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Ageas upgraded to ‘AA-’ by Fitch; Outlook Stable

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Ageas upgraded to ‘AA-’ by Fitch; Outlook Stable

Fitch Ratings has upgraded the Insurer Financial Strength (IFS) Rating of ageas SA/NV, AG Insurance and Ageas Insurance Limited to AA-’ from A+’ (Strong). All Rating Outlooks are
Stable

The upgrade reflects Ageas’s sustained strong financial performance and very strong capitalisation despite adverse and volatile business and capital-market conditions caused by the coronavirus pandemic. The ratings also reflect Ageas' low leverage and very strong business profile.

Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 45,000 people and reported annual inflows of over EUR 36 billion in 2020 (all figures at 100%).

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