Wüstenrot & Württembergische AG (W&W) is revising its expectations for consolidated net income under IFRS for the 2023 and 2024 financial years in view of extraordinary burdens. It is also confirming its forecast for net income under HGB.

With increased new business, the rise in severe weather events and higher claims expenses especially in the motor insurance in 2023 mean that IFRS consolidated net income will be below the medium-term target corridor of between € 220 million and € 250 million. It is anticipated to be in the range of € 130 million to € 160 million.

Raise in claim expenses due to inflation and the still weak property market W&W expects IFRS consolidated net income in 2024 to be higher than in the 2023 financial year but lower than the medium-term target corridor of between € 220 million and € 250 million.

W&W is standing by its forecast for HGB net income after taxes of € 120 million for 2023. For 2024 a HGB net income after taxes of € 130 million is expected. W&W anticipates dividend continuity and positive new business development.