KORNWESTHEIM (dpa-AFX) - More expensive claims as a result of inflation have caused the financial group Wüstenrot & Württembergische (W&W) to suffer a drop in profits in the first quarter. Due to corresponding provisions and other factors, consolidated net income in the first quarter was around a fifth lower than a year earlier at 51.1 million euros, as the SDax-listed company announced in Kornwestheim on Friday. While personal insurance generated more, profit in the property and casualty business fell by more than half to 10.5 million euros despite higher income.

After W&W's profit slumped to 140.5 million euros last year, CEO Jürgen Junker still expects an increase in 2024. However, as announced in March, the result is likely to be below the medium to long-term target range of EUR 220 to 250 million./stw/jha/