Conglomerate considers sale of minority stake in Ageas

Sale expected to ease debt burden

Conglomerate considers sale of minority stake in Ageas

Insurance News

By Roxanne Libatique

Fosun International Ltd (Fosun) is reportedly mulling over the possibility of selling its minority stake in Ageas, the largest insurer in Belgium, in a bid to alleviate its debt burden.

Ageas, headquartered in Brussels, houses insurance assets that were formerly owned by Fortis, a Belgian financial services giant rescued during the 2008 financial crisis. The company provides property and casualty as well as life insurance services in several countries – including Belgium, France, and Portugal – and offers motor cover in the UK. It also operates in Asian markets such as China, Malaysia, and Thailand.

Fosun, which increased its stake to around 10% in 2021, is currently the insurer's largest individual shareholder.

Minority stake sale

According to Bloomberg, sources familiar with the matter revealed that the Chinese conglomerate is actively exploring options, including a partial or complete divestment of its 10% stake in Ageas.

The potential sale could involve block trades or negotiations with strategic buyers or financial investors. However, discussions are ongoing, and there is no guarantee that a transaction will materialise.

Requests for comments from Fosun representatives went unanswered, while Ageas declined to provide a statement.

Shares of Ageas dipped 3.1% to €37.90 at 1:43 pm in Brussels.

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