15 million (previous year: €18 million) to retained earnings and a profit carryforward of €1 million. Net capital investment income W&W AG's investment income increased to €246 million in 2025 (previous year: €252 million). The profit transfers from our subsidiaries rose from €78 million to €127 million in the reporting year. Reinsurance/technical result W&W AG's insurance business is materially dominated by the contributions of the Group subsidiary Württembergische Versicherung AG. Prior to additions to the claims equalisation provision, net technical income amounted to €5 million, which was €1 million higher than in the previous year. Gross premiums written decreased by 10.0% to €541 million (previous year: €601 million) in the past financial year. This is primarily attributable to a change in the reinsurance structure at Württembergische Versicherung AG and the resulting decline in the volume of reinsurance premiums. By contrast, net premiums earned grew by 10.0% to €421 million (previous year: €585 million). Gross expenses for insurance benefits fell from €579 million to €272 million due to lower claims expenses for claims incurred during the financial year as a result of the change in the reinsurance structure at Württembergische Versicherung AG. Net expenses for insurance benefits rose slightly to €261 million (previous year: €257 million). The net loss ratio decreased to €62.0 million (previous year: €67.1 million). Expenses for the insurance business for own account increased from €121 million in the previous year to €155 million. In accordance with the terms and conditions, €19 million was allocated to the claims equalisation reserve (previous year: withdrawal of €2 million). The claims equalisation reserve amounted to €94 million (previous year: €75 million). This corresponded to 22.4% (previous year: 19.6%) of net earned premiums. After the allocation to the claims equalisation reserve, the technical loss amounted to €16 million (previous year: profit of €4 million). Lines In the fire and other property insurance lines, gross premiums fell from €506 million to €255 million. After an allocation to the claims equalisation reserve of €17 million (previous year: withdrawal of €2 million), the technical loss amounted to €5 million (previous year: €14 million). In the motor lines, gross premiums increased to €182 million (previous year: €168 million). The loss after allocation to the claims equalisation reserve of €5 million (previous year: €1 million) amounted to €17 million (previous year: €8 million). In the liability segment, gross premiums remained virtually unchanged at €60 million (previous year: €60 million). After the reversal of the claims equalisation reserve of €1 million (previous year: €1 million), a profit of €1 million (previous year: €14 million) was recorded. In the accident line, gross premiums remained at the previous year's level of €25 million (previous year: €25 million). Profit after the claims equalisation reserve was €5 million (previous year: €6 million). Premiums in transport and aviation hull insurance remained unchanged at €6 million compared with the previous year (previous year: €6 million). The technical result after the claims equalisation reserve recorded a loss of €0 million (previous year: profit of €1 million). In other insurance lines (mainly legal expenses insurance), gross premiums fell to €55 million (previous year: €57 million). The technical result after the claims equalisation reserve amounted to a profit of €1 million (previous year: €4 million). Taxes Taxes on income and earnings amounted to €17 million (previous year: €59 million). The decrease in tax expense is primarily attributable to higher tax relief effects at the subsidiaries. Net assets and capital structure Asset structure W&W AG's total assets rose (or fell) by €575 million to €4,855 million (previous year: €4,480 million) in the financial year. Capital investments make up the majority of assets. Another major item is receivables. The liabilities side consists mainly of equity, other provisions, technical provisions and subordinated liabilities (bonds). Equity As a holding company, W&W AG manages the equity capital of the W&W Group. In principle, the equity capital of the subsidiary undertakings is based on the specified regulatory requirements. W&W AG's equity amounted to €2,562 million (previous year: €2,276 million) as at 51 December 2025. On the one hand, equity increased by €146 million due to the net income for the year and by €1 million due to the sale of treasury shares as part of the employee share programme in 2025. On the other hand, the dividend distribution for the 2024 financial year had a counteracting effect of €61 million. Overall, equity increased by €86 million. Retained earnings included in equity also increased. By resolution of the Annual General Meeting, €18 million from the net profit for the 2024 financial year and €72 million from the 2025 net income were transferred to retained earnings. Capital investments W&W AG pursues a sustainable, security-oriented investment policy focused on high debtor quality. There were no bad debts in the financial year. The book value of capital investments increased by €540 million to €4,575 million (previous year: €4,255 million). This mainly comprised shares in related companies and investments of €1,608 million (previous year: €1,609 million) as well as shares, units or shares in investment funds and other non-fixed-income securities of €950 million (previous year: €964 million). Valuation reserves Valuation reserves arise when the fair value of an asset exceeds the value at which it is reported in the balance sheet (carrying amount). The valuation reserves on W&W AG's investments amounted to €1,922 million (previous year: €1,890 million). These were mainly attributable to shares in affiliated companies (€1,941 million, previous year: €1,897 million), shares or units in investment funds and other non-fixed-income securities (€84 million, previous year: €68 million), bearer bonds and other fixed-income securities (-€90 million, previous year: -€82 million) million to bearer bonds and other fixed-income securities, and -€17 (previous year: €0) million to land, land rights and buildings. The hidden liabilities of the