Ageas to Acquire Full Ownership of Belgian AG Insurance in €1.9bn Deal

Belgian insurer AG Insurance will become a wholly-owned subsidiary of Ageas following the acquisition of the remaining 25% stake from BNP Paribas Fortis for €1.9 billion ($2.3 billion). This transaction aligns with Ageas' Elevate27 strategy focused on expanding in consolidated, cash-generating areas. Full ownership allows Ageas to strengthen its integrated insurance operations across both life and non-life sectors in Belgium. Alongside the acquisition, the bancassurance partnership between Ageas and BNP Paribas Fortis has been renewed for an additional 15 years starting in 2027. This agreement maintains BNP Paribas Fortis as a key shareholder and long-term partner. Ageas CEO Hans De Cuyper highlighted that full ownership will enable deeper advancement of Ageas' Belgian market presence. The transaction finances include an equity placement of 18.5 million shares at €60 each issued to BNP Paribas Cardif, raising €1.1 billion. This move will increase BNP Paribas Cardif's stake in Ageas from 14.9% to 22.5%. Ageas will also utilize existing cash, credit facilities, and debt options to complete the purchase. BNP Paribas will retain a minority holding capped just under 25% and the right to nominate one board member each at Ageas and AG Insurance, preserving influence linked to the bancassurance partnership. The agreement details include cooperative board representation terms aligned with ongoing partnerships. Additionally, AG Insurance and BNP Paribas Asset Management plan to enhance collaboration in investment management across selected asset classes, driven by recent integrations following changes at AXA Investment Managers. This reflects strategic efforts to leverage asset management expertise alongside insurance operations. Regulatory approval is required to finalize the transaction, expected in the second quarter of 2026. This deal follows Ageas' earlier acquisition of the Esure Group, further signaling its growth and consolidation strategy within the insurance sector. BNP Paribas CEO Jean-Laurent Bonnafé emphasized the potential for growth in the bancassurance business and the benefits of the expanded asset management platform created through BNP Paribas AM and AXA IM integration.