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Ageas SA/ NV ADR AGESY

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Ageas' Full-Year Numbers Hindered by Nonconsolidated Entities That Are Difficult To Read

Analyst Note

| Henry Heathfield, CFA |

Ageas has reported results for the full last year. The market does not particularly like these numbers as the business appears under pressure. However, that pressure is not broad. If we look at what can be thought of as the core of Ageas, the results do not look that bad. The bottom line is ahead of our expectations but that is due to a nonrecurring gain. Excluding this addition, net income attributable to shareholders came in at EUR 809.0 million, below our estimate of EUR 994.0 million. We believe a lot of the miss today versus market expectations is due to market losses and discount rates in Asia. We won’t be revising our EUR 45.0 fair estimate for the time being and we also maintain our no moat rating. Numbers today include a proposed EUR 2.65 dividend representing a 56% payout. On a share price today of EUR 46.6 that’s a 570-basis-point yield.

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Company Profile

Business Description

Ageas is a life and nonlife insurer covering Belgium, the rest of Europe, and Asia.

Contact
Rue du Marquis 1/Markiesstraat 1, Box 7
Brussels, 1000, Belgium
T +32 25575711
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings Dec 31, 2016
Fiscal Year End Dec 31, 2020
Stock Type
Employees 10,741