Wüstenrot & Württembergische
Corporate brand
UnclaimedWüstenrot & Württembergische is a German financial-services group combining building-society banking, insurance, lending, investment and related financial products.
Last updated August 25, 2026
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Overview
Wüstenrot & Württembergische, commonly abbreviated as W&W, is a German financial-services group created in 1999 through the merger of Wüstenrot and Württembergische. The combination brought together two businesses with different but complementary traditions: Wüstenrot originated in building-society savings and housing finance, while Württembergische developed from an insurance company founded in the nineteenth century. The resulting group operates across banking, building-society products, property and life insurance, pensions, investment management and related financial services. The Wüstenrot tradition began with the Gemeinschaft der Freunde Wüstenrot, whose origins date to 1921. The organization was established in the Swabian village of Wüstenrot and developed into Wüstenrot Bausparkasse, described as Germany's oldest building society. Its core model was based on contractual home savings: customers accumulate savings and obtain access to housing finance under the terms of a building-society agreement. Württembergische Versicherung has a much older insurance lineage, tracing its establishment to 1828. These histories gave the merged group a broad financial-services base spanning both household asset accumulation and protection against personal and property risks. The 1999 merger formed one of Germany's leading financial-services providers and created a corporate structure containing banking, insurance, technology and asset-management operations. In 2000, Wüstenrot Lebensversicherung was integrated into Württembergische Lebensversicherung. Wüstenrot Bausparkasse merged with Leonberger Bausparkasse in 2001, creating the third-largest private building society in Germany at that time. Further consolidation followed in 2002, when Allgemeine Rentenanstalt Lebensversicherung, which housed unit-linked business, was merged into Württembergische Lebensversicherung. In 2003, insurance-company securities management was transferred to W&W Asset Management, while the group's external reinsurance business was discontinued. The group expanded its banking and housing-finance infrastructure in 2003 with the establishment of Wüstenrot hypoteční banka in Prague. In 2005, Wüstenrot Bank and Wüstenrot Hypothekenbank were combined to form Wüstenrot Bank AG Pfandbriefbank in Ludwigsburg. The bank was among the early universal banks operating with a Pfandbrief licence under Germany's updated legal framework. The same year, W&W acquired Karlsruher Versicherungsgruppe, an important step that strengthened its insurance activities and helped place the group among Germany's larger insurance providers. The period around 2004 and 2005 brought accounting problems and loss of market share. In response, the company began a modernization program in 2006 under chief executive Alexander Erdland. The group subsequently sought to make its two principal heritage brands work within a more coherent corporate identity. From 2008, W&W presented a newly developed common image while continuing to use the established Wüstenrot and Württembergische names in their respective markets. W&W also pursued structural and capital-market changes. In 2009, it announced a capital increase involving new subscription rights, and its shares continued trading on the stock exchange after the company became listed in 1999. In 2010, W&W announced the acquisition of Allianz Dresdner Bauspar through Wüstenrot Bausparkasse; the business was subsequently merged into Wüstenrot Bausparkasse. W&W entered the SDAX in March 2016. In 2018, the group announced the sale of Wüstenrot Bank to Bremer Kreditbank, reflecting a narrower focus on its core financial-services activities. In 2023, the company moved to a new office campus in Kornwestheim. W&W's business remains rooted in the German market, with its principal customer proposition combining housing finance, insurance and long-term financial planning.
