Friday the 13th is a lucky day!

When we heard at Ageas that the Amsterdam Court of Appeal was to announce on Friday 13 July 2018 its decision regarding the request to declare the Fortis Settlement binding, we wondered if this symbolic date was to be regarded as a bad or a good omen. In fact, the superstition surrounding this day is so strong that it has even been given a scientific name: paraskevidekatriaphobia, the fear of Friday the 13th, from the Greek Paraskeví (Friday) and dekatreís (thirteen).

From now on, at Ageas, we will consider Friday the 13th to be a lucky day. Indeed, on this day, the Court declared the Settlement between Ageas and the claimants’ organisations binding. It has been a long process. In March 2016, Ageas and the claimants' organisations agreed on a EUR 1.2 billion Settlement with respect to most civil proceedings related to the former Fortis group for the events in 2007 and 2008. In June 2017, the Court asked the parties to make several amendments to the agreement and an amended Settlement was reached between the parties in December 2017 for a total amount of EUR 1.3 billion. This amended Settlement has been approved by the Court on Friday.

This is a positive step for all stakeholders. For the former Fortis shareholders, this means that they will finally be entitled to compensation for the events of 2007-2008; for Ageas, this will enable the Group to regain its full strategic and financial flexibility, and lastly, for our current shareholders, this Settlement removes uncertainties and brings clarity. With this legacy being solved, a page of the Group’s history is being turned.

Last week, Ageas entered the quiet period ahead of the publication of its half-year results on the 8th of August. But quiet period did not mean a quiet week for Ageas. Although trading volumes have been slightly lower than usual, Ageas’s shares enjoyed a good week, recovered from the previous week losses and gained 2.7% in an otherwise flat market.