Ageas successfully places EUR 450 million restricted Tier 1 Notes

Core Viewpoint - Ageas successfully placed EUR 450 million in subordinated debt securities, indicating strong market interest as the issuance was over 5 times oversubscribed [1]. Group 1: Notes Issuance Details - The subordinated debt securities are in the form of Perpetual Subordinated Fixed Rate Resettable Temporary Write-Down Restricted Tier 1 Notes with a fixed coupon rate of 5.875% payable annually [2]. - The Notes will be issued in denominations of EUR 200,000 at a re-offer price of 100, with a reset scheduled for November 20, 2034, and every 5 years thereafter [2]. - The Notes have no scheduled maturity date and may not be redeemed before the six-month period preceding November 20, 2034, except in limited circumstances [2]. Group 2: Regulatory and Financial Implications - The Notes will qualify as restricted Tier 1 capital under European regulatory capital requirements (Solvency II) and are expected to be rated BBB+ by both Standard & Poor's and Fitch [3]. - The net proceeds from the issuance will be used for general corporate purposes and to optimize the capital structure of Ageas Group, partially replacing instruments that will no longer qualify under Solvency II grandfathering provisions [4]. Group 3: Company Overview - Ageas is a Belgian-rooted international insurance group with a 200-year heritage, offering life and non-life insurance products and engaged in reinsurance activities [5]. - The company operates in Europe and Asia, with significant market presence in countries such as Belgium, the UK, Portugal, Türkiye, China, and others, employing about 50,000 people [5]. - Ageas reported annual inflows of EUR 18.5 billion in 2024, ranking among the market leaders in its operational regions [5].