Following the announcement of exclusive negotiations and the intention to acquire AXA's insurance operations in Portugal on 7 August 2015 and after having received all regulatory approvals, Ageas today confirms the completion of the transaction.

AXA's Portuguese operations comprise a Non-Life business, a Direct/Internet Non-Life business and a Life business.

Following the completion of the transaction, Ageas has acquired:

• and through Axa Portugal, Companhia de Seguros, S.A.: a direct/internet platform for Non-Life insurance that was operated by the Portuguese branch of Axa Global Direct Seguros y Reaseguros S.A.U.

This transaction positions Ageas in Portugal as the second largest insurer by premiums, the third Non-Life insurer (with a 14% market share)(2) and the third largest Life insurer (with a 19% market share)(3).

Ageas is a listed international insurance Group with a heritage spanning 190 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors.

Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 40,000 people and reported annual inflows close to EUR 30 billion in 2015 (all figures at 100%).