Following the announcement of the agreement to sell Ageas' Life insurance operations in Hong Kong to JD Group (Tongchuangjiuding Investment Management Co., Ltd.) on 30 August 2015, all necessary regulatory approvals have been obtained. Ageas today confirms the completion of the transaction for a total consideration of EUR 1.22 billion. After closing adjustments, the transaction generated a net capital gain of EUR 0.4 billion in total of which EUR 0.2 billion will be booked in the Asian Insurance Results and EUR 0.2 billion in the General Account. The positive impact on the net cash position amounts to EUR 1.26 billion including the impact of the novation of debt. The net result and cash impact will be recorded in the second quarter.

ageas

The transaction will improve Ageas' already strong solvency position. The pro forma Insurance solvency II ratio as at the end of 2015 would remain stable while the pro forma Group solvency II position would increase by approximately 30 percentage points.

Ageas remains firmly committed to Asia and will further strengthen its business in the region by focusing on the 6 growth markets it is now present in through its successful joint ventures in Malaysia, China, Thailand and India, as well as new partnerships in the Philippines and Vietnam. Furthermore, Ageas continues to explore opportunities in high growth markets in the region. Ageas's Regional office for Asia will continue to be based in Hong Kong.