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Market Update : 
Worldpay in 8 B Deal with Vantiv, Munich Re Net Plunges
Author: Sarla Buch
123jump.com
Last Update: 10:10 AM ET August 09 2017


 
4:00 PM Frankfurt G4S lifted revenues forecast. Hastings Group net surged after new legal rules in motor insurance premiums. Legal & General net soared 42%. Munich Re net plunged 9%. Symrise lifted fiscal outlook. Worldpay agreed to be acquired by Vantiv for 8 billion.

In London trading, FTSE 100 index slid 4.60 to 7,527.34 and in Frankfurt the DAX index decreased 44.97 or 0.4% to 12,211.50.

In Paris, CAC 40 index fell 7.90 or 0.2% to 5,200.31.

G4S Plc plunged 7.1% to 312 pence after the U.K.-based security services provider reported total revenues in the first-half ending in June soared 12.5% from a year ago to 3.9 billion.

Net income in the period more than doubled to 150 million from 69 million in a year ago six-month period and diluted earnings per share jumped to 9.7 pence from 4.5 pence.

G4S said pretax profit in the period soared 89.5% to 218 million from 115 million in the same period a year ago.

The security services provider forecasted fiscal 2017 and 2018 revenue growth in the range of 4% to 6%.

Hastings Group Holdings Plc increased 1.8% to 327.60 pence after the U.K.-based third-party insurer services provider reported gross written premiums in the first-half ending in June jumped 28% from a year ago to 462 million.

Net income in the period surged 35.6% to 57.9 million from 42.7 million in a year ago six-month period and diluted earnings per share rose to 8.8 pence from 6.5 pence.

The insurer said adjusted operating profit jumped 22.1% after legal changes increased the cost of motor insurance premiums in the U.K.

Legal & General Group Plc dropped 2.4% to 269.46 pence after the U.K.-based insurer and investment services provider reported gross written premiums in the first-half ending in June tumbled 55.5% from a year ago to 18.9 billion.

Net income in the period soared 41.6% to 946 million from 668 million in a year ago six-month period and diluted earnings per share jumped to 15.88 pence from 11.23 pence.

The insurer said operating profit in the period surged 27% to 988 million and solvency II capital surplus increased by 1 billion to 6.7 billion from 5.7 billion in a year ago period.

Profit in general retirement business surged 40% to 566 million and annuity sales soared to 1.6 billion from 700 million.

The insurer said as of June 30, assets under management jumped 13% to 951 billion.

Munich Re declined 2.5% to 181.30 after Germany-based reinsurance provider reported gross premiums written in the first-half ending in June rose 1.2% from a year ago to 24.7 billion.

Net income in the period plunged 8.6% to 1.3 billion from 1.4 billion in a year ago six-month period and diluted earnings per share slumped to 8.26 from 8.69.

Symrise AG slipped 1.5% to 58.54 after Germany-based fragrances, flavorings, cosmetic raw materials supplier reported sales in the first-half ending in June jumped 3.6% from a year ago to 1.5 billion.

Net income in the period advanced 5.9% to 141.8 million from 133.8 million in a year ago six-month period and diluted earnings per share rose to 1.09 from 1.03.

The fragrances raw materials supplier said growth in the profit was driven by strong performance in all segments and regions.

Symrise lifted fiscal 2017 profit estimate and the company is now expecting operating margin to be more than 20% from about 20%.




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Market data: BATS Exchange. Inc.

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