Wuestenrot & Wuerttembergische (WUW) Q3 2024 earnings summary

Executive summary

• Consolidated net profit dropped sharply to €5 million for the first nine months of 2024, compared to €101 million in the prior year, mainly due to significant storm-related losses in the insurance segment.

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

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

Financial highlights

• Total assets increased to €72.7 billion as of 30 September 2024, up from €68.7 billion at year-end 2023.

• Equity remained stable at €5.0 billion.

• Earnings per share fell to €0.04 from €1.07 year-over-year.

• Net financial result declined to €357 million from €409 million, while the technical result swung to a loss of €78 million from a €77 million profit.

Outlook and guidance

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

• Forecast for parent company net income (HGB) remains unchanged at around €130 million, barring further major loss events or market disruptions.