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Ageas announces it has reached an agreement on the sale of its German activities

Nachrichtenquelle: GlobeNewswire
03.10.2011, 17:35  |  1559   |   |   

Ageas Insurance International N.V. has signed an agreement with Augur Capital
for the sale of its German Life activities.

Ageas Deutschland Lebensversicherung AG began operating in the German life
market in 2007 as Fortis Deutschland Lebensversicherung AG. In 2010, the company
realised a premium income of EUR 45 million and reached a solvency ratio of
305% at year-end, which represents a strong capitalisation level.

The company, based in Göttingen, distributes products through banks, brokers and
partnerships. The acquisition will include Beteiligungskonzept GmbH with its
subsidiaries. Beteiligungskonzept GmbH has become a recognised group in the
emerging fee-based advisory business.

Announcing the agreement, Steven Braekeveldt, CEO for Continental Europe said:
"The sale of our German company is in line with Ageas´s strategic criteria
determined in September 2009. We are convinced that Ageas Deutschland will
continue to capture the potential of the market in which it operates together
with its new owner. Augur has a good track record in investing in financial
services in Germany and we believe the sale to Augur is in the best interests of
all parties involved, including employees and management, customers and
distribution partners."

The transaction is subject to regulatory approval and is expected to close by
year-end 2011. The transaction is likely to result in a limited capital loss for
Ageas that will be accounted for in the General Account in the 3rd quarter

Ageas is an international insurance company with a heritage spanning more than
180 years. Ranked among the top 20 insurance companies in Europe, Ageas has
chosen to concentrate its business activities in Europe and Asia, which together
make up the largest share of the global insurance market. These are grouped
around four segments: Belgium, United Kingdom, Continental Europe and Asia and
served through a combination of wholly owned subsidiaries and partnerships with
strong financial institutions and key distributors around the world. Ageas
operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has subsidiaries in France,
Germany, Hong Kong and UK. It is the market leader in Belgium for individual
life and employee benefits, as well as a leading non-life player, through AG
Insurance, and in the UK, it has a strong presence as the second largest player
in private car insurance and the over 50´s market. It employs more than 13,000
people and has annual inflows of almost EUR 18 billion.

MEDIA contact
+32 (0)2 557 57 37

Investor Relations
+32 (0)2 557 57 33
+31 (0)30 252 53 05

Rue du Marquis 1 - 1000 Brussels - Belgium
Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands

Pdf version press release:

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Ageas via Thomson Reuters ONE


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