Ageas disclosed the signing of the selling contract for its French Life Insurance operations.
The business has signed a contract with La Mutuelle Epargne Retraite Prévoyance Carac (“Carac”) to sell its French life insurance, savings, and pension operations. This follows consultation with the employee representatives.
Located in France, Carac is a mutual that conducts business in the areas of pensions, protection, and savings. The French Life and Pension division of Ageas is made up of Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline.
IFRS technical provisions of EUR 3.9 billion and an IFRS net profit of EUR 6.1 million were included in the consolidated perimeter as of the end of 2022, the company reports.
According to the company’s position as of the end of 2022, this divestiture is expected to have a positive impact on the Group’s Solvency II ageas of 9%. The acquisition will result in a roughly 185 million euro increase in the Group’s liquidity.
The sale fits perfectly with Ageas’s plan to simplify its European portfolio and focus on its key markets there and the transaction is expected to close during Q3 2023, subject to regulatory approval. In 2022, Ageas recorded annual inflows of above 16 billion euros.
