BNP Paribas has agreed to sell its 25 % stake in AG Insurance to Belgian insurer Ageas for £1.9 billion ($2.2 billion), giving Ageas full control of Belgium’s leading insurer. Ageas, formerly known as Fortis, was bailed out by the Belgian government after the 2008 financial crisis. As part of that rescue, Fortis sold its Belgian retail banking operations to BNP Paribas, creating BNP Paribas Fortis, which retained the 25 % share in AG Insurance now being transferred to Ageas.
In addition, BNP Paribas will raise its holding in Ageas from 15 % to 22 % at a cost of £1.1 billion. Ageas chief executive Hans De Cuyper said that full ownership of AG Insurance will allow the company to advance its Belgian operations, building on its partnership with BNP Paribas Fortis. The transaction also includes a long‑term investment partnership between AG Insurance and BNP Paribas Asset Management.
BNP Paribas chief executive Jean‑Laurent Bonnafé highlighted the growth potential for BNP Paribas Fortis’s bancassurance business through the AG Insurance partnership, which will also draw on the expertise of the newly formed asset‑management platform created by merging BNP Paribas AM with AXA IM. The sale is expected to close in the second quarter of next year, generating a net after‑tax capital gain of £820 million for BNP Paribas and adding roughly £40 million to its annual net profit.
The acquisition strengthens Ageas’s position in the Belgian insurance market, while the AG Insurance–BNP Paribas Asset Management partnership is poised to drive regional growth and expansion. Together, BNP Paribas and Ageas reaffirm their commitment to the Belgian market and set the stage for future developments in insurance and asset management.
Comments are closed for this story.