Following the announcement of the signing of the agreement to acquire Groupama Insurance Limited (GICL) on 21 September 2012 and after having received the regulatory approvals, Ageas today confirms the completion of the transaction.
This deal will position Ageas as the fifth largest UK Non-Life insurer (with a 5.2% market share); fourth largest Private Motor insurer (with a 11.7% market share); and fourth largest Personal lines insurer (with a 7.1% market share)[1] (#_ftn1).
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the fourth largest player in private car insurance and the over 50's market. It employs more than 13,000 people and has annual inflows of more than EUR 17 billion.
Ageas UK is a leading provider of award-winning Personal, Commercial and Protection insurance solutions in the UK. Ageas UK distributes both its Non-Life and Life products through a range of channels including brokers, IFAs, intermediaries, affinity partners and the Internet, as well as through its retail strategy via its wholly owned companies (RIAS, Ageas Insurance Solutions, Castle Cover and Kwik Fit Financial Services). Insuring in the region of 8 million customers and working with a range of partners, Ageas is recognised for delivering consistent and high-quality customer experiences. It employs over 5,500 people with offices based in Eastleigh, Belfast, Bournemouth, Gloucester, London, Glasgow, Reigate and Stoke-on-Trent.
Groupama Insurance Company Limited is a highly respected specialist insurer offering solutions for non-standard motor and
home insurance as well as an innovative range of niche commercial products for small to medium sized businesses. The company
employs over 600 staff in 5 centres and is an accredited 'Investor in People' Gold Standard.
MEDIA CONTACT
+32 (0)2 557 57 37 / +32 (0) 479 79 50 02
INVESTOR RELATIONS
Brussels
+32 (0)2 557 57 33
Utrecht
+31 (0)30 252 53 05
Ageas
Rue du Marquis 1 - 1000 Brussels - Belgium
www.ageas.com
[1] (#_ftnref1) Based on analysis of Datamonitor/Synthesis 2011 market share data except for Admiral where total premiums are sourced from annual reports
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Ageas via Thomson Reuters ONE