investments reported in accordance with Section 541b (2) of the HGB amounted to -€90 million (previous year: -€82 million). They arose due to interest rates and are not considered permanent. Pension provisions At €1,156 million (previous year: €1,175 million), pension provisions represented a large portion of W&W AG's liabilities, alongside technical provisions of €551 million (previous year: €525 million). Not only W&W AG's own pension provisions were reported, but also those of 8 subsidiaries (previous year: 8). W&W AG has declared its joint liability for these subsidiaries' pension commitments and has assumed responsibility for fulfilling these pension commitments in its internal relationship with these companies. Financial position W&W AG's liquidity was guaranteed at all times during the reporting year. The company generates liquidity from its reinsurance business and from financing measures. As part of more intensive liquidity management, cash pooling between W&W AG, Württembergische Versicherung AG and Württembergische Lebensversicherung AG was implemented in the 2025 financial year to optimise cash flows within the W&W Group. In addition, W&W AG, Württembergische Krankenversicherung AG and Allgemeine Rentenversicherung Pensionskasse AG concluded a joint cash pooling agreement in the 2024 financial year. W&W Informatik GmbH and W&W Service GmbH joined the cash pooling agreement in the 2025 financial year. Further information on liquidity management is contained in the risk report. Overall view The following comparison of W&W AG's business performance in the reporting year with the estimates from last year's annual report shows that, despite the continuing high level of uncertainty in the overall economic environment environment, the volatility on the capital markets and the geopolitical conflicts. Comparison of business performance with forecast (HGB) Due to its structure as a holding company, W&W AG's annual result after taxes (HGB) is mainly determined by dividends and profit transfers from its subsidiary undertakings. In the 2025 reporting year, we achieved a result of €146 million due to an improved claims experience, which was slightly above the previous year's level. In our original forecast, we had assumed a figure slightly above the previous year's level. engaged What sets us apart is our personal proximity to our customers. Our needs-based consulting and trusting dialogue form the basis for optimal solutions. Opportunity and risk report Opportunity report Recognizing and exploiting opportunities is a fundamental prerequisite for the successful further development of the W&W Group. Accordingly, we pursue the goal of systematically identifying, analysing and evaluating opportunities and initiating appropriate measures to exploit them. The starting point for this is our firmly established strategy, planning and control processes. Among other things, we assess market and environmental trends and focus on the orientation of our product portfolio, cost drivers and other critical success factors. This leads to the identification of opportunities, which are discussed in management strategy meetings and incorporated into strategic planning. We also have standardised management and control structures in place to evaluate and pursue opportunities based on their potential, the required investments and the risk profile. In the following, we focus on material opportunities. We distinguish between opportunities arising from developments outside the company and opportunities arising from our specific strengths as the W&W Group. Unless otherwise stated, the opportunities described affect all segments to varying degrees. If they are likely to occur, we have included them in our business plans and forecasts as well as in our medium-term outlook. External influence factors Company and customers Opportunities from changed customer needs and changes in values The changing needs of private and commercial customers are becoming apparent. Values such as sustainability, digitalisation and security, as well as an awareness of (environmental) risks, continue to be of great importance. As the W&W Group, we want to make financial provision from a single source. For us, this means offering our customers products with clear price and service structures as well as flexible and individually adaptable options - supplemented by seamless networking across all interaction channels. To achieve this goal, the W&W Group relies on a comprehensive omnichannel offering that combines personal advice from sales representatives, partner distributors and brokers with digital services. This is complemented by innovative solutions such as the digital insurance brand Adam Riese and AI-supported processes. Traditional Classic contact channels such as telephone and email complete the offering and ensure a consistent customer experience across all channels. The need for financial security offers enormous business opportunities. Customers expect holistic customer journeys with consistent messages and communication across multiple channels. In this changed pension market with our sustainable and holistic consulting approach, which includes the four building blocks of insurance, home ownership, risk protection and wealth accumulation, as well as our target group concepts and solutions. Changing working environments, in particular the increased use of home offices and hybrid working models, as well as a growing need for work-life balance -especially among younger generations - have also had a lasting impact on customer behaviour and led to greater awareness of the importance of quality of life. The desire to own a home remains high. Wüstenrot Bausparkasse is responding to this development and is addressing a broad target group with its home savings products. In addition, the trend towards sustainable living is also becoming more established. This offers opportunities to contribute not only as a reliable partner for all kinds of financing needs, but also in particular through digital online advice or on-site expertise. For example, the Housing division offers financing for energy-efficient renovations and modernisations. Opportunities from rapid change and demographic shifts Demographic change and profound social changes - such