Ageas reinstated with a Neutral at Goldman Sachs

Goldman Sachs reinstated coverage of Ageas with a Neutral rating and EUR 52.50 price target. The firm sees “both tailwinds and headwinds” for Taiping Life, which Ageas holds a 25% stake, looking forward, noting that 2024 is the first full year in which Taiping Life will “operate under a backdrop of lower pricing rates, bancassurance channel reforms, and a reduced investment return assumption.”