Ageas buys remaining 25 per cent of AG Insurance for 1.9bn euros
Ageas has agreed to buy the remaining 25 per cent stake in its Belgian subsidiary, AG Insurance, from BNP Paribas Fortis for 1.9 billion euros, the insurer announced on Monday before markets opened. The deal will make Ageas the sole owner of AG, Belgium’s leading life and non-life insurer.
The purchase follows Ageas’s earlier acquisition of UK insurer esure for 1.5 billion euros this year. The company plans to finance the new transaction partly through a 1.1 billion euro share placement with BNP Paribas Cardif. Once the deal closes, expected in the second quarter of 2026, Cardif will hold a 22.5 per cent stake in Ageas.
Ageas and BNP Paribas Fortis have also renewed their long-term bancassurance partnership in Belgium. The new 15-year agreement will begin in 2027.
Chief executive Hans De Cuyper called the move “an important milestone for Ageas”. He said full ownership of AG would help strengthen Ageas’s Belgian operations, supported by its ongoing partnership with BNP Paribas Fortis.
© BELGA PHOTO NICOLAS MAETERLINCK
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