Put option on 25% + 1 share of AG Insurance not exercised by BNP Paribas Fortis
02 Juli 2018 - 8:15AM
Today Ageas
announces that BNP Paribas Fortis did not exercise the put option
it holds on the 25%+ 1 share stake in Ageas's Belgian subsidiary AG
Insurance.
In the context of the 2009 events
around Fortis Group, an agreement on the sale of 25% + 1 share of
AG Insurance to Fortis Bank (now BNP Paribas Fortis) was concluded
on 12 March 2009. This transaction was approved at the Ageas
shareholders meeting of May 2009. As part of the agreement (i)
Ageas granted Fortis Bank a put option to unconditionally resell
the acquired stake in AG Insurance to Ageas in the six-month period
starting January 1, 2018 and ending on June 30, 2018 and (ii) the
existing distribution agreement between BNP Paribas Fortis and AG
Insurance was confirmed until at least the end of 2020.
As BNP Paribas Fortis decided not
to exercise the option, it remains shareholder for 25% + 1 share in
AG Insurance and hence there is no impact on Ageas's net result.
Also, the existing distribution agreement will continue without
explicit end date but subject to a 3-year termination notice
period.
And finally, based on the
situation of March 31, 2018, the Group Solvency IIageas ratio
would improve by around 7 percentage points while the IFRS
shareholders equity would be approximately
EUR 0.3 billion lower. The exact impact of this decision will be
reflected in the Ageas financial accounts and solvency ratio in the
second quarter of 2018.
Ageas is a
listed international insurance Group with a heritage spanning 190
years. It offers Retail and Business customers Life and Non-Life
insurance products designed to suit their specific needs, today and
tomorrow. As one of Europe's larger insurance companies, Ageas
concentrates its activities in Europe and Asia, which together make
up the major part of the global insurance market. It operates
successful insurance businesses in Belgium, the UK, Luxembourg,
France, Portugal, Turkey, China, Malaysia, India, Thailand,
Vietnam, Laos, Cambodia, Singapore, and the Philippines through a
combination of wholly owned subsidiaries and long term partnerships
with strong financial institutions and key distributors. Ageas
ranks among the market leaders in the countries in which it
operates. It represents a staff force of over 50,000 people and
reported annual inflows close to EUR 34 billion in 2017 (all
figures at 100%).
Pdf version of the press
release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ageas via Globenewswire
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