Ageas completes the sale of its 33% stake in Cardif Lux Vie to BNP Paribas Cardif

12/21/2018, 5:40 PM (Source: GlobeNewswire)

On 31 October 2018 Ageas reached an agreement with BNP Paribas Cardif to sell its 33% stake in Cardif Lux Vie S.A. (CLV). Ageas announces today that all necessary regulatory approvals have been obtained and confirms the completion of the transaction for a total cash consideration of EUR 152 million, as well as the repayment to Ageas of EUR 30 million for subordinated loans.

The divestment is expected to generate a capital gain of EUR 35 million for the Group, EUR 15 million of which at Insurance level in the segment Continental Europe. It is estimated that the transaction will also have a positive impact on the Group Solvency IIageas ratio of approximately 8%, based on the position as at the end of September 2018.

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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