2:00 PM Frankfurt Allianz SE net doubled to 5.2 billion and fourth quarter profit surged 148% to 1.22 billion. BAE Systems profit for the year plunged 14% and lowered outlook for 2013. Lufthansa AG revenue increased 5% to 30.1 billion.
In London trading, FTSE 100 index dropped 1.7% or 110.1 to 6,285 and in Frankfurt, the DAX index declined 1.8% or 140 to 7,589. In Paris, CAC 40 index slumped 1.8% or 68.1 to 3,642.
slipped 1.1% to 103.10 after Germany based financial services provider reported revenue for the year ending in December grew 3% to 106.4 billion compared to 103.6 billion in the same period of last year.
Net income in the fiscal year doubled to 5.2 billion from 2.5 billion from a year ago and diluted earnings per share surged to 11.34 compared to 5.48 from a year ago period.
For the fourth quarter, revenue rose 4% to 25.9 billion compared to 25 billion in the same period of last year.
Net income in the quarter surged 148% to 1.22 billion from 492 million from a year ago and diluted earnings per share surged to 2.66 compared to 1.06 from a year ago period.
Operating profit increased 21% to 9.5 billion and Allianz said all business segments delivered double-digit growth. Shareholders equity increased to 53.55 billion conglomerate solvency ratio increased 18 percentage points to 197%.
Gross written premiums in property and casualty insurance increased 4.75 to 46.9 billion and annual operating profit property and casualty insurance jumped 12.5% to 4.7 billion.
Life and Health insurance business showed stable and generating 52.3 billion.
The asset management business produced strongest performances and net fees and commission income soared 23.1% to 6.7 billion and operating profit climbed 33.6% to 3 billion.
The board is scheduled to propose a dividend of 4.50 per share.
The bank expected operating profit outlook for 2013 of 9.2 billion with a range of 500 million.
BAE Systems plc
climbed 4.9% to 348.50 pence after the UK based aerospace and defense products maker initiating a three-year share repurchase program of up to £1 billion.
For the year ending in December sales dropped 7% to £17.83 billion from £19.15 billion a year earlier.
Profit for the year plunged 14% to £1.08 billion compared to £1.26 billion and diluted earnings per share declined 11% to £32.8 compared to 36.7 from a year ago period.
The company provided outlook for the first quarter of 2013 subject to uncertainties relating to US defense budget, electronic systems sales expected to be at a similar level of 2012 with margins expected to be slightly lower within a range of 12% to 14%.
Cyber & Intelligence sales are expected to be marginally lower than 2012 with margins expected to be within range of 8% to 9%.
Deutsche Lufthansa AG
fell 0.6% to 14.90 after Germany based airline said revenue for the year ending in December increased 5% to 30.1 billion.
The aviation company added operating profit generated to 524 million. Group net profit in the 2012 jumped from minus 13 million in 2011 to 990 million.
In a separate press note, the company said executive board of Lufthansa approved the purchase of 108 new aircraft and eight for long-range.
By the end of 2025, the group expects to take delivery of 239 aircraft with an order volume of 23 billion, based on list prices.