Ageas to take full ownership of AG Insurance

Written by Adam Cadle

08/12/2025

Ageas has acquired the remaining 25% stake in its Belgian subsidiary, AG Insurance, from BNP Paribas Fortis for a total consideration of €1.9bn.

The transaction, which is expected to close in Q2 2026, will see Ageas become the sole owner of AG.

This transaction further accelerates and upgrades Ageas’s Elevate27 strategic and financial ambitions for the second time this year. Additionally, Ageas and BNP Paribas reconfirm their long-term bancassurance partnership in Belgium and formalise their relationship as shareholder in Ageas.

AG and BNP Paribas Asset Management will deepen their existing collaboration for investment opportunities in certain defined asset classes, allowing AG to benefit from the asset management expertise and solutions of BNP Paribas.

Hans De Cuyper, CEO Ageas, said: "I am pleased to announce this new important milestone for Ageas and another significant step in implementing our Elevate27 strategy. Taking full ownership of AG Insurance enables us to further advance our Belgian operations, building on the re-confirmed bancassurance partnership with our long-standing partner, BNP Paribas Fortis. Only one year into the strategic cycle, this transaction marks the second occasion on which we have been able to raise our financial targets under Elevate27.

“We continue to chart our own path as a group, with BNP Paribas as a committed shareholder who supports our vision and actively contributes to the growth of our business. I wish to extend my sincere gratitude to the management of BNP Paribas for their trust in Ageas."

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