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.
Henry HeathfieldEquity Analyst