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Morningstar’s Analysis

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Alleviating Some Evergrande Concerns

Analyst Note

| Henry Heathfield, CFA |

With Evergrande outlining that it will make its interest payment tomorrow, we thought it was worth writing a note that attempted to outline what we felt might be the largest European insurance exposures. We essentially think that Ageas, Prudential and Swiss Re are probably are most likely to have the largest real estate exposure within China. However, we don’t change any fair value estimates as a result of this preliminary investigation and needless to say we think any potential impacts are minimal. We also maintain our no moat ratings across these three companies.

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Company Profile

Business Description

Ageas is a life and non-life insurance company that derives most of its income from life and savings, mostly from Belgium, and is headquartered in Brussels. Ageas is essentially the result of the failed bid for ABN Amro by Banco Santander, Fortis, and Royal Bank of Scotland. The capital requirements placed on these banks as a result of the acquisition combined with severe write-downs on its collateralized debt obligations in the case of Fortis left the business requiring capital. Understandably, not very successful capital raising during the financial crisis wasn’t enough and the bank, Fortis, had to be sold and nationalized. What remained was Fortis insurance, which in 2010 was renamed Ageas.

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, 2021
Stock Type
Employees 10,045