AGEAS SA/NV 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 2014.
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 Cardif, comments:
"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 employees1, 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 press Greet Poulmans +32 (0)2 557 57 37 greet.poulmans@ageas.com: mailto:greet.poulmans@ageas.com Investor relations Frank Vandenborre +32 (0)2 557 57 33 frank.vandenborre@ageas.com Koen Devos +32 (0)2 557 57 35 koen.a.devos@ageas.com Veerle Verbessem +32 (0)2 557 57 32 veerle.verbessem@ageas.com EURONEXT BRUSSELS Ticker: AGS ISIN: BE0974264930 www.ageas.com | BNP Paribas Cardif FRANCE Valérie Oberlin +33 (0) 1 41 42 78 17 +33 (0)7 60 13 49 12 valerie.oberlin@bnpparibas.com: mailto:valerie.dudoit@bnpparibas.com ITALY Barabino&Partners Federico Vercellino +39 02 72 02 35 35 - +39 33 15 74 51 71 f.vercellino@barabino.it: mailto:f.vercellino@barabino.it Dario Esposito +39 02 72 02 35 35 - +39 38 07 36 07 33 d.esposito@barabino.it: mailto:d.esposito@barabino.it BNP Paribas Cardif Italia Cristina Cislaghi Head of Corporate Communication cristina.cislaghi@cardif.com: mailto:cristina.cislaghi@cardif.com |
[1] Headcount for legal entities controlled by BNP Paribas Cardif: nearly 8,000 employees.
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Source: Ageas via Globenewswire
