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Annual Report Wüstenrot & Württembergische AG

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Annual Report Wüstenrot & Württembergische AG 2019 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 FY 2019 FY 2018 Total assets € bn 75.7 72.0 Capital investments € bn 49.0 45.9 Senior fixed income securities € bn 13.0 21.3 Senior debenture bonds € bn 24.0 13.8 Building loans € bn 21.5 23.0 Liabilities to customers € bn 21.6 23.6 Technical provisions € bn 37.4 34.7 Equity € bn 4.8 4.2 Equity per share € 51.23 45.51 Consolidated profit and loss statement FY 2019 FY 2018 Net financial result (after credit risk adjustments) € mn 2,353.5 1,333.4 Premiums/contributions earned (net) € mn 4,249.2 4,000.1 Insurance benefits (net) € mn –4,650.5 –3,553.7 Earnings before income taxes from continued operations € mn 353.0 320.5 Consolidated net profit € mn 249.1 215.2 Total comprehensive income € mn 658.4 –47.2 Earnings per share € 2.65 2.29 Other information FY 2019 FY 2018 Employees (Germany)1 6,456 6,540 Employees (Group)2 7,991 8,129 Key sales figures FY 2019 FY 2018 Group Gross premiums written € mn 4,319.7 4,065.4 New construction financing business (including brokering for third parties) € mn 6,964.2 6,280.2 Sales of own and third-party investment funds € mn 481.7 426.2 Housing New home loan savings business (gross) € mn 13,795.13 13,765.9 New home loan savings business (net) € mn 11,501.33 11,412.3 Life and Health Insurance Gross premiums written € mn 2,372.7 2,224.5 New premiums € mn 731.5 572.1 Property/Casualty Insurance Gross premiums written € mn 1,954.4 1,847.8 New premiums (measured in terms of annual contributions to the portfolio) € mn 266.6 249.0 1 Full-time equivalent head count. 2 Number of employment contracts. 3 Includiing Aachener Bausparkasse AG (ABAG). W&W AG (according to the German Commercial Code) FY 2019 FY 2018 Net income € mn 90.0 80.0 Dividend per share1 € 0.65 0.65 Share price at year-end € 19.36 16.00 Market capitalisation at year-end € mn 1,814.0 1,498.0 1 Subject to approval by the Annual General Meeting. Financial calendar Annual General Meeting Annual General Meeting To be announced Financial reports 2019 Annual Report Monday, 30 March 2020 Interim management statement as at 31 March Friday, 15 May 2020 Half-yearly financial report as at 30 June Friday, 14 August 2020 Interim management statement as at 30 September Friday, 13 November 2020 Wüstenrot & Württembergische AG Contents Letter to shareholders 4 Management Board 6 Supervisory Board 7 Combined Management Report 10 Group fundamentals 10 Business report 19 Opportunity and risk report 30 Outlook 72 Other disclosures 75 Corporate governance statement 80 Report on equality and equal remuneration pursuant to the 88 German Transparency in Remuneration Act (EntgTransG) Consolidated Financial Statements of W&W Group (IFRS) 90 Consolidated balance sheet 90 Consolidated income statement 92 Consolidated statement of comprehensive income 94 Consolidated statement of changes in equity 96 Consolidated cash-flow statement 98 Notes to the consolidated financial statements 101 Responsibility statement 278 Auditor‘s report 279 Financial statements of W&W AG (German Commercial Code) 290 Balance sheet 290 Income statement 294 Notes 296 Responsibility statement 328 Auditor’s report 329 Report of the Supervisory Board 335 Letter to shareholders Wüstenrot & Württembergische AG “ We think in terms of chances, but we keep our eyes on the risks.” Three years ago, our company began its venture into the future. It was a new beginning aimed at becoming a strong Group that beats the competition, is agile and uses new ideas and stable momentum, not only to manage digital change but also to push forward with it to increase value. In the process, the Group always aligns itself with the desires and requirements of its customers. Today, after three years, the evidence is clear: The path that we have charted is the right one, and it is ensuring our success. We have made substantial investments: in new prod- ucts, in digitalisation, in our sales, in our employees, in efficient processes and, above all, in the satisfaction of our customers. After three years of change, the W&W Group is a different entity today. It is more agile, more modern, more digital, closer to its customers and more weatherproof. The success of our transformation is most readily apparent in the key figures of the W&W Group: Our net income target for 2019 was to exceed the previous year’s net income after taxes of €215 million and to post a value in the long-term target corridor of €220 to 250 million. At roughly €249 million, profit came in at the upper end of