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1. Company Snapshot

1.a. Company Description

ageas SA/NV, together with its subsidiaries, engages in insurance business in Europe and Asia.The company primarily offers property, casualty, and life insurance products, as well as pension products; and reinsurance products.Its life insurance products include risks related to the life and death of individuals; and non-life insurance products comprise accident and health, motor, fire, and other insurance products, as well as other damages to property covering the risk of property losses or claims liabilities.


The company serves private individuals, as well as small, medium-sized, and large companies through independent brokers and the bank channels.ageas SA/NV was founded in 1824 and is headquartered in Brussels, Belgium.

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1.b. Last Insights on AGS

Here are the analyses of the recent performance of the stocks: **Ageas (SA/NV)** The company's share buy-back program announced on August 28, 2024, reported the purchase of 72,210 Ageas shares in the period from July 07-07-2025. The average price (EUR) was 56.61, with a lowest price (EUR) of 56.15 and a highest price (EUR) of 57.10. **Quanta Services** The recent performance of Quanta Services has been driven by its Q1 1 earnings and revenue. The company's solid backlog demand for infrastructure solutions and new products. **Mola Healthcare** The company's high medical care costs, which increased by 14.1% year-over-year, are a concern. The company's revenue growth was driven by higher premiums in its government-backed insurance plans. **General Analysis** The recent months' performance of these stocks has been driven by various factors such or new products, products. The companies have also engaged in share buy-back programs. Specifically, Ageas has bought completed its buy-back program, acquiring 3,910, 230 shares, corresponding to to 1.97% of the total outstanding shares outstanding and approximately EUR 200 million (rounded). The total number of shares now owned by Ageas is is 4%. The source: reported a positive drivers.

1.c. Company Highlights

2. Ageas Delivers Strong H1 2025 Results with Improved Guidance

Ageas reported a robust financial performance in the first half of 2025, with net operating results driven by an excellent combined ratio of 92.1% and a low tax rate in China. Earnings per share (EPS) came in at 3.96, beating analyst estimates of 3.63. Revenue growth was solid, with inflows up 4% at constant FX, driven by outstanding commercial momentum in Life, where inflows grew 6%. The company's strong performance was also reflected in its solvency ratio, which stood at a high 240%, temporarily supported by the equity and Tier 2 issuance related to the financing of the esure acquisition.

Publication Date: Aug -29

📋 Highlights
  • Upgraded Full-Year Net Operating Results:: Guidance raised to EUR 1.3 billion–1.35 billion, reflecting strong H1 performance and esure acquisition contribution.
  • Life Segment Growth:: Inflows increased 6% YoY (4% at constant FX), driven by robust business expansion across all Life segments.
  • High Solvency Ratio:: Stood at 240% (H1 2025), supported by equity issuance and EUR 1.1 billion in operational capital generation.
  • China Tax Rate Dynamics:: H1 tax rate at 9% due to liquidity spread adjustments, expected to revert to 25% in H2, with a long-term target of 15% by 2026.
  • Remaining Debt Capacity:: EUR 750 million available for M&A, with EUR 1 billion cash allocated for future growth, including potential Belgian market expansion via ATS.

Segment Performance

The company's Life segment delivered a strong net operating result, up 15% compared to last year, despite a weaker investment result. Non-Life inflows benefited from strong growth across most markets and business lines, with an excellent operating insurance service result, up 6% compared to last year. Wim Guilliams, CFO, highlighted the strong net operating result supported by a low tax rate in China and an excellent insurance result in Non-Life.

Guidance Upgrade

Ageas raised its guidance for net operating results for the full year to between EUR 1.3 billion and EUR 1.350 billion, including the contribution of esure. The guidance assumes no exceptional adverse weather and no unforeseen impact from volatile financial markets. Hans de Cuyper, CEO, explained that the company's cash position will remain comfortable after the esure acquisition, with around EUR 1 billion available for future development opportunities.

Valuation

With a Price-to-Book Ratio (P/B) of 1.43, the market is pricing in a moderate valuation for Ageas. The Dividend Yield stands at 5.81%, indicating an attractive return for investors. Return on Equity (ROE) is 8.44%, reflecting the company's ability to generate profits from shareholder equity. The upgrade in guidance and strong H1 performance may support the stock's valuation, but investors should monitor the company's ability to maintain its momentum in the second half of the year.

Tax Rate and Capital Management

Wim Guilliams explained that the company assumes the full-year tax rate will revert to 25%, and that the low tax rate in the first half was due to the update of the illiquidity premium on local accounting. The company still expects to reach a historical tax rate of 15% in 2026, depending on interest rate developments. Operational capital generation remained strong at EUR 1.1 billion, and the company has a debt capacity of approximately EUR 750 million to participate in attractive M&A opportunities.

