Ageas’ results were mostly driven by the volatile Chinese business and a strong Non-Life segment. Nevertheless, in China, we noted the absence of a dividend remitted in H1 23, a delay that has affected several Chinese state-owned enterprises. It is important to be aware that the annual cash dividend for the year is unlikely to be affected, as these dividends are scheduled for H2. But this delay serves as a reminder that careful evaluation is necessary when valuing the Chinese segment.