our forecast corridor. This was aided by sustained operational growth, continued good net underwriting income, cost discipline, as well as an improved net measurement gain from securities and financial instruments under IFRS. In 2019 the net income of W&W AG pursuant to the German Commercial Code (HGB) rose to €90 million, after post- ing a figure of €80 million for the previous year. This, too, underscores the rising profitability of our company. The results are gratifying, but they are not an end in and of themselves: They put us in a position to continue to pre- pare for the future and at the same time to ensure our independence. That we are also on the right path in strategic terms is underscored by new business, which was once again very positive in the year just ended. In the “Housing” division, we were able to further boost new home loan savings business and cement our second-place position in the industry in Germany. In terms of construction financing, Wüstenrot posted an increase in new business of approximately 14% compared with the previous year. In the “In- surance” division, Württembergische once again recorded impressive growth rates. For instance, new premiums in life insurance rose by 28%, and in property and casualty insurance, annual portfolio contributions went up by 7%. Our youngest pillar, the “brandpool” division, which has grouped together the new digital initiatives and products of the W&W Group, is making an increasingly strong contribution to business success. For instance, “Adam Riese”, our young digital insurer, had acquired 90,000 customers by the end of 2019, less than two years after starting. “Adam Riese”, as well as the trends for our other digital offerings, show that we are succeeding in meeting changed customer needs and tapping into new customer groups with innovative products. Digitalisation was with- out doubt the starting point, driver and catalyst for the transformation of our Group. However, digitalisation alone 4 | Wüstenrot & Württembergische AG | Letter to shareholders would not have gotten us to where we are today. Our restructuring went far beyond that and continues to do so. Our actual strength is the result of an interlocking of digitalisation with the other elements of our change: • We have worked on our processes, which have become faster and, above all, more customer-friendly. • We are making significant investments in basic and advanced training, as well as in a good work environment for our employees. • With our “W&W Besser!” initiative, we have also worked on our culture and have become more agile, open and creative. All these changes, which we adressed at an early stage, now show their positive effects, which we can see in new business, net profit, customer satisfaction, emloyee satisfaction, and in the way our Group is perceived by the pub- lic. It gives pleasure to see that we gain in agility and speed and leave the well-worn paths. We know however, that there is still some work to do. More work remains to be done. The solid business performance and the success that we’ve experienced with our restructuring are also reflected in the W&W stock price in the year 2019. It closed the year at €19.36, only slightly below the high for the year, and posted a price rise of 21.0% for 2019. Taking into account the dividend in the amount of €0.65 that was paid for 2018, overall performance was 25.1% for the previous year. We of course want to let you, dear shareholders, appropriately share in the business success of the past year. Therefore, the Executive Board and Supervisory Board will propose the Annual General Meeting a solid dividend of €0.65 per share. This demonstrates the solidity of W&W Group even in turbulent times. Thus, W&W stock would achieve a dividend yield of 3.6% and once again outperform the prospective average dividend yields of MDAX (2.15%) and SDAX (2.29%). Dear shareholders, Zero and negative interest rates, economic skid marks – including in important industries for us, such as residen- tial housing construction – trends to more governmental intervention and greater regulation are conditions that will not make our business any easier in 2020. Despite our new beginning, we have always paid attention to making the Group weatherproof. Particularly now where the economic environment in Germany is once again deteriorating after years of strong growth, this cannot be overemphasised. The willingness to take new paths and to invest in the future must be accompanied by cost discipline and tight risk management, because these are two sides of the same coin. We think in terms of chances, but we keep our eyes on the risks.
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