Ageas has completed the sale of its life insurance businesses in France.
In an update, the Belgium-headquartered insurer said all regulatory approvals regarding La Mutuelle Epargne Retraite Prévoyance Carac’s purchase of Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline have been obtained.
As announced, the transaction will provide a liquidity boost of approximately €185 million while positively impacting Ageas’s Solvency II Pillar II ratio by 9%.
Exclusive talks for the divestment were first reported in March. Financial terms of the deal, which formed part of the group’s strategy to streamline its European portfolio, remain undisclosed.
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