BNP Paribas SA (BNP.L,BNPQY.PK,BNP.PA,BNP.DE), a major French lender, said on Monday that its Belgian subsidiary, BNP Paribas Fortis, has decided to sell its 25% stake in AG Insurance for EUR 1.9 billion to Ageas SA/NV (AGESY.PK,AGS.BR).
The deal is expected to be finalized in the second quarter of 2026.
BNP Paribas Cardif, another subsidiary of BNP Paribas, currently owns a 14.9% stake in Ageas, will make a EUR 1.1 billion contribution to Ageas capital.
Post transaction, based on an agreed price of EUR 60 per share, BNP Paribas Cardif is expected to hold a 22.5% stake in Ageas.
Jean-Laurent Bonnafe, CEO of BNP Paribas, said: "We see significant potential in the growth prospects of BNP Paribas Fortis' bancassurance business through the partnership with AG Insurance, as well as the deployment of our new asset management platform's expertise created through the combination of BNP Paribas AM and AXA IM. We are also pleased to support Ageas's long-term development."
This transaction is anticipated to result in a net capital gain after tax of EUR 820 million in 2026 for the seller and a positive impact after pay-out on the CET1 ratio of +5 basis points. In addition, the BNP Paribas Group net income is projected to rise on a recurring annual basis by EUR 40 million.
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