Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.
  • TickerA1J1DR
  • ISINBE0974264930
  • SectorLife Insurance
  • CountryBelgium

Analysts

Henry Heathfield

Morningstar | Ageas Really a Struggling Business

Ageas is a business born out of the failed Fortis bank and is coming to an end of its legacy issues after breakup. The remaining distressed assets have been divested, and the provisions for settlement with shareholders should be considered complete.Although Ageas has a leading position in life insurance in Belgium and a top-five position in nonlife, it has battled a low-investment-return environment and what that means for demand due to low product guarantees. These are easily replaceable by more vanilla or more traditional forms of deposit, which has led Ageas to target underwriting and look ...

Henry Heathfield

Ageas Really a Struggling Business

Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating. In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributab...

Carine Maciol

Ageas : With the holding company upgraded to A and nearly all legacy issues settled, Ageas is moving forward and should return to the bond market in 2019

>Strengths/Opportunities - - Ageas has strong positions in Belgium where it is the leading life insurer, Asia (well positioned in China and eight other countries through partnerships with local operators) and mature European markets (UK and Portugal). The group has realigned its business following disposals in Hong Kong, Italy and Luxembourg.- Geographical and product diversification provide a strong and stable earnings base. - Management has been in place s...

Carine Maciol

Ageas : Upgrade de la holding à A, dossiers du passé quasi clôturés, Ageas avance et devrait revenir en 2019 sur le marché obligataire

>Forces/Opportunités - - Ageas dispose de positions fortes en Belgique où il est le premier assureur vie, en Asie (fort positionnement en Chine et dans 8 autres pays, à travers des partenariats avec des acteurs locaux) et dans des marchés matures européens (Grande Bretagne, Portugal). Le groupe s’est recentré, avec les cessions à Hong Kong, en Italie et au Luxembourg.- La diversification géographique et le mix produit assurent une assise stable et forte de résult...

Ageas SA/NV: Update to credit analysis

FINANCIAL INSTITUTIONS CREDIT OPINION 20 December 2017 Update RATINGS Ageas SA/NV Domicile Belgium Long Term Rating Baa3 Type LT Issuer Rating - Dom Curr Outlook Positive Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Giovanni Meloni +44.20.7772.1089

Carine Maciol

Ageas : 2018 looks set to be an important milestone for legacy settlements

> - Strengths/Opportunities - - Ageas boasts strong positions in Belgium where it is the leading life insurer, in Asia (strong positioning in China and eight other countries through partnership agreements with local players), and in mature European markets (e.g. UK, Luxembourg and Portugal).- Geographical and product diversification provide a strong and stable earnings base. - Management has been in place since 2009 and proven capable of turning the franchise around and seeing through strategic plans. In May 2017, chief executive Bart De Smet's term was renewed for the third time, extending it...

Carine Maciol

Ageas : 2018, une année clé pour le règlement de certains dossiers hérités du passé

>Forces/Opportunités - - Ageas dispose de positions fortes en Belgique où il est le premier assureur vie, en Asie (fort positionnement en Chine et dans 8 autres pays, à travers des partenariats avec des acteurs locaux) et dans des marchés matures européens (Grande Bretagne, Luxembourg, Portugal). - La diversification géographique et le mix produit assurent une assise stable et forte de résultats. - Un management stable depuis 2009, qui a su redresser la franchise et mener à bien les plans stratégiques. En mai dernier, le CEO Bart De Smet a vu son mandat renouvelé pour la troisième fois et ce j...

Henry Heathfield

Morningstar | Ageas Really a Struggling Business

Ageas is a business born out of the failed Fortis bank and is coming to an end of its legacy issues after breakup. The remaining distressed assets have been divested, and the provisions for settlement with shareholders should be considered complete.Although Ageas has a leading position in life insurance in Belgium and a top-five position in nonlife, it has battled a low-investment-return environment and what that means for demand due to low product guarantees. These are easily replaceable by more vanilla or more traditional forms of deposit, which has led Ageas to target underwriting and look ...

Henry Heathfield

Ageas Really a Struggling Business

Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating. In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributab...

Henry Heathfield

Morningstar | AGS Updated Forecasts and Estimates from 17 May 2019

Ageas reported net profit of EUR 250 million for the first quarter of 2019. This brings the full-year estimate pretty much in line with our full-year expectation. The business is made up of four divisions and their performance has all been very average; the financials show a business that is under a lot of pressure. We maintain our EUR 42 fair value estimate and no-moat rating. In Belgium, the business is suffering, and this is pretty much across the board. For example, the net result attributable to shareholders came in at EUR 68.5 million for the life business versus EUR 118.5 million in th...

