The Wüstenrot & Württembergische Group (W&W) increased its consolidated net profit in the first half of 2026 compared to the same period of the previous year. Despite a persistently challenging market environment, the IFRS consolidated net profit rose to EUR 105 million. In the first half of the previous year, this figure had been EUR 91 million, which positions the current development within expectations. Jürgen A. Junker, CEO of W&W AG, highlighted that the group had once again demonstrated its sustainable strength. He emphasised that the strategic orientation and operational quality ensure stability and reliability even in difficult times.
According to Junker, new customers were acquired, market shares expanded, and innovative products successfully introduced. At the same time, Artificial Intelligence (AI) is being deployed responsibly where it offers genuine added value for customers, employees, business partners, and the entire group. The “Bestform 2030” programme aims to consistently increase efficiency, agility, and speed to create scope for future investments and improved service for customers. This includes sustainably profitable growth in the insurance companies and increasing their resilience.
In the building society business, necessary steps to increase earnings have also been identified and initiated. Junker stated that the W&W Group does not expect a tailwind from the markets but is well-prepared and has the strength to continue developing. He added that AI will quickly assume a cross-sectional function in the industry and within the W&W Group, permeating all areas. The group welcomes the use of AI, as it holds the potential for great benefits for customers and employees. Accompanying qualification measures for employees are an integral part of this transformation, with the aim of making every interested employee AI-capable.
The W&W Group's new business developed steadily. In the property and casualty insurance sector, Württembergische proved resilient against external pressures. New and replacement business amounted to EUR 281 million as of 30 June 2026. In the same period of the previous year, it was EUR 291 million. The motor insurance and private customer segments recorded increases of approximately 3 and almost 4 percent, respectively. The combined ratio according to IFRS 17 was 86.7 percent gross, compared to 83.8 percent in the previous year's period. Life insurance also contributed positively; Württembergische Lebensversicherung increased its new business sum insured to EUR 1,857 million from EUR 1,766 million in the same period of the previous year. In the occupational old-age provision (bAV) segment, the sum insured reached EUR 644 million, compared to EUR 569 million in the comparable period of the previous year. The annual new premium of Württembergische Krankenversicherung amounted to EUR 5.4 million.
In the Housing segment, the new business volume for residential purposes, which includes immediate financing, modernisations, and equity building, reached EUR 7,553 million. This represents a reduction compared to EUR 8,479 million in the same period of the previous year. The new loan business volume was EUR 2,446 million, down from EUR 2,762 million in the first half of 2025. Net new business by building society sum increased by 3.3 percent to EUR 4,336 million, thereby exceeding the market level. The stock of building loans at Wüstenrot expanded by 2.5 percent to EUR 30.9 billion.
The financial strength of the W&W Group remained high. The group's equity increased to EUR 5,008 million as of 30 June 2026, up from EUR 4,936 million at year-end 2025. The balance sheet total rose to EUR 75.0 billion, from EUR 72.5 billion as of 31 December 2025. The asset side is primarily determined by building loans and capital investments. Rating agencies such as Standard & Poor’s confirmed the ratings with a stable outlook; the core companies of the group continue to hold an “A-” rating, and W&W AG has a “BBB+” rating.
For 2026, the W&W Group is intensifying targeted efficiency improvements, particularly in the Housing segment and IT. This aims to respond to the ongoing weakness in the real estate markets, the challenges in the interest rate markets, and general cost pressure. The W&W Group maintains its forecast for the IFRS consolidated net profit after tax of EUR 120 million to EUR 150 million. This forecast is subject to further economic developments, inflation, capital market developments, and claims developments, particularly due to natural events.
