Ageas

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Ageas SA/NV
ProductsInsurance
Revenue€17.1 billion (2023)[1]
€1.17 billion (2023)[1]
Number of employees
50,000 (2023)[1]
Websitewww.ageas.com

Ageas is a

financial crisis of 2007-2010
.

In 2023, the company had 50,000 employees.[2]

History

Main article:
Fortis (finance)

The company's roots are in the 1824 foundation of the Belgian

Utrecht in 1920 as Algemeene Maatschappij tot Exploitatie van Verzekeringsmaatschappijen (English: General Society for Operation of Insurance).[4]

After its creation, Fortis extended its activities to

2007-10 financial crisis exacerbated problems with financing its part of the acquisition and prompted fears of insolvency.[6] Considered "too big to fail", Fortis received an €11.2 billion bailout from the Benelux governments[6] and saw its retail banking operations in Belgium sold to BNP Paribas, and its insurance and banking subsidiaries in the Netherlands nationalised. In April 2024, it was announced BNP Paribas had acquired Fosun International's entire 9% stake in Ageas, worth €730 million.[7]

The remaining assets of the company, consisting principally of insurance operations but also including some distressed assets, were rebranded Fortis Holding. In April 2010 its shareholders agreed a formal change of name to Ageas SA/NV, with ownership of the Fortis brand passing to BNP Paribas.[8]

On July 13, 2018, the Amsterdam Court of Appeal (Gerechtshof Amsterdam) approved a €1.3 billion

Fortis (now Ageas), under the authority of the Dutch Act on Collective Settlement of Mass Claims (Wet Collectieve Afwikkeling van Massaschade) or WCAM.[9]

Operations

The company is the largest provider of insurance in Belgium,[8] owning 75% of AG Insurance[10] (the remainder is held by Fortis Bank N.V./S.A., which was sold to BNP Paribas in 2009). Products are sold through independent agents, brokers and financial planners, and through branches of BNP Paribas Fortis and its subsidiary Banque de La Poste/Bank van De Post.[11]

Ageas also wholly owns the

special purpose vehicle[13] which manages a portfolio of "toxic" structured credit assets[14]
previously held by Fortis Bank.

RIAS is a

Fortis Group, until Fortis adopted an Ageas UK name, reflecting the company's status as a standalone global insurance group.[18]

In September 2012, Ageas acquired

AXA insurance operations in Portugal, becoming the second largest insurer by premiums, the third Non-Life insurer (with a 14% market share) and the third largest Life insurer (with a 19% market share).[20]

The Ageas UK head office is in Eastleigh, with branches in Bournemouth, Gloucester, London and Manchester.[21]

Subsidiaries worldwide

  •  Belgium: AG Insurance (75% + 1 share), AG Real Estate (subsidiary of AG Insurance at 100%), Royal Park Investments (50,67 %)
  •  UK: Ageas UK Ltd (100%)
  •  Portugal: Ageas Portugal Holdings SGPS (100%)
  •  Turkey: AgeSA SA (40%)
  •  Turkey: Aksigorta (36%)
  •  Hong Kong: Ageas Asia Services Ltd (100%)
  •  Hong Kong: WeTherapy Ltd (20%)
  •  Malaysia and  Singapore: Maybank Ageas Holdings Berhad (31%)
  •  Philippines: East West Ageas Life Insurance Corp (50% + 1 share)
  •  Vietnam: MB Ageas Life Insurance Co Ltd (32%)
  •  Thailand: Muang Thaï Group Holding Co Ltd (8%)
  •  Thailand: Muang Thaï Holding Co Ltd (21%)
  •  Thailand: Muang Thaï Insurance Public Co Ltd (15%)
  •  Thailand: Muang Thaï Life Assurance Public Co Ltd (31%)
  •  Thailand: Fuchsia Venture Capital Co Ltd (31%)
  •  China: Taiping Asset Management Co Ltd (20%)
  •  China: Taiping Life Insurance Co Ltd (25%)
  •  China: Taiping Financial Services Co Ltd (12%)
  •  China: Taiping Reinsurance Co Ltd (HK) (25%)
  •  India: Ageas Federal Life Insurance Co Ltd (74%)
  •  India: Royal Sundaram General Insurance (40%)

References

  1. ^ a b c "Ageas Full Year Results 2023" (PDF). ageas.com.
  2. ^ main page
  3. ^ "History". Fortis Real Estate. Archived from the original on 26 January 2010. Retrieved 9 May 2010.
  4. ^ a b c "History > Precursors". Ageas. Archived from the original on 21 April 2011. Retrieved 9 May 2010.
  5. CNN Money. 2007. Archived
    from the original on 24 September 2008. Retrieved 29 September 2008.
  6. ^ a b "Deal agreed for Euro bank Fortis". BBC News Online. 29 September 2008. Retrieved 9 May 2010.
  7. ^ Easton, Jonathan (15 April 2024). "BNP Paribas to acquire 9% stake in Belgian insurer Ageas". FStech. Retrieved 15 April 2024.
  8. ^ a b Blenkinsop, Philip (10 March 2010). "Fortis returns to profit in 2009, unveils new name". Reuters. Retrieved 27 March 2010.
  9. ^ Richman, Jonathan E (14 July 2018). "Dutch Court Approves Collective Settlement of Fortis Shareholders' Claims". The National Law Review. Proskauer Rose LLP. Retrieved 7 September 2018.
  10. ^ a b "Legal Structure" (PDF). Ageas. 30 April 2010. Archived from the original (PDF) on 24 May 2010. Retrieved 9 May 2010.
  11. ^ "General Meeting of Shareholders, 28 and 29 April 2010: Speech of Bart De Smet, CEO" (PDF). Fortis Holding. 29 April 2010. Archived from the original (PDF) on 6 July 2011. Retrieved 18 October 2010.
  12. ^ Dey, Iain (28 September 2008). "B&B and Fortis both in crisis". The Times. Retrieved 9 May 2010.
  13. ^ "Legal Structure". Royal Park Investments. Retrieved 9 May 2010.[permanent dead link]
  14. ^ Blenkinsop, Philip (8 May 2009). "BUY OR SELL-Fortis emerges from legal, shareholder battles". Reuters. Retrieved 9 May 2010.
  15. ^ "FCA". FCA. Retrieved 7 May 2015.
  16. ^ "Biba 2014: Ageas to overhaul retail division". Insurance Times. Retrieved 7 May 2015.(subscription required)
  17. ^ "RIAS founders target £50m GWP with new home insurance broker". Insurance Times. Insurance Times. Retrieved 7 May 2015.(subscription required)
  18. ^ "Fortis begins name change to Ageas". Insurance Age. 4 October 2010. Retrieved 7 May 2015.(subscription required)
  19. ^ The Bourne Local (20 September 2012). "Ageas in £116m Groupama takeover". The Bourne Local.[permanent dead link]
  20. ^ Ageas (27 June 2016). "Ageas confirms completion of acquisition of AXA's insurance operations in Portugal". Archived from the original on 3 August 2016. Retrieved 27 June 2016.
  21. ^ Limited., Ageas (UK). "Our locations - Ageas UK". www.ageas.co.uk.

External links

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