31.03.2017 Wüstenrot & Württembergische AG  DE0008051004

DGAP-News: Wüstenrot & Württembergische AG: W&W Group pleased with financial year 2016

DGAP-News: Wüstenrot & Württembergische AG / Key word(s): Final Results Wüstenrot & Württembergische AG: W&W Group pleased with financial year 2016 31.03.2017 / 10:42 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Forecast surpassed: Consolidated net earnings total approximately EUR235 million. - Wüstenrot Bausparkasse increases net new business and gains market share in a declining market. - Property/casualty insurance increases gross premiums and further improves combined ratio. - [email protected] programme: New digital offers well received by customers. - Jürgen A. Junker, Chairman of the Management Board, observes: "The W&W Group has great potential, provided that we consistently use both our traditional sales channels and the opportunities of digitisation." Despite the persistently difficult market environment, the Wüstenrot & Württembergische Group (W&W) achieved good results in the 2016 financial year. Last year, the expert for financial provisions generated consolidated net profit of EUR235.3 million. Thus, the forecast of at least EUR220 million was comfortably reached. In its divisions including the home loan and savings business, part of the new business outperformed the sector trend. New products and services were taken up positively by the customers, especially due to the intensified development of the digital offers. For 2017, the W&W Group expects further growth in new business along with continued high investments in digitisation. "In view of the persistently low interest rates, changed customer expectations and increasing regulation, the results of 2016 are more than respectable" says Jürgen A. Junker, Chairman of the Executive Board of W&W AG since 1 January 2017. All product categories and all sales channels contributed to the bottom line - our own sales forces, partnerships, brokers, and direct sales. Junker adds: "However, we must not stop at this point. In the coming years, our focus will greatly depend on duly handling the question of which products and which channels are most suitable for our existing customers and potential new customers. In this context, our successful traditional sales channels are just us important as the digital approaches in which we plan to invest about EUR100 million in the next three years. The objective is to establish our Group as a modern platform in the fields of financial provisions, housing and savings." Key indicators of the Group for 2016 - Consolidated net profit amounted to EUR235.3 million. As planned, the figure remained below last year's record figure of EUR274.3 million, but was nevertheless higher than we had expected. - As in the previous year, the property/casualty insurance segment provided the greatest net income contribution of EUR108.3 million (2015: EUR114.9 million). This figure reflects the improved underwriting income as a result of a sustainable, risk-conscious underwriting policy. - Compared to 2015, the profit contributions of the Home Loan and Savings Bank and Life and Health Insurance segments were higher in 2016. - Mainly due to the low interest rates, net financial income amounted to EUR1.82 billion (previous year: EUR2.03 billion). - Benefits paid under insurance contracts dropped to EUR4.08 billion (2015: EUR4.28 billion). This was partly due to the favourable claims history in property insurance. - Despite the higher contributions to the deposit guarantee and high IT investments, steadfast cost management resulted in a reduction of general administrative expenses by about 3% to approximately EUR1.08 billion. Stable dividend planned The Executive Board and the Supervisory board propose to the Annual General Meeting on 1 June 2017 to pay a dividend of EUR0.60 per W&W share, as in the previous year. This would mean a distribution of about EUR56 million. Calculated on the basis of the year-end price of the share, which has been listed in the SDAX since 21 March 2016, the dividend yield would amount to an attractive 3.2%. Performance of the divisions in 2016 Home Loan and Savings Bank In 2016, the net new business of Wüstenrot Bausparkasse increased almost 2% to EUR11.9 billion. This growth took place despite the drop of 9% in net new business throughout the sector in general. Wüstenrot managed to expand its market share significantly, reinforcing its position as the sector's Number Two. The future-oriented Wüstenrot "Wohnsparen", a concept that was introduced in February 2016 and that further develops conventional home loan and savings schemes, was a key success driver. Wüstenrot Bausparkasse's multiple award-winning Riester offer (Wüstenrot Wohn-Riester) also benefited from the good performance of Wüstenrot Wohnsparen. The gross new business amounted to EUR13.6 billion (previous year: EUR14.1 billion). In the field of construction financing, the new business throughout the group amounted to almost EUR5.4 billion in new business, 1.6% less than in the previous year. Thus, Wüstenrot outperformed the sector in general (-4%). Insurance Gross premiums written in property and casualty insurance increased by another 2.4% to EUR1.68 billion. The new business amounted to EUR207.9 million, a figure close to that of the previous year (-0.9%). In the private customer field, Württembergische Versicherung launched new modular rates for accident, household and building cover. The growth in the corporate customer segment was mainly borne by the core product "company policy", whose scope was further expanded, e.g. by including photovoltaic plants of commercially utilised buildings. In 2016, the cautious underwriting policy and the resulting good net income performance led to a further improvement of the gross combined ratio to 90.1% (previous year: 92.1%; 2014: 95.5%). Gross premiums written in life insurance dropped 3.5% to about EUR2.10 billion. The decrease was caused by the declining new business in the generally shrinking market and portfolio losses. Last year, Württembergische Lebensversicherung supplemented its product offer with new, optimised risk life insurance rates with Premium, Compact and Combined protection. Since October 2016, it has also been possible to buy Compact and Premium online. Gross premiums written in health insurance increased more than 9% to some EUR216 million in 2016. This good growth is mainly attributable to the success of the supplementary health and long-term care rates of Württembergische Krankenversicherung, which regularly win awards in product tests. Digital product innovation on the march Last year, the W&W Group expanded its range of digital offers under the [email protected] programme. These offers supplement the successful conventional sales channels of our own mobile sales force and of the sales forces of cooperation partners. Following the central bundling of the construction financing business at Wüstenrot Bausparkasse, Wüstenrot Bank AG now concentrates entirely on its role as a digital bank for private customers with an attractive product offer in the account, card and securities business, which can also be accessed online. In 2016, W&W customers made use of video advice more than 2,000 times. This usually takes place when they visit their local advisor in order to reinvest maturing assets and simply ask for an investment advisor of Wüstenrot Bank to join in via Skype. The conversion rate from such video consulting is close to 60%. In autumn 2016, Wüstenrot Bank introduced computer-aided advice technology (robo-advising). For example, an automated fund management routine continually optimises the investment strategy selected by the client for the "Wüstenrot ETF Managed Custody Account". As a result, our gross fund sales in the retail business went up by more than 7% to EUR381 million. The number of customer custody accounts increased more than 5% to almost 79,000. Jürgen A. Junker, Chairman of the Executive Board of W&W, notes: "The Internet has massively changed people's purchasing behaviour, also in the field of financial products. Generally, we want to become even more agile and mobile in order to gain the online-oriented target group as new customers while continuing to fulfil the expectations of our existing customers, who appreciate the high quality of our advisory services. The W&W Group will make a determined effort to shape its future positively." Outlook for the 2017 financial year In view of the ongoing real estate boom in Germany, Wüstenrot expects 2017 to see growth in the fields of home loan and savings and construction financing. Württembergische is also positive as to the performance of the insurance business. The high investments under the [email protected] programme will continue for the purpose of reaching new customers and market segments through all sales channels, supporting the growth strategy of the W&W Group. Against this backdrop, the Executive Board is confident that the consolidated profit for 2017 will reach a similar level as in 2016. --------------------------------------------------------------------------- 31.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Wüstenrot & Württembergische AG Gutenbergstrasse 30 70176 Stuttgart Germany Internet: www.ww-ag.com ISIN: DE0008051004 WKN: 805100 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 560675 31.03.2017

Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 3.982,86 3.932,83 3.809,31 4.000,06 4.249,20 4.415,14 0,00
EBITDA1,2 323,60 291,57 292,45 320,49 353,01 306,87 0,00
EBITDA-Marge3 8,12 7,41 7,68 8,01 8,31 6,95 0,00
EBIT1,4 323,60 291,57 292,45 320,49 353,01 306,87 0,00
EBIT-Marge5 8,12 7,41 7,68 8,01 8,31 6,95 0,00
Jahresüberschuss1 274,28 235,31 258,04 215,19 249,06 210,75 310,00
Netto-Marge6 6,89 5,98 6,77 5,38 5,86 4,77 0,00
Cashflow1,7 -1.305,16 -1.557,97 296,86 -723,55 1.060,53 434,95 0,00
Ergebnis je Aktie8 2,88 2,49 2,74 2,29 2,65 2,24 3,30
Dividende8 0,60 0,60 0,65 0,65 0,65 0,65 0,65
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

Wüstenrot & Württembergische
WKN Kurs in € Einschätzung Börsenwert in Mio. €
805100 18,440 Halten 1.728,74
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
8,20 7,47 1,10 7,78
0,35 3,97 0,39 5,63
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,65 0,65 3,52 20.05.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.05.2021 13.08.2021 12.11.2021 31.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-2,34% 4,95% 11,62% 29,49%
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Versicherungen , 805100 , WUW , XETR:WUW