Ageas offloads $200m+ French units to streamline European business
International insurance group Ageas has agreed to sell its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac) in a €185 million ($203.7 million) cash deal.
The disposal aligns with Ageas’s strategy to streamline its European portfolio and to concentrate on its core markets in the region.
The two companies have entered into an agreement following consultation with the employee representatives of Ageas entities. Carac is a mutual operating in the domain of savings, protection and pension business in France.
Ageas’s French Life and Pension activities consist of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline. As of end 2022, the consolidated perimeter represented IFRS technical provisions of €3.9 billion and an IFRS net profit of €6.1 million.
Ageas expects the divestment to have a positive impact on the group’s Solvency IIageas of 9% based on the position as at the end of 2022. The transaction will increase the liquidity of the Group by approximately €185 million.
The transaction is subject to regulatory approval and is expected to be closed during Q3 2023.
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