Ageas to take full ownership of AG Insurance

Belgian insurer Ageas is acquiring the outstanding 25% stake in its Belgian subsidiary AG Insurance from BNP Paribas for a total consideration of €1.9 billion.

Additionally, Ageas and BNP Paribas reconfirm their long-term bancassurance partnership in Belgium and formalize their relationship as shareholder in Ageas.

BNP Paribas Cardif, BNP Paribas’ insurance subsidiary, owning currently a 14.9% stake in Ageas, will make a €1.1 billion contribution to Ageas capital. Based on an agreed price of €60 per share, BNP Paribas Cardif would hold a 22.5% stake in Ageas, upon completion of the transaction.

“I am pleased to announce this new important milestone for Ageas and another significant step in implementing our Elevate27 strategy. Taking full ownership of AG Insurance enables us to further advance our Belgian operations, building on the re-confirmed bancassurance partnership with our long-standing partner, BNP Paribas Fortis. Only one year into the strategic cycle, this transaction marks the second occasion on which we have been able to raise our financial targets under Elevate27. We continue to chart our own path as a Group, with BNP Paribas as a committed shareholder who supports our vision and actively contributes to the growth of our business. I wish to extend my sincere gratitude to the management of BNP Paribas for their trust in Ageas.” – Hans De Cuyper, CEO Ageas.

“We see significant potential in the growth prospects of BNP Paribas Fortis’s bancassurance business through the partnership with AG Insurance, as well as the deployment of our new asset management platform’s expertise created through the combination of BNP Paribas AM and AXA-IM. We are also pleased to support Ageas’s long-term development, under the chairmanship of Bart De Smet and the leadership of Hans De Cuyper.” – Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas.