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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 FY2025 Results, Upgrades Financial Targets

Ageas reported a robust financial performance for FY2025, with a net operating result of EUR 1.655 billion, exceeding the company's latest guidance. The earnings per share (EPS) came in at EUR 3.98, surpassing analyst estimates of EUR 3.66. The company's revenue growth was driven by both Life and Non-Life businesses, with inflows up 9% at constant FX. The Reinsurance segment delivered an exceptional performance, mainly driven by third-party business. According to Wim Guilliams, CFO, "the combined ratio reached an excellent 92.5%, leading to a 21% increase in the net operating result to EUR 548 million."

Publication Date: Feb -26

📋 Highlights
  • Strong Financial Performance:: Net operating result surged to EUR 1.655 billion, exceeding guidance, with recurring cash upstream of EUR 949 million (18% YoY growth).
  • Strategic Expansion:: Ageas strengthened its U.K. presence via Saga partnership and esure acquisition, while gaining full ownership of AG in Belgium.
  • Life Business Growth:: Europe Life inflows rose 21%, driven by Türkiye and Portugal, with Life net operating result up 39% to EUR 548 million.
  • Dividend Increase:: Proposed total gross cash dividend of EUR 3.75 per share, reflecting over 7% growth compared to prior year.
  • Reinsurance Success:: Reinsurance inflows jumped 29% to EUR 275 million, supported by diversified portfolio and third-party business growth.

Segment Performance

The Life segment saw a significant increase in inflows, driven by continued excellent performance in Türkiye and a remarkable growth in savings products in Portugal. The Non-Life business in Belgium is in a very attractive situation for profitability, as mentioned by Hans J. De Cuyper. The Reinsurance inflow increased by 29% to EUR 275 million in 2025, with the company allocating EUR 200 million of solvency capital requirement to Reinsurance, including the Triglav deal.

Valuation and Dividend

Ageas' valuation metrics appear reasonable, with a Price-to-Book Ratio (P/B) of 1.44 and a Dividend Yield of 5.58%. The company's Board of Directors has proposed a total gross cash dividend of EUR 3.75 per share. The current cash position stands at a very solid EUR 1.45 billion, firmly supported by the EUR 949 million of dividend upstreams during FY2025.

Outlook and Guidance

Ageas expects to receive EUR 1.2 billion in cash in '26 and is on track with the integration of esure and the AG acquisition. The company has upgraded its financial targets, increasing holding free cash flow and shareholder renovation targets. Analysts estimate next year's revenue growth at 6.0%. The company's strong solvency ratio above 200% and a stable dividend development in China provide a solid foundation for future growth.

3. NewsRoom

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ageas SA/NV organises Extraordinary General Meeting of Shareholders

Mar -19

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Ageas reports full-year 2025 results

Feb -25

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European Dividend Stocks To Enhance Your Portfolio

Jan -20

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Ageas announces Net Operating Result guidance update

Jan -19

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Ageas announces intragroup repurchase of own shares

Jan -05

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3 European Dividend Stocks Yielding Over 3.1%

Dec -18

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ageas (ENXTBR:AGS) Valuation: Assessing the Insurer After a Strong 30% One-Year Total Return

Dec -17

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Is It Too Late To Consider ageas After Its Strong Multi Year Share Price Run?

Dec -17

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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

Stock-Card
Aviva

A-Score: 7.4/10

Value: 6.5

Growth: 5.4

Quality: 5.8

Yield: 9.4

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Ageas

A-Score: 7.1/10

Value: 5.7

Growth: 4.1

Quality: 6.2

Yield: 9.4

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Unipol Gruppo

A-Score: 6.9/10

Value: 5.0

Growth: 4.1

Quality: 6.4

Yield: 8.8

Momentum: 9.5

Volatility: 7.3

1-Year Total Return ->

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UNIQA

A-Score: 6.8/10

Value: 4.8

Growth: 3.4

Quality: 4.8

Yield: 8.8

Momentum: 10.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Gjensidige Forsikring

A-Score: 6.7/10

Value: 2.2

Growth: 4.2

Quality: 8.0

Yield: 7.5

Momentum: 9.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Aegon

A-Score: 6.5/10

Value: 9.2

Growth: 2.1

Quality: 7.6

Yield: 7.5

Momentum: 6.0

Volatility: 6.7

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

64.85$

Current Price

64.85$

Potential

-0.00%

Expected Cash-Flows