Wuestenrot & Wuerttembergische (WUW) Q2 2025 earnings summary

Executive summary

• Achieved a consolidated net profit of EUR 91 million in H1 2025, a turnaround from a EUR 14 million loss in H1 2024, with earnings per share at EUR 0.96 versus -0.15 year-over-year.

• Total comprehensive income reached EUR 123 million, up from a EUR 51 million loss in the prior year period.

• Growth in all business segments, with significant increases in new business volumes and improved technical results, especially in Property/Casualty Insurance.

• Strategic initiatives included IT transformation, expansion of partner networks, and sustainability efforts.

Financial highlights

• Total assets increased to EUR 72.8 billion from EUR 72.3 billion at year-end 2024.

• IFRS consolidated net profit reached EUR 91 million, up from a EUR 14 million loss year-over-year.

• Financial income declined by 54.3% due to negative valuation results, but technical results improved significantly to EUR 241 million from a EUR 44 million loss.

• Main portfolio of building loans increased from EUR 28.4 to 29.2 billion.

• Life & Health segment sales rose 1.6% to EUR 630 million; Property/Casualty segment sales up 6.0% to EUR 1,441 million.

Outlook and guidance

• Consolidated net profit for 2025 is forecast to be significantly above the previous year.

• Housing segment earnings may fall below prior year depending on interest rates, but new construction financing is expected to grow.

• Life & Health segment result expected to be significantly below prior year due to tax changes; Property/Casualty segment result expected to increase.

• Forecasts remain subject to economic, inflation, capital market developments, and natural disaster claims.

• Net new business in building society savings may not meet ambitious targets.