Die Wüstenrot The group achieved an adjusted result from ordinary activities (EGT) of 82.6 million euros in the 2023 financial year. This means that the group with a bank, building society and insurance company under one roof has increased its EGT by around 32 percent Wüstenrot announced in a broadcast on Friday. Both the building society and the insurance company were able to increase their EGT accordingly.
The insurance company improved the combined ratio before reinsurance from 96.4 percent in the 2022 financial year to 91.9 percent in the previous year. In terms of financial results, the insurance company was above the 2022 result with a return of three percent.
Die Wüstenrot By the end of 2023, the bank achieved private customer deposits (retail deposits) of 114.9 million euros. This year the bank was able to increase deposits to 275 million euros in the first quarter.
A third more new building savings contracts
Building savings, in turn, benefited from the change in interest rates: new savings business increased by 38 percent from 73,452 savings contracts in 2022 to 101,702 contracts in the previous year. When the financing payments came Wüstenrot 2022 to new business of 1.1 billion euros – and was able to almost maintain the loan portfolio in the previous year. This is due, among other things, to higher interest rates, higher construction costs and the stricter credit regulations for mortgage loans, said Wüstenrot with.
WüstenrotGeneral Director Susanne Riess-Hahn called for the reintroduction of the purpose of housing subsidies, an increase in the building savings premium from the current 1.5 to 3 percent and thus to the level before 2012, and an increase in the loan limit from the current 260,000 euros to 350,000 euros.
In the insurance sector, the group pointed to rising annual net premiums: the increase for motor vehicle insurance was 8.1 percent, and there was an increase of 7.3 and 7 percent for home and household insurance. There was an increase of 8.1 percent for legal protection insurance and 4.9 percent for accidents. For classic life insurance with ongoing premiums, new business increased by 3.3 percent compared to the previous year.
Die Wüstenrot According to the announcement, the group will concentrate on the Austrian retail market and gradually abandon its involvement in the building society markets in the CEE region. So had Wüstenrot sold its stake in the Hungarian building society to the Hungarian MBH Bank Nyrt in autumn 2023. But also from the daughters in Croatia and Slovakia Wüstenrot separate – both daughters are in different stages of sales.
“With the expansion of the bank’s business model and its positioning as the only real all-finance service provider Wüstenrot “The conditions for future profitable growth have been created,” noted Riess-Hahn.
