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Ageas

Ageas was formerly the insurance arm of the now defunct Fortis group in Belgium. It is a second tier Composite Primary insurer with a strong focus on the Life segment which represented 75% of the company's net profit and 55% of its premiums in 2015. Going forward, Ageas intends to reach a business split of 60% Life and 40% Non-Life via further acquisitions. Ageas has finally received court approval for its €1.3 bn settlement in relation to outstanding legal claims from the former shareholders of the defunct Fortis group. Under the terms of the settlement, Ageas will not admit to any wrongdoing and have agreed to set aside €1,204 mn in compensation for any outstanding claims raised by four main organisations (Deminor, Stichting FortisEffect, SICAF and VEB Reach) representing 90% of former Fortis shareholders. On a geographical basis, Belgium represented 50% of Ageas's net profit in 2015 with Continental Europe accounting for less than 9% of Ageas's net profit. Asia remains Ageas' area of growth and a key contributor to the group (36% of net profit in FY15). (16 Jul 2018)

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European Bank AT1: To Call Or Not To Call

Sector Analysis: 09 Dec 2018, 10:05 PM ET - Recent market turbulence has seen AT1 curves resemble ski-jumps, but is it really a case of jumping into the unknown with 13 AT1s coming up for first calls in 2019?

Euro Banks: Credit Metrics Update 3Q18

Worth Watching: 05 Dec 2018, 10:49 AM ET - Euro Banks: We have updated the Credit Metrics page on our website with summary balance sheet and income statement data for major European banks at 30 September 2018. Credit Metrics includes data on thirty banks that form our core coverage univer ..

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

HSH Nordbank: Legacy Tier 1s Terminated

Worth Watching: 30 Nov 2018, 10:47 AM ET - HSH Nordbank (Baa3/NR/BBB-) has announced its decision to terminate its silent participations (funded by its legacy Tier 1 securities, the SPARC, RESPARC I, RESPARC II and SPHERE bonds). The bank's sale to a consortium led by J.C. Flowers and Ce ..

UK Banks Clear Brexit Stress Test Hurdles

Sector Analysis: 28 Nov 2018, 4:06 PM ET - The market should welcome the Bank of England stress test results that show the major UK banks weathering the Brexit storm, with no need for any of them to strengthen capital.

Axa: Acquires Remaining Stake in Axa Tianping

Worth Watching: 26 Nov 2018, 1:32 PM ET - Axa announced on Monday that it had reached an agreement with the current domestic shareholders of Axa Tianping P&C to acquire the remaining 50% stake of the company which it does not currently own. The total consideration for the 50% stake wou ..

Euro Financial Movers: Gourd Times And Bad

Euro Financial Movers: 25 Nov 2018, 9:41 PM ET - It was a quiet week, with Thanksgiving in the US. Deutsche Bank got caught up in the Danske money-laundering scandal, and the BoE brought forward the UK stress test results. Capital optimisation remains at the top of Generali's agenda.

Euro Insurers: 3Q18 Earnings Snapshot

Sector Analysis: 22 Nov 2018, 10:05 PM ET - In this article, we provide a round up of the 3Q18 earnings of European insurers. We also look to highlight key issues and trends observed across the respective peer groups.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.

Euro Financial Movers: Brexit – Kind Of A Big Deal

Euro Financial Movers: 18 Nov 2018, 10:00 PM ET - The UK’s draft EU withdrawal agreement led to uncertainty and spread volatility, while the SRB’s position paper provided some post-Brexit MREL clarity. As IASB looks to defer IFRS 17 to 2022, Munich Re issued its first EUR Tier 2 since 2012

Eurozone Banks: MREL Eligible Bonds Post-Brexit

Worth Watching: 16 Nov 2018, 5:22 AM ET - Eurozone Banks: The Single Resolution Board (SRB) has published a position paper on the "resolvability of banks in the context of Brexit".  As a reminder, the SRB is the European Banking Union's resolution authority and, as such, a key element ..
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Ageas: 3Q18 From Luxembourg to India

Earnings Note: 14 Nov 2018, 10:23 PM ET - Ageas reported mixed 3Q18 as strong underwriting profitability was dampened by investment impairments. We do not believe Ageas’ acquisition of a 40% stake in an Indian Non-Life insurer will lead to business growth given the lack of control.

Euro Financial Movers: La Vida Loca

Euro Financial Movers: 11 Nov 2018, 10:18 PM ET - 3Q18 results continued, with the Italian banks resilient despite macro-economic pressure whilst the Spanish Supreme Court ruled in favour of banks on mortgage-related taxes. Nat cat claims do not seem to be a solvency issue for reinsurers.

Europe's I-Banks: 3Q18 Ups and Downs

Sector Analysis: 11 Nov 2018, 9:47 PM ET - In a mixed quarter for trading and underwriting revenues, European investment banks lost more ground to their US peers.

Mapfre: 9M 18 F/X Headwinds

Worth Watching: 08 Nov 2018, 9:28 AM ET - Mapfre released relatively disappointing 9M18 earnings despite lower weather-related claims during the period compared with last year; the devaluation of major currencies where the insurer operates has had major impacts on the company's profita ..

Generali: 9M18 Strong Credit Fundamentals

Earnings Note: 08 Nov 2018, 4:43 AM ET - Generali disclosed strong 9M18 earnings, supporting our view that the insurer benefits from strong credit fundamentals. Our Underperform recommendation stems from continuing market volatility due to on-going political risks in Italy.

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

European Banks: Stress and Stressibility

Sector Analysis: 05 Nov 2018, 3:09 AM ET - The EU-wide stress test results showed that banks, overall, are becoming increasingly resilient, although there were some negative surprises, notably Barclays and Lloyds.

Euro Financial Movers: Stress Relief

Euro Financial Movers: 04 Nov 2018, 10:23 PM ET - The 2018 Stress Test results show EU banks to be more resilient than in previous exercises, whilst 3Q18 earnings continued. After the 3Q18 reinsurers' results, we are starting to see the impact of the recent nat cat events.

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