Ageas: Regulated information - Ageas and BNP Paribas Cardif take full
ownership of UBI Assicurazioni
Ageas and BNP Paribas Cardif have reached an agreement with UBI Banca to
acquire the remaining 50% - 1 share in the share capital of UBI Assicurazioni
(UBIA), for a total amount of 75 million EUR subject to a closing adjustment.
UBIA is one of the leading non-life bancassurance players in the Italian
market. This transaction completes the 2009 joint acquisition of the majority
stake in UBIA.
On completion, BNP Paribas Cardif and Ageas will jointly own 100% of UBIA with
Ageas holding 50% + 1 share, and BNP Paribas Cardif 50% - 1 share. Both
shareholders agreed to further expand UBIA's activities in Italy, in order to
continue the development of non-life insurance products and services,
including car and household insurance. At the same time, UBI Banca has agreed
to renew and extend its long term distribution agreement with UBIA.
This transaction is subject to regulatory approval and is expected to close in
Ageas and BNP Paribas Cardif entered the Italian Non-Life market in 2009,
acquiring 50%+1 share of UBI Assicurazioni from UBI Banca, while establishing
a long term distribution agreement with UBI Banca.
Since the inception of the joint venture, UBIA has been able to upgrade the
quality of its business and product mix, and to significantly improve its
operational performance and profit generation. In 2013, UBIA collected Gross
Written Premiums of EUR 211 million and net profit of EUR 15 million.
Commenting on the transaction, Bart De Smet, CEO of Ageas, says:
"This transaction aligns with Ageas's Vision 2015 strategy to expand its
non-life business and to capture growth opportunities in its existing markets.
While UBI Banca continues to be a major distribution partner for our insurance
products, this new set-up allows UBIA to team up with other distributors also
providing additional growth opportunities for the company."
Pierre de Villeneuve, Chairman and Chief Executive Officer of BNP Paribas
"Perfectly in line with our strategy, this 2014 transaction meets our
objective to reinforce our product and service portfolio in Property and
Casualty insurance in Italy. This development enables us to expand our
bancassurance network, as already planned in the 2009 transaction, and to
accelerate the growth of our non-life insurance business in Italy."
Ageas is an international insurance group with a heritage spanning 190 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, the UK, Luxembourg, Italy,
Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in
France, Hong Kong and the UK. Ageas is the market leader in Belgium for
individual life and employee benefits, as well as a leading Non-Life player
through AG Insurance. In the UK, Ageas is the sixth largest Non-Life insurer
with a number 2 position in cars insured and has a strong presence in the over
50's market. Ageas employs more than 13,000 people in the consolidated
entities and over 30,000 in the non-consolidated partnerships, and has annual
inflows of more than EUR 23 billion.
BNP Paribas Cardif (www.bnpparibascardif.com) integrates the life and property
& casualty insurance subsidiaries of BNP Paribas. It develops savings and
protection products and services which are distributed via a wide range of
channels. Present in 37 countries with a diversified geographic footprint, BNP
Paribas Cardif has strong positions in Europe, Latin America and Asia.
In 2013, it had gross written premiums of 25.3 billion euros, with 58% of
gross written premiums generated outside France. BNP Paribas Cardif counts
nearly 10,000 employees^1, of whom 77% work outside France.
With a strong commitment to exemplary Corporate Social Responsibility, BNP
Paribas Cardif develops responsible products and services, supports diversity
within the company, deploys an internal environmental policy and supports
economic and financial education.
Ageas BNP Paribas Cardif
Greet Poulmans Valérie Oberlin
+32 (0)2 557 57 37 +33 (0) 1 41 42 78 17
email@example.com +33 (0)7 60 13 49 12
Frank Vandenborre ITALY
+32 (0)2 557 57 33 Barabino&Partners
firstname.lastname@example.org Federico Vercellino
+39 02 72 02 35 35 - +39 33 15 74 51 71
Koen Devos email@example.com
+32 (0)2 557 57 35
firstname.lastname@example.org Dario Esposito
+39 02 72 02 35 35 - +39 38 07 36 07 33
Veerle Verbessem email@example.com
+32 (0)2 557 57 32
firstname.lastname@example.org BNP Paribas Cardif Italia
EURONEXT BRUSSELS Head of Corporate Communication
ISIN: BE0974264930 email@example.com
 Headcount for legal entities controlled by BNP Paribas Cardif: nearly
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Source: Ageas via Globenewswire
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