UBS reaffirms its 'sell' recommendation on Ageas, as well as its price target of 35.5 euros, representing an estimated 6% downside potential for the stock, ahead of the Belgian insurance company's investor day, scheduled for November 21.

We do not foresee any risk of a dividend or FCF cut during the investor day, but our concerns regarding long-term free cash flow, Chinese solvency and macroeconomics remain", warns the broker.

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