Benoit Valleaux

Ageas : Underlying result close to expectations in Q1

>Life insurance net result driven by capital gains in Asia - Ageas reported its Q1 2019 results yesterday. The total group net result came in at € 251m (+1.4%), slightly below expectations (consensus of € 257m, our forecast of € 264m). Indeed, the general account net result was lower than expected at -€ 7m, owing notably to charges related to the settlement of the Fortis ligitation.Insurance operations alone posted a result of € 258m (-14.0%), ahead of expectatio...

Benoit Valleaux

Ageas : Un résultat sous-jacent proche des attentes au T1

>Un RN assurance tiré par les plus-values en Asie - Ageas a publié hier son RN du T1 2019. Le RN total du groupe a atteint 251 M€ (+1.4%), légèrement inférieur aux prévisions (consensus de 257 M€, notre prévision de 264 M€). Le résultat de la holding a, en effet, été moindre que prévu à -7 M€, impacté notamment par des charges liées au règlement du litige Fortis.Le résultat des seules activités d’assurance a été de 258 M€ (-14,0%), supérieur aux attentes (247 M€ ...

A director sold 1,600 shares at 36.420EUR and

A director at Ageas N.V. sold 1,600 shares at 36.420EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/05/2019

...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2019

...

AGEAS NV with less fundamental stars is reduced to Neutral

AGEAS NV (NL), a company active in the Life Insurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date February 15, 2019, the closing price was EUR 41.47 and its expected value was estimated at EUR 40.93.

AGEAS NV with less fundamental stars is reduced to Neutral

AGEAS NV (BE), a company active in the Life Insurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date February 15, 2019, the closing price was EUR 41.47 and its expected value was estimated at EUR 40.93.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carine Maciol

Ageas : First Tier 2 2049/2029 issue by the ageas SA/NV holding company

Publication date 03/04/2019 10:07 - Writing date 03/04/2019 09:43 - - - Equity data - Reco : Neutral - Target : 46.00 EUR - Equity Analyst: Benoit Valleaux - - +33 (0)1 55 35 42 75 - ESG Analyst: xxx - Corporate Governance: Strong opportunity (1) - / - / - - - - - - - - - - - - - - - - - - - - Ageas will issue today a subordinated Tier 2 2040/2029 note. This has been announced as an ‘inaugural’ issue, since it will be issued for the first time through its ageas SA/N...

Carine Maciol

Ageas : Première émission Tier 2 2049/2029 de la holding ageas SA/NV

Ageas va émettre aujourd’hui une subordonnée Tier 2 2049/2029. Une émission annoncée comme ‘inaugurale’, car effectivement émise pour la première fois via sa holding ageas SA/NV. La 2047/2027, émise en 2017, l’avait été via la principale filiale opérationnelle du groupe, AG Insurance. - Nous revenons dans cette publication sur les raisons de ce choix de structure d’émission, les principaux indicateurs financiers clés de l’assureur et enfin concluons sur le niveau de pricing que no...

Expert Corporate Governance Service (ECGS)

Ageas - AGM and EGM 15 May 2019

We note that, as announced in ECGS' previous analysis, the Company confirms that the Extraordinary General Meeting of Shareholders of 18 April 2019 has not achieved the required attendance quorum. It was thus unable to decide validly regarding its agenda items. A new Extraordinary General Meeting will therefore be convened after the AGM, which, regardless of the share capital represented, will be able to deliberate validly regarding all agenda items. In general, Ageas is in compliance with the Belgian regulations relating to the organization and procedures of the (Annual and Extraordinary) Ge...

Expert Corporate Governance Service (ECGS)

Ageas April 18th, 2019

ECGS draws shareholders' attention on the fact that this EGM will not attain the required attendance quorum – i.e. that at least 50% of the capital must be represented – and that thus no valid decisions will be made during this meeting.In general, Ageas is in compliance with the Belgian regulations relating to the organisation and procedures of this Extraordinary General Meeting (EGM). Under item 3, the board of directors seeks authorisation to repurchase own shares. ECGS notes that the maximum (re-)purchase price is above 10% of market price on purchase date, which is not in accordance with ...

AGEAS – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Matthieu DRIOL

Short term view - AGEAS (ex. FORTIS) : Prices recovered.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. The next resistance is at €47.18.

Matthieu DRIOL

Analyse court terme - AGEAS (ex. FORTIS) : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. La prochaine résistance est à 47,18 €.

Matthieu DRIOL

Short term view - AGEAS (ex. FORTIS) : Falling prices.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €41.00.

Matthieu DRIOL

Analyse court terme - AGEAS (ex. FORTIS) : Les cours baissent.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 41,00 €.

Matthieu DRIOL

Medium term view - AGEAS (ex. FORTIS) : The correction is gaining traction.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €38.26.

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