Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AGEAS. We currently have 8 research reports from 1 professional analysts.
|15Feb17 06:30||GNW||Regulated information - Ageas reports Full Year 2016 result|
|07Feb17 06:30||GNW||Preliminary announcement: Exceptional items in the UK and in Asia impact the Q4 2016 result. Proposed dividend of EUR 2.10 per share.|
|16Nov16 06:30||GNW||Regulated Information - Ageas reports 9 month results|
|27Sep16 06:30||GNW||Ageas announces next step in Fortis settlement procedure: public hearing|
|10Aug16 06:30||GNW||Regulated information: Ageas reports first half year 2016 Results|
|23May16 07:15||GNW||Fortis Settlement Agreement submitted today to the Amsterdam Court of Appeal|
|19May16 06:45||GNW||Ageas announces additional support for the Fortis settlement|
Frequency of research reports
Research reports on
Good dividend awaiting the Fortis settlement
17 Feb 17
Ageas’s FY 16 insurance net profit stood at €821.2m, up 8.7% relative to 2015, but the Q4 16 was difficult with just €17.9m, a drop of 87.4% yoy. FY 16 Life net profit reached €703.6m (+22.8% yoy). The last quarter of the year recorded a decrease of 44.8% to €81.1m. Non-Life & Other Insurance net profit stood at €117.6m, down by 35.5% yoy. Q4 16 was difficult with a loss of €-63.2m. Group inflows (including the non-consolidated partnerships at 100%) reached €31,653m, up 6.2% yoy, of which €25,368m related to the Life business (+7.9% yoy) and €6,285m related to the Non-Life division, flat relative to 2015. The group’s combined ratio stood at 98.7% (vs. 96.9% in 2015). ROE was 12% vs. 11% in 2015 (excluding unrealised gains and losses). The General Account recorded a loss of €-693.9m vs. a net profit of €15.1m in 2015. The group’s net profit decreased by 16.5% to €127.1m. Shareholders’ equity amounted to €9,656m. The insurance solvency ratio and group solvency stood at 182.3% and 194.7%, respectively. The General Account’s net cash position reached €1,942m by the end of 2016 vs. €1,604m the year before. The proposed 2015 gross cash dividend is €2.1 per share, of which an exceptional dividend of €0.4 per share is related to the capital gain on the Hong Kong divestment.
Robust Q3, targets on track
16 Nov 16
9M 16 insurance net profit stood at €803m, up 31% year-on-year. The operating result of Life’s consolidated entities increased by 14% to €437m (+16% in Q3 to €112m) and net profit reached €622m (+46% yoy) with an excellent Q3 to €118m. 9M 16 Non-Life insurance’s net profit stood at €181m vs. €187m a year before. The Q3 15 recorded an 18% increase to €77m. Group inflows including non-consolidated partnerships at 100% reached €24,692m (up 8% yoy), of which €19,865m was related to the Life business (+11% yoy) and €4,826m was related to the Non-Life division, i.e. stable relative to the same period in 2015. The group’s combined ratio stood at 97% (vs. 95.1% in 9M 15). The General Account recorded a net loss of €686m (vs. a net loss of €14m in 9M 15). In Q3, the net result was negative (€-11m). Shareholders’ equity amounted to €10,451m. The insurance solvency ratio and the group solvency ratio stood at 181% and 199%, respectively. The General Account’s net cash position reached €1,957m by the end of 9M 16.
Tomorrow will be better
19 May 16
Q1 16 insurance net profit stood at €201m, up 1.5% yoy. Life’s net profit reached €143m (-3% yoy). Non-Life Insurance’s net profit stood at €57m vs. €50m a year before. Group inflows including the non-consolidated partnerships at 100% reached €11,111m (up 11% yoy), of which €9,377m related to the Life business (+14% yoy) and €1,734m related to the Non-Life division (steady relative to Q1 15). The group’s combined ratio stood at 97.8% (vs. 96.6% in Q1 15). The General Account recorded a net loss of €834m. The group’s Q1 16 net result amounted to €-633m. Shareholders’ equity amounted to €10,324m. The Solvency II ratio stood at 182%. The General Account’s net cash position reached €939m by the end of Q1 16 vs. €1,604 in Q4 15.
17 Feb 16
FY 15 insurance net profit stood at €755m, up 2.5% relative to 2014. FY 15 Life net profit reached €572m (+7.4% yoy), after a good Q4 15 net profit increase of 60.1% to €147m. Non-Life & Other Insurance net profit stood at €182m, down by 10.7%. The Q4 15 was difficult with a loss of €-6.1m vs. €42.7m in the same period in 2014. Group inflows including the non-consolidated partnerships at 100% reached €29,791m (up 15.5% yoy), of which €23,493m related to the Life business (+19% yoy) and €6,298m related to the Non-Life division (+4.1% yoy). The group’s combined ratio stood at 96.8% (vs. 99.6% in 2014). ROE was 7.9% (vs. 8.8% in 2014, below the 11% targeted). The General Account recorded a net profit of €15m vs. a loss of €261m. The group’s net profit increased by 61.7% to €770m. Shareholders’ equity amounted to €11,376m. The insurance solvency ratio and group solvency stood at 226% and 228%, respectively. The General Account’s net cash position reached €1,604m by the end of 2015 vs. €1,308m the year before. The proposed 2014 gross cash dividend is €1.65 per share, an increase of 6.5% compared to the previous year.
A sudden brake after H1 rally
05 Nov 15
9M 15 insurance net profit stood at €613m, up 6% year-on-year. The operating result of Life's consolidated entities decreased by 12% to €382m (-32% in the Q3 to €96m) and net profit reached €425m (-4% yoy) after the 72% drop in Q3 to €43m. 9M 15 Non-Life insurance's net profit stood at €193m vs. €111m a year before. The Q3 15 recorded a 5% increase to €66m. Other business posted a loss of €5.9m. Group inflows including non-consolidated partnerships at 100% reached €22,769m (up 17% yoy), of which €17,934m related to the Life business (+21% yoy) and €4,834m related to the Non-Life division (+5% yoy). The group's combined ratio stood at 95.1% (vs. 99.6% in 9M 14). The General Account recorded a net loss of €14m (vs. a net loss of €288m in 9M14). In Q3, the net result was positive (€21m) benefiting mainly from the positive revaluation of the RPN(I). Shareholders’ equity amounted to €10,917m. The insurance solvency ratio and the group solvency ratio stood at 231% and 232%, respectively. The General Account's net cash position reached €1,406m by the end of 9M 15 vs. €1,637m in December 2014.
Goodbye Hong Kong
31 Aug 15
Ageas has agreed to sell its Life insurance business in Hong Kong to JD Capital for HKD10,688m (€1,230m). The transaction is expected to be completed within H1 16. Based on H1 15 figures and still subject to closing adjustments, the transaction is expected to have an impact on the net result of around €0.45bn at the time of closing. Management announced that despite this transaction, the company remains firmly committed to Asia and will further strengthen its business in the region by focusing on the six growth markets it is now present in through its successful JV in Malaysia, China, Thailand and India, as well as the partnerships recently established in the Philippines and Vietnam. Furthermore, Ageas continues to explore opportunities in high growth markets in the region.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small caps best insulated from macro headwinds
15 Feb 17
The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies’ UK Equity Income sector). Since launch, DIVI’s annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.
Small Cap Breakfast
15 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.