Insurance company Ageas has acquired the remaining 25% stake in AG Insurance from BNP Paribas Fortis for €1.9bn to support its Elevate27 strategy, gaining complete ownership in Belgium. The deal includes a bancassurance partnership renewal with BNP Paribas and financing through equity placement. BNP Paribas Cardif’s shareholding in Ageas will increase to 22.5%.

BNP Paribas Fortis CEO Jean-Laurent Bonnafé sees growth potential in the bancassurance partnership with AG Insurance and asset management collaboration following the acquisition. The completion of the transaction is set for the second quarter of 2026, subject to regulatory approval. Ageas continues its expansion strategy with the acquisition of Esure Group earlier this year.

Read more at Yahoo Finance: Ageas inks $2.3bn deal to acquire remaining stake in AG Insurance