Ageas has completed the sale of its 100% shareholding in Ageas Protect, its UK life protection company, to AIG for £197m.
The transaction, which was first announced on 6 August 2014, has been approved by the regulator.
Ageas Protect was launched in the UK in July 2008 and now has over a 5% market share in the UK protection market, according to ABI 2014 Q3 new business market share figures.
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Since Ageas in the UK is primarily a non-life business, the insurer said its focus in the UK is to continue to develop non-life positions in line with its strategy.
Commenting on the transaction, Andy Watson, CEO of Ageas UK, said: "The Ageas Protect team have achieved an enormous amount since start up six years ago. The business is now an established presence in the UK protection market with a strong reputation for innovative products, cutting edge technology and great customer service. As we continue to focus on our non-life business where we have considerable scale and hold significant market positions, we wish the protect business well for the future, confident that their employees are going to a good home."
AIG believes the acquisition will enhance its consumer insurance business and strengthen its capability in the UK, where it already offers personal accident, health and travel insurance coverage to consumers, as well as insurance services for high net worth individuals through AIG Private Client Group.
Kevin Hogan, AIG CEO of consumer insurance, said: "We are excited by this opportunity to strengthen AIG’s presence in the UK life protection market and look forward to working with the management, employees and distributors who have done such a great job in growing Ageas Protect into a leading market presence in such a short time."
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By GlobalDataPremiums for the Ageas Protect business have grown from £8.8m ($13.4m) in 2009 to £91.8m in 2013. Ageas Protect employs over 220 people in London, Reigate and home-based workers.
The company name and registered address for Ageas Protect has now changed to AIG Life Limited, The AIG Building, 58 Fenchurch Street, London EC3M 4AB.
