Ageas SA/ NV

AGS: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ageas Earnings: A Beat, yet Operating Capital Generation Continues to Be a Problem

Henry Heathfield

Aug 27, 2026

For the first half of 2026, Ageas delivered a broad-based beat versus company-compiled consensus, with earnings that look ahead of our full-year forecast. However, operating capital generation continues to be a concern for us and, we think, the market.

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Ageas SA/ NV

Ageas Earnings: A Beat, yet Operating Capital Generation Continues to Be a Problem

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