Ageas has reached an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to a capital increase of its wholly owned subsidiary Taiping Reinsurance (TPRe).

Under the agreement, Ageas will buy 25% of TPRe’s enlarged share capital for HK$3.1bn (nearly $400m).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The move is said to bolster Ageas’ long-term strategic partnership with China Taiping.

It will also enable Ageas to fortify its presence in the Asian reinsurance market from leading positions in Hong Kong and China.

Furthermore, the subscription to capital increase will also raise the group’s share of non-life activities.

Ageas CEO Bart De Smet said: “This transaction offers Ageas a unique opportunity to enter the Asian reinsurance market and to benefit from its strong potential.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We are pleased to do so together with our long standing partner China Taiping as this further strengthens our very successful partnership. For Taiping Re the capital increase will allow it to achieve its wider growth plans.”

Since 2013, gross written premiums of TPRe have increased on average by 27% annually, reaching €1.7bn last year.

Its P&C combined ratio averaged 95.2% during this period.

CTIH CEO Wang Sidong said: “We have a long-term strategic partnership with Ageas. This transaction further reinforces the collaboration between Taiping and Ageas, and we believe such collaboration will create synergies and support our ambition to grow our global reinsurance business especially in the European markets.”

The agreed price will be evaluated based on the growth of net asset value from 31 December last year. The deal is expected to close in the final quarter of this year, subject to regulatory nod.