BNP Paribas Group (EU:BNP) has reached an agreement to sell its 25% shareholding in AG Insurance to Ageas for €1.9 billion, while simultaneously reinforcing a long-term partnership focused on bancassurance activities in Belgium.

The framework agreement, signed on Sunday, renews the exclusive cooperation between AG Insurance and BNP Paribas Fortis and sets the stage for accelerated growth — particularly in digital offerings. The renewed partnership spans savings products, protection solutions, and property & casualty insurance.

As part of the broader deal, BNP Paribas Cardif — which currently owns 14.9% of Ageas — will provide a €1.1 billion capital contribution to Ageas. Using the agreed valuation of €60 per share, BNP Paribas Cardif’s stake would rise to 22.5% once the transaction closes.

Completion is expected in the second quarter of 2026, subject to regulatory validation. BNP Paribas forecasts a post-tax capital gain of €820 million in 2026 and anticipates a 5-basis-point uplift to its CET1 ratio after distribution. The group also expects an annual recurring boost of €40 million to its net income.

In addition, AG Insurance and BNP Paribas Asset Management will establish a long-term investment partnership across select asset classes, leveraging the asset manager’s expanded platform for insurers and pension funds following its recent integration with AXA IM.

Jean-Laurent Bonnafé, CEO of BNP Paribas, stated: “We see significant potential in the growth prospects of BNP Paribas Fortis’ bancassurance business through the partnership with AG Insurance, as well as the deployment of our new asset management platform’s expertise created through the combination of BNP Paribas AM and AXA IM.”

Hans De Cuyper, CEO of Ageas, said that acquiring full ownership of AG will strengthen the group’s Belgian operations while reinforcing the renewed bancassurance relationship with BNP Paribas Fortis. He noted that this deal represents the second time Ageas has increased its financial ambitions under its Elevate27 strategy.

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