(M&A) heatwave

Last week, which marked the beginning of Ageas’ closed period ahead of the publication of our first quarter results, has been relatively quiet. The missile strikes on Syria did not unsettle the market as investors seemed to have looked past geopolitical tensions and focused instead on the promising open of the earnings season. Overall, stock exchanges ended the week slightly up with the S&P 500, the Stoxx 600 and the BEL20 gaining 0.2%, 0.7% and 0.8% respectively.

But despite the apparent calm, last week has been busy in Belgium not only because the unusually warm weather - with the highest temperatures recorded in April since 1949 - sent people outdoors to parks and terraces to enjoy the welcomed sun, but also because it has been an active week for the Belgian Life insurance sector with 2 M&A announcements. On Monday the Belgian insurer Ethias announced the sale of its remaining portfolio of “First A” contracts to Monument Re and on Wednesday Generali announced its intention to sell its entire stake in Generali Belgium SA to Athora Holding. Athora Holding plans to acquire Generali Belgium, which is primarily focused on the life segment, for EUR 540 million.

So all in all an active week for the Belgian insurance sector. As for Ageas, the share price alternated between losses and gains before closing down 0.3% at EUR 43.54.