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].