Ageas, a Belgium-French multinational life insurance company, has signed an agreement to sell its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac).

The French life insurance and pension activities of Ageas include Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline.

 IFRS technical provisions of €3.9bn ($4.285bn) and an IFRS net profit of €6.1m ($6.7m) represented the consolidated perimeter as of end of last year, according to Ageas.

Carac is a mutual insurance company operating in the savings, protection, and pensions segments in France.

Ageas, which has signed the agreement after consultation with employee representatives, expects the divestment to positively impact ‘the group’s Solvency II of 9% based on the position’ as at the end of the last year.

The deal will enhance the liquidity of the group by around €185m ($203m).

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By GlobalData

This transaction is part of Ageas’ strategy to streamline its portfolio in Europe and focus on its important markets in the region.

The deal is subject to regulatory approval and is expected to close during the third quarter of 2023.

In March this year, Ageas began exclusive talks with La Mutuelle Epargne Retraite Prévoyance Carac (Carac) to divest its French life insurance, savings and pension business

Ageas offers life and non-life insurance products to retail and business customers.  It has activities in Europe and Asia  and employs around 44,000 people.