Ageas SA/NV announces no offer will be made for Direct Line Insurance Group plc - Seite 2

Throughout the entire process, Ageas has always sought engagement with Direct Line’s Board. Ageas regrets that it has not been able to work collaboratively together with the Board of Directors of Direct Line towards a recommended Firm Offer. Ageas was not able to identify additional elements based on publicly available information that would justify significant adjustments to the terms of its possible offer. Therefore, consistent with its financial discipline, Ageas has decided not to make a Firm Offer.

Ageas continues to believe in the underlying attractiveness and future opportunities of the UK personal lines sector and the role of Ageas UK in this market, underpinned by its successful turnaround over the last few years. Ageas UK will continue to execute its focused personal lines insurance strategy alongside its valued distribution partners.

Ageas remains focused on the execution of its strategy, as a group of local companies outperforming in their markets, benefitting from synergies within the Group. Ageas re-iterates its confidence to deliver on its stated Impact24 financial and operating targets thanks to the strong performance of its operating entities. The Group’s solid foundations underpin our attractive dividend growth ambitions in line with our stated Impact24 ambitions and beyond this strategic cycle.

Hans De Cuyper, CEO of Ageas, said:

“We had hoped to reach agreement on a jointly recommended Firm Offer together with the Direct Line Board. However, I am convinced that given the circumstances we took the right decision not to make an offer, staying true to who we are and what we stand for in terms of maintaining a friendly approach and respecting our financial discipline. I sincerely want to thank our employees and advisors who delivered outstanding performance exploring this opportunity, and our investors for their continued trust in our company.”

BofA Securities (Lead Financial Adviser to Ageas SA/NV)                                [phone]
Jonathan Alpert
Geoff Iles
Marcus Jackson
Benjamin Ries
Sid Rishi

Deutsche Bank AG (Financial Adviser to Ageas SA/NV)                                        [phone]