as increasing urbanisation, individualisation, digitalisation, sustainability awareness, an ageing population and new work, career and mobility models - offer new growth opportunities. The megatrend of connectivity in particular is shaping this change and transforming society, the economy and culture. Due to its security and stability, life insurance remains a material component of retirement provision. Württembergische Lebensversicherung AG's broadly diversified product range in the area of life and pension insurance offers corresponding opportunities. Our diverse and flexible private health insurance services also support the increased demand for healthcare services and preventive measures due to rising life expectancy. However, demographic change also offers Wüstenrot Bausparkasse AG growth opportunities due to an observable generational change in existing properties. Modern living concepts such as multi-generational living, building with friends or building groups, and living in shared accommodation are also becoming increasingly popular. For the W&W Group, the Housing division offers corresponding construction financing opportunities and target group concepts for energy-efficient renovation or modernisation projects. Opportunities relating to climate, energy, environment and sustainability As a member of the GDV, the W&W Group also supports the sustainability positioning of German insurers. Climate neutrality, sustainability and environmental protection are important decision-making criteria for us as a company and for our current and future customers. By focusing on sustainability, both the Insurance division and the Housing division aim to reach this steadily growing target groups. The residential property sector plays a central role in achieving the political objectives of reducing CO₂ emissions. In addition to energy-efficient new buildings, the focus is increasingly shifting to the energy-efficient renovation and modernisation of existing buildings. A significant proportion of properties do not meet current energy efficiency standards and require investment in order to meet climate targets and legal requirements. The W&W Group offers with its "Climate Housing Loan" and the home savings agreement with climate bonus. In addition, customers and interested parties in the sustainable and climate-friendly construction/renovation and government subsidies. Opportunities through reputation Corporate social responsibility (CSR, responsibility in the sense of sustainable business practices) is becoming increasingly important in society's perception. The positioning and communication of a company as an attractive employer are becoming increasingly important. At the same time, a socio-cultural change in the world of work is noticeable. Against this backdrop, it is important for the W&W Group to focus not only on monetary remuneration but also on new factors such as work-life balance, modern, flexible and collaborative forms of work, and the working environment. The W&W Group also promotes its attractiveness as an employer in its external communications. The campus in Kornwestheim has a modern office landscape that flexible and hybrid working. In addition, the energy efficiency of the buildings meets today's high standards. The regular awarding of top marks to our products strengthens the brand reputation of the W&W Group and increases its attractiveness to customers. Economy and market Opportunities from the capital market including interest rate trends The development of monetary policy has a significant influence on the dynamics of the residential property market. In view of current property prices and uncertain future financing costs, building up equity for the purchase of residential property remains of great importance. In the Housing division, home loan savings contracts therefore continue to be an important instrument for securing interest rates and enabling the planned accumulation of equity. The young target group is also addressed with special youth tariffs. Opportunities through investment Our digital transformation is laying the foundation for a sustainable W&W Group, particularly in the digitalisation of products and processes. Our main focus here is on continuously high investment in the transformation of our IT systems, which will enable us to meet the basic requirements for the automated processing of products, the flexible connection of cooperation partners and the professionalisation of product development. This significantly reduces product development time, enabling us to respond more quickly to changing customer requirements. Opportunities from inflation and price trends Even though price increases will have normalised significantly by 2025 and the overall inflation rate has fallen back to 2.2%, the issue of financial security remains highly important to our customers. The ongoing uncertain situation reinforces the need for protection against financial risks. For the W&W Group, this means that there are particular opportunities in the area of loss prevention and mitigation. As an insurance company, we can cover the risk of inflation and offer our customers financial protection security. Opportunities from the economy The economic environment in Germany remains characterised by structural challenges. The automotive industry in particular, a key sector in our core market of Baden-Württemberg, is under considerable pressure to transform. This is weighing on the regional economy, but at the same time opens up new opportunities. For the W&W Group, this creates a mixed environment: in addition to risks from subdued industrial demand, technological changes towards electrification, digitalisation and new mobility solutions offer opportunities for specialised insurance products. The transformation is creating opportunities for Württembergische Versicherung AG due to changing demand for insurance solutions in the corporate customer segment, while retail customers are placing greater emphasis on hedging financial risks. In addition, the current economic environment, in particular the current interest rate environment, enables Württembergische Lebensversicherung AG to offer attractive products that are in demand. Politics Opportunities from increasing regulation and consumer protection