Ageas has concluded the divestment of its French life insurance, savings and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac).

The companies did not disclose the financial terms of the deal.

Ageas initiated talks on the potential disposal in March 2023 with Carac, a French mutual operating in the savings, protection and pension segments.

The company subsequently entered into a sale agreement in April 2023 to offload the French life insurance activities to Carac.

The deal closed after the company received all necessary regulatory approvals.

Ageas’ French Life and Pension activities comprise Ageas France, Ageas Retraite, Ageas Patrimoine and Sicavonline.

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Ageas previously noted that the business disposal is part of its plan to optimise its European portfolio and focus on its crucial markets in the area.

This development is anticipated to boost Ageas’ liquidity by €185m ($195.8m) and its Solvency II Pillar II ratio by 9%, based on the position by the end of June 2023.

Ageas is a Belgian-French multinational company that provides life and non-life insurance offerings tailored to the peculiar requirements of retail and business customers. 

Ageas operates in Europe and Asian regions with insurance activities through subsidiaries and collaborations in Belgium, Cambodia, China, France, the UK, India, Laos, Malaysia, Portugal, Turkey, Singapore, Thailand, the Philippines and Vietnam.