LUDWIGSBURG (dpa-AFX) - Financial group Wüstenrot & Württembergische (W&W) benefited in the first half of the year from a special effect in the residential business and a good capital market environment. Consolidated profit rose by almost a quarter year-on-year to 180.7 million euros, the SDax-listed company announced Friday in Ludwigsburg, Swabia. Stock markets were surprisingly friendly and bond markets were calm, it said. Management confirmed its full-year forecast, according to which it is targeting a profit of 220 to 250 million euros in 2023. However, this would be down from the 261.5 million euros achieved in 2022.

In addition to its business in personal and property/casualty insurance, W&W offers financing for real estate through its building societies. An aperiodic special effect in this segment would have more than compensated for the higher refinancing costs in view of the rise in interest rates, it said./lew/mis