French banking group BNP Paribas said Monday that it has sold a 25 percent stake in AG Insurance to Belgian insurance giant Ageas for £1.9 billion ($2.2 billion).

The deal gives Ageas complete control of AG Insurance, which is Belgium’s leading insurer.

Ageas was previously known as Fortis, which was bailed out by Belgium following the 2007-2008 global financial crisis. Fortis sold off its retail banking operations in Belgium to BNP Paribas, which became known as BNP Paribas Fortis.

BNP Paribas Fortis held the 25 per cent stake in AG Insurance.

As part of the deal, BNP Paribas will increase its 15 per cent stake in Ageas to 22 per cent, at a cost of £1.1 billion.

“Taking full ownership of AG Insurance enables us to further advance our Belgian operations, building on the reconfirmed bancassurance partnership with our long-standing partner, BNP Paribas Fortis,” said Ageas chief executive Hans De Cuyper.

READ ALSO: Naira To Dollar Exchange Rate Today, December 8, 2025

The deal will also see AG Insurance team up with BNP Paribas Asset Management in a long-term investment partnership.

“We see significant potential in the growth prospects of BNP Paribas Fortis’ bancassurance business through the partnership with AG Insurance, as well as the deployment of our new asset management platform’s expertise created through the combination of BNP Paribas AM and AXA IM,” said BNP Paribas chief executive Jean-Laurent Bonnafe.

The 2024 purchase of French insurer AXA’s investment management business for £5.4 billion boosted BNP Paribas, and it now provides investment management services for AXA and other insurers and pension funds.

BNP Paribas said the deal, expected to close in the second quarter of next year, would provide a net capital gain after tax of £820 million. It predicted the deal would add £40 million to net profit per year.

AFP