Ageas downgraded to Sell from Neutral at UBS

UBS analyst Nasib Ahmed downgraded Ageas to Sell from Neutral with a price target of EUR 35.50, down from EUR 37. The analyst cites excess returns being lower than historic levels and elevated China risks for the downgrade. China macro headwinds, a low China solvency ratio and growth in interest rate guaranteed products also makes the firm incrementally more cautious on the company’s Asian segment.