Ageas: boosted by Berenberg's buy rating

(CercleFinance.com) - Ageas shares are silver medal holders on the BEL 20 index on Friday on the Brussels Stock Exchange, after Berenberg maintained its buy rating on the stock, seeing three reasons to buy it.


At 3:30 pm, the Belgian insurer's stock was up 1.8%, compared with a 0.2% decline for the BEL.

Berenberg cites three factors to justify buying the stock, namely (1) the resumption of growth in life insurance in China, (2) the turnaround in motor insurance business in the UK and (3) the high dividend yield, which should continue to rise, it says.

Moreover, Ageas is the leader in its domestic market, Belgium, the broker points out, adding that at its CMD this Tuesday, the insurance group announced its intention to increase its dividend by between 6% and 10% a year.


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