Ageas SA/ NV

AGS: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€86.10	Xsln	Vzcr

Ageas Reports a Better Nine Months; We Like the Nonconsensus Evolving Asia Story

Henry Heathfield

Nov 9, 2022

Ageas has reported net income for the first nine months of the year at EUR 567 million, excluding the relative performance note. Our estimates are EUR 707 million for the full year and that includes a negative EUR 22.1 million adjustment for the relative performance note movement. We might be a little behind the full-year delivery.

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