Ageas Acquires Full Ownership of AG Insurance and Strengthens Partnership with BNP Paribas

Complete Acquisition and Strategic Implications

According to the press release, Ageas has completed the purchase of a 25% stake from BNP Paribas Fortis in AG Insurance for an amount of 1.9 billion euros. This transaction allows Ageas to become the sole owner of AG Insurance, a key player in the Belgian insurance market. This acquisition is part of the group's Elevate27 strategy, aimed at consolidating cash-generating activities. The acquisition increases Ageas's free cash flow target to between 2.3 and 2.6 billion euros and shareholder remuneration to between 2 and 2.2 billion euros. Ageas plans to maintain a strong capital position following this transaction, which is expected to generate a return on investment between 15 and 16%. The financing of the operation will be covered by cash reserves and existing financing facilities, with completion expected in the second quarter of 2026, subject to regulatory approval.

Partnership Agreement Details

Ageas and BNP Paribas have agreed on a partnership agreement that limits BNP Paribas's stake in Ageas to 25% minus one share. This five-year renewable agreement designates BNP Paribas as the principal shareholder of Ageas while preserving its autonomy and strategic vision. BNP Paribas will be able to appoint a representative to the Ageas board of directors and will retain a member on the AG board in connection with the bancassurance agreement. This strategic collaboration aims to strengthen the relationship between the two entities and support their respective ambitions in the insurance sector.

Reinforced Bancassurance and Investment Partnership

AG Insurance and BNP Paribas Fortis have confirmed their bancassurance partnership, which will last for 15 years starting from 2027, aiming to strengthen their presence in the Belgian market. Concurrently, AG and BNP Paribas Asset Management will intensify their cooperation in the investment field, allowing AG to benefit from BNP Paribas's asset management expertise. This partnership aims to leverage investment opportunities across various sectors, thus enhancing AG's asset management activities. This collaboration illustrates the commitment of both groups to continue working together to develop solutions tailored to their respective needs.