AGEAS/NV : Regulated information - Brussels Appeal Court reduces fine imposed by FSMA

Today the Brussels Appeal Court partly upheld Ageas's appeal against the 2013 FSMA Sanctions Commission decision.

In June 2013 the FSMA Sanctions Commission imposed a EUR 500,000 fine on Ageas for miscommunication by Fortis in the period May-June 2008.

Ageas appealed the FSMA decision before the Brussels' Court of Appeal.

The Court fully annulled the decision of the FSMA Sanctions Commission, and consequently, ruled again and decided to impose a reduced fine of EUR 250,000 on Ageas for misleading statements made on 12 June 2008. The Court's decision is reasoned as follows: "Towards Ageas, the Court has not ruled over the majority of the breaches upheld by the Sanctions Commission pursuant to the non bis in idem principle.  As for the communication of 12 June 2008, the Court has not entirely adhered to the reasoning of the Sanctions Commission on the misleading character of this communication.  Considering also that Ageas is the successor of Fortis, the Court decides to impose a fine of EUR 250,000 on Ageas".

The fines imposed by the June 2013 decision on the former Fortis executives were reduced for Mr Votron and Mr Mittler. In a separate decision of the Brussels' Court of Appeal, the fine of Mr Verwilst's was annulled.

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, Thailand, the Philippines and Vietnam and has subsidiaries in France, Portugal, 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 occupies the number 3 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 reported annual inflows close to EUR 26 billion in 2014.