S&P affirms Ageas, subsidiaries

S&P said it affirmed the A long-term issuer credit rating on the Ageas group's core subsidiaries, AG Insurance, Ageas Insurance Ltd., and Intreas NV.

At the same time, the agency affirmed the long-term issuer credit rating on the holding company Ageas SA/NV at BBB/A-2.

The outlook on all the entities is stable.

“The affirmation reflects our belief that while Ageas' capital position has weakened as a result of provisions and other capital management policies, the potential volatility from legacy issues is steadily reducing,” S&P said in a news release.

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