BNP Paribas intends increase Its stake in Belgium’s largest insurer rose from 14.9 percent to 22.5 percent, cementing its position as the top anchor investor in the two-leg transaction worth 3 billion euros ($3.5 billion), the companies said on Monday.
The deal sees France’s largest bank sell its 25 percent stake in AG Insurance to AGEAs for 1.9 billion euros while simultaneously investing 1.1 billion euros in AGEAs through its insurance subsidiary BNP Paribas Cardiff, based on an agreed price of 60 euros. AGEAS shares closed at 56.9 euros On Friday.
For AGEAs, the transaction gives it full control of AG Insurance, Belgium’s largest insurer, while BNP Paribas has a strong position in the parent company from direct ownership in Piotr AG Insurance.
“We see significant potential in the growth potential of BNP Paribas Fortis’ Bancassurance business through the partnership with AG Insurance,” said BNP CEO Jean-Laurent Bonafé.
Free cash flow target raised
The framework agreement signed on Sunday includes a new exclusive bancassurance partnership between AG Insurance and BNP’s Belgian subsidiary. The companies will also form a new investment partnership between AG Insurance and the asset management arm of BNP Paribas. AGEAS said the French bank will nominate a director to the AGEAS board as part of the deal.
The euro zone’s biggest lender by assets said the transaction would bring in net capital after tax of 820 million euros in 2026 and add 40 million euros a year to its net income on a recurring basis.
Due to the planned acquisition of AG shares, AGEAS has increased its free cash flow target in 2027 to 2.6 billion euros from the previous target of 2.3 billion and expects shareholder compensation to increase from 2 billion euros to 2.2 billion euros.
BNP became Ageos’ largest shareholder last year after it agreed to buy a 9% stake in AGEAs from China’s Fusun Group.
The deal is expected to close in the second quarter of 2026, the companies said.
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