Ageas sale of Ageas Protect Limited in line with current strategy to focus and develop its Non-Life positions in the UK
Ageas Protect which was launched in the UK in July 2008, and has gained over a 5% market share in the UK protection market has confirmed today its sale to AIG.
The intention to sell the protection arm was first announced on 6 August 2014, subject to the deal being approved by the regulator. With regulator and board approval Ageas sold its 100% shareholding in Ageas Protect Limited (its UK Life Protection company) to AIG for a total consideration of £197 million.
On completion of the transaction, Andy Watson, CEO of Ageas UK said: “The Ageas Protect team have achieved an enormous amount since start up six years ago. The business is now an established presence in the UK protection market with a strong reputation for innovative products, cutting edge technology and great customer service.
“As we continue to focus on our Non-Life business where we have considerable scale and hold significant market positions, we wish the Protect business well for the future, confident that their employees are going to a good home
Ageas which in the UK is primarily a Non-Life business with around nine million customers with significant positions in the general insurance market, is looking to continue to focus and develop its Non-Life positions in line with its current strategy.
Even with the sale Ageas will remain the third largest Motor insurer, sixth largest general insurer and the fourth largest Personal Lines Intermediary.