Belgian insurance group Ageas has agreed to acquire the remaining 25 percent stake in its Belgian subsidiary AG Insurance from BNP Paribas Fortis for 1.9 billion euros, becoming the company’s sole shareholder.
The transaction marks a significant step in Ageas’s Elevate27 strategy and is expected to close in the second quarter of 2026, pending regulatory approval.
With full ownership of AG – Belgium’s largest insurer across both life and non-life – Ageas aims to accelerate cash generation and strengthen its consolidated earnings base. The company said the deal will lift its Elevate27 targets, raising projected holding free cash flow from 2.3 billion euros to 2.6 billion euros and expected shareholder returns from 2 billion euros to 2.2 billion euros.
Ageas expects to maintain a strong capital position after the acquisition, forecasting a 15–16 percent return on invested capital. The transaction follows Ageas’s purchase of UK insurer esure earlier this year.
To finance the deal, Ageas will use cash on hand, existing credit facilities and debt-market capacity. The group will also place 18.5 million shares at 60 euros per share with BNP Paribas Cardif under existing authorizations.
BNP Paribas to formalize shareholding agreement
As part of the transaction, Ageas and BNP Paribas will enter into a long-term agreement defining BNP Paribas’s role as a strategic shareholder. The framework caps the banking group’s stake at 25 percent minus one share and grants it the right to nominate one director to the Ageas board.
The agreement, valid for 5 years with automatic renewal, maintains Ageas’s strategic independence while formalizing BNP Paribas’s position as its largest shareholder.
BNP Paribas will also retain representation on AG Insurance’s board under the existing bancassurance partnership.
Renewed Belgian partnerships
Ageas and BNP Paribas Fortis have renewed their bancassurance partnership in Belgium for 15 years starting in 2027, maintaining one of the country’s leading distribution alliances. AG will also expand its cooperation with BNP Paribas Asset Management to access investment capabilities in specified asset classes.
Management commentary
Ageas CEO Hans De Cuyper said the transaction strengthens the group’s domestic position and supports the acceleration of its strategic targets.
BNP Paribas CEO Jean-Laurent Bonnafé highlighted the growth potential of the bancassurance business and reiterated BNP Paribas’s long-term support for Ageas.
