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W&W posts YOY dip in Q1 profit despite higher premiums

Germany-based Wüstenrot & Württembergische AG reported first-quarter consolidated net profit attributable to shareholders of €57.4 million under International Financial Reporting Standards, down from €69.5 million in the year-ago period.

EPS for the quarter was 61 cents, compared to 74 cents a year earlier.

Gross premiums written increased to €1.43 billion from the year-ago €1.37 billion. In the property and casualty insurance segment, gross premiums written rose year over year to €879.5 million from €831.4 million, while in the life and health insurance business, gross premiums written totaled €550.9 million, compared to €545.9 million a year earlier.

Net premiums and contributions earned increased year over year to €973.1 million from €946.5 million, while charges from net insurance benefits narrowed to €898.0 million from €1.20 billion. The net financial result, after credit risk adjustments, declined to €376.8 million from the year-ago €721.4 million.

Net interest income rose on a yearly basis to €263.4 million from €228.4 million. Net income from risk provision amounted to €12.5 million, compared to a net expense of €5.4 million in the first quarter of 2017. Net income from disposals declined year over year to €163.9 million from €414.8 million.

W&W said it continues to expect consolidated net profit to reach at least €200 million for the full year 2018.