BNP Paribas buys Fosun Group’s 9% stakes in Ageas for EUR 730 million

BNP Paribas Cardif, a subsidiary of BNP Paribas Group, has signed an agreement to acquire a 9% stake in Ageas from Fosun Group. This move will bolster BNP Paribas Group’s position in the insurance sector and deepen its strategic partnership with Ageas.

The acquisition, valued at approximately 730 million euros, will occur in two phases: an initial purchase of 4.8% of Ageas’s issued shares, followed by the remainder upon receiving regulatory approvals. This transaction is expected to have a minimal impact on BNP Paribas Group’s Common Equity Tier 1 (CET1) ratio, estimated at around 2 basis points.

Ageas and BNP Paribas have been partners for many years via the joint shareholding of Ageas (75%) and BNP Paribas Fortis (25%) in AG  Insurance and with BNP Paribas Fortis being a long-standing distribution partner to the Group’s Belgian insurance activities.

Ageas is pleased to see that BNP Paribas recognises, through this investment, the value of its partnership for the long term and the potential of the company going forward.

BNP Paribas Group’s relationship with Ageas is anchored by a longstanding partnership with AG Insurance (AGI), Belgium’s leading insurer. The partnership includes an exclusive distribution agreement for Life and Non-Life insurance products between AGI and BNP Paribas Fortis, as well as a 25% plus one share stake held by BNP Paribas Fortis in AGI. The acquisition of the minority stake in Ageas reaffirms BNP Paribas Group’s commitment to this historic and strategic alliance.

As the European Union’s leading bank and a major player in international banking, BNP Paribas operates in 63 countries with nearly 183,000 employees. The Group holds key positions in Commercial, Personal Banking & Services, Investment & Protection Services, and Corporate & Institutional Banking. With a robust, diversified, and integrated business model, BNP Paribas supports a wide range of clients, from individuals to corporate and institutional entities, offering comprehensive solutions in financing, investment, savings, and protection insurance.

BNP Paribas continues to strengthen its presence across Europe, the Americas, and Asia-Pacific, while maintaining a strong commitment to Corporate Social Responsibility, contributing to sustainable development and ensuring the Group’s performance and stability.

Ageas is a prominent international insurance group with a focus on Europe and Asia. It’s known for providing a wide range of insurance solutions and services, aiming to grow sustainably in its selected markets. As of 2023, Ageas reported full-year results with a revenue of €17.1 billion and a net income of €1.17 billion, employing around 50,000 people globally.

BNP Paribas launches a share buyback program of 900 million euros