Report
Carine Maciol

Ageas : Unbeatable yield/rating trade-off

The 2022 results were a mixed bag, reflecting a flagging Chinese economy but featuring a strong earnings base in Belgium. The outlook for 2023 is brighter given the upswing in China after the lifting of pandemic restrictions. Management is keeping a watchful eye on acquisition opportunities in Europe, while offloading its French subsidiary while expanding into reinsurance. It has financial headroom to fund its growth projects, with € 850m in issuance capacity and liquidity. Its s...
Underlying
Ageas SA/NV

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Carine Maciol

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