Ageas expands Elevate27 strategy with acquisition of AG Insurance stake and renewed 15-year bancassurance agreement

Ageas expands Elevate27 strategy with acquisition of AG Insurance stake and renewed 15-year bancassurance agreement

(IN BRIEF) Ageas will acquire the remaining 25% shareholding of AG Insurance from BNP Paribas Fortis for EUR 1.9 billion, becoming full owner of Belgium’s largest insurer. The move supports Ageas’s Elevate27 strategy, raises financial targets, and is expected to generate a 15–16% levered ROIC while maintaining a strong capital base. The transaction will be funded through internal cash, existing facilities, debt flexibility and an equity placement to BNP Paribas Cardif. Ageas and BNP Paribas also formalise a long-term relationship agreement with a five-year renewable structure, maintaining Ageas’s independence but allowing BNP Paribas to remain a key shareholder and board representative. The bancassurance agreement between AG and BNP Paribas Fortis will run for 15 years beginning in 2027, with expanded cooperation in asset management and distribution. Completion is expected in Q2 2026 pending regulatory approval.

(PRESS RELEASE) BRUSSELS, 8-Dec-2025 — /EuropaWire/ — Ageas SA/NV has announced plans to assume full ownership of AG Insurance through the acquisition of the remaining 25% stake held by BNP Paribas Fortis, in a landmark transaction valued at EUR 1.9 billion. Once completed, Ageas will become the sole shareholder of AG — Belgium’s largest insurance provider and a leader in both Life and Non-Life segments. The deal represents another major milestone under the company’s Elevate27 strategy, marking its second significant acquisition of the year following the purchase of esure.

Gaining full control of AG is expected to enhance earnings generation and accelerate strategic objectives. Ageas projects a rise in its Elevate27 free cash flow target from EUR 2.3 to EUR 2.6 billion, and an increase in total shareholder remuneration from EUR 2 to EUR 2.2 billion. The transaction is anticipated to deliver a levered ROIC of 15–16%, while allowing the Group to retain a solid capital position. Financing will be secured through cash reserves, existing credit lines, flexibility within debt markets, and an equity placement to BNP Paribas Cardif consisting of 18.5 million shares at EUR 60 per share. Completion is expected in Q2 2026, subject to regulatory approval.

Alongside the acquisition, Ageas and BNP Paribas SA are formalising a renewed long-term bancassurance partnership in Belgium. A five-year renewable relationship agreement will recognize BNP Paribas as Ageas’s largest shareholder, allowing a maximum shareholding of up to 25% minus one share, while preserving Ageas’s autonomy and strategic direction. BNP Paribas will also nominate one representative to the Board of Directors of Ageas and retain a board seat at AG linked to the bancassurance collaboration.

The renewed partnership spans distribution, asset management and product development, extending the 15-year bancassurance collaboration beginning in 2027. AG will also deepen cooperation with BNP Paribas Asset Management, gaining access to investment capabilities in selected asset classes.

Hans De Cuyper, CEO of Ageas, described the transaction as a key advancement in the Group’s strategy. He highlighted that full ownership strengthens Ageas’s Belgian operations while reinforcing collaboration with BNP Paribas Fortis. Jean-Laurent Bonnafé, CEO of BNP Paribas, added that the company sees strong potential in the bancassurance platform and remains supportive of Ageas’s long-term development.

Ageas confirmed that the transaction has been approved by relevant corporate bodies and reviewed by a committee of independent directors under Belgian corporate governance rules.

Founded nearly 200 years ago, Ageas operates across Europe and Asia through subsidiaries and partnerships, employing around 50,000 people and generating EUR 18.5 billion in inflows in 2024.

For analysts: An analyst meeting regarding this transaction will be held on Monday, December 8, 2025, from 9:30 to 10:45 am CET (8:30 to 9:45 am UKT). The Teams call can be accessed using the following link: Analyst meeting

For Press: A press meeting for the Dutch and French speaking press will be held on Monday, December 8, 2025, at 8:30 am CET. The Teams call can be accessed using the following link: Press meeting

Interview requests for international and audiovisual press can be sent to press@ageas.com

Note: The various transactions described above have been approved by the Board of Directors of Ageas, and AG, as the case may be, and these transactions have been submitted to a committee of three (3) independent directors of Ageas for their prior advice in accordance with article 7:116 of the Belgian Code on Companies and Associations. The press release in relation to article 7:116, §4/1 of the Belgian Code on Companies and Associations [forms an appendix to this press release/is published separately and can be consulted here: Ageas website

Ageas is a Belgian rooted listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up a significant part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, 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 about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024.

SOURCE: AGEAS SA/NV