W&W Group

What W&W Group does

W&W Group (legal entity: Württembergische & Wüstenrot AG, ticker WUW, listed on the Baden-Württemberg Stock Exchange) is a Stuttgart-based financial services conglomerate with roots dating to 1828, operating as a holding over 17 subsidiaries and approximately 13,000 employees. It is structured around two equally weighted pillars — Housing (Wüstenrot Bausparkasse with approximately 18% German market share, Württembergische Haus- und Städtebau for real estate development, and Wüstenrot Bank historically) and Insurance (Württembergische Versicherung for property/casualty, Württembergische Lebensversicherung for life, and Württembergische Krankenversicherung for health). A third pillar, W&W Asset Management GmbH, manages approximately EUR 35 billion in AUM across bonds, equities, alternatives, and real estate, including an Irish AIFM subsidiary managing Private Debt ICAVs. An in-house IT services arm (W&W Informatik GmbH) operates proprietary data centers (4,200 servers, 29,820 TB storage, EUR 256 million IT budget), and an in-house software unit (W&W Interaction Solutions GmbH, formerly treefin AG acquired 2017) developed the FinanzGuide customer portal.

The group serves more than 6.5 million customers across retail, corporate, and institutional segments through an omnichannel distribution model combining approximately 6,000 sales partners, broker networks, cooperation channels, regional WHS offices in six German cities, and the Adam Riese direct-to-consumer digital platform (450,000+ customers). Revenue is generated through insurance premiums (P&C, life, health), Bauspar interest margins and fees on approximately EUR 11 billion gross new Bauspar business annually, asset management fees on EUR 35 billion AUM, and real estate development/management. Capital intensity is meaningful: balance sheet total of EUR 72.5 billion at year-end 2025, group equity of EUR 4.96 billion, and Standard & Poor's A- core rating (BBB+ for the holding company).

Name

W&W Group

Legal name

Wüstenrot & Württembergische AG

Website

http://www.ww-ag.com

Company type

Public

Founded year

1828

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

W&W Group provides building society, saving banks, insurance services.

Ownership category

akta.pro rank

Headquarters

HQ city

Stuttgart

HQ country

Germany

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Building Savings (Bauspar) Operations: Wüstenrot Bausparkasse operates as a building savings bank offering Bauspar contracts. Revenue generated from Bauspar premiums, lending activities, and associated fees. Brutto-Neugeschäft (new business) reached 11.07 billion EUR in Bauspar sum in 2025. Market share approximately 18%.
2. Property and Casualty Insurance: Württembergische Versicherung provides property and casualty insurance. Revenue from insurance premiums. Combined Ratio (brutto) of 86.2% in 2025. New and renewal business of 472 million EUR.
3. Life Insurance: Württembergische Lebensversicherung offers life insurance products. New business premium sum of 3.69 billion EUR in 2025 (up 13.7%). New business (including single premiums) grew 15.6% to 535 million EUR.
4. Asset Management Fees: W&W Asset Management GmbH manages approximately 35 billion EUR in assets under management as one of the 15 largest asset managers in Germany. Revenue from asset management fees and investment management services.
5. Health Insurance: Württembergische Krankenversicherung provides health insurance. New annual premium of 12.6 million EUR in 2025, up 8.6%, with strong demand in corporate health insurance.
6. Real Estate Development: Wüstenrot Haus- und Städtebau GmbH (WHS) develops and sells residential properties. New business volume in housing (including instant financing, modernizations, and equity building) grew 5.2% to 16.49 billion EUR.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

W&W Group (Wüstenrot & Württembergische AG) is a publicly listed German financial services conglomerate operating through two equally strong pillars: a Housing Division led by the Wüstenrot Bausparkasse (building savings bank) and an Insurance Division offering property/casualty, life, and health insurance under the Württembergische brand. The group also encompasses W&W Asset Management, real estate development through Wüstenrot Haus- und Städtebau, IT services, and digital platforms including the Adam Riese insurance platform and the FinanzGuide customer portal.

Product overview

W&W Group (Wüstenrot & Württembergische AG) operates as a diversified financial services conglomerate organized around two primary business fields — Wohnen (Housing) and Versichern (Insurance) — alongside digital initiatives. The housing division encompasses the Wüstenrot Bausparkasse (building savings bank), Wüstenrot Haus- und Städtebau (real estate development), and W&W Informatik (IT services). The insurance division includes Württembergische Versicherung (property & casualty), Württembergische Lebensversicherung (life), and Württembergische Krankenversicherung (health). The Group also houses W&W Asset Management GmbH managing ~EUR 35 billion in assets across bonds, equities, alternatives, and real estate. Digital initiatives are centered on the Adam Riese platform (over 450,000 customers) and W&W Interaction Solutions (customer portal with bank account aggregation, household bookkeeping, and advisor connectivity). The product portfolio is offered through an omnichannel distribution model combining proprietary sales forces, partner channels, broker networks, and digital platforms.

