International insurance group Ageas has completed the acquisition of the 25% shareholding in AG Insurance SA/NV from BNP Paribas Fortis SA/NV, becoming the sole owner of its Belgian insurance subsidiary.
The deal, first announced in December 2025 for a total consideration of €1.9 billion, marks a strategic shift for Ageas as it moves to consolidate its domestic market stronghold.
This acquisition is expected to accelerate and raise Ageas’s Elevate27 financial targets, with an immediate uplift in the holding free cash flow target from €2.3 to 2.6 billion and the shareholder remuneration from €2 to 2.2 billion.
Following the completion of the transaction, Ageas and BNP Paribas will enter into a relationship agreement that defines the governance framework of their partnership.
The agreement has a five-year duration and automatic renewal.
In accordance with the agreement, BNP Paribas nominated Renaud Dumora for appointment as a non-executive member of the Board of Directors of Ageas SA/NV.
His proposed four-year term is subject to approval at the upcoming General Shareholders Meeting on 20 May 2026, and would run until the conclusion of the Ordinary General Meeting of Shareholders in 2030.
In a move to ensure long-term stability, the two entities have also renewed their historical partnership in bancassurance – which covers savings, protection and property & casualty insurance – for an additional 15 years.
Additionally, BNP Paribas Asset Management signed a long-term partnership with AG Insurance which will cover the Group’s investments in certain asset classes, leveraging BNP Paribas Asset Management’s offering for insurers and pension funds.
Parallel to the acquisition, BNP Paribas Cardif has increased its stake in Ageas from 14.9% to 22.5% through a €1.1 billion investment.
This capital injection reinforces Ageas’ growth capacity while preserving its corporate independence.
For BNP Paribas, the move is financially accretive, generating a net capital gain of €840 million and an expected annual recurring net income increase of €40 million, alongside a positive +5 bps points in its CET1 ratio.
