Ageas to sell its French life insurance business

International security group Ageas has announced it is to waste its French life insurance, savings and pension business.

The group is negotiating nan waste of Ageas French Life and Pension activities – which dwell of Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline – pinch La Mutuelle Epargne Retraite Prévoyance Carac (Carac).

Carac is simply a communal operating successful nan domain of savings, protection and pension business successful France.

As of extremity 2022, nan consolidated perimeter of Ageas French Life and Pension activities represented an Unrestricted Tier 1 of €161m, a Solvency II ratio of 216%, IFRS method provisions of €3.9bn, and an IFRS Net Profit of €6.1m.

The group highlighted that this projected disposal aligns pinch Ageas’s strategy to streamline its European portfolio and to ore connected its halfway markets successful nan region.

Ageas concentrates its activities successful Europe and Asia. It operates its security businesses successful Belgium, nan UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and nan Philippines done a operation of wholly owned subsidiaries and semipermanent partnerships pinch beardown financial institutions and cardinal distributors.

The adjacent measurement successful nan waste process will beryllium nan consultation of nan worker representatives successful France. The projected disposal will require regulatory approvals.

Accordinging to nan announcement, some parties will refrain from immoderate further remark until nan negotiations person been concluded.