Ageas completes the sale of its 33% stake in Cardif Lux Vie to BNP Paribas Cardif

On 31 October 2018 Ageas reached an agreement with BNP Paribas Cardif to sell its 33% stake in Cardif Lux Vie S.A. (CLV). Ageas announces today that all necessary regulatory approvals have been obtained and confirms the completion of the transaction for a total cash consideration of EUR 152 million, as well as the repayment to Ageas of EUR 30 million for subordinated loans.

The divestment is expected to generate a capital gain of EUR 35 million for the Group, EUR 15 million of which at Insurance level in the segment Continental Europe. It is estimated that the transaction will also have a positive impact on the Group Solvency II_ageas ratio of approximately 8%, based on the position as at the end of September 2018.