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.
  • TickerAGS
  • ISINBE0974264930
  • ExchangeEuronext Brussels
  • SectorLife Insurance
  • CountryFrance

Analysts

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

...

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 – COMMENTAIRES DETAILLES 21/02/2019

...

Benoit Valleaux

Ageas : A good performance in P&C insurance

>Net results impacted by equity impairments in Asia - Ageas yesterday morning reported its 2018 results, with a net result for insurance of € 797m (-17.0%), very slightly short of the consensus (€ 802m) and just ahead of our own estimate (€ 778m). The contribution from Asia was lower than expected by the consensus, due to equity impairments (total capital losses with impairments of € 153m in life insurance in Asia), mainly in China, given the decline in equity market...

Benoit Valleaux

Ageas : Une bonne performance en assurance dommages

>Le RN a été affecté par des dépréciations actions en Asie - Ageas a publié hier matin son RN 2018, avec un résultat net des seules activités d’assurance, qui est ressorti à 797 M€ (-17,0%), très légèrement inférieur au consensus (802 M€) et un peu au-dessus de notre estimation (778 M€). La contribution de l’Asie a été moindre qu’attendu par le consensus, du fait des dépréciations actions (moins-values totales avec dépréciations de 153 M€ en assurance vie en Asie), es...

Henry Heathfield

Morningstar | Ageas' Full-Year Results Show Signs of Traditional Life in Belgium

Despite some challenging business line and geographic performance, we think Ageas' 2018 results show that the outlook for the business may be moving to favourable. While Ageas reported full-year net profit of EUR 809 million, below our estimate of EUR 850 million, life in Belgium potentially looks good. We maintain our EUR 42 fair value estimate while we await full balance sheet data in the annual report, and we maintain our no-moat rating. In terms of the business units, gross inflows at the Belgium life unit looked solid, up 10%. What is surprising to us--and confirms something we have susp...

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...

Benoit Valleaux

Ageas : A good performance in P&C insurance

>Net results impacted by equity impairments in Asia - Ageas yesterday morning reported its 2018 results, with a net result for insurance of € 797m (-17.0%), very slightly short of the consensus (€ 802m) and just ahead of our own estimate (€ 778m). The contribution from Asia was lower than expected by the consensus, due to equity impairments (total capital losses with impairments of € 153m in life insurance in Asia), mainly in China, given the decline in equity market...

Benoit Valleaux

Ageas : Une bonne performance en assurance dommages

>Le RN a été affecté par des dépréciations actions en Asie - Ageas a publié hier matin son RN 2018, avec un résultat net des seules activités d’assurance, qui est ressorti à 797 M€ (-17,0%), très légèrement inférieur au consensus (802 M€) et un peu au-dessus de notre estimation (778 M€). La contribution de l’Asie a été moindre qu’attendu par le consensus, du fait des dépréciations actions (moins-values totales avec dépréciations de 153 M€ en assurance vie en Asie), es...

Henry Heathfield

Morningstar | Ageas' Full-Year Results Show Signs of Traditional Life in Belgium

Despite some challenging business line and geographic performance, we think Ageas' 2018 results show that the outlook for the business may be moving to favourable. While Ageas reported full-year net profit of EUR 809 million, below our estimate of EUR 850 million, life in Belgium potentially looks good. We maintain our EUR 42 fair value estimate while we await full balance sheet data in the annual report, and we maintain our no-moat rating. In terms of the business units, gross inflows at the Belgium life unit looked solid, up 10%. What is surprising to us--and confirms something we have susp...

Henry Heathfield

Ageas' Full-Year Results Show Signs of Traditional Life in Belgium

Despite some challenging business line and geographic performance, we think Ageas' 2018 results show that the outlook for the business may be moving to favourable. While Ageas reported full-year net profit of EUR 809 million, below our estimate of EUR 850 million, life in Belgium potentially looks good. We maintain our EUR 42 fair value estimate while we await full balance sheet data in the annual report, and we maintain our no-moat rating. In terms of the business units, gross inflows at the B...

Bart Cuypers ...
  • Cedric Duinslaeger
  • Jan Opdecam
  • Jason Kalamboussis
  • Sandra Cauwenberghs
  • Wim Hoste

KBC Securities Morning Note 20-2-2019 AED BB, AGS BB, ASRNL NA, BAMNB NA, CPINV BB, EURN BB, MITRA BB, REC BB, RTL BB, WKL NA

Aedifica: HY18-19: above budget and busy 2H Ageas: Asian miss for 4Q, but Non-Life sharpening its teeth ASR: Good FY results, in line, waiting for VIVAT BAM Group: Solid 4Q18 results CP Invest: Acquisition of € 6.5m in Belgium Euronav: Sold LR1 for $ 6.75m, $ 0.4m gain Mithra: Moving into veterinary applications with CEVA Recticel: Closing of first tranche of Proseat divestment RTL Group: Groupe M6 comfortably beats FY estimates Wolters Kluwer: First look FY18 results

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...

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

...

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 – COMMENTAIRES DETAILLES 21/02/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard
  • Martial Descoutures
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/14/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard
  • Martial Descoutures
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/02/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Jerôme Bodin
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2018

...

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...

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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