Ageas completes acquisition of 25% of AG Insurance from BNP Paribas Fortis for 1.9 billion
Ageas has concluded the deal to purchase 25% of AG Insurance from BNP Paribas Fortis for approximately 1.9 billion euros, now holding the entire capital of the Belgian insurer. The completion of the agreement was announced this week and follows the signing of a framework agreement between the BNP Paribas and Ageas groups in December last year for the sale of this stake. At the same time, BNP Paribas Cardif, the French group's insurance subsidiary, increased its stake in Ageas from 14.9% to 22.5%, following an investment of 1.1 billion euros, contributing in particular to the capital increase of Ageas completed on April 28, according to a document sent today by BNP Paribas. The two groups also signed a relationship agreement that will define the governance framework of their partnership, with a duration of five years, renewable automatically. With the completion of the acquisition, AG and BNP Paribas Fortis have renewed their bancassurance partnership (savings, protection, and life and non-life insurance) for another 15 years. The Ageas insurance group's profit fell 13.1% to 953 million euros in 2023.
