Wüstenrot & Württembergische AG
Quarterly Statement Q1 2024 W&W Group
17 May 2024
Agenda
W&W - Overview & Strategy
Group and Segment Developments Q1 2024 Outlook
Appendix
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 2
W&W - Overview & Strategy
Our business areas are supported by strong partners across the group
Segment Housing
- Everything around housing: home loan savings, financing, project planning, sales and brokerage
Segment Insurance
- Service insurer in the Life and Health as well as Property/Casualty lines.
- Adam Riese: Direct and broker brand for private customers
Service and Central Functions
- Group-wideservices around IT, investments, services and digitalization
# 2 | # 12 | # 10 |
Lebens- | Schaden- & | |
Bausparen1) | ||
versicherung2) | Unfallversicherung2) | |
6.4 Mio. customers, 6.6 ths. employees, one common location in Kornwestheim: the W&W-Campus
Notes: 1) Comparison of Annual Reports German Bausparkassen, Gross new business by home loan savings. 2) GDV, Feb. 2024.
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 3
W&W - Overview & Strategy
Excellent client base with growth potential
∼6.4m
Customers
On average three contracts per customer
High client retention (low churn rate)
Solvent customer base
Increasing digital affinity
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 4
W&W - Overview & Strategy
The W&W Group pursues a multi-channel sales approach
Own sales channels | Partnerships and cooperations |
Insurances | |
3,000 tied agents | |
Banks and financial distributors | |
3,000 tied agents | |
Sales networks& Brokers | |
Over 20.000 | |
brokers | |
Direct channels | |
Parternships |
Comprehensive multi-channel distribution approach opens up access to 55 million customers
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 5
W&W - Overview & Strategy
To the point: Sustainability goals of the W&W Group
E | S G | ||||
Capital | |||||
Customers | Own | ||||
Society | |||||
and | investments | ||||
operations | |||||
products | and refinancing | ||||
"Green" product lines and components in the business areas
Sustainable and resource-saving customer communication
13 May 2020
E | S | G | ||||
Employees | ||||||
Organisation | ||||||
awareness | Developing the future of | |||||
and | work and work culture | |||||
it across the | ||||||
Group | Increase employer | |||||
attractiveness and | ||||||
Expansion of | employee satisfaction | |||||
corporate | ||||||
governance | Promote diversity |
W&W Group is implementing these goals as part of a new sustainability strategy
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 6
W&W - Overview & Strategy
W&W Group structure
Freefloat
21.33%
Wüstenrot
39.91% Holding AG
FS BW Holding GmbH 11.29%
27.47% | Wüstenrot Foundation indirectly |
holds 67.38%1 of W&W shares. | |
WS Holding AG |
Note: 1) Own shares are not taken into account due to insignificance.
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 7
W&W - Overview & Strategy
The W&W AG share - stable and reliable dividend as a quality feature
W&W has a constant dividend level
4.87
4.21
4.06 | 3.93 | 3.68 |
3.36 | ||
3.23
2.78
3.74 | |||||||||||
2.49 | 2.74 | 2.29 | 2.65 | 2.24 | 2.51 | ||||||
1.48 | |||||||||||
0.60 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | ||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||
Earnings per share (EUR) | Dividend per share (EUR) | Dividend yield (%) | |||||||||
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 8
W&W - Overview & Strategy
Current analyst recommendations at a glance
Analyst | Date | Recommendation | Comment |
Metzler | 23/11/01 | Buy | |
Price target: 22.00 EUR |
"Ironically, the profit warning might result in more generous dividends."
Montega | 15/04/07 | Buy |
Price target: 23.00 EUR |
"Although W&W only achieved a marginal profit in the most important segment in terms of earnings, EPS
amounted to EUR 1.48 and would have left scope for a higher dividend (payout ratio 44%). As the business model remains intact in our view and inflation-drivenpremium increases can be implemented in the market, we believe a return to normalized profit levels by 2025 is visible. "
LBBW | 27/03/24 | Hold | "The risk profile of the W&W Group is basically conservative. This is due to the good diversification of |
Price target: 15.00 EUR | |||
the business segments, the low-risk investment strategy and the relatively stable environment in the | |||
domestic market. In the years 2011 to 2022, property & casualty insurance was the growth driver and | |||
main earnings contributor. The W&W share is valued very favorably according to our sum-of- | |||
the-partsmodel. However, it has a low free float and a relatively low dividend yield, which weighs | |||
noticeably on the share." | |||
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 9
Agenda
W&W - Overview & Strategy
Group and Segment Developments Q1 2024
Outlook
Appendix
W&W AG | Quarterly Statement as at 31 March 2024 | 17 May 2024 Page 10
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w&w - Wüstenrot & Württembergische AG published this content on 17 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2024 07:32:03 UTC.