Ageas has completed the sale of its 100% shareholding in Ageas Protect Limited (its UK Life Protection company) to AIG for a total consideration of GBP 197 million.1 The transaction, which was first announced on 6 August 2014, has been approved by the regulator.

Ageas Protect was launched in the UK in July 2008 and now has over a 5% market share in the UK protection market.2 Ageas in the UK is primarily a Non-Life business with around nine million customers and significant positions in the general insurance market being the third largest Motor insurer, sixth largest general insurer and the fourth largest Personal Lines Intermediary.  The focus for Ageas in the UK is to continue to develop these Non-Life positions in line with its strategy.  

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.”

[1] The higher amount than the GBP 181 million announced on 6 August 2014 follows completion adjustments including the incorporation of a subordinated debt of GBP 15 million and interest on the consideration.
[2] ABI 2014 Q3 New Business market share figures