Ageas signs sale agreement for its French Life Insurance activities
21 Avril 2023 - 8:15AM
Ageas signs sale agreement for its French Life Insurance activities
Ageas signs sale agreement for its French Life
Insurance activities
Ageas announces today, that after consultation
of the employee representatives, it has signed an agreement
regarding the sale of its French life insurance, savings and
pension business to La Mutuelle Epargne Retraite Prévoyance Carac
(“Carac”).
Ageas’s French Life and Pension activities
consist of Ageas France, Ageas Retraite, Ageas Patrimoine and
Sicavonline. As of end 2022, the consolidated perimeter represented
IFRS technical provisions of EUR 3.9 billion and an IFRS net profit
of EUR 6.1 million.
Carac is a mutual operating in the domain of
savings, protection and pension business in France.
This divestment is estimated to have a positive
impact on the Group’s Solvency IIageas of 9% based on the position
as at the end of 2022. The transaction will increase the liquidity
of the Group by approximately EUR 185 million.
The disposal aligns with Ageas’s strategy to
streamline its European portfolio and to concentrate on its core
markets in the region.
The transaction is subject to regulatory
approval and is expected to be closed during Q3 2023.
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 44,000 people and reported annual inflows of
more than EUR 16 billion in 2022.
- Pdf version of the press release
Ageas SA NV (EU:AGS)
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