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W&W with growth in new business

Free float extended – Annual General Meeting (AGM) in Ludwigsburg

Stuttgart-based Wüstenrot & Württembergische AG (W&W) reported on the previous financial year during the AGM. As already reported at the end of March, the W&W Group achieved the best ever results in the company’s history with around 242 million euros (previous year: ca. 155 million euros). Overall, 2015 started positively.

From January to April 2015, the specialist for financial provisions managed to maintain the previous year’s gross new business level with regard to home loan savings – even though there was a slight decline in the sector overall. Following increased sales at the end of the year, new life insurance premiums dropped, whereas growth was recorded for damage and accident insurance. The W&W Group will provide detailed figures in its semi-annual report in the middle of August (the report on the first quarter was issued on 12 May).

Changes in the group of shareholders

During this year, L-Bank and Unicredit Bank/HypoVereinsbank (HVB) sold their shares in W&W AG. For both companies, the shareholdings related to a non-strategic participation. The shares raised a lot of interest with investors. The free float rose in relation to this by over 20 per cent. Majority shareholders of W&W are still the Wüstenrot Foundation with 66.3 per cent and Horus Finanzholding with a share of 13.4 per cent. The distribution partnership between HVB and Wüstenrot Bausparkasse has not been affected by the shareholder change.

During the AGM, two new members were nominated for election to the Supervisory Board: Corinna Barbara Linner, auditor, and Ruth Martin, former member of the board of Württembergische Versicherung. They are to replace Dr. Rainer Hägele and Ulrich Ruetz. The company thanks the retiring supervisory board members for their commitment and wishes the new committee members every success.

New products in the pipeline

During the W&W AGM in the Ludwigsburger Forum, a lot of time was spent covering the development of Wüstenrot Bank. As this does not have an expensive system of branches, it can significantly expand its online offers dynamically and in cooperation with the mobile sales force of the Group. The offer is intended to be a supplement for existing customers as well as an option for new customers. In doing so, direct sales should include special insurance products as well as traditional bank products.

At the same time, Wüstenrot Bausparkasse is working on a new and innovative generation of tariffs, which adjusts itself in line with the ongoing low levels of interest in the capital markets. Wüstenrot therefore continues to offer attractive product solutions, which can help to secure the company’s success in a sustainable manner over the long term.

Last but not least, Württembergische Lebensversicherung is also looking to score points in the market with its new "Rente Extra" solution, which will be available from next week. This is a pension product that offers additional opportunities: In comparison with traditional pension insurance, this product offers a higher level of interest during the savings accumulation period, however, the pension guaranteed when the contract is concluded is lower. The customer however also has the opportunity to benefit from a higher pension, when reaching actual pension age, if the guaranteed interest rate has risen again by that date.