Ageas shares posted the second-biggest rise in the BEL 20 index on the Brussels Bourse on Friday, after Berenberg maintained its buy advice on the stock, seeing three reasons to pick it up.

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

In a research note, Berenberg mentions three factors that justify buying the stock, namely (1) the resumption of growth in life insurance in China, (2) the turnaround in motor insurance business in Great Britain and (3) the high level of the dividend yield, which should continue to rise in its view.

Ageas is also the leader in its domestic market, Belgium", the research consultancy points out, adding that at its last Investor Day, held on Tuesday, the insurance group announced its intention to increase its dividend by between 6% and 10% a year.

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