AGEAS/NV

Ageas increased operating net result in the first half of 2026 by 6% to EUR 776 million and raised its full-year forecast for operating result to more than EUR 1.95 billion. The cash‑upstream guidance was improved from EUR 1.2 billion to over EUR 1.4 billion. Despite weather-related damage of around EUR 180 million in Belgium and Portugal, the non-life business remained resilient; the Solvency II ratio stood at 195% at the end of June. Management confirmed an interim dividend of EUR 1.50 per share and emphasized the robust capital generation and diversification of the business model. » More on de.investing.com

Ageas is selling its 30.95% stake in Maybank Ageas to Malayan Banking Bhd for €1.1 billion, ending a 25-year partnership. The transaction values the joint venture at €3.5 billion and is expected to generate a net capital gain of about €450 million after tax. Closing is expected by the end of 2026, subject to regulatory approvals, and should improve Ageas’s Solvency II ratio by around 25 percentage points. Ageas emphasizes that Asia remains one of its four core business areas despite the sale. » More on de.investing.com

Ageas buys the remaining 25% stake in BNP Paribas’s Belgian business for €1.9bn, valuing the stake at 10–11 times dividend distributions of €175–190m. Financing includes a €1.11bn capital increase in which BNP subscribes 18.5m shares at €60 per share (5% premium) and will then hold around 24%. The agreement includes a board seat for BNP and a new 15‑year bancassurance partnership starting 1 Jan 2027. Ageas expects neutral short‑term financing effects, a 7–8% increase in free cash flow by 2027, raises cumulative free cash flow targets to >€2.6bn and shareholder remuneration to >€2.2bn, with no impact on the Solvency II ratio; UBS sees slight short‑term share‑price risks but strategic upside in the long term. » More on de.investing.com