Wuestenrot & Wuerttembergische (WUW) investor relations material

Executive summary

• Achieved a 15% year-over-year increase in IFRS consolidated net income to €105 million in H1 2026, with earnings per share up to €1.11 from €0.96, driven by strong property/casualty insurance performance and improved portfolio quality.

• Revenue growth in both life/health (+4.3%) and property/casualty (+4.4%) insurance segments; building loans portfolio increased to €30.9 billion.

• Total assets increased to €75.0 billion from €72.5 billion at year-end 2025, driven by growth in building loans and investments.

• Strategic transformation under 'Bestform 2030' focuses on profitability, digitalization, and operational excellence.

• The group maintained a stable capital base and liquidity, with equity rising to €5.0 billion.

Financial highlights

• Financial result (gross) more than doubled to €1,019 million, mainly benefiting life insurance policyholders.

• Earnings before income taxes from continued operations increased to €156 million (H1 2025: €122 million).

• Total new life insurance premiums up 5.2% to €1,857 million; property/casualty new business annual contribution at €281 million.

• General administrative expenses (gross) rose to €595 million (H1 2025: €573 million), mainly due to project and consultancy costs.

• Housing segment new business volume declined to €7,553 million, reflecting a more profit-oriented underwriting policy.

Outlook and guidance

• Full-year 2026 net income after tax forecast maintained at €120–150 million.

• Administrative expenses in Housing and Life/Health segments expected slightly above prior year, contrary to previous forecasts, due to project-related costs and efficient project completion.

• Property/casualty administrative expenses to remain stable despite acquisition costs, with new business only slightly below prior year.

• Forecast subject to economic, inflation, capital market, tax, and claims risks, especially from natural disasters.