3. NewsRoom

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Ageas completes the acquisition of esure

Sep -30

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Is Ageas Still Attractive After Strong 33% Rally and Recent Market Pause?

Sep -14

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Ageas reports first half-year results 2025

Aug -27

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Ageas completes its 2024-2025 share buy-back programme

Aug -04

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Ageas reports on the progress of share buy-back programme

Jul -28

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Ageas reports on the progress of share buy-back programme

Jul -22

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Ageas reports on the progress of share buy-back programme

Jul -14

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Ageas and BlackRock, Inc.: Transparency notification

Jul -08

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.08%)

6. Segments

Life

Expected Growth: 5.4%

Ageas SA/NV's 5.4% growth in Life segment is driven by increasing demand for protection products, expansion in Asia, and a strong distribution network. Additionally, the company's focus on digitalization, cost savings initiatives, and strategic partnerships have contributed to its growth momentum.

Non-life

Expected Growth: 4.73%

Ageas SA/NV's Non-life segment growth of 4.73% is driven by increasing demand for motor and property insurance, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and cost savings initiatives have improved operational efficiency, contributing to the growth.

Group Eliminations

Expected Growth: 4.6%

Ageas SA/NV's Group Eliminations growth of 4.6% is driven by increasing consolidation of subsidiaries, improved operational efficiency, and strategic divestments. Additionally, the company's focus on core insurance business and cost-saving initiatives have contributed to the growth. Furthermore, the elimination of non-core activities and streamlining of operations have also supported the growth momentum.

General Account

Expected Growth: 5.83%

The 5.83% growth of General Account from Ageas SA/NV is driven by increasing demand for insurance products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and cost optimization has improved operational efficiency, leading to higher profitability and reinvestment in growth initiatives.

7. Detailed Products

Life Insurance

Ageas SA/NV offers a range of life insurance products that provide financial protection to individuals and their loved ones in the event of death or terminal illness.

Non-Life Insurance

Ageas SA/NV provides non-life insurance products that cover damages or losses to properties, vehicles, and other assets.

Health Insurance

Ageas SA/NV offers health insurance products that provide coverage for medical expenses, hospitalization, and other healthcare-related costs.

Pension and Savings

Ageas SA/NV provides pension and savings products that help individuals plan for their retirement and achieve their long-term financial goals.

Investment and Asset Management

Ageas SA/NV offers investment and asset management products that help individuals and institutions manage their investments and achieve their financial objectives.

Bancassurance

Ageas SA/NV provides bancassurance products that offer a range of insurance products to banking customers.

8. ageas SA/NV's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Ageas SA/NV is moderate, as there are alternative insurance providers in the market, but the company's strong brand reputation and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low, as Ageas SA/NV has a large customer base and a strong distribution network, making it difficult for individual customers to negotiate prices or terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Ageas SA/NV relies on a network of independent agents and brokers to distribute its products, but the company's scale and market presence give it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low, as the insurance industry is heavily regulated and requires significant capital and expertise to enter, making it difficult for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as the insurance industry is highly competitive, with many established players competing for market share, and Ageas SA/NV must continually innovate and improve its products and services to remain competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 38.59%
Debt Cost 7.28%
Equity Weight 61.41%
Equity Cost 7.66%
WACC 7.51%
Leverage 62.83%

11. Quality Control: ageas SA/NV passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Aviva

A-Score: 7.5/10

Value: 6.5

Growth: 5.4

Quality: 5.7

Yield: 9.4

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

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Ageas

A-Score: 7.3/10

Value: 5.9

Growth: 4.1

Quality: 7.5

Yield: 9.4

Momentum: 7.0

Volatility: 10.0

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UNIQA

A-Score: 7.1/10

Value: 6.3

Growth: 3.6

Quality: 6.2

Yield: 8.1

Momentum: 9.5

Volatility: 8.7

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Unipol Gruppo

A-Score: 7.0/10

Value: 6.6

Growth: 3.7

Quality: 6.6

Yield: 8.8

Momentum: 9.0

Volatility: 7.3

1-Year Total Return ->

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Aegon

A-Score: 6.8/10

Value: 9.2

Growth: 2.1

Quality: 7.6

Yield: 7.5

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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Gjensidige Forsikring

A-Score: 6.8/10

Value: 2.5

Growth: 4.2

Quality: 8.2

Yield: 7.5

Momentum: 9.5

Volatility: 8.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

56.85$

Current Price

56.85$

Potential

-0.00%

Expected Cash-Flows