Ageas SA/ NV

AGS: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€38.60	Gwm	Stfv

Ageas Update: Ageas Increases China Taiping Cooperation

Henry Heathfield

Jun 26, 2024

In May, Ageas announced it agreed to subscribe to the capital increase of China Taiping Insurance Holdings subsidiary Taiping Pension Co for a total of EUR 137 million. After close of this transaction, Ageas held 10% of the larger capital base and it is a relatively small amount in the grand scheme of things. The capital increase enables Ageas to continue to invest in the growing demand for personal pension products in China. Our fair value estimate for Ageas is EUR 63.5 per share with a no-moat rating.

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