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.
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.
