Wuestenrot & Wuerttembergische (WUW) Q3 2024 earnings summary

Executive summary

• Severe storms, including the “Orinoco” event, led to significant losses in the core insurance area, causing consolidated net income to drop to EUR 5 million in Q3 2024 from EUR 101 million in Q3 2023.

• Total comprehensive income improved to EUR 88 million from a loss of EUR 27 million year-over-year, driven by positive OCI effects.

• The group continued digital transformation and sustainability initiatives, including new product launches and strategic partnerships.

• Acquisition of start:bausparkasse AG and new sales cooperation with Südwestbank (BAWAG AG) aim to boost future growth.

Financial highlights

• Consolidated net income fell sharply to EUR 5 million (Q3 2023: EUR 101 million) due to high natural hazard claims.

• Net financial income decreased to EUR 357 million from EUR 409 million year-over-year.

• Technical result turned negative at EUR -78 million (Q3 2023: EUR 77 million), mainly from property/casualty claims.

• Equity remained stable at EUR 5.0 billion.

• Total assets rose to EUR 72.7 billion from EUR 68.7 billion year-over-year.

Outlook and guidance

• Full-year 2024 consolidated net income is expected to be significantly below the previous year due to extraordinary natural disaster losses.

• Forecast for statutory earnings (HGB) is maintained, barring further major loss events or economic downturns.