Europe Movers: Allianz, Beazley, Nordex, Richemont, SCOR, Societe Generale, THG

Bridgette Randall
12 May, 2023
Frankfurt

Allianz SE increased 0.1% to €211.90 after the German insurance company reiterated its full-year 2023 outlook and announced a new stock buyback program of 1.5 billion euros. 

Total revenue in the first quarter increased 3.9% to €46.0 billion from €43.3 billion and net income jumped to €2.1 billion from €585 million and core earnings per share increased to €5.43 from €1.02 a year ago. 

The insurance company reiterated its 2023 operating profit target of €14.2 billion with a band of €1 billion. 

Societe Generale SA increased 1.3% to €22.13 after the third largest French bank reported a rise in overall income in the quarter. 

Net revenue in the first quarter declined 5.3% to €6.7 billion from €7.0 billion and net income increased 7.1% to €1.09 billion from €1.02 billion and return on equity edged lower to 5.0% from 5.1% a year ago. 

French retail banking revenue continued to struggle and fell 11% from the previous year's period to €1.9 billion from €2.2 billion because of higher interest rates on regulated saving schemes and the end of the benefit of the TLTRO program run by the European Central Bank. 

Group’s common equity tier 1 ratio stood at 13.5%, or around 410 basis points  above the regulatory requirement.

Societe Generale announced a €440 million stock repurchase plan. 

SCOR SE jumped 9.6% to €25.79 after the French property and casualty reinsurance company reported better-than-expected earnings. 

Beazley PLC advanced 4.7% to  614.0 pence after the specialist insurance company reported high gross written premium in the March quarter. 

Richemont SA gained 5% to CHF 156.95 after the Swiss luxury watch company reported record sales and earnings on the back of a strong demand rebound in all regions of the world. 

Sales in Japan and Europe led the growth with double-digit increase and Asia Pacific region sales rose 6% after demand in China rebounded. 

Sales in the full-year ending in March 2023 increased 19% to  €19.9 from €16.7 billion and profit from continuing operations soared 60% to €3.9 billion from €2.4 billion and diluted earnings per share declined 54 cents from 36 cents a year ago. 

Total profit in the year declined to €301 million from €2.0 billion because of the loss of discontinued operations of €3.6 billion, reflecting the write down of its investment in YOOX Net A Porter.  

Richemont announced a plan for CHF 2.50 dividend per Class A share and 10 Class B shares and an additional CHF 1.0 special dividend per class A shares and 10 Class B shares.  

Nordex SE decreased 0.9% to €10.62 after the German wind turbine company reported a wider first quarter loss because of higher operating costs. 

Revenue in the quarter increased to €1.2 billion compared to €933 million and operating loss expanded to €114.9 million from €88.9 million a year ago. 

Nordex installed 276 wind turbines in 19 countries with an aggregate output of 1,319 MW in the first quarter compared to 197 wind turbines with an aggregate output of 867 MW installed in 12 countries in the previous year. 

THG PLC plunged 9.7% to 67.32 pence after the e-commerce company ended its talks to go private with Apollo Global Management.