Ageas Acquires Full Ownership of AG Insurance for €1.9 Billion

Ageas, an international insurance conglomerate, has completed the acquisition of the remaining 25% stake in AG Insurance SA/NV, previously held by BNP Paribas Fortis SA/NV. The transaction, valued at €1.9 billion and announced in December 2025, grants Ageas full ownership of its Belgian insurance subsidiary, strengthening its presence in the domestic market.

Through this acquisition, Ageas supports its financial growth objectives as outlined in its Elevate27 strategy. The immediate enhancement to its free cash flow target of €2.6 billion and increased shareholder remuneration to €2.2 billion signify a robust alignment with Ageas's strategic goals. Ageas and BNP Paribas have also established a governance framework to guide their partnership over the next five years, with automatic renewal options.

BNP Paribas has nominated Renaud Dumora as a non-executive director on the Ageas SA/NV Board, pending shareholder approval at the General Shareholders Meeting on 20 May 2026. His proposed term extends through the Ordinary General Meeting of Shareholders in 2030. The companies have renewed their longstanding bancassurance alliance for 15 years, focusing on savings, protection, and property & casualty insurance. Additionally, a partnership between BNP Paribas Asset Management and AG Insurance aims to manage investments in select asset classes.

As part of the capital restructuring, BNP Paribas Cardif has increased its stake in Ageas from 14.9% to 22.5% with a €1.1 billion investment. This move enhances Ageas's expansion capabilities while maintaining its corporate independence. For BNP Paribas, the transaction offers financial benefits, such as a net capital gain of €840 million, a projected annual net income increase of €40 million, and a +5 basis points improvement in its CET1 ratio.