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Belgium's Ageas acquires nonlife units from Portuguese joint venture

May 27, 2014 - 6:00am


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.

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