BNP Paribas has agreed to sell its remaining 25% stake in AG Insurance, Belgium’s largest insurer, to Ageas for $2.2 billion (EUR 1.9 billion) in cash, granting the Belgian insurance group full ownership of the company.
Transaction details
The deal will allow Ageas, formerly known as Fortis, to take 100% control of AG Insurance while strengthening its long-standing bancassurance partnership with BNP Paribas Fortis, the French bank’s Belgian subsidiary.
As part of the transaction, BNP Paribas will increase its existing stake in Ageas from 15% to 22% through an investment valued at $1.3 billion.
“Taking full ownership of AG Insurance enables us to further advance our Belgian operations, building on the reconfirmed bancassurance partnership with our long-standing partner, BNP Paribas Fortis,” said Ageas CEO Hans De Cuyper.
BNP Paribas CEO Jean-Laurent Bonnafé said the bank sees significant growth potential in BNP Paribas Fortis’ bancassurance activities through its partnership with AG Insurance, as well as through the deployment of its newly formed asset management platform created by combining BNP Paribas Asset Management and AXA Investment Managers.
The agreement also includes a long-term investment partnership between AG Insurance and BNP Paribas Asset Management.
BNP Paribas said the transaction, expected to close in the second quarter of 2026, will generate a net after-tax capital gain of approximately $955.7 million and increase annual net income by around $46.6 million.
Background
BNP Paribas originally acquired its 25% stake in AG Insurance in 2009, when it purchased Fortis’ Belgian retail banking operations as part of the rescue of the troubled lender during the global financial crisis.
The sale is part of BNP Paribas’ broader strategy to streamline its insurance portfolio while maintaining key strategic partnerships in Belgium. Earlier this year, the bank completed its $5.9 billion acquisition of AXA Investment Managers, significantly expanding its asset management operations.
