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...
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