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Wüstenrot & Württembergische posts YOY rise in FY'15 profit

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Wüstenrot & Württembergische posts YOY rise in FY'15 profit

Wüstenrot& Württembergische AG on March 30 reported full-year 2015 IFRSconsolidated net profit of €274.3 million, up from €242.0 million earned in theyear-ago period.

EPS rose to €2.88 from €2.52 in 2014.

The net financial result, after credit risk adjustments,fell on a yearly basis to €2.03 billion from €2.24 billion.

Net premiums and contributions earned were €3.98 billion in2015, compared to the year-ago €3.94 billion.

The group's gross premiums written amounted to €4.04billion, compared to €4.03 billion in 2014. In life and health insurance, grosspremiums written declined to €2.38 billion from €2.43 billion, while inproperty and casualty insurance, they rose to €1.64 billion from €1.58 billion.

W&W said it plans to increase the dividend for the 2015financial year to 60 cents per share, compared to the year-ago 50 cents pershare.

For full year 2016, the bank said it expects that it will beunable to reach the "record" income achieved in 2015. "In 2016,significant growth in new business will be accompanied by stable development ofthe administrative expenses of the W&W group," it said.

The company said it intends to generate consolidatedearnings of at least €220 million in 2016, depending on the development ofinterest rates and of the capital market.