Differentiator

Problem solved

Functional benefit

Brands

• Adam Riese: Digital platform of the W&W Group, offering digital financial services. Has surpassed 450,000 customers since its founding.
• W&W Asset Management GmbH
• FinanzGuide
• Wüstenrot Haus- und Städtebau GmbH (WHS)

Products and services

• Wüstenrot Bausparkasse AG - Building Savings Building savings (Bausparen) and mortgage lending products enabling customers to save for housing and finance real estate purchases. Brutto-Neugeschäft (new business) reached 11.07 billion EUR in Bauspar sum in 2025 with approximately 18% market share.
• Württembergische Versicherung AG - Property and Casualty Insurance Property and casualty insurance provider offering motor, personal liability, home, and commercial insurance products. Combined Ratio (brutto) of 86.2% in 2025 with new and renewal business of 472 million EUR.
• Württembergische Lebensversicherung AG - Life Insurance Life insurance products including term life, endowment, and pension insurance for retirement provision. New business premium sum of 3.69 billion EUR in 2025, up 13.7% year-over-year.
• Württembergische Krankenversicherung AG - Health Insurance Health insurance provider offering private health insurance and company health insurance (betriebliche Krankenversicherung) products. New annual premium of 12.6 million EUR in 2025, up 8.6% with strong demand in corporate health insurance.
• W&W Asset Management GmbH - Asset Management Asset management competency center managing approximately EUR 35 billion in assets under management across bonds, equities, alternative investments, real estate, and currencies for W&W Group companies and external customers. Ranks among the 15 largest asset managers in Germany.
• W&W Asset Management Ireland DAC - Private Debt Funds Irish subsidiary of W&W Asset Management with AIFM license (KVG authorization) managing two ICAVs focused on the Private Debt asset class. Operates as a licensed Alternative Investment Fund Manager for institutional clients.
• Wüstenrot Haus- und Städtebau GmbH (WHS) - Real Estate Development Real estate development and urban planning subsidiary providing residential and commercial construction, project management, urban development consulting, property management, and technical portfolio management. New business volume in housing grew 5.2% to 16.49 billion EUR in 2025. Active since 1949 with more than 24,500 houses and apartments created and approximately 7,600 residential and commercial units under management.
• Adam Riese - Digital Insurance Platform Digital platform of the W&W Group offering insurance and financial products online and via mobile app. Has surpassed 450,000 customers since its founding, accessible via web and mobile app with self-service capabilities.

Quantifiable outcome

• IFRS consolidated result more than tripled to 121 million EUR in 2025
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability6 records

Feature7 records

Partnerships

Five partnerships are on record, tiered core and minor.

• ERGOcoreStrategic or Co-development Partner · 13 November 2025Wüstenrot and ERGO have extended their cooperation agreement, continuing their long-standing partnership in the German insurance market.
• Deutsche BankcoreStrategic or Co-development Partner · 11 July 2025Cooperation with Deutsche Bank for institutional customers. Wüstenrot and Deutsche Bank collaborate on serving institutional clients with financial products and services.
• BaufritzminorStrategic or Co-development PartnerWHS collaborates with Holzhaushersteller Baufritz from Erkheim (Landkreis Unterallgäu) for the 'im glückswinkel' housing project in Bietigheim-Bissingen. The project combines conventional massive construction with ecological wooden upper floors.
• Various municipalitiescoreChannel Partner/ Reseller/ DistributorWHS (Wüstenrot Haus- und Städtebau GmbH) acts as Sanierungsträger (urban renewal trustee) for municipalities across Baden-Württemberg and Saxony, supporting urban development and renewal projects.
• Fondsmanager/Fund CompaniesminorChannel Partner/ Reseller/ DistributorW&W Asset Management selects specialized fund managers for external fund investments, maintaining relationships with approximately 300 fund managers and investment specialists annually.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Allianz: Global German-headquartered insurer and asset manager offering life, health, and P&C insurance plus PIMCO/AllianzGI asset management. Direct overlap in all W&W product lines at vastly larger scale (€90B+ equity, ~€150B AUM at PIMCO), making it the dominant competitive benchmark.
• Munich Re / ERGO Group: World's largest reinsurer with ERGO direct insurance arm in Germany offering life, health, and P&C. Directly comparable to W&W's Württembergische Versicherung and Lebensversicherung; ERGO is both W&W's strategic cooperation partner (renewed Nov 2025) and direct competitor.

Direct peers

• Talanx AG: German-listed insurance group operating HDI retail/commercial P&C, life insurance via Hannover Life Re, and asset management (Ampega). Closely comparable to W&W in structure: multi-line insurance plus B2B asset management and similar size (~€5B equity).
• R+V Versicherung AG: German cooperative insurer (affiliated with DZ Bank group) offering life, health, P&C, and bancassurance products. Direct competitor across all of W&W's insurance lines with similar focus on cooperative and bank-channel distribution in Germany.
• Generali Deutschland AG: German subsidiary of Italian insurer Generali offering life, health, and P&C products under Generali, AachenMünchener, and CosmosDirekt brands. Directly comparable in product mix, distribution model, and customer segments to Württembergische insurance entities.
• Zurich Insurance Germany: German operations of Swiss-headquartered Zurich Insurance Group providing life, P&C, and motor insurance. Competes with W&W in the German retail and SME insurance market with similar product portfolio but global parent backing.
• SIGNAL IDUNA Gruppe: German mutual insurance group offering life, health, P&C, and pension products primarily through craft and trade cooperative channels. Directly comparable mid-sized German insurer with similar customer segments and integrated insurance plus savings model.
• Debeka Versicherung: Germany's largest private health insurer and a major mutual insurer offering life, P&C, and pension products. Direct competitor to Württembergische Krankenversicherung with strong public-sector and civil servant customer base similar to W&W's traditional clientele.
• Schwäbisch Hall (Bausparkasse): Germany's largest Bausparkasse, owned by DZ Bank group, directly competing with Wüstenrot Bausparkasse in the building savings market. Most comparable peer for W&W's Bausparen pillar, sharing similar product structure (Bauspar contracts, mortgage financing) and cooperative/bank distribution channels.
• LVM Versicherung: German mutual insurer focused on the Münsterland region, offering motor, property, life, and health insurance primarily through independent agents. Comparable to W&W in mid-sized mutual/traditional German insurer positioning, with similar agent-driven distribution model and regional concentration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wundw
• Facebookfacebook.com/wwgruppe
• LinkedInlinkedin.com/company/wwgruppe

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about W&W Group