Latest news with #Ageas
Reuters
5 days ago
- Business
- Reuters
Belgium's top index breaks 18-year-old record, capping slow recovery from 2008 crisis
Aug 14 (Reuters) - Belgium's blue-chip index, BEL 20 (.BFX), opens new tab, hit a record high of 4,785.27 points on Thursday, surpassing the previous peak set in May 2007, supported by a strong rally in European stocks this year and solid performances from financial institutions like lender KBC ( opens new tab and insurer Ageas ( opens new tab. The milestone marks a long-awaited recovery for Belgian equities, which have taken much longer to bounce back than neighbouring markets. France and Germany broke their pre-financial crisis records after 14 and five years, respectively, while Belgium needed nearly two decades to do it. This prolonged recovery was partly due to the market's relatively heavy exposure to the financial sector during the 2008 crisis, which devastated Dexia and Fortis that were among Belgium's largest companies at the time. Fortis bank was ultimately sold to BNP Paribas ( opens new tab in a deal that left the Belgian state a top shareholder in the French bank, a position it still holds. Ageas rose from the ashes of Fortis' insurance operations to become Belgium's largest insurer. The country also lacks the industrial and business powerhouses that have driven growth in neighbouring countries, according to senior financial economist Tom Simonts from KBC Group. "We don't have anything related to AI. Chips? No. Luxury? No. European defence? No. We missed all the really big trends," Simonts told Reuters. He said the record-breaking stock performance was indicative of Belgium's economic resilience in the face of macroeconomic and local uncertainties, pointing to the country's strong field of small and medium-sized enterprises, along with generally strong corporate balance sheets and high cash reserves that have helped companies weather economic storms. "We're no Michael Schumacher, but we're still in the race," Simonts concluded, looking at the future performance of BEL 20.
Business Upturn
01-07-2025
- Business
- Business Upturn
Ageas completes the acquisition of Saga's Underwriting Business
Ageas announced today that all necessary regulatory approvals for the acquisition of Acromas Insurance Company Limited (AICL), Saga's Underwriting Business, have been obtained and the transaction has been completed. The completion of the acquisition of AICL represents the first milestone towards the establishment of a 20-year partnership with Saga Services Limited (SSL) for the distribution of personal lines Motor and Home insurance products to Saga's customers, as communicated on 16 December 2024 (read the press release). Advertisement The acquisition and the distribution agreement with Saga, the UK specialist provider of products and services to people aged over 50, aligns perfectly with Ageas's Elevate27 strategy, to capitalise on its robust Non-Life presence across Europe, while accelerating solutions targeted at an ageing population, a rapidly expanding customer segment where the Group and Ageas UK already have real strength and expertise. Furthermore, it presents Ageas with the opportunity to enhance its position as a leading personal lines insurer in the UK. The overall consideration for the acquisition is approximately GBP 67 million – consistent with prior communications, and to be paid out between acquisition and the operational start date of the partnership. The overall Solvency II impact, including the Affinity Partnership, remains aligned with the previously communicated – 5%. Ageas is a Belgian rooted listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024. Attachment PDF version of the press release Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Daily Mail
24-06-2025
- Business
- Daily Mail
Saga set to launch an over 50s savings account as it finalises tie-up with NatWest
NatWest and Saga are in final talks over a banking tie up. The partnership between the bank and over 50s specialist would see Saga launch a range of personal banking products as it looks to expand its money business. Saga posted an update ahead of its annual general meeting on Tuesday, confirming it had 'agreed heads of terms' with NatWest. Saga, which offers products including cruises, a savings platform and insurance services for people over 50, said a savings offering would be the first product to launch under the partnership. It said: 'This partnership would combine NatWest's scale and banking capabilities with our customer insight and marketing strengths and support our ambition to continue growing our money business.' 'Further updates will follow in due course,' according to the group. The discussions come after London-listed Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its insurance underwriting business Acromas to the group. The sale is expected to completed by July 31. In its update on Tuesday, Saga said demand for holidays remained robust, with booking revenues up 14 per cent and passengers numbers 13 per cent higher than a year earlier. Saga's ocean and river cruise division enjoyed 'another strong start to the year', with its load factor - how well it fills its cruises - up year-on-year at 95 per cent and 93 per cent respectively. Mike Hazell, group chief executive of Saga, said: 'Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations. 'Looking ahead, we are focused on continuing to grow our travel and money businesses, while successfully transitioning to our new simplified insurance model. 'We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this.' The Government exited the last of its stake in NatWest in May and the banking giant has been eying expansion after finally emerging from state backing. It ruled out a takeover of TSB last week having been tipped by banking analysts to be the frontrunner in an acquisition of TSB.
Yahoo
24-06-2025
- Business
- Yahoo
Saga in talks with NatWest over personal banking tie-up
Over-50s group Saga said it was in final talks with lender NatWest over a range of personal banking products as it looks to expand its money business. The group, which offers cruises through to insurance services for people over 50, said a savings offering would be the first product set to launch under the tie-up. It said: 'This partnership would combine NatWest's scale and banking capabilities with our customer insight and marketing strengths and support our ambition to continue growing our money business.' 'Further updates will follow in due course,' according to the group. The discussions come after London-listed Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its underwriting business Acromas to the group. The sale is expected to completed by July 31. In its update on Tuesday, Saga said demand for holidays remained robust, with booking revenues up 14% and passengers numbers 13% higher than a year earlier. Saga's ocean and river cruise division enjoyed 'another strong start to the year', with its load factor – how well it fills its cruises – up year-on-year at 95% and 93% respectively. Mike Hazell, group chief executive of Saga, said: 'Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations. 'Looking ahead, we are focused on continuing to grow our travel and money businesses, while successfully transitioning to our new simplified insurance model. 'We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this.'
The Independent
24-06-2025
- Business
- The Independent
Saga in talks with NatWest over personal banking tie-up
Over-50s group Saga said it was in final talks with lender NatWest over a range of personal banking products as it looks to expand its money business. The group, which offers cruises through to insurance services for people over 50, said a savings offering would be the first product set to launch under the tie-up. It said: 'This partnership would combine NatWest's scale and banking capabilities with our customer insight and marketing strengths and support our ambition to continue growing our money business.' 'Further updates will follow in due course,' according to the group. The discussions come after London-listed Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its underwriting business Acromas to the group. The sale is expected to completed by July 31. In its update on Tuesday, Saga said demand for holidays remained robust, with booking revenues up 14% and passengers numbers 13% higher than a year earlier. Saga's ocean and river cruise division enjoyed 'another strong start to the year', with its load factor – how well it fills its cruises – up year-on-year at 95% and 93% respectively. Mike Hazell, group chief executive of Saga, said: 'Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations. 'Looking ahead, we are focused on continuing to grow our travel and money businesses, while successfully transitioning to our new simplified insurance model. 'We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this.'
