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W&W posts 9.6% FY'17 profit rise, plans €820M investment in digitization

Wüstenrot & Württembergische AG reported a full-year 2017 consolidated net profit of €258.0 million under International Financial Reporting Standards, up 9.6% from €235.3 million a year earlier.

EPS amounted to €2.74, up from €2.49 in 2016.

Net profit from the home loan and savings bank totaled €58.5 million, compared to €58.7 million in 2016. Net profit from the life and health insurance segment declined on a yearly basis to €31.8 million from €49.7 million, while in property and casualty insurance, net profit increased to €125.8 million from €108.3 million.

The net financial result, after credit risk adjustments, amounted to €1.83 billion for full year 2017, compared to €1.82 billion a year earlier. Net premiums and contributions earned came in at €3.81 billion, compared to €3.93 billion in 2016, while charges from net insurance benefits came in at €4.03 billion, compared to €4.08 billion a year ago.

W&W said its executive and supervisory board will propose at the annual general meeting a dividend of 65 euro cents per share for 2017, up from 60 cents per share a year ago.

The German company noted that it is planning to invest about €820 million in digital products and processes between 2018 and 2020. As a result of the high additional investment in digital transformation, W&W noted that it expects to achieve a net profit of about €200 million in 2018.

The group noted it continues to adhere to its long-term goal to achieve sustainable net profit in the range of between €220 million and €250 million.