International insurance group Ageas has announced the completion of the sale of its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac).
According to the announcement, all regulatory approvals regarding the sale of its French Life Insurance activities – consisting of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline – have been obtained and the transaction completed.
Ageas announced in March 2023 its intention to sell this business to Carac, a mutual operating in the domain of savings, protection and pension business in France.
In April this year, it signed the sale agreement following a consultation with employee representatives.
The operation will increase the liquidity of the Group by approximately €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.
The Ageas Group had previously highlighted that this disposal aligns with the company’s strategy to streamline its European portfolio and to concentrate on its core markets in the region.
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.
