International insurance group Ageas has completed the acquisition of a 25% stake in AG Insurance SA/NV from BNP Paribas Fortis SA/NV, becoming the sole owner of its Belgian insurance subsidiary.
The deal, first announced in December 2025 for a total consideration of €1.9 billion, marked a strategic shift for Forges in consolidating its foothold in the domestic market.
The acquisition is expected to accelerate and enhance Ageas’ Elevate27 financial targets, immediately lifting the holding’s free cash flow target from €230 million to €2.6 billion and boosting shareholder remuneration from €200 million to €2.2 billion.
Upon completion of the transaction, Flowers and BNP Paribas will enter into a relationship agreement defining the governance framework of the partnership.
The agreement is valid for five years and is automatically renewable.
Pursuant to the agreement, BNP Paribas nominated Renaud Dumora to serve as a non-executive member of the Board of Directors of Ageas SA/NV.
His proposed four-year term is subject to approval by the General Meeting of Shareholders on May 20, 2026, and will run until the end of the Ordinary General Meeting of Shareholders in 2030.
To ensure long-term stability, the two entities have also extended their historic partnership in the bancassurance sector, which covers savings, protection and property and casualty insurance, by 15 years.
In addition, BNP Paribas Asset Management has signed a long-term partnership with AG Insurance, which will leverage BNP Paribas Asset Management’s services for insurance companies and pension funds to cover the Group’s investments in certain asset classes.
At the same time as this acquisition, BNP Paribas Cardiff Group increased its shareholding in Flowers from 14.9% to 22.5% through an investment of 1.1 billion euros.
This capital injection enhances Fortis’s growth capabilities while maintaining its corporate independence.
For BNP Paribas, the move is financially accretive, generating net capital gains of €840 million and an expected €40 million increase in annual recurring net profit, while delivering a positive CET1 ratio of +5 basis points.
