Ageas SA/ NV

AGS: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ageas Earnings: Fairly in Line but RPN(i) Continues to Cloud the Business

Henry Heathfield

Feb 27, 2025

With net operating profit of EUR 1.240 billion, Ageas delivered earnings for full-year 2024 that are fairly in line with company-compiled consensus. However, we think the price of the CASHES has continued to climb with the price of Ageas' shares, and this is clouding the business.

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Ageas SA/ NV

Ageas Earnings: Fairly in Line but RPN(i) Continues to Cloud the Business

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