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Würth Finance Group

Annual Report 2022

Short overview of the
Würth Finance Group

Profit before taxes


million EUR

Total operating income


million EUR

Balance sheet total


billion EUR

Number of employees


employees (FTEs)

Key Events 2022

A further demonstration of the impressive competitive strength and stability of the Würth Group’s core business: The Würth Group increased its sales by 16.9% to EUR 19,950 million, thereby gaining further market share. In addition, with an operating result of EUR 1,500 million, the Würth Group succeeded in defending its profit margin of 7.5% (based on preliminary figures).

Successful completion of a comprehensive refinancing phase in an unfavourable capital market environment: with two notes issued in the amounts of EUR 600 million and CHF 300 million, as well as the renewal of the committed revolving credit facility in the amount of EUR 500 million, the Würth Group’s inhouse bank fulfilled its most important mandate: to safeguard the availability of liquidity for the companies of the Würth Group at all times.

Income at the Würth Finance Group exceeds EUR 100 million for the first time: driven by a marked increase in lending volumes and higher interest income on cash investments, operating income increased by 19.4% to EUR 107.0 million and pre-tax profit was even up 26.6% at EUR 70.3 million (adjusted figures).

Solid target achievement despite a challenging environment in the insurance brokerage market: with revenue growth of just under 5% and brokered premium volume up 6%, Würth Financial Services AG clearly exceeded expectations in a market environment that remained difficult.

Successful establishment of digital distribution of insurance products: With its innovative online insurance platform InsurHub, Würth Financial Services AG established a new mainstay in digital distribution and is thereby continuing on its digitalisation path. The potential of this bancassurance solution is far from exhausted and offers promising prospects for the future.

Report of the Board of Directors

The Supervisory Board supported the Management in an advisory capacity, closely monitoring in particular the company’s development and the effectiveness of risk management. The Board of Directors approves the Financial Statements and would like to thank the Management, the employees and the clients of the Würth Finance Group for their commitment and trust in the financial year 2022.

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Report of the Management

The 2022 year under review was very successful for the Würth Finance Group in financial terms. At EUR 107 million, adjusted income exceeded the EUR 100 million mark for the first time in the company’s history. With an adjusted pre-tax profit of EUR 70.3 million, the Würth Finance Group achieved a record-high result.

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“Change and constancy” – the illustration design for the 2022 Annual Report

The world is in a state of constant flux. Changing needs continually give rise to new frameworks and demands. This requires flexibility and anticipation – including in the financial services industry. The Würth Finance Group accepts new challenges and evolves on an ongoing basis. At the same time, it remains reliable and offers its clients constancy in this volatile environment.

In collaboration with the Swiss studio Ploy, a series of images has been created in which the interplay between change and constancy is conveyed in an artistic way by means of thematic projections onto 3D models of the locations in ’s-Hertogenbosch and Rorschach. Change and constancy are not opposites but complementary elements in the Würth Finance Group’s self-image.

Constancy and security in planning

We look back on a turbulent financial year. Fluctuating share prices and interest rates as well as price increases and supply bottlenecks present companies with unprecedented challenges and make financial planning more difficult.

Würth Finance International B.V. secures the Würth Group’s long-term ability to act. In three steps, extensive financial resources were successfully raised on the capital and credit markets in 2022. These form the basis for the medium to long-term planning security of the entire Würth Group.

Focus on client needs

New opportunities create new needs. Technology is constantly evolving, and digitalisation is now also key to the insurance business.

Würth Financial Services AG sees it as its task to identify trends, to respond continuously to changing client needs and to develop modern solutions. The best example of this is InsurHub, a digital solution that makes it possible to conclude and pay for insurance policies directly with just a few clicks on a smartphone. A milestone for the insurance industry.

Report Inhouse Banking

Inhouse Banking reported an adjusted pre-tax operating result of EUR 69.5 million in the 2022 financial year, hugely exceeding the previous year’s record level. Inhouse Banking provided close support to the parent company and Group companies, in particular for financial and liquidity management.

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Trading/securities investments: income development

Report External Financial Services

The reporting year was marked by an increasingly challenging insurance market. Despite this environment, Würth Financial Services AG pushed forward in all key areas – in sales, organisation and digitalisation – and can look back on a successful financial year 2022 with revenue growth of just under 5% and brokered premium volume up 6%.

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Development of premium volume

Personal relationships outlast crises

Contrary to the trend towards anonymity and standardisation, the Würth Finance Group focuses on long-term, personal relationships.

It cultivates its business relationships with enduring values such as reliability, honesty and mutual trust. For example, the teams at Würth Finance International B.V. work closely with the Würth companies and their suppliers in order to be a reliable partner for them, even in uncertain times.

Job security through agility

Being able to react to change and evolve is the basis for success – for companies as well as for their employees.

Thanks to these skills, the Würth Finance Group has had a stable number of employees for years. It invests in the development of new skills and competencies of its employees, while at the same time creating secure jobs. Employees can rely on the Würth Finance Group as an employer.

Risk Management and Control

Basic principles of our risk management system:

The Management bears the responsibility for all risks incurred as a result of the company’s business activities and seeks to achieve a healthy balance between risk and returns.

An independent control process forms an integral part of the corporate structure.

Employees are familiar with and alert to the principal risks specific to their area of activity. A central element of risk control is the comprehensive, transparent and objective disclosure of risks to the Group and company management, owners, supervisory authorities and other stakeholders.

Income is protected on the basis of risk tolerance – i.e. the maximum risk that the Würth Finance Group can bear given its financial and earning power.

Ultimately, the Würth Finance Group’s reputation depends on effective risk management and control.

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Key Figures

The primary objective of the Management of the Würth Finance Group is to create continuous value added for the Würth Group. The Management is responsible for generating adequate risk-adjusted returns. In order to be successful in the long term, the Würth Finance Group needs to generate an overall return that is higher than the risk-adjusted cost of capital.

Key figures from the consolidated income statement

in TEUR 2018 2019 2020 2021 2022
Net interest income 9,730 14,284 13,789 14,170 29,576
Income from factoring activities 16,018 16,419 16,275 16,234 17,733
Income from commission and service fee activities 35,272 35,897 37,668 43,725 48,348
Income from trading activities and financial instruments 7,320 14,713 12,376 14,789 11,289
Other ordinary income 3,292 2,870 1,709 797 653
Expected credit loss (expenses) / recovery -3,698 1,005 –7,886 6,846 –4,615
Total operating income 67,934 85,189 73,931 96,561 102,984
Total operating expenses -29,418 -32,397 -31,519 -34,031 –36,656
Profit before taxes 38,516 52,792 42,412 62,530 66,328


Operating income adjustments Inhouse Banking

2018 2019 2020 2021 2022
Hedge accounting effect management accounting 3,742 2,993 1,492 -548 –619
Impairment for credit loss 3,698 -739 8,558 -6,450 4,615
Total operating income (adjusted) 75,374 87,443 83,981 89,563 106,980
Profit before taxes (adjusted) 45,956 55,046 52,462 55,532 70,324

Balance sheet total / equity ratio

Number of employees (FTEs)

Cost-income ratio

Return on equity before tax