Ageas : Q4 results touch light, regulatory S2 higher, Asia becoming half of fair value
>Conclusion: - Ageas presented Q4 results were underlying somewhat light mainly due to Asia life. The internal Solvency ratio was somewhat less than expected by market effects, but the regulatory Solvency ratio was well better than expected due to model changes. We believe that Ageas’ net profit outlook (excl. RPNi) of € 900m for 2021 is good achievable. In our view Asia will be circa 43% of the insurance profit in 2022 and with a higher valuation multiple that means ...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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