In an official announcement, Ageas confirmed that all necessary regulatory approvals for the transaction have been secured, marking the finalization of the sale of its French Life Insurance activities. This portfolio includes Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline.
Ageas initially revealed its intention to divest this business to Carac in March 2023. Subsequently, in April of the same year, the company formalised the sale agreement following consultations with employee representatives.
The completion of this transaction is expected to bolster the liquidity of the Ageas Group by approximately €185 million. Additionally, it will have a positive impact on the Group’s Solvency II Pillar II ratio, increasing it by 9%, based on the financial position as of the end of June 2023.
The decision to divest these French operations aligns with Ageas’ overarching strategy to streamline its European portfolio, allowing it to concentrate its resources and efforts on its core markets within the region.
As one of Europe’s prominent insurance firms, Ageas focuses its activities in both Europe and Asia, which collectively constitute a significant portion of the global insurance market. The company maintains a strong presence in countries such as Belgium, the UK, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines. These operations are executed through a combination of wholly owned subsidiaries and long-term partnerships with robust financial institutions and key distributors.
Ageas’ move to divest its French life insurance, savings, and pension business underscores its commitment to optimizing its strategic portfolio, enabling it to better serve its core markets while ensuring sustainable growth and profitability in its operations.