...Large, Diversified Insurer: The company profile of Ageas is underpinned by its leading position in its home market of Belgium, its large operating scale and very strong geographical and product diversification. The company has insurance operations in Portugal, the UK, Turkiye and Asia with strong market positions as well as a developing reinsurance business that contributes to its group earnings. 'Very Strong' Capitalisation: We expect Ageas to maintain its very strong capitalisation. The company reported a very strong group Solvency II (S2) ratio of 193% at end-2025 (2024: 183%, 2023: 209%). Its Prism Global score was stable at 'Very Strong' at end-2025. Our view on capital is also supported by a Fitch-calculated financial leverage ratio (FLR) of 14.4% at end-2025 (2024: 11.3%), which we regard as very strong. We expect the S2 ratio to improve in 2026 following the sale of Malaysian operations and acquisition of the remaining 25% capital of AG Insurance. We expect the FLR to remain stable...
