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

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : L’EIOPA a augmenté la pression sur les dividendes des assureurs

>L’EIOPA a fortement durçi le ton - Alors que l’EIOPA (l’association des superviseurs européens) avait déjà incité les assureurs à la prudence concernant leur politique de dividende, il a publié, jeudi soir, un nouveau communiqué dans lequel il exhorte les assureurs (et réassureurs) à suspendre temporairement le versement des dividendes et les rachats d’actions, en raison des incertitudes économiques et financières engendrées par le coronavirus. L’EIOPA juge, en effet...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

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 €.

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : L’EIOPA a augmenté la pression sur les dividendes des assureurs

>L’EIOPA a fortement durçi le ton - Alors que l’EIOPA (l’association des superviseurs européens) avait déjà incité les assureurs à la prudence concernant leur politique de dividende, il a publié, jeudi soir, un nouveau communiqué dans lequel il exhorte les assureurs (et réassureurs) à suspendre temporairement le versement des dividendes et les rachats d’actions, en raison des incertitudes économiques et financières engendrées par le coronavirus. L’EIOPA juge, en effet...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : COVID-19: a new stress test for the sector

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remai...

Benoit Valleaux ...
  • Roland Pfaender,MBA,CFA,CCRA

ODDO : COVID-19 : un nouveau stress test pour le secteur

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur...

Alan Vandenberghe ...
  • Jason Kalamboussis
  • Joachim Vansanten
  • Ruben Devos
  • Sandra Cauwenberghs

Morning Note: AGS BB, ATEB BB, BFIT NA, OBEL BB, UCB BB

Ageas: Hold your nerve, and start to ACCUMULATE Atenor: FY19 Results – Growth ahead Basic-Fit: Good FY19 results and guidance confirmed Orange Belgium: Launch of new mobile portfolio GO UCB: Sandrine Dufour becomes the new CFO

Zhang Jun

ageas SA/NV

Carine Maciol

Ageas : Diversification, solvency, liquidity, Ageas boasts resilience

>Strengths/Opportunities - Ageas boasts 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 divestments in Hong Kong, Italy and Luxembourg.Geographical and product diversification provide a strong and stable earnings base. The solid solvency margin of 20...

Carine Maciol

Ageas : Diversification, solvabilité, liquidité, Ageas a les moyens de résister

>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 résultats....

ageas SA/NV: Update to credit analysis

Rating rationale for ageas SA/NV’s A3 long term issuer rating

Carine Maciol

Ageas : Purchase of FRESH on track, inaugural RT1 issuance under way

Publication date 03/12/2019 11:17 - Writing date 03/12/2019 11:14 - Equity data - Reco : - Target : EUR - Equity Analyst: Benoit Valleaux - - +33 (0)1 55 35 42 75 - ESG Analyst: xxx - Corporate Governance: Strong opportunity (1) - / - / - - / - - - - - - - - - - - - - - - - - - Ageas has today announced that a 65.4% majority (€ 817,500,000) of the aggregate principal amount of the FRESH securities outstanding consented to amend the conditions of the FRESH. Now tha...

Carine Maciol

Ageas : Rachat de la FRESH en bonne voie, émission de sa première RT1 en cours

Ageas annonce ce matin qu’une majorité de 65,4% (EUR 817.500.000) du montant nominal cumulé des titres FRESH en circulation a consenti à modifier les conditions des FRESH. Le consent obtenu, par conséquent, Ageasfinlux poursuit son offre de rachat. Les détenteurs de titres FRESH qui n’ont pas encore participé à l’offre peuvent le faire jusqu’au 3 janvier 2020 à 10:00 CET (offre à 56%). Les résultats définitifs de l’offre d’achat seront annoncés le 3 janvier 2020 après la clôture....

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/20/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/02/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Haris Ladouari
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/14/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Haris Ladouari
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Marc Lavaud
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/02/2020

...

Alfred Glaser ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/28/2020

We have upgraded our recommendation for Edenred to Buy and our target price to € 60.0. The group, now part of the payment services universe, should continue to deliver solid growth in underpenetrated niche markets, with considerable scope to improve its profitability whilst at the same time maintaining significant FCF generation. The current valuation nonetheless remains discounted vs the payment services sector. - ...

Zhang Jun

ageas SA/NV

For AGEAS SA, the environment deterioration entails a downgrade to Neutral

AGEAS SA (NL), a company active in the Life Insurance industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date December 10, 2019, the closing price was EUR 54.42 and its expected value was estimated at EUR 52.71.

For AGEAS SA, the environment deterioration entails a downgrade to Neutral

AGEAS SA (BE), a company active in the Life Insurance industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date December 10, 2019, the closing price was EUR 54.42 and its expected value was estimated at EUR 52.71.

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...

Expert Corporate Governance Service (ECGS)

Ageas – EGM 18 April 2020

Referring to past experience, 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.   Concerning item 2, we appreciate the company's willingness to adapt its articles of association to the new Belgian Companies and Associations Code. We therefore fully approve the requested changes.   Under item 3, the board of directors seeks authorisation to repurchase own shares. ECGS notes that the maximum (re-)purchase pr...

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...

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