Wuestenrot & Wuerttembergische (WUW) Q4 2025 earnings summary

Executive summary

• IFRS consolidated net income rose to EUR 121 million in 2025, up from EUR 36 million the previous year, reflecting a strong financial year overall.

• Property/Casualty insurance saw significant technical result improvement due to premium adjustments, portfolio restructuring, and favorable claims development.

• Life and Health insurance pre-tax profit increased despite a one-off deferred tax revaluation charge.

• Housing segment profit declined due to higher risk provisions and hedging costs against interest rate risks.

• New business volumes increased across all segments, with notable growth in Life Insurance (+15.6%), Housing (+5.2%), and Property/Casualty (+8.3%).

Financial highlights

• Building loan portfolio grew from EUR 28.4 billion to EUR 30.1 billion year-over-year.

• Insurance revenue under IFRS 17 increased: Life and Health up 3.4% to EUR 1,345 million; Property/Casualty up 5.9% to EUR 2,929 million.

• Financial result declined due to lower valuation gains, reduced net interest income, and higher risk provisions.

• Net technical result rose significantly, driven by higher premiums and improved claims experience.

• Consolidated balance sheet total increased to EUR 72.5 billion from EUR 72.3 billion.

Outlook and guidance

• Forecast for 2026: consolidated profit after tax (IFRS) expected between EUR 120 million and EUR 150 million.

• Main drivers: absence of one-off deferred tax effect, higher net interest income, but normalization of claims experience.

• Administrative expenses (gross) expected to remain stable; productivity gains to offset rising staff costs.

• Target to acquire at least 400,000 new customers in 2026.

• Proposed dividend for 2025: EUR 0.65 per share, unchanged from prior year.