Ageas has completed the acquisition of the 25 percent stake in AG Insurance previously held by BNP Paribas Fortis. The insurer now owns 100 percent of its Belgian subsidiary and market leader, AG Insurance, as announced on Tuesday.
The transaction raises Ageas’ financial targets under its Elevate27 plan. The free cash flow target at the holding level has been increased from 2.3 billion euros to 2.6 billion euros, while the intended shareholder remuneration has risen from 2 billion euros to 2.2 billion euros.
Coinciding with the completion of the acquisition, a governance agreement between Ageas and BNP Paribas has come into effect, establishing the framework for their partnership.
