Ageas, a Belgium-French primarily based life insurance coverage firm, has signed an settlement to promote its French life insurance coverage, financial savings and pension enterprise to La Mutuelle Epargne Retraite Prévoyance Carac (Carac).
The French life insurance coverage and pension actions of Ageas embrace Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline.
IFRS technical provisions of €3.9bn ($4.285bn) and an IFRS web revenue of €6.1m ($6.7m) represented the consolidated perimeter as of finish of final 12 months, in accordance with Ageas.
Carac is a mutual insurance coverage firm working within the financial savings, safety, and pensions segments in France.
Ageas, which has signed the settlement after session with worker representatives, expects the divestment to positively influence ‘the group’s Solvency II of 9% primarily based on the place’ as on the finish of the final 12 months.
The deal will improve the liquidity of the group by round €185m ($203m).
This transaction is a part of Ageas’ technique to streamline its portfolio in Europe and deal with its essential markets within the area.
The deal is topic to regulatory approval and is anticipated to shut through the third quarter of 2023.
In March this 12 months, Ageas started unique talks with La Mutuelle Epargne Retraite Prévoyance Carac (Carac) to divest its French life insurance coverage, financial savings and pension enterprise.
Ageas gives life and non-life insurance coverage merchandise to retail and enterprise prospects. It has actions in Europe and Asia and employs round 44,000 folks.