Ageas to Fully Acquire AG Insurance; BNP Paribas Retains Strategic Stake

Ageas, an international insurance group, is set to acquire the remaining 25% stake in its Belgian subsidiary, AG Insurance, from BNP Paribas Fortis for €1.9 billion, expected to close in the second quarter of 2026. This transaction will make Ageas the sole owner of AG Insurance, which operates across life and non-life insurance channels in Belgium. Concurrently, Ageas and BNP Paribas Fortis have reaffirmed their longstanding bancassurance partnership in Belgium, which encompasses savings, protection, and property & casualty insurance products. BNP Paribas Cardif, BNP Paribas' insurance arm, currently holds a 14.9% stake in Ageas and will contribute €1.1 billion to Ageas' capital, increasing its stake to 22.5%. Financing for the deal will be a combination of Ageas' cash reserves, financing facilities, and capital market flexibility. The transaction is projected to generate a net capital gain after tax of €820 million in 2026 and positively impact Ageas' CET1 ratio. BNP Paribas Group anticipates an annual recurring net income increase of €40 million from this transaction. The acquisition aligns with Ageas's Elevate27 strategic plan aiming at inorganic growth and strengthening its core markets, following their recent acquisition of esure. Additionally, Ageas and BNP Paribas will enter a long-term investment partnership utilizing BNP Paribas Asset Management's offerings post-integration with AXA IM. A five-year renewable relationship agreement will regulate BNP Paribas’ shareholding in Ageas, capping it at 25% minus one share, while maintaining strategic partnership and governance representation rights. This deal is expected to enhance Ageas' financial goals under Elevate27, including increased free cash flow and shareholder remuneration targets, and deliver a levered return on invested capital between 15-16%.