Ageas and AG Insurance upgraded to 'A1' by Moody’s; Outlook Stable.

Ageas and AG Insurance upgraded to 'A1' by Moody’s; Outlook Stable.

Moody’s Investors Service upgraded its insurance financial strength rating and long-term issuer rating on ageas SA/NV and AG Insurance to 'A1' from 'A2'. The outlook is stable. The issue rating on the FRESH Capital Securities was also raised by one notch, to Baa2(hyb) from Baa3(hyb).

The upgrade of Ageas’s rating reflects the improvements in the Group’s credit profile over recent years, exemplified by the resolution of legal legacy issues, the improvement in underlying insurance earnings, strong capitalisation and reduction in leverage. Furthermore, Ageas has proven to be resilient to external credit shocks, as reflected by its ability to maintain strong earnings and capital throughout the coronavirus induced crisis over 2020.