Ageas : Q2 results and S2 ratio marginally less, SBB higher, flooding cost higher
>Conclusion: results marginally less - The Q2 results were marginally less than expected. For the rest of the year the Q3 flooding costs will be higher and the negative VIR earnings impact in China will likely also be somewhat higher due to declined Chinese interest rates. The SBB was marginally higher. We keep our Neutral recommendation.Q2 results marginally less than expected - The 2Q21 net insurance result was € 203m vs our € 252m (consensus € 241m...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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