Ageas receives NBB approval for reinsurance activities

7/2/2018, 8:20 AM (Source: GlobeNewswire)

Ageas received the approval of the National Bank of Belgium (NBB) to organise and operate reinsurance activities.

This approval follows the green light given by the shareholders at the General Meeting of 16 May 2018, to amend article 4 of the Articles of Association of ageas SA/NV to this end.

Operating reinsurance activities increases the fungibility of capital within the Group, giving Ageas higher flexibility and agility to execute its strategy.

As a consequence of the approval, Ageas decided to no longer eliminate the geographical diversification benefits from its Own Funds, which will have a positive effect on both the Group and Insurance
Solvency IIageas ratio of around 5%.

Ageas is a listed international insurance Group with a heritage spanning 190 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow. 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, Luxembourg, 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. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 50,000 people and reported annual inflows close to EUR 34 billion in 2017 (all figures at 100%).

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Source: Ageas via Globenewswire

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