BNP Paribas sells AG Insurance stake to Ageas for $2.2b

BNP Paribas said the deal is expected to close in the second quarter of 2026.

BNP Paribas has agreed to sell its 25% stake in AG Insurance to Ageas for $2.20b (€1.9b), whilst also formalising a renewed long-term bancassurance partnership with the Belgian insurer.

Both companies said the renewed arrangement will support the expansion of their Belgian bancassurance operations, particularly in digital channels.

AG Insurance and BNP Paribas Asset Management will also enter a long-term investment partnership covering selected asset classes.

This follows BNP Paribas AM’s integration with AXA Investment Managers, which expanded its offering for insurers and pension funds.

As part of the transaction, BNP Paribas Cardif will invest $1.28b (€1.1b) in Ageas. Based on an agreed price of $69.60 (€60) per share, it will raise its stake in Ageas from 14.9% to 22.5%, positioning itself as a long-term shareholder.

BNP Paribas said the deal is expected to close in the second quarter of 2026, subject to regulatory approvals.

The group expects a net capital gain after tax of $951.20m (€820m) in 2026 and a positive impact of 5 basis points on its CET1 ratio.

Recurring annual net income is expected to rise by $46.40m (€40m).

($1.00 = €0.86)