S&P ups Ageas

S&P said it upgraded its ratings for Ageas SA/NV and its core subsidiaries to A+ from A.

“The upgrade reflects our view that Ageas’ financial risk profile will remain highly resilient to challenging conditions linked to the Covid-19 pandemic, supported by robust earnings and only modest impacts from market volatility,” the agency said in a press release.

S&P noted that excluding more than €300 million in nonrecurring gains on a legacy hybrid’s buy-back, Ageas reported a return on equity of close to 10% and a combined ratio of 90%.

The outlook is stable.

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