Ageas Earnings: A Little Light Versus Our Estimates, but Ahead of Consensus

Ageas reported net income of EUR 953 million for 2023, below our EUR 1.031 billion forecast. These earnings equate to around EUR 5.17 per share, lower than the EUR 5.60 we estimated. The board is proposing a dividend of EUR 3.25 per share, ahead of the EUR 3.21 we forecast. Solvency has come in at 217%, slightly below company-compiled consensus of 221%, and Ageas holds liquid assets of EUR 959 million, slightly better than the EUR 954 million consensus penciled in. The group net operating result is also better than consensus estimates, within the targeted range of EUR 1.1 billion to EUR 1.2 billion, at EUR 1.17 billion, with Europe delivering better performance. The operational free capital generation of EUR 1.2 billion more than covers the nearly EUR 600 million dividend.