BNP Paribas Fortis serves as a key distributor for Ageas’ insurance products in Belgium. Credit: Pavel Kapysh/Shutterstock.

BNP Paribas Cardif, the insurance subsidiary of French financial services giant BNP Paribas, has entered into an agreement to purchase approximately 9% of Ageas from Fosun Group.  

The deal, valued at around €730m ($781m), will be executed in two phases, with an initial 4.8% share transfer to occur shortly and the remainder following regulatory approval. 

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Ageas has a longstanding partnership with BNP Paribas through their joint ownership of AG Insurance, where Ageas holds a 75% stake and BNP Paribas Fortis owns the remaining 25% stake.  

BNP Paribas Fortis, the Belgian unit of the French group, also serves as a key distributor for Ageas’ insurance products in Belgium.  

In a statement, Brussels-headquartered Ageas said: “Ageas is pleased to see that BNP Paribas recognises, through this investment, the value of its partnership for the long term and the potential of the company going forward.” 

This acquisition is expected to have a minimal effect, approximately two basis points, on BNP Paribas’s Common Equity Tier 1 (CET1) ratio, a crucial indicator of the bank’s financial stability. 

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Moreover, the acquisition will not alter the terms of the existing and strategic partnership with AG Insurance.  

This move comes in the wake of Ageas’s discontinued efforts to acquire Direct Line Insurance Group after two failed buyout attempts.  

Ageas’s initial offer of £3.1bn ($3.8bn) for Direct Line in January 2024 was rejected for undervaluing the company, followed by a revised bid of £3.17bn in March, which was also turned down. 

Following the failed takeover bid for Direct Line, Ageas said it remains optimistic about the UK personal lines insurance sector and its own UK operations.  

Now, Ageas UK will be focusing on personal lines insurance and enhancing its relationships with distribution partners.