BRUSSELS, 10-Aug-2016 — /EuropaWire/ — Ageas announces today that the Board of Directors has decided to initiate a new share buy-back programme of its outstanding common stock for an amount of EUR 250 million (1). This follows the shareholder authorisation granted at the end of April 2016.
The share buy-back programme will start on 15 August 2016 and will run up to 4 August 2017.
This programme will be implemented in accordance with industry best practices and in compliance with the applicable buy-back rules and regulations. To this end, Ageas has mandated an independent broker to execute the programme through open market purchases on its behalf on the NYSE Euronext Brussels.
The bought back shares will be held as treasury shares. Ageas will propose to its shareholders cancellation of all bought back shares, excluding the shares needed to cover share-plans granted to senior management. The share buy-back will not affect the solvency position of the insurance operations.
Ageas will keep the market fully informed of the progress of the transaction in line with applicable regulations.
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, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam 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 40,000 people and reported annual inflows close to EUR 30 billion in 2015 (all figures at 100%).
(1) Currently, Ageas owns approximately 4.07% of its own shares The maximum buy-back of 10% of issued share capital authorised by the shareholders will not be exceeded.
+32 (0)2 557 57 36