BNP Paribas Sells Its Stake in AG Insurance
BNP Paribas has announced the sale of its 25% stake in AG Insurance to Ageas for 1.9 billion euros, according to a press release dated December 8, 2025.
Details of the Transaction
According to BNP Paribas Group, the sale of its 25% stake in AG Insurance to Ageas amounts to 1.9 billion euros. BNP Paribas Cardif, a subsidiary of the group, will invest 1.1 billion euros in Ageas, increasing its stake to 22.5% post-transaction, with a purchase price of 60 euros per share. The transaction is expected to be completed in the second quarter of 2026, subject to regulatory approvals. This operation will result in a net tax gain of 820 million euros for BNP Paribas in 2026, with a positive impact of 5 basis points on the CET1 ratio.
Renewed Partnership and Strategic Collaborations
The press release states that this sale is accompanied by a renewal of the bancassurance partnership between AG Insurance and BNP Paribas Fortis in Belgium. This collaboration will focus on savings, protection, and property insurance, with an emphasis on digital innovation. Additionally, AG Insurance will begin a long-term partnership with BNP Paribas Asset Management for its investments in certain asset classes, leveraging the new offerings from the merger with AXA IM. Jean-Laurent Bonnafé, CEO of BNP Paribas, expressed optimism about the development prospects of the partnership with Ageas.
Impact on Ageas and Future Prospects
According to the press release, this transaction allows Ageas to strengthen its position in Belgium, considered its central market. While divesting its stake, BNP Paribas remains a significant shareholder with a long-term strategic involvement in Ageas's growth. Hans De Cuyper, CEO of Ageas, highlighted the importance of this transaction for Ageas's Elevate27 strategy and its potential for future growth. The operation marks a new phase in the historic partnership between the two groups, with a particular focus on digital innovation in the bancassurance sector.
