Ageas sells its Pension and Life activities in Turkey
(Thomson Reuters ONE) -
Ageas announces it has reached an agreement with BNP Paribas Assurance on the
sale of its Pension and Life activities in Turkey. Fortis Emeklilik ve Hayat had
Gross Written Premiums of EUR 62 million in 2009. The transaction is likely to
result in a limited capital gain.
Ageas acquired the insurance activities in Turkey in 2005, as part of the
acquisition of Disbank by Fortis Bank. Since that time, insurance inflows have
more than doubled from EUR 29 million in 2005 to EUR 62 million as at the end
December 2009, and distribution channels have also been expanded.
This divestment is in line with the company's intention, announced in September
2009, to streamline its current portfolio against certain criteria.
Specifically, businesses are expected to reach a critical size, make a
meaningful contribution to the net result and have the capacity to generate
returns that exceed the cost of equity.
Ageas considers the new owner to be ideally placed to develop the franchise in
the future with the support of the employees.
This transaction, which is subject to regulatory approval, is expected to close
in the last quarter of 2010.
Ageas is an international insurance company with a heritage spanning more than
180 years. Ranked among the top 20 insurance companies in Europe, Ageas has
chosen to concentrate its business activities in Europe and Asia, which together
make up the largest share of the global insurance market. They are grouped
around four segments: Belgium, United Kingdom, Continental Europe and Asia. It
is an undisputed leader in the Belgian market for individual life and employee
benefits, as well as a leading non-life player, through AG Insurance.
Internationally Ageas has a strong presence in the UK, where it is the third
largest player in private car insurance. The company also has subsidiaries
in France, Germany, Turkey, Ukraine and Hong Kong. Ageas has a track record in
developing partnerships with strong financial institutions and key distributors
in different markets around the world and successfully operates partnerships in
Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand. Ageas employs
more than 11,000 people and has annual inflows of almost EUR 16 billion.
Press contact
+32 (0)2 557 57 37
Investor Relations
Brussels
+32 (0)2 557 57 33
Utrecht
+31 (0)30 252 53 05
Ageas
Rue du Marquis 1 - 1000 Brussels - Belgium
Archimedeslaan 6 - 3584 BA Utrecht - The Netherlands
www.ageas.com
[HUG#1433842]
Pdf version press release: http://hugin.info/134212/R/1433842/379611.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ageas via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 26.07.2010 - 07:32 Uhr
Sprache: Deutsch
News-ID 24380
Anzahl Zeichen: 0
contact information:
Town:
Brussel
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 234 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Ageas sells its Pension and Life activities in Turkey"
steht unter der journalistisch-redaktionellen Verantwortung von
Ageas (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
