International insurance group Ageas has announced the sale of its French life insurance, savings, and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac), following consultation with employee representatives.
The divestment includes Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline, with a consolidated perimeter representing IFRS technical provisions of EUR 3.9 billion and an IFRS net profit of EUR 6.1 million as of the end of 2022.
Carac is a mutual operating in the domain of savings, protection, and pension business in France. The transaction is estimated to have a positive impact on Ageas’s Solvency IIageas of 9% based on the position as of the end of 2022, and it will increase the Group’s liquidity by approximately EUR 185 million.
The disposal aligns with Ageas’s strategy to streamline its European portfolio and concentrate on its core markets in the region.
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