History
Wüstenrot & Württembergische is the product of a merger between two established Swabian financial institutions. Württembergische Versicherung was founded in 1828, giving the group a long-standing insurance tradition. The Wüstenrot side originated from the Gemeinschaft der Freunde Wüstenrot, established in 1921 in the village of Wüstenrot. That organization later became Wüstenrot Bausparkasse, a building society specializing in contractual savings and housing finance and regarded as Germany's oldest building society. The two businesses merged in 1999 to create Wüstenrot & Württembergische. The combination established a financial-services group with activities in insurance, banking, building-society savings, mortgage lending and investment. Wüstenrot Lebensversicherung was integrated into Württembergische Lebensversicherung in 2000. In 2001, Wüstenrot Bausparkasse merged with Leonberger Bausparkasse, forming what was described at the time as Germany's third-largest private building society. In 2002, Allgemeine Rentenanstalt Lebensversicherung, including its unit-linked business, was merged into Württembergische Lebensversicherung. The group continued to consolidate its operating structure in 2003. Securities management for the insurance companies was transferred to W&W Asset Management, and the external reinsurance business was discontinued. Wüstenrot also established Wüstenrot hypoteční banka in Prague, extending the group's housing-finance presence beyond Germany. In 2005, Wüstenrot Bank and Wüstenrot Hypothekenbank were merged into Wüstenrot Bank AG Pfandbriefbank, headquartered in Ludwigsburg. The bank operated with a Pfandbrief licence and represented an important banking pillar of the group. W&W also acquired Karlsruher Versicherungsgruppe in 2005, strengthening its insurance business and increasing its scale in the German insurance market. The company encountered accounting irregularities and market-share losses relating to the 2004 and 2005 financial statements. A modernization course began in 2006 under board chairman Alexander Erdland. The program followed a period in which W&W needed to improve its competitiveness, organization and market positioning. From 2008, the group used a newly developed common corporate image for its two traditional brands, while retaining the separate Wüstenrot and Württembergische identities that customers associated with housing finance and insurance. W&W undertook a capital increase in 2009 and continued as a listed company whose shares had traded on the stock exchange since 1999. In 2010, the group announced the acquisition of Allianz Dresdner Bauspar through Wüstenrot Bausparkasse; that business was later merged into Wüstenrot Bausparkasse. W&W became a constituent of the SDAX in March 2016. In April 2018, it announced the sale of Wüstenrot Bank to Bremer Kreditbank, a transaction that changed the group's banking structure and reflected a strategic concentration on its core activities. The group's organization has continued to evolve around its German headquarters and operating locations. In 2023, Wüstenrot & Württembergische moved to a new office campus in Kornwestheim. Its business model remains centered on combining housing savings and finance with insurance, retirement provision, investment and related banking services. The group therefore occupies a position between a traditional building society, an insurance group and a diversified financial-services provider.
- 2023
Move to Kornwestheim campus
[1]The group moves to a new office campus in Kornwestheim.
- 2018
Wüstenrot Bank sale announced
[1]The group announces the sale of Wüstenrot Bank to Bremer Kreditbank.
- 2016
Entry into the SDAX
[1]Wüstenrot & Württembergische is included in the SDAX from 21 March 2016.
- 2010
Allianz Dresdner Bauspar acquisition
[1]W&W announces the acquisition of Allianz Dresdner Bauspar through Wüstenrot Bausparkasse; the business is later merged into the building society.
- 2008
Unified corporate image introduced
[1]W&W begins presenting a common group image for the Wüstenrot and Württembergische brands.
- 2006
Modernization program begins
[1]Following accounting problems and market-share losses, the group begins a modernization course under Alexander Erdland.
- 2005
Bank merger and Karlsruher acquisition
[1]Wüstenrot Bank and Wüstenrot Hypothekenbank form Wüstenrot Bank AG Pfandbriefbank, while W&W acquires Karlsruher Versicherungsgruppe.
- 2003
Asset-management and international banking changes
[1]Insurance securities management moves to W&W Asset Management, external reinsurance is discontinued, and Wüstenrot hypoteční banka is founded in Prague.
- 2002
Integration of Allgemeine Rentenanstalt Lebensversicherung
[1]The life insurer, including its unit-linked business, is merged into Württembergische Lebensversicherung.
- 2001
Merger with Leonberger Bausparkasse
[1]Wüstenrot Bausparkasse merges with Leonberger Bausparkasse and becomes the third-largest private building society in Germany according to the reference account.
Products and positioning
A German integrated financial-services group built around housing provision, savings, insurance and long-term household financial planning. Its market identity combines Wüstenrot's building-society and banking heritage with Württembergische's insurance heritage.
