(News Bulletin 247) – The Belgian insurer Ageas announced on Monday that it has entered into exclusive negotiations with Carac for the sale of its French activities
The group indicates that it is in discussions with the mutual concerning the sale of its life insurance, savings and retirement activities in France, subject to certain conditions precedent.
These life and retirement activities include Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline, whose consolidated scope represented a free Tier 1 of €161 million at the end of 2022.
The whole also shows a solvency II ratio of 216%, an IFRS outstanding amount of 3.9 billion euros and an IFRS net profit of 6.1 million euros.
In a press release, Ageas explains that the proposed transaction is part of its strategy to rationalize its European portfolio and focus on its main markets in the region.
The next step in the process will be consultation with employee representatives in France, knowing that the sale will require regulatory approvals.
Both parties plan to refrain from further comment until negotiations are concluded.
La Carac is a mutual operating in the field of savings, provident insurance and retirement in France.
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