Ageas should be able to focus on operations.
Ageas reported a strong set of full-year 2017 results. This was across the board, life and nonlife, though geographically, its home market of Belgium was a little weak. Guaranteed business continues to be a strain, and unit-linked is the driver within life. While we will reflect 2017 full-year results and roll our model, we don’t expect a major shift in our fair value estimate. We also maintain our no-moat and stable moat trend ratings.Gross inflows declined in Belgium, as the business lowered ...
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