Ageas completes the sale of its French Life Insurance activities
Ageas announces today that all regulatory approvals regarding the sale of its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (“Carac”) have been obtained and that the transaction has been completed.
Ageas’s French Life and Pension activities consist of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline.
Carac is a mutual operating in the domain of savings, protection and pension business in France.
The operation will increase the liquidity of the Group by approximately EUR 185 million, and positively impact the Group’s Solvency II Pillar II ratio by 9% based on the position as at the end of June 2023.
Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 44,000 people and reported annual inflows of more than EUR 16 billion in 2022.