Ageas receives NBB approval for reinsurance activities
02 Juli 2018 - 8:20AM
Ageas received the
approval of the National Bank of Belgium (NBB) to organise and
operate reinsurance activities.
This approval follows the green
light given by the shareholders at the General Meeting of 16 May
2018, to amend article 4 of the Articles of Association of ageas
SA/NV to this end.
Operating reinsurance activities
increases the fungibility of capital within the Group, giving Ageas
higher flexibility and agility to execute its strategy.
As a consequence of the approval,
Ageas decided to no longer eliminate the geographical
diversification benefits from its Own Funds, which will have a
positive effect on both the Group and Insurance
Solvency IIageas ratio of
around 5%.
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%).
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information contained therein.
Source: Ageas via Globenewswire
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