Ageas announces the payment of final instalments in the Fortis settlement
23 Juin 2022 - 05:00PM
Ageas announces the payment of final instalments in the Fortis
settlement
Ageas announces the payment of final instalments in
the Fortis settlement
Ageas announces today that it has
decided, in agreement with the claimant
organisations, to close the Fortis
settlement enabling the claims
administrator to proceed to the payment of final
instalments.
Initially final calculations for all claimants
and payment of final instalments would only be made after the very
last dispute has been resolved. However, as only a very limited
number of claims are still pending before Computershare (the
independent claims administrator) or the Dispute Committee, Ageas
did not want to let this limited number of unresolved claims keep
some 279,000 other claimants waiting any longer. Therefore, Ageas
decided to bear the residual risk of these unresolved claims on top
of the EUR 1.3 billion budget provided in the Settlement
Agreement. This allows the claims administrator to proceed to the
payment of the final instalments and thereby close the Fortis
settlement for almost all claimants.
As significantly more claims were filed than
expected, some components of a claimant’s Provisional Claim Amount
will be subject to dilution.
In determining the final payment percentages
mentioned below, the unresolved claims are deemed to be rejected,
which maximizes the pay-out amounts for all other claimants within
the foreseen budget of EUR 1.3 billion. The resulting payment
percentages are applied to the corresponding compensation component
of a claimant’s Provisional Claim Amount to calculate a claimant’s
Final Claim Amount:
- Buyer
Shares: 100%
- Holder
Shares: 77.48%
- Compensation Add-On:
61.62%
- Cost Addition for Active
Claimants: 120%
Given that fewer claims for Buyer Shares were
filed than expected, buyers of Fortis Shares will receive 100% of
the Buyer Share component of their Provisional Claim Amount.
Even after adding the excess funds of
EUR 198.3 million transferred from the Buyer Shares
bucket to the Holder Shares bucket, the pay-out percentage for
Holder Shares is diluted to 77.48%.
For Active Claimants, the Cost Addition
component will be increased up to the maximum of 120% provided for
in the approved distribution plan.
The Compensation Add-On is most affected by the
high number of claims filed, yielding a pay-out percentage of
61.62%.
A claimant’s final instalment will be the
positive difference between the claimant’s Final Claim Amount and
the instalment(s) already received. For non-Active Claimants whose
compensation is primarily or exclusively composed of Compensation
Add-On and/or Holder Shares the final instalment may be limited or
zero. “Early filers” benefitted from a guaranteed pay-out of 70% of
their Provisional Claim Amount and they may keep any overpayment if
their Final Claim Amount is lower than the 70% of their Provisional
Claim Amount they received as a first instalment.
In the days following 23 June 2022 each
claimant with an accepted claim will receive a letter with the
claimant’s Final Claim Amount and the amount of the final
instalment, if any, by email or by regular post. The final payment
will normally follow on or about 25 August 2022.
Ageas kindly asks claimants to be patient and to
refrain from calling or emailing the call centre to get info about
their specific, individual claim before they have received their
letter. Before such time the call centre will not yet have the
details of their Final Claim Amount. The call centre can be reached
by telephone Monday through Friday from 9:00 until 18:00 CET.
Ageas advises claimants to first consult the FORsettlement website
(www.forsettlement.com) if they have any questions about this
communication.
|
“I want to express my gratitude to the many claimants who have been
waiting so patiently for closure and thank all organisations and
persons involved in getting us to where we are today. With this
decision Ageas again takes a major step, allowing the Group to
fully focus on its business and to continue with the execution of
its strategic plan Impact24.” |
|
Hans De Cuyper, CEO Ageas |
Ageas is a listed international
insurance Group with a heritage spanning almost 200 years. It
offers Retail and Business customers Life and Non-Life insurance
products designed to suit their specific needs, today and tomorrow.
As one of Europe's larger insurance companies, Ageas concentrates
its activities in Europe and Asia, which together make up the major
part of the global insurance market. It operates successful
insurance businesses in Belgium, the UK, France, Portugal, Turkey,
China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia,
Singapore, and the Philippines through a combination of wholly
owned subsidiaries and long term partnerships with strong financial
institutions and key distributors. Ageas ranks among the market
leaders in the countries in which it operates. It represents a
staff force of about 40,000 people and reported annual inflows
close to EUR 40 billion in 2021 (all figures at 100%).
- Pdf version of the press release
Ageas SA NV (EU:AGS)
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