Ageas has completed the purchase of AXA’s Portuguese operations, which has a non-life business, a direct/internet non-life business and a life business.
AXA said the sale was completed for a total cash consideration of €189 million ($215.2 million).
This transaction, originally announced on Aug. 7, 2015, positions Ageas in Portugal as the second largest insurer by premiums, the third non-life insurer (with a 14 percent market share) and the third largest life insurer (with a 19 percent market share), Ageas said in a statement.
The acquisitions include AXA Portugal Companhia de Seguros SA (P&C business), AXA Portugal Companhia de Seguros de Vida SA (life & savings) as well as AXA Global Direct Seguros y Reaseguros (direct/internet platform).
AXA said it will record an exceptional positive impact of €100 million ($113.9 million) – the book value of the company – in its first half net income.
Source: Ageas and AXA
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