Ageas Update: Ageas Receives Affirmed Moody’s Rating

While Moody’s has affirmed its rating of Ageas as A1 with a Stable Outlook at the end of last year, building on the A+ Stable Outlook rating that the business received from Standard and Poor’s, we still believe the company has poor financial health and a weak balance sheet, given the large solvency sensitivities and the outsized debt-to-equity ratio. We maintain our no-moat rating and our fair value estimate.