Ageas has commenced unique talks with La Mutuelle Epargne Retraite Prévoyance Carac (Carac) to promote its French life insurance coverage, financial savings and pension enterprise.
The insurance coverage agency’s French life and pension companies include Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline.
Carac is a mutual insurance coverage firm engaged in offering financial savings, safety, and pension companies in France.
The sale is a part of Ageas’ plan to simplify its European portfolio and concentrate on its key markets within the space.
Session with French workers representatives would be the subsequent step within the course of. The completion of the sale is topic to receipt of regulatory approvals.
Primarily based in Belgium, Ageas’ insurance coverage operations are targeted on Europe and Asian markets the place it affords each life and non-life insurance coverage merchandise.
The Belgian insurer employs 44,000 individuals and conducts enterprise within the Philippines, Thailand, China, Malaysia, Thailand, Vietnam, Laos, Cambodia, the UK, France, Portugal, Turkey, China, Malaysia, and India.
Ageas’ announcement comes as funding agency BE Group weighs the acquisition of the insurer.
In January this yr, BE Group reportedly made a contemporary takeover transfer after the sooner buyout approaches didn’t materialise right into a deal.
Chinese language conglomerate Fosun Worldwide and Belgian government-backed entity SFPI-FPIM are Ageas’ high two shareholders with 10% and 6.3% stakes within the insurer, respectively.
Final September, Ageas acquired a majority stake in Ageas Federal Life Insurance coverage Firm, a life insurer, from IDBI Financial institution in a deal valued at INR5.8bn ($70.54m)