Ageas : Limited direct exposure to COVID-19, but net result sensitive to financial market trends
>Underlying performance still solid - Ageas yesterday morning reported its Q1 2020 results. Insurance net result came to € 113m (-56%), beating the consensus (€ 90m), but slightly short of our forecast (€ 121m). This result was impacted by equity impairments in Belgium and in Asia, with realised capital gains net of the impairment of -€ 36m for the insurance business (vs +€ 93m in Q1 2019). Attributable net result was also marked by a higher cost for weather events in...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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