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ageas
(OTC:AGESY)
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Rating:76Outperform
Price Target:
$97.00
▲(11.73% Upside)
Action:Reiterated
Date:09/11/26
AGESY scores well primarily on improving financial fundamentals (stronger earnings, profitability, and improving leverage) and particularly attractive valuation (low P/E and high dividend yield). The score is tempered by only moderate technical momentum and noted operating risks from the earnings call, including weather-driven claims pressure, solvency ratio headwinds, and some regional/mix challenges (China) plus one-off impacts.
Positive Factors
Broad inflow growth across Life and Non-Life
Strong growth across both major insurance segments indicates broad customer demand and expanding commercial activity rather than reliance on a single product line. Continued inflow momentum can support scale benefits, recurring premium income, and stronger earnings capacity over the next several quarters.
Negative Factors
Non-Life earnings remain exposed to weather-related claims
Weather losses demonstrate that Ageas’s Non-Life profitability remains sensitive to catastrophe and climate-related claims variability. Elevated claims can weaken underwriting margins and consume capital, making sustained pricing, reserving, and risk-selection discipline important for earnings stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad inflow growth across Life and Non-Life
Strong growth across both major insurance segments indicates broad customer demand and expanding commercial activity rather than reliance on a single product line. Continued inflow momentum can support scale benefits, recurring premium income, and stronger earnings capacity over the next several quarters.
Read all positive factors
ageas (AGESY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.98B
Dividend Yield5.05%
Average Volume (3M)727.00
Price to Earnings (P/E)7.6
Beta (1Y)0.37
Revenue Growth38.89%
EPS Growth66.43%
CountryUS
Employees20,659
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)9.72
Shares Outstanding213,938,300
10 Day Avg. Volume973
30 Day Avg. Volume727
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)1.19
Price to Sales (P/S)1.24
P/FCF Ratio4.37
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.59
Revenue Forecast (FY)$10.68B
ageas Business Overview & Revenue Model
Company Description
ageas SA/NV, together with its subsidiaries, engages in insurance business. The company operates through five segments: Belgium, Europe, Asia, Reinsurance, and General Account. It provides property, casualty, and life insurance products, as well a...
How the Company Makes Money
Ageas makes money mainly by underwriting insurance and by investing the assets it holds to meet future policy obligations. In non-life insurance, the group collects premiums upfront and aims to pay out less in claims, claims-handling expenses, com...
ageas Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and commercial performance: strong inflows across Life and Non-Life, robust Life profitability, solid capital and cash generation, and an upgraded full-year net operating result and cash upstream guidance. Offsetting headwinds were meaningful weather-related losses that pressured the combined ratio, a decline in the Solvency II ratio driven by several flagged items, a drop in operational free capital generation due to higher capital requirements and one-off upstream items, and some challenges in China (regulatory changes and product-mix pressure). On balance the company demonstrated resilience and strategic progress while acknowledging manageable short-term impacts.Positive Updates
Strong Top-Line Inflows
Total inflows up 17% at constant exchange rate (8% at constant scope). Life inflows up >12% (>9% at constant scope). Non-Life inflows up >26% (6% at constant scope).
Negative Updates
Significant Weather-Related Impact
Adverse weather in Belgium and Portugal caused an estimated EUR 180 million of claims in H1, adding ~5 percentage points to the reported group Non-Life combined ratio and reducing Non-Life net operating result; Belgium Non-Life weather impact ~EUR 59 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Inflows
Total inflows up 17% at constant exchange rate (8% at constant scope). Life inflows up >12% (>9% at constant scope). Non-Life inflows up >26% (6% at constant scope).
Read all positive updates
Company Guidance
Ageas raised its 2026 net operating result guidance to above EUR 1.95 billion (including a EUR 450 million net capital gain and reflecting ~EUR 30 million lower contribution from Malaysia plus the Etiqa stake sale), assumes a c.3 percentage‑point full‑year weather impact on the combined ratio, and now expects cash upstream above EUR 1.4 billion (up from EUR 1.2 billion and +49% vs. 2025) with more than EUR 1.1 billion already received in H1; operational capital generation remained strong at EUR 1.1 billion (operational free capital generation was EUR 484 million in H1), an interim dividend of EUR 1.5 per share will be paid in December, solvency II was 195% at end‑June, and the Malaysian sale is expected to add roughly 23 percentage points to solvency on closing.ageas Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.65B | 9.04B | 8.48B | 7.88B | 4.89B | 12.91B |
| Gross Profit | 10.65B | 7.91B | 8.48B | 6.94B | 2.82B | 11.69B |
| EBITDA | 0.00 | 2.71B | 2.17B | 2.04B | 2.03B | 2.19B |
| Net Income | 1.88B | 1.64B | 1.12B | 953.00M | 1.10B | 845.00M |
Balance Sheet | ||||||
| Total Assets | 109.84B | 107.07B | 98.45B | 96.69B | 100.30B | 111.14B |
| Cash, Cash Equivalents and Short-Term Investments | 62.23B | 62.26B | 58.96B | 58.78B | 42.14B | 57.19B |
| Total Debt | 7.19B | 7.13B | 4.75B | 4.58B | 4.44B | 4.73B |
| Total Liabilities | 98.33B | 95.57B | 89.66B | 88.19B | 91.67B | 96.97B |
| Stockholders Equity | 10.22B | 9.44B | 7.75B | 7.42B | 6.97B | 11.91B |
Cash Flow | ||||||
| Free Cash Flow | 3.18B | 2.58B | 642.00M | -115.00M | -752.00M | -1.21B |
| Operating Cash Flow | 3.45B | 2.90B | 1.04B | 124.00M | -588.00M | -1.06B |
| Investing Cash Flow | -3.75B | -2.69B | 93.00M | 1.35B | 1.03B | 1.44B |
| Financing Cash Flow | -862.00M | 863.00M | -952.00M | -868.00M | -1.13B | -684.00M |
ageas Technical Analysis
Positive
86.82
Price Trends
83.84
Positive
80.33
Positive
74.84
Positive
Market Momentum
1.02
Positive
51.91
Neutral
19.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AGESY, the sentiment is Positive. The current price of 86.82 is above the 20-day moving average (MA) of 86.11, above the 50-day MA of 83.84, and above the 200-day MA of 74.84, indicating a neutral trend. The MACD of 1.02 indicates Positive momentum. The RSI at 51.91 is Neutral, neither overbought nor oversold. The STOCH value of 19.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AGESY.
ageas Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $32.80B | 7.42 | 19.52% | 5.16% | -0.21% | 31.57% | |
79 Outperform | $36.99B | 8.76 | 22.99% | 1.75% | 5.95% | 39.99% | |
76 Outperform | $17.98B | 7.61 | 19.13% | 5.05% | 38.89% | 66.43% | |
75 Outperform | $7.18B | 6.19 | 19.21% | 1.78% | 9.43% | 35.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $39.23B | 13.62 | 7.27% | 2.47% | -4.19% | 1.09% | |
64 Neutral | $13.66B | 12.03 | 12.23% | 5.38% | 24.97% | ― |
* Financial Sector Average
AGESY
ageas
85.99
19.55
29.43%
AEG
Aegon
9.05
1.66
22.38%
AIG
American International Group
75.03
-2.06
-2.67%
ACGL
Arch Capital Group
96.20
3.94
4.27%
AXS
Axis Capital
98.89
1.49
1.53%
HIG
Hartford Insurance
136.80
6.61
5.08%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.