In this section, you will find all relevant information of interest to analysts and debt investors.

You can access items such as our funding programs, ratings and rating reports and investor presentations.

The Investor Relations team is of course available to answer any additional question you might have concerning these subjects.

Disclaimer Investor Relations


Solvency and Financial Condition Report (SFCR)

Solvency II, the risk-based supervisory framework for the insurance sector that came into effect on 1 January 2016, requires insurers to determine a solvency capital requirement (SCR) that it is sufficient to cover any losses in a one-year horizon with 99.5% confidence. Insurers can choose whether they use the standard formula or an internal model to determine the SCR. The standard formula consists of pre-defined shocks for a number of relevant risk types (insurance, financial and operational risk) and a relatively simple aggregation methodology. Calculations starts from a market-consistent balance sheet with assets and liabilities valued at fair value to the extent possible. By using an internal model, or a partial internal model, insurers can develop their own methodology for determining the SCR. Besides this quantitative part of the framework, the governance requirements and in particular the need for having in place an adequate risk management system and function are equally important. Finally, the third pillar of the Solvency II framework imposes a number of reports in view of informing the relevant stakeholders (supervisor, clients, investors, …) in a transparent way, hence fostering market discipline.  One of these reports, the Solvency and Financial Condition Report (SFCR) is now available. It is meant to provide the reader insight in the business of AG Insurance, the way the Company is organized, the structure and components of the risk management in place, the risks it deals with and last but not least its financial soundness as reflected in the solvency ratio.    


AG Insurance Solvency and Financial Condition Report (SFCR) 2018

AG Insurance Rapport sur la solvabilité et la condition financière (SFCR) 2018

Previous versions

AG Insurance Solvency and Financial Condition Report (SFCR) 2016.

AG Insurance Rapport sur la solvabilité et la condition financière (SFCR) 2016

AG Insurance Solvency and Financial Condition Report (SFCR) 2017.

AG Insurance Rapport sur la solvabilité et la condition financière (SFCR) 2017​.

Shareholding structure

Shares of AG Insurance are held by the following two companies:

  • Ageas (75%)
    Ageas is an international insurance group active primarily in Europe and Asia.
  • BNP Paribas Fortis (25%).
    BNP Paribas Fortis, a subsidiary of the global BNP Paribas group, is Belgium’s largest bank.


AG Insurance​S&P​Fitch​Moody’s*​

Issuer Credit Ratings
Insurer Financial Strength Ratings


Confirmed on




* Remark regarding Moody's: Ageas has requested in early 2009 that this rating should be withdrawn. AG Insurance no longer participates in Moody's credit rating process. AG Insurance does not provide, for purposes of Moody's rating, access to the books, records and other relevant internal documents of these rated entities.

Definitions (Standard & Poor’s website – 14/10/15):

The Issuer Credit Ratings: A Standard & Poor's issuer credit rating is a forward-looking opinion about an obligor's overall creditworthiness. This opinion focuses on the obligor's capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation.
Counterparty credit ratings, corporate credit ratings and sovereign credit ratings are all forms of issuer credit ratings. Issuer credit ratings can be either long-term or short-term.

Insurer Financial Strength Ratings: A Standard & Poor's insurer financial strength rating is a forward-looking opinion about the financial security characteristics of an insurance organization with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. Insurer financial strength ratings are also assigned to health maintenance organizations and similar health plans with respect to their ability to pay under their policies and contracts in accordance with their terms.
This opinion is not specific to any particular policy or contract, nor does it address the suitability of a particular policy or contract for a specific purpose or purchaser. Furthermore, the opinion does not take into account deductibles, surrender or cancellation penalties, timeliness of payment, nor the likelihood of the use of a defense such as fraud to deny claims.
Insurer financial strength ratings do not refer to an organization's ability to meet nonpolicy (i.e., debt) obligations. Assignment of ratings to debt issued by insurers or to debt issues that are fully or partially supported by insurance policies, contracts, or guarantees is a separate process from the determination of insurer financial strength ratings, and follows procedures consistent with those used to assign an issue credit rating. An insurer financial strength rating is not a recommendation to purchase or discontinue any policy or contract issued by an insurer.

Funding Programmes

ISIN Code​BE6261254013​BE6277215545
Country of Listing​Luxembourg​​Luxembourg
Issue Date​​16/12/2013​​31/03/2015
Maturity​Dated (30.5 NC 10.5)​​Dated (32 NC 12)
Nominal Value​​EUR
Coupon Payment​​Annually​​Annually
Smallest Denomination​​EUR 100,000​​EUR 100,000
Rating​_​​S&P:  BBB
   Fitch: BBB +
Bond trading level​​ Luxembourg
Stock Exchange
Stock Exchange
Hybrone ​BE6251340780​
ISIN Code​_​BE6251340780​
Country of Listing​_​Luxembourg​
Issue Date​​20/06/2006​​21/03/2013​
Nominal Value​​EUR 95,146,000​​USD 550,000,000​
Coupon Payment​​AnnuallySemi-annually​
Smallest Denomination​​_​​USD 200,000​
Rating​_​​S&P:  BBB
   Fitch: BBB +​
Bond trading level​​_​​ Luxembourg
Stock Exchange

ISIN Code​BE6261254013​BE6277215545
Country of Listing​Luxembourg​Luxembourg​
Issue Date​​16/12/2013​31/03/2015​
Maturity​Dated (30.5 NC 10.5)​Dated (32 NC 12)​
Nominal Value​​EUR
Coupon Payment​​Annually​​Annually
Smallest Denomination​​EUR 100,000​EUR 100,000​
Rating​_​​S&P:  BBB
   Fitch: BBB +
Bond trading level​​ Luxembourg
Stock Exchange
Stock Exchange

Offering Documents

To access the offering documents (prospectus and investor presentation), please click here.