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Market Update

Siemens to Sell Unit to Cerner; Mixed Results from Hannover RE, ING


Author: Nigel Thomas
ticker.com
Last Update: 11:27 AM ET August 06 2014

4:00 PM Frankfurt Ageas net plunged 93% to 31 million and sell Ageas Protect to American International Group for 228 million. Hannover net climbed 5% to 444 million. ING Groep net surged 20% to 1.07 billion. Siemens plans to sell its hospital IT business to Cerner for $1.3 billion.

In London trading, FTSE 100 index dropped 1% or 65.39 to 6,617.09 and in Frankfurt the DAX index declined 1.1% or 98.09 to 9,091.65.

In Paris, CAC 40 index slumped 1.1% or 45.86 to 4,187.02.

Ageas SA climbed 3.3% to 26.70 after the Belgium-based insurance company said gross written premium in the first-half ending in June soared 8.2% to 7.01 billion from 6.48 billion a year ago period.

Net income in the period plunged 93.5% from a year ago to 30.8 million compared to 471.6 million and diluted earnings per share increased to 0.14 from 2.05.

Ageas agreed to divest its Ageas Protect Ltd business to the U.S.-based American International Group Inc for a total consideration of 228 million or 181 million and the transaction is expected to complete by the end of the year.

Hannover Rueck SE declined 4% to 60.71 after the Germany-based reinsurance company said gross written premium in the first-half ending in June dropped 2.2% to 7.06 billion from 7.23 billion a year ago period.

Net income in the period climbed 4.9% from a year ago to 444.4 million compared to 423.5 million and earnings per share increased to 3.69 from 3.51.

ING Groep N.V gained 1.1% to 9.77 after the Netherland-based banking and life insurance group reported total revenue in the second-quarter ending in June climbed 6.3% to 6.69 billion from 6.29 billion a year ago period.

Net profit in the quarter surged 19.5% from a year earlier to 1.07 billion compared to 895 million.

Legal & General Group Plc slid 0.3% to 231 pence after the U.K.-based savings and investment manager reported total revenue in the first-half ending in June rose 0.6% to 19.18 billion from 19.07 billion a year ago period.

Profit in the period climbed 9.1% from a year ago to 501 million compared to 459 million and diluted earnings per share jumped to 8.42 pence from 7.72 pence.

The insurer said assets under management in the period jumped 7% to 465.1 billion from a year earlier.

Siemens AG increased 2.7% to 23.84 after the Germany-based technology company plans to sell its hospital IT business to the U.S.-based Cerner Corp, a healthcare IT services provider for $1.3 billion in cash.

Siemens said the hospital information system segment has annual sales of about $1.2 billion and nearly 5,000 client facilities in more than 40 countries.

The transaction is expected to close in the first-quarter of 2015.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc