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Würth Finance Group

Annual Report 2023

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 2023

4.2 million customers and record sales for the Würth Group: Despite a significant slowdown in the economy, the Würth Group increased its consolidated sales by 2.4% to EUR 20,400 million. It acquired 100,000 new customers and achieved the second-best result in the company’s history at EUR 1,400 million (according to preliminary figures).

Extraordinarily sharp increase in profit for the Würth Finance Group: driven by higher interest income on cash investments, total income increased by 26.0% to EUR 134.7 million, while pre-tax profit was even up 33.3% at EUR 93.7 million (adjusted figures).

A large inflow of liquidity from the core business and strong increases in interest rates were a key spur to action for Würth Finance International B.V.: In an environment of significant rises in interest rates, active management of more than 50 bank accounts in 26 currencies along with the optimal investment of liquidity totalling well over EUR 1,000 million created significant added value. Higher interest rates also dominated deliberations and decision-making processes when it came to financing the Group companies.

Remarkable performance in a challenging market environment: With a 6% increase in brokered premium volume and a 7% rise in revenue, Würth Financial Services AG achieved new records. Thanks to its successful sales strategy, Würth Financial Services AG is thus growing significantly faster than the market.

Digital insurance sales as a key strategic initiative: The InsurHub on Twint is performing well. With payment protection insurance for private individuals with mortgage debts offered online on the brokermarket.ch platform, Würth Financial Services AG has successfully entered the digital bancassurance market.

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 2023.

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Report of the Management

The 2023 year under review was very successful for the Würth Finance Group in financial terms. At EUR 134.7 million, the Würth Finance Group’s adjusted income rose by a further EUR 27.8 million compared with the previous year’s already high figure. With an adjusted pre-tax profit of EUR 93.7 million, the Würth Finance Group achieved a record-high result.

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Report Inhouse Banking

Financial year 2023 was another record year. With a pretax profit of EUR 92.6 million, the previous year’s result was once again exceeded, this time by EUR 23.0 million. The division 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

Overall, 2023 was a good year for Würth Financial Services AG. Sales targets were exceeded and new client acquisition was promising. Developments in the innovative area of digital insurance sales were particularly positive. The brokered premium volume increased by almost 6% to CHF 384 million. As a result, revenue increased by 7%.

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Development of premium volume

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 2019 2020 2021 2022 2023
Net interest income 14,284 13,789 14,170 29,576 50,844
Income from factoring activities 16,419 16,275 16,234 17,733 13,573
Income from commission and service fee activities 35,897 37,668 43,725 48,348 49,564
Income from trading activities and financial instruments 14,713 12,376 14,789 11,289 20,376
Other ordinary income 2,870 1,709 797 653 592
Expected credit loss (expenses) / recovery 1,005 –7,886 6,846 –4,615 4,273
Total operating income 85,189 73,931 96,561 102,984 139,222
Total operating expenses -32,397 -31,519 -34,031 –36,656 –41,021
Profit before taxes 52,792 42,412 62,530 66,328 98,201


Operating income adjustments Inhouse Banking

2019 2020 2021 2022 2023
Hedge accounting effect management accounting 2,993 1,492 -548 –619 –203
Impairment for credit loss -739 8,558 -6,450 4,615 –4,273
Total operating income (adjusted) 87,443 83,981 89,563 106,980 134,747
Profit before taxes (adjusted) 55,046 52,462 55,532 70,324 93,726

Balance sheet total / equity ratio

Number of employees (FTEs)

Cost-income ratio

Return on equity before tax

Growing together and growing closer together

The year 2023
There are different ways of growing. Those that grow together become bigger through their joint efforts. Those that grow closer together achieve a combined greatness and a unity. Behind the word “together” lies the deep-seated human need for community and for working with one another. Both the Würth Finance Group and the whole of the Würth Group attach great importance to working together. Growing together, creating things together – that’s what counts.

Shared goals and a shared attitude
The year saw the different players in the Würth Group – in the Netherlands, Switzerland, Europe and around the world – grow closer together in their work on a number of fronts. Another outstanding feature has been and continues to be the ability to develop together as a company with different facets and to enable sustainable growth.

The following stories look back over 2023. Our aim is to highlight very clearly what is being worked on and in this way to grow closer together – by knowing what our colleagues in the various departments are busy with.