Wüstenrot & Württembergische AG: Net income above forecast
According to preliminary figures for the 2021 financial year, which have not yet been audited, Wüstenrot & Württembergische AG (W&W) will post consolidated IFRS net income of EUR 350 to 360 million.
This would exceed the target range, already increased on 23 June 2021 to EUR 280 and 330 million. Consolidated net income amounted to €210.8 million in 2020. The main reason for the renewed adjustment is the even more positive capital market trend. 2021 also saw a very good combined ratio being achieved in the property insurance portfolio due to cautious risk management.
According to preliminary, unaudited figures, net profit for the parent company W&W AG as calculated in accordance with the German Commercial Code (HGB), which is controlling for the dividend distribution, will be at EUR 110 million, in line with the forecast likewise adjusted in June 2021. 2020 saw a net income pursuant to the German Commercial Code (HGB) of EUR 100.3 million.
Jürgen A. Junker, Chair of the Executive Board of W&W AG: “The past financial year was anything but easy. The coronavirus pandemic, storms, low interest rates and further pressure from competition have demanded a lot from our employees. It shows that the venture we began five years ago, and our consistent digitalisation, were and continue to be the right decisions. We have become faster, closer to the customer, more agile and more digital. This is also confirmed by the positive feedback we have received from our customers. Despite this success, we continue to be prudent overall. There continue to be major uncertainties in the economy and for the consumer; this also applies to the impact on inflation.”