Ageas announced that it has signed the sale agreement for its French Life Insurance activities.
After consultation with the employee representatives, the company has signed an agreement regarding the sale of its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (“Carac”).
Carac is a mutual operating in the domain of savings, protection and pension business in France. Ageas’s French Life and Pension activities consist of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline.
As of the end of 2022, the consolidated perimeter represented IFRS technical provisions of EUR 3.9 billion and an IFRS net profit of EUR 6.1 million, according to the company.
This divestment is estimated to have a positive impact on the Group’s Solvency IIageas of 9% based on the position as of the end of 2022 by the company.
The transaction is going to increase the liquidity of the Group by approximately EUR 185 million.
The disposal aligns with Ageas’s strategy to streamline its European portfolio and concentrate on its core markets in the region.
The transaction is subject to regulatory approval with the expectation of being closed during Q3 2023.
Ageas reported annual inflows of more than EUR 16 billion in 2022.
