AllAnalyst Report
logoMorningstarSeptember 17, 2021

ageas SA/NV: Raising Our Capital Allocation for Ageas

Symbols
AGESY
Sector(s)
Financial Services
Rating
Current Price
$47.75
Fair Value
Economic Moat
Stewardship
Summary

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.

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Analyst Profile

Henry Heathfield

Equity Analyst
Henry Heathfield, CFA, is an equity analyst for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. He covers insurance.Before joining Morningstar in 2016, Heathfield spent five years as a European and U.K. generalist at Silchester International Investors and three years at Redmayne-Bentley Stockbrokers.Heathfield holds a bachelor’s degree from Nottingham Trent University and a master’s degree in finance from the London Business School.