S&P affirms Ageas’s ‘A+’ ratings with a Stable Outlook
S&P Global Ratings affirmed its 'A+' long-term issuer credit rating and insurer financial strength rating on Ageas SA/NV and its rated core subsidiaries AG Insurance and Ageas Insurance Ltd.
S&P has also affirmed the ratings on Ageas' and AG Insurance's debt. The outlook on Ageas SA/NV, AG Insurance, and Ageas Insurance Ltd. is stable.
The affirmation reflects the view that Ageas's earnings generation and capitalisation have proved resilient to market turbulence and rising inflation since early 2022.
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 about 40,000 people and reported annual inflows close to EUR 40 billion in 2021 (all figures at 100%).