Ethias s.a., rue des Croisiers 24 - 4000 Liège - RPM Liège - TVA BE 0404.484.654 - 04 220 31 11 - info@ethias.be
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Fitch Ratings (last review june 28th 2024) | Rating | Outlook |
Insurer Financial Strength | A | Positive outlook |
Long-term Issuer Default Rating | A- | Positive outlook |
Subordinated Debt Rating | BBB |
The change in outlook is explained by the strong growth of its financial performance in 2023, well above expectations, and its leading competitive position in the Belgian insurance market, thanks to the balanced business mix and its phygital distribution strategy.
Fitch also highlights :
Fitch expects Ethias to maintain strong earnings in 2024 and 2025.
Date | Insurer Financiel Strength (IFS) | Insurer Default Rating (IDR) | Outlooks |
28/06/2024 | A | A- | Positive outlook |
04/05/2023 | A | A- | Stable outlook |
17/05/2022 | A | A- | Positive outlook |
03/06/2021 | A | A- | Positive outlook |
19/05/2020 | A- | BBB+ | Stable outlook |
19/03/2020 | A- | BBB+ | Stable outlook |
13/08/2019 | A- | BBB+ | Positive outlook |
22/01/2019 | A- | BBB+ | Stable outlook |
12/06/2018 | BBB+ | BBB | Positive outlook |
27/06/2017 | BBB+ | BBB | Stable outlook |
10/01/2017 | BBB | BBB- | Positive outlook |
Issue date | Program | ISIN Code | Rating |
05/11/2015 | EUR 170.8M tap issue of dated subordinated notes due 2026 |
BE6279619330 | BBB |
14/07/2015 | EUR 231.9M fixed rate dated subordinated notes due 2026 | BE6279619330 | BBB |
20/12/2015 | EUR 14M fixed/floating rate subordinated undated bonds |
BE0930906947 | BBB |
Tier 1 |
Tier 2 |
Tier 2 |
|
Nominal |
€ 14 M |
€ 286.2 M |
€ 250 M |
Emission date |
20/12/2005 |
14/07/2015 |
05/05/2023 |
Maturity |
Perpetual |
14/01/2026 |
05/05/2033 |
Coupon |
Until 19/12/2015 |
5% |
6,75% |
First call date |
19/12/2015 |
N/A |
05/11/2032 |
On 24 April 2023, Ethias announced the launch of a cash tender offer for its outstanding dated subordinated notes due 2026. As at the expiration deadline, €116,500,000 in aggregate principal amount of the Notes were validly tendered for purchase pursuant to the Offer. After this transaction, an aggregate principal amount of €286,200,000 of the dated subordinated notes due 2026 remains outstanding.
Concurrently with the Offer, Ethias also issued a series of new tier two callable fixed rate dated subordinated notes due 2033 in an aggregate amount of €250,000,000.
On 29 June 2015, Ethias SA announced its intention to invite the holders of its EUR 250,000,000 Fixed/Floating Rate Subordinated Undated Bonds (ISIN : BE0930906947) to offer for exchange their existing notes for Euro-denominated 5% Dated Subordinated Notes due 2026 (ISIN : BE6279619330).
Existing notes in an aggregate principal amount of EUR 236,000,000 were offered for exchange by holders of existing notes pursuant to the exchange offer.
After the exercise of the cash exit discretion and of the cash rounding amount, new notes in an aggregate principal amount of EUR 231,900,000 were issued, at an issue price of 100%, by Ethias SA on the 14th of July 2015.
The links here below provide more information on this transaction:
On the 5th Of November 2015, Ethias SA issued, at an issue price of 80%, EUR 170,800,000 Dated Subordinated Notes due 2026 via a tap of its existing EUR 231,900,000 5.000% Dated Subordinated Notes which were issued by Ethias on 14 July 2015 in the framework of the exchange offer by Ethias on its outstanding EUR 250,000,000 Fixed/Floating Rate Subordinated Undated Bonds.
The additional notes are consolidated and form a single series immediately with the notes issued in July. Upon consolidation, the aggregate principal amount of the notes is EUR 402,700,000.
The links here below provide more information on this transaction: