Wüstenrot & Württembergische AG „Bestform 2030“ is proving effective: W&W Group improves half-year results

Press information

Kornwestheim, 14 August 2026

„Bestform 2030“ is proving effective: W&W Group improves half-year results

• IFRS consolidated net income rises to €105 million.
• Property insurance with a gross combined ratio of 86.7 per cent.
• Measures have been introduced to increase returns on home loan savings business.
• S&P has affirmed its ratings with a stable outlook.
• The Group believes it is well positioned for the full year.

The Wüstenrot & Württembergische Group (W&W) improved its results in the first half of 2026, despite a market environment that remained challenging. Consolidated net income under IFRS rose to €105 million, up from €91 million in the same period last year, and is therefore in line with expectations.

Jürgen A. Junker, CEO of the W&W Group: „The W&W Group has once again demonstrated its enduring strength in the first half of 2026. Our clear strategic focus and the quality of our operations ensure stability and reliability, particularly in challenging times. We have once again attracted new customers, increased our market share and successfully launched new, innovative products. At the same time, we are using AI responsibly in areas where it delivers genuine added value for customers, employees, business partners and the Group as a whole. Through our „Bestform 2030“ programme, we are also consistently further improving our efficiency, agility and speed. We are creating scope for future investments – and for even better service for our customers – by driving sustainable, profitable growth within our insurance companies and further enhancing their resilience. At the same time, we are keeping a close eye on the challenges in the home loan savings business, where necessary steps to boost profitability have already been identified and implemented. The W&W Group is aware that it cannot expect any tailwind from the markets, but it is well prepared and has the strength to develop even further. We have already begun this process.“

Junker added: „AI will soon become a cross-functional element within our industry and the W&W Group, permeating all areas. We welcome the use of AI, as we see an opportunity to deliver significant benefits for customers and staff alike. A great deal is set to change. We made it clear at an early stage that we want to involve our staff in this process and, to this end, are offering, amongst other things, comprehensive training programmes on working with AI. The aim is for every member of staff to be AI-literate if they so wish. We see this as a responsibility not only of the company, but also of our staff and our managers.“

Growth across several business areas

New business at the W&W Group remained stable overall.

Württembergische’s property/casualty insurance business proved resilient in the face of pressures from weather-related and loss events. New and replacement business totalled €281 million as at 30 June 2026 (first half of the previous year: €291 million). The motor insurance and personal banking segments grew by around 3 per cent and just under 4 per cent respectively. The combined ratio under IFRS 17 stood at 86.7 per cent gross (same period last year: 83.8 per cent).

Life and health insurance made a positive contribution to the business performance. Württembergische Lebensversicherung increased its total premiums from new business to €1,857 million (same period last year: €1,766 million). In the company pension scheme (bAV) too, the total premiums of €644 million were higher than in the same period last year, when they stood at €569 million. Württembergische Krankenversicherung’s annual new business premiums amounted to €5.4 (first half of the previous year: €5.9 million).

In the Housing division, the volume of new business for residential purposes – such as immediate financing, modernisation and equity building (the sum of gross new business and the volume of new lending, including referrals to third-party accounts) – amounted to €7,553 million (same period last year: €8,479 million). The volume of new lending amounted to €2,446 million, compared with €2,762 million in the first half of 2025. With an increase of 3.3 per cent to €4,336 million (first half of 2025: €4,197 million), net new business in terms of total home loan savings contracts exceeded the market average. Wüstenrot expanded its portfolio of building loans by 2.5 per cent to €30.9 billion.

Solid capital base and credit ratings

The W&W Group’s financial strength remained high. The Group’s equity rose to €5,008 million as at 30 June 2026, up from €4,936 million at the end of 2025.

Total assets rose to €75.0 billion, up from €72.5 billion as at 31 December 2025. The assets side of the balance sheet consists mainly of building loans and investments.

The rating agency Standard & Poor’s also reaffirmed its ratings with a stable outlook during the year under review. The core companies of the W&W Group continue to hold an „A-“ rating, whilst W&W AG holds a „BBB+“ rating.

Outlook confirmed

In 2026, the W&W Group will further step up its targeted efficiency improvements, particularly in the Housing division and in the IT sector, in order to respond, amongst other things, to the ongoing weakness in the property markets, the challenges in the interest rate markets and general cost pressures. With regard to earnings, the W&W Group is sticking to its forecast. A consolidated IFRS net income after tax of €120 million to €150 million is still expected for 2026.

This forecast is subject to further developments in the economy, inflation and the capital markets, as well as claims trends, particularly those resulting from natural disasters.