$101 Billion BNP Paribas to Sell 25% Stake in AG Insurance to Belgum $12 Billion Insurance Group Ageas for $2.2 Billion (€1.9 Billion) with BNP Paribas Insurance Subsidiary BNP Paribas Cardif to Contribute $1.2 Billion (€1.1 Billion) to Ageas Which Will Own 22.5% of Ageas from Current 14.9% Stake, BNP Paribas & Ageas Continue Long-Term Partnership with 1) Belgium Bancassurance Partnership (AG Insurance & BNP Paribas Fortis) in Savings, Protection and Property & Casualty Insurance & 2) AG Insurance & BNP Paribas Asset Management Partnership on Certain Asset Classes for Insurers & Pension Funds, Ageas Now Own 100% of Subsidiary AG Insurance
9th December | Hong Kong
BNP Paribas ($101 billion market value) has announced to sell 25% stake in AG Insurance to Belgum insurance group Ageas ($12 billion market value) for $2.2 billion (€1.9 billion), and with BNP Paribas insurance subsidiary BNP Paribas Cardif to contribute $1.2 billion (€1.1 billion) to Ageas which will own 22.5% of Ageas from current 14.9% stake. BNP Paribas & Ageas will continue long-term partnership with 1) Belgium bancassurance partnership (AG Insurance & BNP Paribas Fortis) in savings, protection and property & casualty insurance & 2) AG Insurance & BNP Paribas Asset Management partnership on certain asset classes for insurers & pension funds. Ageas will now own 100% of subsidiary AG Insurance. Announcement (7/12/25): “On 7 December, the BNP Paribas and Ageas Groups signed a framework agreement. Centered on the Belgian bancassurance operations between AG Insurance and BNP Paribas Fortis, this partnership renews a long-standing exclusive collaboration and provides a sustainable framework for the activity’s accelerated development, particularly in the digital space. This partnership covers savings, protection and property & casualty insurance, and brings together BNP Paribas Fortis and AG Insurance’s expertise, as the leading insurer in Belgium, to serve their clients. AG Insurance and BNP Paribas Asset Management are also entering into a long-term investment partnership in certain asset classes, leveraging BNP Paribas Asset Management’s new offering for insurers and pension funds, following its recent integration with AXA IM. In this context, Ageas is consolidating its position in its core Belgian market, while purchasing BNP Paribas Fortis’ 25% stake in AG Insurance for a total amount of EUR 1.9 billion. BNP Paribas Cardif, BNP Paribas’ insurance subsidiary, owning currently a 14.9% stake in Ageas, will make a EUR 1.1 billion contribution to Ageas capital. Based on an agreed price of EUR 60 per share, BNP Paribas Cardif would hold a 22.5% stake in Ageas, upon completion of the transaction. As a long-term shareholder, the BNP Paribas Group will thereby strengthen Ageas’ capacity for growth while preserving its autonomy and independence. The deal is expected to be finalised in 2Q26, after obtaining the necessary regulatory approvals. This transaction would result in a net capital gain after tax of EUR 820 million in 2026 and a positive impact after pay-out on the CET1 ratio of +5 basis points. In addition, the BNP Paribas Group net income would increase on a recurring annual basis by EUR 40 million.” BNP Paribas – Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
“ $101 Billion BNP Paribas to Sell 25% Stake in AG Insurance to Belgum $12 Billion Insurance Group Ageas for $2.2 Billion (€1.9 Billion) with BNP Paribas Insurance Subsidiary BNP Paribas Cardif to Contribute $1.2 Billion (€1.1 Billion) to Ageas Which Will Own 22.5% of Ageas from Current 14.9% Stake, BNP Paribas & Ageas Continue Long-Term Partnership with 1) Belgium Bancassurance Partnership (AG Insurance & BNP Paribas Fortis) in Savings, Protection and Property & Casualty Insurance & 2) AG Insurance & BNP Paribas Asset Management Partnership on Certain Asset Classes for Insurers & Pension Funds, Ageas Now Own 100% of Subsidiary AG Insurance “
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$101 Billion BNP Paribas to Sell 25% Stake in AG Insurance to Belgum $12 Billion Insurance Group Ageas for $2.2 Billion (€1.9 Billion) with BNP Paribas Insurance Subsidiary BNP Paribas Cardif to Contribute $1.2 Billion (€1.1 Billion) to Ageas Which Will Own 22.5% of Ageas from Current 14.9% Stake, BNP Paribas & Ageas Continue Long-Term Partnership with 1) Belgium Bancassurance Partnership (AG Insurance & BNP Paribas Fortis) in Savings, Protection and Property & Casualty Insurance & 2) AG Insurance & BNP Paribas Asset Management Partnership on Certain Asset Classes for Insurers & Pension Funds, Ageas Now Own 100% of Subsidiary AG Insurance
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