Wüstenrot & Württembergische AG

Annual Report 2023 W&W Group

27 March 2024

Agenda

W&W - Overview & Strategy

Group and Segment Developments 2023 Outlook

Appendix

W&W AG | Annual Report 2023 | 27 March 2024 Page 2

W&W - Overview & Strategy

Our business areas are supported by strong partners across the group

Segment Housing

  • Everything around housing: home loan savings, financing, project planning, sales and brokerage

Segment Insurance

  • Service insurer in the Life and Health as well as Property/Casualty lines.
  • Adam Riese: Direct and broker brand for private customers

Service and Central Functions

  • Group-wideservices around IT, investments, services and digitalization

# 2

# 12

# 10

Lebens-

Schaden- &

Bausparen1)

versicherung2)

Unfallversicherung2)

6.5 Mio. customers, 6,500 employees, one common location in Kornwestheim: the W&W-Campus

Notes: 1) Comparison of Annual Reports German Bausparkassen, Gross new business by home loan savings. 2) GDV, Feb. 2024.

W&W AG | Annual Report 2023 | 27 March 2024 Page 3

W&W - Overview & Strategy

Excellent client base with growth potential

∼6.5m

Customers1

On average three contracts per customer

High client retention (low churn rate)

Solvent customer base

Increasing digital affinity

Note: 1) As of Feb. 2024.

W&W AG | Annual Report 2023 | 27 March 2024 Page 4

W&W - Overview & Strategy

The W&W Group pursues a multi-channel sales approach

Own sales channels

Partnerships and cooperations

Insurances

3,000 tied agents

Banks and financial distributors

3,000 tied agents

Sales networks& Brokers

Over 20.000

brokers

Direct channels

Parternships

Comprehensive multi-channel distribution approach opens up access to 55 million customers

W&W AG | Annual Report 2023 | 27 March 2024 Page 5

W&W - Overview & Strategy

To the point: Sustainability goals of the W&W Group

E

S G

Capital

Customers

Own

Society

and

investments

operations

products

and refinancing

"Green" product lines and components in the business areas

Sustainable and resource-saving customer communication

13 May 2020

E

S

G

Employees

Organisation

awareness

Developing the future of

and

work and work culture

it across the

Group

Increase employer

attractiveness and

Expansion of

employee satisfaction

corporate

governance

Promote diversity

W&W Group is implementing these goals as part of a new sustainability strategy

W&W AG | Annual Report 2023 | 27 March 2024 Page 6

W&W - Overview & Strategy

W&W Group structure

Freefloat

21.33%

Wüstenrot

39.91% Holding AG

FS BW Holding GmbH 11.29%

27.47%

Wüstenrot Foundation indirectly

holds 67.38%1 of W&W shares.

WS Holding AG

Note: 1) Own shares are not taken into account due to insignificance.

W&W AG | Annual Report 2023 | 27 March 2024 Page 7

W&W - Overview & Strategy

The W&W AG share - stable and reliable dividend as a quality feature

W&W has a constant dividend level

4.87

4.21

4.06

3.93

3.68

3.36

3.23

2.78

3.74

2.49

2.74

2.65

2)

2.29

2.24

2.51

1.48

0.60

0.65

0.65

0.65

0.65

0.65

0.65

0.65

2016

2017

2018

2019

2020

2021

2022

2023 1)

Earnings per share (EUR)

Dividend per share (EUR)

Dividend yield (%)

Notes: 1) Dividend proposal subject to approval by the general meeting. 2) Deviation in Q3/2023 due to first-time application effect of IFRS 17.

W&W AG | Annual Report 2023 | 27 March 2024 Page 8

W&W - Overview & Strategy

Current analyst recommendations at a glance

Analyst

Date

Recommendation

Comment

Metzler

23/11/01

Buy

Price target: 22.00 EUR

"Ironically, the profit warning might result in more generous dividends."

Montega

23/12/07

Buy

Price target: 23.00 EUR

"After the forecast adjustment on October 25th, Q3 was in line with our expectations. Due to the

fundamentally very favorable valuation, the solid equity base and the structurally intact business

model, we confirm our buy recommendation and our price target."

LBBW

23/11/24

Hold

Price target: 15.00 EUR

"The third quarter numbers were as weak as ever

we do this after the profit warning from October 25th. had expected. However, its competitor Allianz has

now also reported operating losses in the German property and casualty business this quarter, so that,

contrary to our initial assumption, Württembergische's high claims burden does not appear to

have predominantly company-specific causes."

W&W AG | Annual Report 2023 | 27 March 2024 Page 9

Agenda

W&W - Overview & Strategy

Group and Segment Developments 2023

Outlook

Appendix

W&W AG | Annual Report 2023 | 27 March 2024 Page 10

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w&w - Wüstenrot & Württembergische AG published this content on 27 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2024 17:27:05 UTC.