LUDWIGSBURG (dpa-AFX) - The financial group Wüstenrot & Württembergische (W&W) sees itself on track after the first three months of the current year. The financial markets had shown a surprisingly friendly, but also volatile development, the SDax-listed company announced on Wednesday in Ludwigsburg, Swabia. The bond market also proved stable in the end, it said. W&W's quarterly profit rose 3 percent to 64.1 million euros, with the previous year's figure adjusted due to the new IFRS17 accounting standards that have applied to insurance groups since this year. Management confirmed its forecast for the year.

According to this, a profit in the corridor of 220 to 250 million euros is targeted in 2023, which is also the long- and medium-term forecast. Compared to the 261.5 million euros achieved in 2022, this would be a decline. In the first quarter, business in the residential segment, for example with home savings contracts, and property and casualty insurance developed positively. By contrast, life insurance business declined./lew/tih