Ageas: shares up as RBC initiates as 'outperform'.

(CercleFinance.com) - Shares in Belgian insurance group Ageas are currently up 1% at 39.
8 euros, outperforming the 0.5% rise in Brussels' BEL 20 index, as RBC Capital Markets initiates coverage with an "outperform" rating and a target price of 44 euros.

"Ageas has an underappreciated Asian franchise which we expect will grow rapidly driven by an expanding middle class and a reduction of the protection gap over time," says the broker in a research report on the group.

RBS explains that the market-leading high cash generation Belgian business is able to fund both this strong growth in Asia and capital return to shareholders.


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