KORNWESTHEIM (dpa-AFX) - Unexpectedly high burdens due to severe weather and higher claims expenses in motor insurance are making financial group Wüstenrot & Württembergische (W&W) more pessimistic. Profits in 2023 are likely to slump to between 130 and 160 million euros, the SDax company surprisingly announced in Kornwestheim on Wednesday. In the worst case, that would be less than half the previous year's figure (261.5 million euros). Previously, the Executive Board had expected a decline to 220 to 250 million euros. This is the range targeted in the medium term. In the coming year 2024, however, profits are likely to be below this corridor due to the inflation-related increase in claims expenses as well as the continued weakness of the real estate market, it said. W&W shares extended their losses somewhat on the news, most recently trading down around 1.3 percent./ngu/mis