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Ageas has agreed to acquire Saga's insurance underwriting business and establish a 20-year partnership with the UK insurer in an agreement valued at $186.1m (€177.41m).
The agreement, initially reported in October, includes a 20-year partnership with Saga Services Limited (SSL) for distributing personal lines Motor and Home insurance products to Saga's customers in the UK.
The partnership is set to become operational in Q4 2025.
This move aligns with Ageas' Elevate27 strategy, which focuses on enhancing its non-life insurance presence in Europe and offering targeted solutions for the ageing population.
In addition to the partnership, Ageas UK will also acquire Saga's Insurance Underwriting business, Acromas Insurance Company Limited (AICL), to bolster Ageas' position in personal lines insurance in the UK.
The completion of this transaction is subject to regulatory approvals.
Ageas UK CEO Ant Middle said: “This agreement marks an important milestone in the development of Ageas UK and we are excited about the opportunities this partnership brings.”
“Our combined strengths will enable us to serve the growing over 50s customer segment even more effectively, and I am confident that this collaboration will drive increased innovation and competitiveness, benefitting all our stakeholders."
Ageas offers life and non-life insurance products for retail and business lines.
The company operates insurance businesses in Belgium, Cambodia, China, Laos, India, Malaysia, the Philippines, Portugal, Singapore, Thailand, Türkiye, the UK and Vietnam via a combination of wholly owned subsidiaries and long-term partnerships with financial institutions and key distributors.
"Ageas to buy Saga’s insurance underwriting business " was originally created and published by Life Insurance International, a GlobalData owned brand.
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