Meeting the increasing regulatory requirements for quality of advice and support can be used to intensify customer dialogue and customer relationships. Increasing consumer protection and data protection regulations strengthen confidence in the entire industry and thus also in us as a provider. With cyber attacks on the rise, it is more important than ever for financial undertakings to prepare for incidents and introduce appropriate measures to strengthen cyber resilience. With the Digital Operational Resilience Act (DORA), the European Union has created a finance sector-wide regulation for the uniform and comprehensive management of cybersecurity risks and risks posed by information and communication technologies in the financial markets. Implementing the DORA requirements strengthens our digital resilience and increases the stability of our services. Standardised ICT risk and incident management processes increase the reliability and fail-safety of our digital infrastructure - which in turn promotes trust among our customers. Opportunities from general political conditions The federal government, which has been in office since 2025, has initiated comprehensive measures to promote new housing construction. These include, among other things, legal facilitating the creation of building planning law for local authorities and accelerated approval procedures as part of the so-called "Wohnungsbau-Turbo". The coalition agreement also reform projects aimed at optimising construction processes, modernising technical specifications and promoting climate change mitigation in the building sector. In the medium term, these political initiatives will create improved framework conditions for residential construction and open up new sales potential in the area of new construction financing. In addition, the adjusted housing subsidy and the increase in the blank loan limit for building savings contracts will also boost sales opportunities for Wüstenrot Bausparkasse AG's home loan and savings bank products. Customers who value energy efficiency and the use of renewable energies will also benefit from government subsidies for energy-efficient renovations and energy-efficient new buildings and conversions. Wüstenrot Energieberatung provides support in this area with individual advice, tailor-made renovation concepts and comprehensive advice on subsidies. Despite political discussions about the Building Energy Act, which came into force in January 2024, subsidies for the switch to renewable energies are to be maintained. This strengthens the value retention of properties for our customers and opens up growth opportunities for us in the area of financing. In the area of operating pension provision, current reform projects such as the Second Occupational Pension Strengthening Act and the Future Care Pact provide tax incentives, legal relief and integration into comprehensive reform packages for care and health. These measures are intended to strengthen the spread and demand for operating pension schemes in the long term. For Württembergische Lebensversicherung AG, this presents an opportunity for increasing demand for funded pension products. Württembergische Krankenversicherung AG is seeing additional opportunities in the area of supplementary care and health insurance. Technology Opportunities from digitalisation and technical progress The spread and use of digital technologies is advancing. IT is one of the material success factors in the digital age and contributes significantly to the transformation and further development of business models. Among other things, technical progress is enabling the increasing automation of processes. The resulting productivity gains and potential cost reductions can be used to increase earnings or invest in future-oriented areas. Cooperation networks enable us to serve our customers' needs in a more targeted manner and strengthen our market position. Important building blocks in this area, for example in the "living" theme world, are ImmoScout24 and Bosch Smart Home. Digital networking can also reduce response times, which can limit or even completely avoid consequential damage in the Insurance division, for example, in the event of a claim. By expanding digital processes in the broker market, our digital brand Adam Riese is becoming more connectable and can offer more efficient and effective processes. The digitalisation of customer interaction through, for example, smartphone apps, smart assistants or influencing on social media is changing the ways in which customers access our services. In-house platforms such as the W&W customer portal as a smartphone app, which impresses with its high user-friendliness, or the implementation of video consulting via "FinTrust" provide extraordinary help and relief for customers in many areas when it comes to processing requests and service invoices. This also includes Wüstenrot's "Baufi-Portal" (Interhyp-Standard), which has already integrated initial AI solutions and is gradually expanding them. These digital tools are intended to enable the W&W Group to become more customer-oriented, increase customer satisfaction and facilitate processes and procedures in day-to-day business. At Adam Riese GmbH, the W&W Group's digital brand in the insurance sector, digital processes are considered a central component of the business model. The focus is particularly on single-stage processes that can be completed in a single contact, enabling immediate implementation and confirmation. Opportunities in the data age Powerful data management is a prerequisite for companies in the financial services industry to remain competitive in the age of digitalisation and to address customers individually. We at the W&W Group are also exploiting our potential and using technologically advanced solutions for customer interaction and data analytics. Through the responsible, targeted use of customer data, increasingly personalised offers can be created, enabling us to approach our customers in a more targeted manner. For example, targeted evaluations and deductions can be used to identify patterns and make predictions. With additional information, risks can be better assessed and dam...

View stock analysis, news, and events for Wuestenrot & Wuerttembergische Ag