Core Viewpoint - Ageas has agreed to acquire the remaining 25% stake in AG Insurance from BNP Paribas Fortis for €1.9 billion ($2.3 billion), aiming to enhance its Elevate27 strategy and achieve full ownership of AG Insurance [1][2]. Group 1: Acquisition Details - The acquisition allows Ageas to operate as a fully integrated insurer in Belgium, covering both life and non-life sectors [2]. - The transaction includes a renewed bancassurance partnership with BNP Paribas, confirming BNP Paribas as the main shareholder and partner of Ageas [2][3]. - Ageas plans to finance the acquisition through a mix of equity placement, existing cash, credit facilities, and debt market options [4]. Group 2: Financial Implications - The equity placement involves issuing 18.5 million shares at €60 per share to BNP Paribas Cardif, contributing €1.1 billion to the financing [4][5]. - Following the acquisition, BNP Paribas Cardif's shareholding in Ageas is expected to rise from 14.9% to 22.5% [5]. Group 3: Future Partnerships - AG Insurance and BNP Paribas Fortis have extended their bancassurance cooperation for another 15 years, starting in 2027 [5]. - The partnership will also enhance investment management collaboration between AG Insurance and BNP Paribas Asset Management [6]. Group 4: Regulatory and Governance Aspects - Completion of the transaction is subject to regulatory approval and is expected in the second quarter of 2026 [6]. - BNP Paribas will have the right to nominate one member to the Board of Directors of both Ageas and AG Insurance, linked to the bancassurance partnership [4].

Core Insights - Ageas has announced the acquisition of the remaining 25% stake in AG Insurance from BNP Paribas Fortis for EUR 1.9 billion, resulting in Ageas becoming the 100% owner of Belgium's leading insurer [2][4] - This acquisition aligns with Ageas's Elevate27 strategic goals, enhancing its focus on cash-generative activities and raising financial targets, including an increase in holding free cash flow from EUR 2.3 billion to EUR 2.6 billion [3][10] - A long-term relationship agreement has been established with BNP Paribas, allowing them to maintain a significant shareholding while respecting Ageas's autonomy [6][11] Financial Implications - The acquisition is expected to generate a levered return on invested capital (ROIC) of 15 to 16% and strengthen Ageas's capital position [4] - The transaction will be financed through a combination of cash reserves, existing financing facilities, and flexibility in the debt capital market [5] Strategic Partnerships - Ageas and BNP Paribas have reaffirmed their long-standing bancassurance partnership, which will continue for 15 years starting in 2027, enhancing distribution and asset management collaboration [8][9] - BNP Paribas will have the right to nominate a representative to the Ageas Board of Directors, reinforcing their strategic partnership [7]

Group 1 - The acquisition of Acromas Insurance Company Limited (AICL) by Ageas has been completed following the necessary regulatory approvals [1] - This acquisition marks the beginning of a 20-year partnership with Saga Services Limited for distributing personal lines Motor and Home insurance products [2] - The acquisition aligns with Ageas's Elevate27 strategy, focusing on the growing market of the ageing population, enhancing its position as a leading personal lines insurer in the UK [3] Group 2 - The total consideration for the acquisition is approximately GBP 67 million, to be paid between the acquisition and the operational start date of the partnership [4] - Ageas is a significant player in the European and Asian insurance markets, with a history of 200 years and annual inflows of EUR 18.5 billion in 2024 [5]

Company Overview - Ageas Re, the reinsurance arm of Ageas Group, has entered into a reinsurance agreement with Slovenian insurer Triglav Group to enhance its business portfolio and support Ageas's Elevate27 growth strategy [1][3] - Triglav Group is the largest insurance-financial group in the Adria region and operates in six countries, focusing on insurance and asset management [7] - Prima Assicurazioni, a rapidly growing insurtech company, has become the number one direct Motor insurance distributor in Italy since its inception in 2015, generating EUR 1.3 billion in gross written premiums in 2024 [2][6] Partnership Details - Under the agreement, Ageas Re will take an 80% Quota Share on the Prima business underwritten by Triglav Group starting in 2025 [2] - The partnership aims to leverage the tech-driven capabilities of Prima to achieve profitable growth in the attractive European Non-Life insurance market, which generates over EUR 15 billion in premiums [3] Financial Projections - Ageas Re anticipates inflows exceeding EUR 500 million from this transaction in 2025, with a projected Net Operating Result of around EUR 15 million spread over 2025 and 2026 [4] - The impact on Group Solvency is estimated to be no more than -4 points in 2025 [4] Strategic Alignment - The agreement aligns with Ageas's Elevate27 strategy, which focuses on profitable growth in the European Non-Life market [3][5] - Triglav Group aims to enhance its international recognition and expand beyond existing markets through this partnership [5][7]