Building society and housing finance · 1921
Wüstenrot Bausparkasse
Wüstenrot Bausparkasse is the group's building-society business. Its traditional proposition combines contractual savings with access to housing finance, supporting home purchase, construction, renovation and related residential needs. The business descends from the Gemeinschaft der Freunde Wüstenrot, whose origins date to 1921, and it became larger through its 2001 merger with Leonberger Bausparkasse and the later integration of Allianz Dresdner Bauspar.
Insurance · 1828
Württembergische insurance
The Württembergische side provides the group's principal insurance identity. Its heritage begins with Württembergische Versicherung in 1828, and its activities include property and casualty protection, life insurance and retirement-related products. Württembergische's insurance platform gives W&W a counterbalance to its savings and housing-finance businesses.
Banking
Wüstenrot banking and mortgage finance
Wüstenrot's banking activities have included deposit-taking, mortgage lending and other banking services connected with household finance. Wüstenrot Bank and Wüstenrot Hypothekenbank were combined in 2005 to form Wüstenrot Bank AG Pfandbriefbank. The group later announced the sale of Wüstenrot Bank in 2018, so the historical banking structure should be distinguished from the group's continuing broader financial-services identity.
Life insurance and pensions · 2000
Life and retirement insurance
W&W's life and retirement offering developed through the integration of Wüstenrot Lebensversicherung, Allgemeine Rentenanstalt Lebensversicherung and Württembergische Lebensversicherung. The business includes conventional life-insurance and retirement provision as well as unit-linked products, which were consolidated within the Württembergische life-insurance structure.
Asset management · 2003
W&W Asset Management
W&W Asset Management became responsible for securities management for the group's insurance companies in 2003. It represents the investment-management component of W&W's integrated financial-services model and supports the management of assets associated with insurance and other group activities.
Controversies
Brand decisions
2018
Sale of Wüstenrot BankM&ABackground
The group reviewed the structure of its banking operations after years of combining banking, insurance and housing-finance activities.
Action taken
W&W announced that Wüstenrot Bank would be sold to Bremer Kreditbank.
Aftermath
The sale reduced the group's direct banking footprint and changed the role of banking within its broader financial-services portfolio.
2010
Acquisition and integration of Allianz Dresdner BausparM&ABackground
W&W sought to expand its building-society business through its Wüstenrot subsidiary.
Action taken
W&W announced the acquisition of Allianz Dresdner Bauspar via Wüstenrot Bausparkasse and later merged the business into Wüstenrot Bausparkasse.
Aftermath
The transaction consolidated additional building-society operations within Wüstenrot's platform.
2008
Unified group imageStrategyBackground
The merged company retained two strong heritage brands but needed a clearer group-level identity.
Action taken
W&W introduced a common image for its Wüstenrot and Württembergische brands.
Aftermath
The change supported a more integrated presentation while preserving the separate customer-facing brand traditions.
2006
Modernization course after accounting and market problemsStrategyBackground
Accounting irregularities and loss of market share affected the group's performance and prompted a need for organizational and commercial renewal.
Action taken
Under Alexander Erdland, W&W launched a modernization course.
Aftermath
The program was followed by efforts to create a more unified corporate presentation and improve the group's competitiveness.
2005
Acquisition of Karlsruher VersicherungsgruppeM&ABackground
W&W aimed to expand its insurance scale after the merger of its two heritage businesses.
Action taken
Wüstenrot & Württembergische acquired Karlsruher Versicherungsgruppe.
Aftermath
The acquisition helped make W&W one of Germany's larger insurance groups.
2001
Merger with Leonberger BausparkasseM&ABackground
Wüstenrot sought to strengthen its position in Germany's private building-society market.
Action taken
Wüstenrot Bausparkasse merged with Leonberger Bausparkasse.
Aftermath
The combined business was described as Germany's third-largest private building society.
1999
Merger of Wüstenrot and WürttembergischeM&ABackground
Wüstenrot brought building-society and banking expertise, while Württembergische contributed a long-established insurance business.
Action taken
The two organizations merged to form Wüstenrot & Württembergische, creating an integrated German financial-services group.
Aftermath
The merger broadened the group's offering across housing finance, insurance, banking, pensions and investment.
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