Ageas SA/ NV

AGS: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	Gvg	LOCK\|ST	LOCK\|J%!

Ageas Earnings: Good Operational Results, but Misses on Capital Generation

Henry Heathfield

Feb 25, 2026

For the full year 2025, Ageas has delivered good operational results. However, the company's performance looks lackluster with regard to the generation of operational capital. The results build on a good first half and are underpinned by a period of acquisitions.

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Ageas SA/ NV

Ageas Earnings: Good Operational Results, but Misses on Capital Generation

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