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Annual Report 20 20 Annual Report Wüstenrot & Württembergische AG This is a translation of the German Annual Report. In case of any divergences, the German original is legally binding. Wüstenrot & Württembergische AG Key figures W&W Group (according to IFRS) Consolidated balance sheet 31.12.2020 31.12.2019 Total assets € bn 76.5 75.2 Capital investments € bn 51.3 49.0 Senior fixed income securities € bn 12.4 13.0 Senior debenture bonds € bn 25.8 24.0 Building loans € bn 22.8 21.5 Liabilities to customers € bn 22.5 21.6 Technical provisions € bn 39.4 37.4 Equity € bn 5.1 4.8 Equity per share € 53.80 51.23 1.1.2020 to 1.1.2019 to Consolidated profit and loss statement 31.12.2020 31.12.2019 Net financial result (after credit risk adjustments) € mn 1,812.5 2,353.5 Premiums/contributions earned (net) € mn 4,415.1 4,249.2 Insurance benefits (net) € mn –4,455.4 –4,650.5 Earnings before income taxes from continued operations € mn 306.9 353.0 Consolidated net profit € mn 210.8 249.1 Total comprehensive income € mn 322.8 658.4 Earnings per share € 2.24 2.65 Other information 31.12.2020 31.12.2019 Employees (full-time equivalent head count) 6,473 6,754 Employees (number of employment contracts) 7,666 7,991 1.1.2020 to 1.1.2019 to Key sales figures 31.12.2020 31.12.2019 Group Gross premiums written € mn 4,491.0 4,319.7 New construction financing business (including brokering for third parties) € mn 6,748.8 6,347.7 Sales of own and third-party investment funds € mn 530.2 481.7 Housing New home loan savings business (gross) € mn 12,560.8 13,545.6 New home loan savings business (net) € mn 10,361.7 11,178.8 Life and Health Insurance Gross premiums written € mn 2,445.7 2,372.7 New premiums € mn 815.3 731.5 Property/Casualty Insurance Gross premiums written € mn 2,054.7 1,954.4 New premiums (measured in terms of annual contributions to the portfolio) € mn 275.7 266.6 W&W,AG,(according,to,the,German,Commercial,Code) 1.1.2020 to 1.1.2019 to 31.12.2020 31.12.2019 Net,income €,mn 100.3 90.0 Dividend,per,share1 € 0.65 0.65 Share,price,at,year-end € 16.52 19.36 Market,capitalisation,at,year-end €,mn 1,548.5 1,814.0 1 Subject,to,approval,by,the,Annual,General,Meeting. Financial calendar Annual General Meeting Annual General Meeting Thursday, 20 May 2021 Financial reports 2020 Annual Report Wednesday, 31 March 2021 Interim management statement as at 31 March Wednesday, 12 May 2021 Half-yearly financial report as at 30 June Friday, 13 August 2021 Interim management statement as at 30 September Friday, 12 November 2021 Wüstenrot & Württembergische AG Contents Letter to shareholders 4 Management Board 6 Supervisory Board 8 Combined Management Report 12 Group fundamentals 12 Business report 22 Opportunity and risk report 35 Outlook 83 Other disclosures 87 Corporate governance statement 92 Report on equality and equal remuneration pursuant to the 102 German Transparency in Remuneration Act (EntgTransG) Consolidated Financial Statements of W&W Group (IFRS) 104 Consolidated balance sheet 104 Consolidated income statement 106 Consolidated statement of comprehensive income 108 Consolidated statement of changes in equity 110 Consolidated cash-flow statement 112 Notes to the consolidated financial statements 115 Responsibility statement 281 Auditor‘s report 282 Financial statements of W&W AG (German Commercial Code) 294 Balance sheet 294 Income statement 298 Notes 300 Responsibility statement 332 Auditor’s report 333 Report of the Supervisory Board 340 Glossary 344 4 | Wüstenrot & Württembergische AG | Letter to shareholders Letter to shareholders W&W AG Jürgen A. Junker, Chairman of the Executive Board “ We have become even more resilient” Dear shareholders, The success of our transformation is most readily ap- parent in the key figures of the W&W Group. Because of In 2020 the W&W Group faced special challenges. The the economic impact of the coronavirus pandemic, we global coronavirus pandemic and its massive impact on adjusted our original earnings target for 2020 in the the daily lives of all people were, for us, a test of our first half of the year, expecting consolidated net income company’s ability to withstand crisis and to adapt. The after taxes to come in below the medium- to long-term good news: The W&W Group passed this test with flying target corridor of €220 to 250 million. At €210.8 million, colours. At all times during the past year, we were fully consolidated net profit for the year as a whole is at a capable of acting and ultimately posted gratifying very solid level in view of the extraordinary conditions growth. And we did not cease to invest in our future – in that prevailed last year. The net income of W&W AG new products, in new digital processes and technolo- pursuant to the German Commercial Code (HGB) came gies, and in providing our employees with basic and ad- in at €100.3 million, following a profit of €90 million vanced training. posted for the previous year. This, too, underscores the profitability of our company, particularly in view of the The pandemic has shown that the venture into the digi- fact that we were once again very conservative in our tal future of the W&W Group that we embarked upon accounting. It enables us to continue to invest in digi- four years ago is successful and sustainable. Everything talisation, to grow under our own steam and to guaran- that we can influence and control is on the right path. tee to you, dear shareholders, a stable ability to pay Our Group has probably never been positioned as resil- dividends. iently as it is today. In this regard, we have become more agile and nimble in the past years. Today, we are in a In line with this objective, the Executive Board and better position to identify changes in the market and Supervisory Board will propose at the Annual General convert them into innovative and attractive offers for Meeting on 20 May 2021 that a stable dividend of our customers. With the aid of our new digital capabilities €0.65 per share be distributed. Based on the price of and our significantly expanded digital infrastructure, we W&W stock at the end of 2020, this would mean a divi- stayed in close contact with our customers despite the dend yield of 3.93%, which as in past years is higher pandemic and were able to increase new business fur- than the expected average dividend yield on the MDAX ther. Another gratifying point: In contrast to many other and the SDAX. companies, we were able to avoid short-time working in the crisis year 2020 and did not need to establish a job- Under the present circumstances, we are satisfied with loss programme due to the crisis. On the contrary: We our financial performance in the past year. We expanded require a strong staff for the continued transformation our market position and at the same time kept an eye on of our Group, a process that is far from over. costs. In the first phase of our transformation that be- Wüstenrot & Württembergische AG | Letter to shareholders | 5 gan in 2017, we focused primarily on making significant At the same time, we want to be known as an employer investments in new products and systems, optimising that offers a variety of possibilities for advancement and the investment portfolio and sharpening our market pro- where employees are happy to work. In addition, we are file. Now, in the next phase, we are going a step further. creating a work environment in the W&W Group that is This is because we want to penetrate our target markets further increasing the already high level of employee even better and tap into new customer groups, but also satisfaction and making our Group more attractive in the service our existing customers even more intensively. competition for top talents. Towards this end, it is necessary for us to continue to An important role in this process will be played by the push ahead with the digitalisation of products and pro- new W&W campus in Kornwestheim, which is scheduled cesses, intensify the management of our customer data to be completed in 2023 and will facilitate new forms of and lower our costs, which in some cases are too high, cross-team collaboration. Nevertheless, flexible work- to at least the market level. The focus in the coming ing-time models, working from home and digital com- years will be more strongly on cost efficiency and at the munication will remain a part of our work life, even after same time on our customers. Since 2014 our Group has the coronavirus pandemic is overcome. Moreover, we increased its efficiency by an average of five percent a plan to dedicate ourselves to the issue of sustainability year, and we are striving to achieve this rate for the to an even greater degree than in the past. coming years, as well. For the current 2021 financial year, we are confident Group-wide, we currently have more than 6.5 million that we will able to continue the successful new busi- existing customers. By 2025, our aim is not only to ness performance of past years. Because of restrictions increase the number of new customers. We also want on public and economic life occasioned by the coronavi- every customer of our mobile sales force to have at least rus, the market environment remains uncertain and dif- three contracts with us on average.
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