BNP Paribas Cardif acquires Ageas stake in Cardif Lux Vie - BNP Paribas Group in Luxembourg
BNP Paribas Group in Luxembourg News and Press
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October 31, 2018 -

BNP Paribas Cardif acquires Ageas stake in Cardif Lux Vie

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Insurer BNP Paribas Cardif today announced the signature of an agreement with Ageas to acquire the latter’s 33.33% equity interest in Cardif Lux Vie. BNP Paribas Cardif becomes the majority shareholder of Cardif Lux
Vie, with a 66.67% stake.

Previously owned by BNP Paribas Cardif (33.34%), Ageas (33.33%) and BGL BNP Paribas (33.33%), the Luxembourg insurance company Cardif Lux Vie markets savings and insurance products for individuals and businesses. The company’s solid position is anchored by international diversification in terms of its presence in clients’ domestic markets, distribution markets, partners and solutions offered.

Since 2011, the three shareholders in Cardif Lux Vie – which was created through the merger of Cardif Lux International and Fortis Luxembourg Vie – have developed the insurer’s activities to make it a major player in the Luxembourg insurance market. In 2017 Cardif Lux Vie had gross written premiums of 2.8 billion euros and pre-tax
net profit[1] of 52.9 million euros.

This acquisition allows BNP Paribas Cardif to continue growing its savings business across the insurer’s three domestic markets – France, Italy and Luxembourg – and to strengthen its presence in Luxembourg, its third-
largest market in terms of gross written premiums. BNP Paribas Cardif becomes the majority shareholder in a company with proven European expertise that is experiencing growth in all its core businesses and is a leader in assets gathered in unit-linked investments.

This transaction is subject to approval by regulatory authorities and is expected to close at the latest during the
first quarter of 2019.

 

[1] Pre-tax net profit under Luxembourg local GAAP accounting standards; 63.5 million euros in pre-tax net profit under Group IFRS.