International insurance group Ageas has announced it is to sell its French life insurance, savings and pension business.
The group is negotiating the sale of Ageas French Life and Pension activities – which consist of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline – with La Mutuelle Epargne Retraite Prévoyance Carac (Carac).
Carac is a mutual operating in the domain of savings, protection and pension business in France.
As of end 2022, the consolidated perimeter of Ageas French Life and Pension activities represented an Unrestricted Tier 1 of €161m, a Solvency II ratio of 216%, IFRS technical provisions of €3.9bn, and an IFRS Net Profit of €6.1m.
The group highlighted that this proposed disposal aligns with Ageas’s strategy to streamline its European portfolio and to concentrate on its core markets in the region.
Ageas concentrates its activities in Europe and Asia. It operates its insurance businesses in Belgium, the UK, France, 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.
The next step in the sale process will be the consultation of the employee representatives in France. The proposed disposal will require regulatory approvals.
Accordinging to the announcement, both parties will refrain from any further comment until the negotiations have been concluded.
