Following the announcement of 26 July 2017 that Ageas reached an agreement with BNP Paribas Cardif to sell its 50% + 1 share in the share capital of Cargeas Assicurazioni (CARGEAS), its Italian Non-Life operations, all necessary regulatory approvals have been obtained. Ageas today confirms the completion of the transaction for a total cash consideration of EUR 178 million.

The sale of CARGEAS generates a net capital gain of EUR 77 million at Insurance level in the segment Continental Europe and an additional EUR 10 million at Group level in the General Account. Both the capital gain and the cash impact will be recorded in the last quarter of 2017.

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It is estimated that the transaction will have no impact on the Insurance solvency II ratio as at the end of 2017, while it is expected to have a positive impact of approximately 4 percentage points on the Group solvency II position.