Ageas : Q2 results marginally less, flooding and China VIR reducing 2H21 net profit
>Conclusion: Q2 profit marginally less, 2H21 profit guidance lower - The 2Q21 results excl. capital gains/impairments were marginally less than we expected by Asia life insurance where it derecognises the capital gains/revaluations but it is keeping the cost of the policyholders profit participations on these gains in it. Further, Ageas provided two items that would make the 2H21 net profit somewhat less than we expected being 1) a higher after tax cost for the Belgia...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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