Belgium-based Ageas S.A. has said it has acquired the nonlife operations of its Portuguese joint venture with Portugal's Millennium BCP.
Ageas acquired the remaining 49% stakes in the Medis and Ocidental Seguros units from Millenniumbcp-Ageas Grupo Segurador S.G.P.S. S.A. for €122.5 million ($167 million), Reuters reported.
Ageas CEO Bart De Smet said the Portuguese market "represents a promising opportunity for our group."
Millennium BCP will continue to distribute Millenniumbcp Ageas' insurance products until the end of 2029.